Key Things to Know About Banking In Bahamas
The jurisdiction offers favorable terms of cooperation and is focused on working with foreign companies, but the main condition is compliance with accepted international standards. Before deciding how to open a bank account in the Bahamas, you should gather all the documents that will be required to complete the AML/CFT procedures.
Processing Time
2 – 6 Weeks
Average Opening timeline
Initial Share Capital
USD$ 5000
Minimum required capital
Bank Fees
USD$ 5 – 80
Per Transaction
The main regulator of the banking business is the Central Bank of the Bahamas, which:
- Is responsible for licensing and regulating the entire sector, including international financial structures and local ones, including trusts;
- Uses off-site monitoring, on-site inspections, and controls financial reporting.
Operates on the basis of the following laws: Bank and Trust Companies Regulation Act 2000, Central Bank of the Bahamas Act.
When deciding to open a corporate account, clients can choose from:
- 270 licensed banks.
- 8 commercial banks and trust structures.
Some of the most prominent are: Bank of The Bahamas, CIBC, Fidelity, Scotiabank, Royal Bank of Canada.
Types of banks and financial institutions in the Bahamas
| Category | Description | Examples |
|---|---|---|
| Commercial Banks | International accounts, payments, lending | Scotiabank, CIBC, First Caribbean |
| International Banks | Focused on non-residents, investment services, multi-currency accounts | Deltec, Ansbacher Bank |
| Private Trust Companies (PTC) | Formed for managing the assets of a single family | Butterfield Trust (Bahamas) Ltd. (overall up to 155 PTCs operate) |
| Investment Companies | Brokerage services, investment accounts | Ansbacher Bahamas Ltd, Alliance Investment Ltd, BISX |
| Payment Services / EMI | E-wallets, payments, transfers | Carib Pay, CBI Mobile, IslandPay |
Advantages of Opening a Corporate Bank Account in the Bahamas
A developed banking infrastructure, a wide range of digital services, and access to USD payments have made opening an offshore bank account in the Bahamas the most popular solution in corporate banking.
The jurisdiction offers the following advantages for businesses:
Stable political and economic environment.
The central bank has focused all its efforts on minimizing the risks of operating in the jurisdiction, and the country’s authorities have created attractive conditions for attracting more than 250 financial institutions and payment providers.
Wide selection of banking instruments.
Many banks (Deltac, Fidelity) offer multi-currency corporate accounts (USD, EUR, GBP), online banking and integration with international payment systems, investment opportunities, and payment gateways for e-commerce.
Optimal tax system.
There are no corporate taxes, capital gains taxes, or dividends for foreign companies.
Separate account opening.
For IT platforms and e-commerce, it is convenient to submit an application via an online platform with e-signature document certification. Butterfield Bank, Deltec Bank, and EMSP accept online applications without the client’s personal involvement.
High level of confidentiality and AML/CFT compliance.
The UBO register is not public; when registering, companies provide information about their owners to comply with AML/CFT requirements, and access is provided through registration agents and regulatory authorities upon request.
Comparison of banking services in the Bahamas vs. the Cayman Islands
| Criteria | Bahamas | Cayman Islands |
|---|---|---|
| Jurisdiction reputation | High | Very high |
| AML/CFT compliance | Strict | Strict |
| Account opening timeframe | 2–6 weeks | 1–3 months |
| Minimum deposit | $5,000–$50,000 | $100,000–$500,000 |
| Remote opening | Possible | Partially possible |
| Accessibility for non-residents | High — suitable for both SMBs and large structures | Best suited for large holdings, funds, and HNWI |
Can You Open a Bahamas Bank Account Remotely?
When opening a corporate account, it is important to identify the risks and nuances:
- Compare the list of banks that support remote onboarding. When opening a bank account in the Bahamas, you need to find out whether banks work with non-residents and what types of accounts can be opened (corporate, multi-currency, investment, etc.).
- Remote account opening can take up to 1 month, with additional delays possible during KYC verification, confirmation of sources of income, and submission of original documents if necessary.
- Video conference/apostille requirements. Most banks conduct video conferences (Zoom or other platforms) as part of KYC. Another requirement is notarized copies of documents/apostilles.
- The bank may refuse without giving a reason.
| Bank / Provider | Remote Opening Features |
|---|---|
| CUB | Full process including verification can be completed remotely |
| Deltec | Offers multi-currency accounts upon successful video verification |
Required Documents for a Corporate Bank Account in the Bahamas
For international structures, opening a bank account in the Bahamas is possible provided that the following documents are submitted:
Corporate documents:
- Certificate of registration.
