The Bahamas are a true veteran of the classic offshore financial services. This is a well-known and highly respected tax haven that keeps a close eye on the bankers and company registrars and blocks all money laundering opportunities. If you would like to set up a company in the Bahamas, you will have to answer numerous questions that the registrar is going to ask you. If you want to open a bank account in the country, the number of questions will be even greater.
We recommend to our clients only the banks in the Bahamas that are likely to provide services to them.
Of course, it is easier to set up a Bahamian bank account after you have acquired Caribbean citizenship by investment. Bahama Islands do not run a citizenship-by-investment program but they have an economic residence program instead. This program is not widely promoted even though it suits high net worth individuals very well. A foreign national can acquire a legal residence permit in the Bahamas in exchange for investing at least US$ 500,000 into real property on the islands.
I. Offshore industry products and services related to Bahama Islands
II. Opportunities and bonuses for tax residents of Bahama Islands
The Bahamas is the third most prosperous country in both Americas trailing to the USA and Canada only. The Bahamian dollar pegged to the American dollar at 1:1. Currently, around 30,000 US expats live in the Bahamas and the country welcomes foreign investors and does its best to attract new ones. At the same time, 90% of all investors in the Bahamas come from the United States. The country is a true paradise for its tax residents: there is no income tax, nor corporate tax, nor VAT, nor wealth tax, nor inheritance tax, nor capital gains tax in the Bahamas… When you buy a piece of real property there, you become entitled for a tax cut. The customs duties are extremely high in the Bahamas, however. This is where the income to the national budget comes from in addition to the tourist sector and financial service licensing. Besides, the Bahamas is a popular ship registration jurisdiction.
It is very comfortable and very safe to live in the Bahamas. You will find stable political environment in the country, progressive economy, eventful cultural life, and high living standards there. The Bahamas can be referred to as Caribbean Switzerland. This said, however, the cost of living in the Bahamas is lower than that in the Caymans or Bermuda, for example. In this section, we describe the advantages of living in Bahama Islands.
III. Bahama Islands as an offshore jurisdiction
As far as we can tell, the Bahamas can hardly be regarded as the ideal place to register an offshore company. The living standards are quite high in the country and so are the state duties, the registrars’ fees, and the lawyers’ salaries. Only if you are NOT looking to establish an inexpensive foreign company, can the Bahamas become the jurisdiction of your choice. You also have to bear in mind that the Bahamas are somewhat dependent on the USA. Starting 2001, Bahama Islands have been on the way to turning from a tax haven into a reputable offshore jurisdiction that enjoys respect of the international community.
The Bahamas is an international financial center with a history. The Islands were mega-popular as a tax haven in the 1930s – 1940s especially with well-to-do Canadians. The Bahamas gained full independence from the United Kingdom in 1973 and have been pursuing independent policies ever since.
If you decide to register a company in the Bahamas, you will find a compromise between transparency, reputation, privacy, cost of company maintenance, and ease of management. The Bahamas have tried very hard indeed to whiten their reputation. Bahamian-registered companies outmatch those registered in Belize or Seychelles, for example, in terms of both transparency and international reputation. Naturally, Bahamian companies are more expensive to register and maintain too. If you are looking for a cheaper jurisdiction where you can register a foreign company, please give Nevis some consideration. In this section, we inform the readers about the news in the offshore sector of the Bahamian economy.
IV. Banks and bank accounts for non-residents in the Bahamas
The time zone in which the banks in the Bahamas work coincides with the time zone in Washington and other financial centers of the East Coast. Bahama Islands is a member of the Caribbean Development Bank, International Monetary Fund, and World Bank. In this section, we describe the Bahamas as an international banking center and keep track of the changes in the industry and its development.
V. Bahamian real property
In this section, we describe interesting opportunities to invest into real estate in Bahama Islands. Investments into real property in the country can serve the purpose of acquiring a legal residency permit and thus tax residency in the Bahamas.
VI. Life in the Bahamas
In this section, we discuss the lifestyle and the living standards in Bahama Islands. The articles should be interesting for those who would like to relocate to the country.
VII. Permanent residency in the Bahamas
In this section, we discuss the advantages of various methods of attaining one goal, namely, obtaining tax residence in the Bahamas.
VIII. Funds in the Bahamas
In this section, we analyze different types of funds that can be set up in Bahama Islands. We hope that the articles will help you prepare for a professional consultation on choosing the type of fund to establish in the Bahamas.
IX. Immigration and relocation to the Bahamas
In this section, we describe what your life will look like after you relocate to the Islands. The articles here should be interesting for those contemplating relocation to the Bahamas as well as those who have recently arrived there.
X. Business in Bahama Islands
In this section, we talk about the specifics of doing business in the Bahamas.
XI. Taxes in Bahamas
In this section, we provide information about both the taxes that are levied on private individuals who are tax residents in the Bahamas and corporate taxes levied on companies and other legal entities registered in the country.
XII. Tax residency in the Bahamas
In this section, we show what benefits tax residency in Bahama Islands will bring. What does an entrepreneur obtain together with the Bahamian tax resident status?