- Memorandum, articles of association.
- Certificate of Good Standing (very often requested by banks).
- Resolution of directors officially authorizing the opening of an account and appointing signatories.
- Management structure, registers of directors (full name, address) and registers of shareholders (percentage of ownership).
ID documents:
- Copies of passports (ID cards) for all managers and owners.
- Proof of residence (bills, contracts, receipts).
- Recommendations (professional, banking).
Description of activities:
- Business plan specifying the business model, main markets, sources of income.
- Financial forecasts.
- Invoices, contracts, bills, statements, tax returns, investment agreements confirming existing activities.
Documents must be apostilled and notarized.
Requirements for Opening An Offshore Bank Account
When opening an offshore account or searching for the best bank to open a savings account in the Bahamas, a number of conditions must be met:
Pass due diligence.
The bank must verify the identification details of all managers and shareholders, their signing rights and powers, and check their sources of income. In addition, financial institutions may request additional information. Non-resident companies must obtain a qualification form/permit from the Central Bank.
3-6 weeks
Contribute initial capital.
After the application is approved, companies must make an initial deposit to activate the account (maximum 1-2 weeks from the date of approval).
1-2 weeks
Conduct lawful activities.
The jurisdiction is not on the FATF blacklist and supports the implementation of international AML/KYC standards, therefore companies whose activities are related to illegal operations (trade in prohibited items, unlicensed activities, provision of services to high-risk jurisdictions) are prohibited.
Types of Bank Accounts Available in the Bahamas
When opening a bank account in the Bahamas, companies must determine the main purpose of opening the account, the type of transactions, the need for payments in multiple currencies, and choose from the available options:
- Corporate accounts can be opened by IBCs, LLCs, and local companies.
A special feature is support for multi-currency transactions and payments in USD, EUR, GBP, BSD; obtaining corporate cards and credit limits. - Multicurrency accounts are necessary for foreign businesses, which can hold several currencies in one account without losing money on conversion.
- Offshore accounts are for non-residents. Usually, no interest is accrued on this type of account, and overdrafts are not allowed.
- Trust accounts are used for asset management, investments, and payments to beneficiaries.
- Investment accounts provide access to the purchase of stocks, bonds, and ETFs.
- Merchant accounts are necessary for accepting payments and are most often used by online stores, SaaS, and trading companies.
Process of Opening a Bank Account in the Bahamas
This large financial center offers numerous advantageous opportunities for conducting offshore business and working with one of the most developed banking systems, provided that all stages are completed:
Step 1. Selecting a banking institution.
When asking “can I open a bank account in the Bahamas,” it is also important to determine the main type of payments, the possibility of connecting to online banking, and to consider service fees/tariffs.
Step 2. Fill out the application.
When filling out the official application form, companies also attach a full set of documents and contact details.
Step 3. Company verification.
Financial institutions conduct a detailed analysis of the company’s documents (their validity), ownership structure (PEP lists, court cases, negative media coverage), and income (type of jurisdiction, counterparty, type of payment) for compliance purposes. This stage takes 2-6 weeks.
2-6 weeks.
Stage 4. Approval.
Upon successful completion of all stages, the company receives an official confirmation letter explaining all the terms and conditions of service and account activation.
Account Activation in Bahamian Banks
After receiving approval from the local bank, foreign companies must activate their accounts, namely:
Make an initial deposit.
The deposit can be made either online or by check. The deposit amount depends on the banking institution:
- Corporate/offshore – $1,000-$5,000.
- Wealth management – $250,000.
When considering whether to open a bank account in the Bahamas, it is important to consider the possibility of securing such an amount.
Sign all the necessary forms.
All applications and agreements must be signed by an authorized person. The bank has the right to request notarized copies of documents and apostilles.
Connect to online banking and additional services.
At the client’s request, financial institutions can provide internet banking services, issue corporate cards, connect POS terminals, and offer investment instruments.
Proof of Source of Funds and Source of Wealth
The jurisdiction adheres to enhanced compliance measures and is not included in the FATF, EU, or OECD black/gray lists, therefore confirmation of the source of income is a mandatory requirement when opening a bank account in the Bahamas.
The banking sector operates in accordance with the requirements of:
- The Central Bank.
- FATF standards.
- The Anti-Money Laundering Act.
Sources of funds (SOF) include:
- Company profits.
- Dividends.
- Contract payments.
- Credit funds.
- Return on investment.
The sources of wealth are:
- Confirmation of how the company’s owners accumulated their wealth in general.
- Whether the client is associated with illegal business or is on the sanctions list.
Documents that can confirm the origin of funds include:
- Financial documentation (reports, statements).
- Commercial documents (contracts, invoices, work completion certificates, supply contracts).
- Evidence of asset transfers (purchase/sale of real estate, sale of a share in a business).
- For UBOs/managers – income certificates, statements from brokerage accounts, securities purchase/sale agreements, inheritance, etc.
What is the tax system in the Bahamas?
The tax system is very beneficial for foreign businesses when opening a bank account in the Bahamas because:
- There are no direct taxes, such as corporate tax, capital gains tax, or inheritance tax.
- Indirect taxes: 10% VAT, license fees, import taxes.
- Social contributions: employees – 3.9%, employers – 5.9% to the National Insurance System.
When providing services, banks offer a standard set of fees, with the key feature being that the client’s status and account type are taken into account.
Bank fees and minimum deposits in Bahamas banks
| Indicator | Scotiabank | CIBC | DELTEC | Butterfield |
|---|---|---|---|---|
| Minimum deposit | $1,000–3,000 | $1,000–2,500 | $10,000–25,000 | $25,000–50,000 |
| Monthly maintenance | $15–30 | $10–25 | $50–100 | $50–75 |
| SWIFT fee | $40–60 | $30–55 | $60–100 | $50–80 |
| Online banking | + | + | ($10–20) | + |
| Investment services | Partial | Partial | + (1–2%) | + (1–1.5%) |
Banking Geography:Where Most Banks are Located
The banking system is concentrated in several financial centers that combine the largest commercial, offshore, and trust banks, financial service companies, and brokers:
- Nassau is the largest financial hub, where 70% of all banks operate: Scotiabank, CIBC, RBC, Deltec, Butterfield, Ansbacher use online platforms to transfer documents, applications, contracts, etc.
- Freeport is a free trade zone. Logistics and trading companies are the most developed. Scotiabank, RBC, and CIBC operate here.
- March Harbour is used by small companies and local businesses.
- The islands of Eleuthera and Andros have several branches of Scotiabank and RBC, which mainly work with residents and small businesses.
The Bahamas is known for its stable and developed financial center, which serves a large number of local and global corporations. The key factor is choosing the optimal conditions according to business needs.
What are the most popular banks in the Bahamas?
| Bank | Strengths | Features |
|---|---|---|
| Scotiabank | Frequently used by both business and private clients | Wide range of investment instruments |
| CIBC | Advanced digital services | Online banking, accelerated account opening process |
| Deltec | Suitable for offshore business | Multi-currency accounts, investment accounts |
| RBC | Strong focus on the corporate sector | Developing digital solutions |
Why you should use Corporate Services by Gofaizen & Sherle
Gofaizen&Sherle is the optimal choice for businesses, IT companies, and startups planning to register an offshore structure, obtain a license, and open an account. Many years of experience in complying with regulatory policy and customer focus help minimize legal risks and save time when obtaining approval from the bank.
Gofaizen&Sherle’s strengths in offshore registration:
- Focus on fintech, electronic payments, and digital technologies.
- Assistance at every step, from company structure, preparation of statutory documents, and opening accounts to obtaining various types of licenses.
- Global branching, with representative offices in more than 30 countries.
- Assistance with notarization and apostille.
- Adaptation to regulatory changes, tracking requirements (MicaR, AML, CFT).
- Selection of the most advantageous solution when opening multi-currency accounts, additional investment instruments, payment systems. Comparison of costs in different jurisdictions when planning a business structure.
FAQ About Bank account opening in Bahamas
What are the requirements to open a bank account for a Bahamas company as a non-resident?
To open an account and obtain the necessary permits and licenses, a complete set of documents must be collected, ranging from corporate and personal data to recommendations.
Can a foreigner open a bank account in the Bahamas?
Yes, the bank accepts the solution for opening a corporate account based on the data submitted.
What does a bank need to open a corporate account?
Caribbean regulations require compliance with FATF international standards, anti-money laundering laws, and Central Bank requirements.
Can a foreigner open a company in the Bahamas?
Yes, local regulations allow you to open an offshore company, choose the necessary structure, and register with a local registrar.
Which banks in the Bahamas are considered the best for business banking?
Scotiabank, CICB, Deltec, Butterfield, and RBC offer a variety of financial services for offshore clients, from cash management and payment cards to investment instruments.
