In this article, we’re sharing how to open an offshore bank account in the Bahamas for foreign non-resident individuals and entities.
This article is based on our team’s experience helping members from around the world successfully open offshore bank accounts in the Bahamas. This includes opening offshore accounts for individuals, companies, and wealth management entities both in person and remotely.
In the following sections, we’ll break down your offshore banking options in the Bahamas, including who can open a Bahamian bank account, the benefits of offshore banking in the Bahamas, and the key reasons why you might want to consider banking here in the first place.
If you want access to our free series on banking in the Bahamas, click the link above and unlock our team’s expert take on Bahamian banks, Bahamas banking requirements, personal and business banking in the Bahamas, and much more.
You can also use the table of contents and jump to the section that matches your offshore banking needs in the Bahamas below.
Table of Contents
- Open an Offshore Bank Account in the Bahamas
- Who Can Open an Offshore Bank Account in the Bahamas?
- Benefits of Offshore Banking in the Bahamas?
- Frequently Asked Bahamas Banking Questions
- Do You Want Help Opening Bahamas Bank Accounts?
Open an Offshore Bank Account in the Bahamas
An offshore bank account in the Bahamas can be opened by both foreign non-resident individuals and entities. However, to open accounts successfully in the Bahamas, applicants will need to select suitable Bahamian banks, complete AML and KYC procedures, and make a qualifying deposit.
Additionally, unlike a number of other banking jurisdictions, the Bahamas has strong banking regulations and a number of non-resident options to choose from. In most cases, non-resident deposit requirements start around USD 250,000, though it is possible to open with as little as 10,000 for certain clients depending on the type of offshore account they want to open. On the other hand, private banking in the Bahamas typically involves deposits in the range of USD 1,000,000 or more.
Of course, regardless of the level of deposit you’re looking to make, there are risks when banking in the Bahamas that you need to consider. Likewise, if you don’t select the right bank, the costs of banking in the Bahamas can be high and account opening can be very challenging.
However, if you can successfully navigate Bahamian account opening, you will be able to unlock an offshore jurisdiction that offers a layer of financial privacy through international banking. That said, privacy is just one of the many Bahamas banking benefits you can access when opening offshore accounts here.
Like other offshore jurisdictions, the banking services offered in the Bahamas are supplemented by a wide range of Bahamian service providers. The non-banking services available in the Bahamas include offshore company formation, estate planning, investment management, and much more.
Who Can Open an Offshore Bank Account in the Bahamas?
The combination of services and remote opening options makes the Bahamas a suitable jurisdiction for anyone seeking offshore banking or related services. That said, certain applicants are better positioned to benefit from banking here than others. With this in mind, let’s take a look at who can open an offshore bank account in the Bahamas.
First, in order to determine who can open an offshore bank account in the Bahamas, each applicant needs to consider their client profile, perceived risk, their rationale for banking in the Bahamas, and their ability to meet the banking requirements imposed by each bank.
That said, both foreign non-resident individuals and entities are eligible to open offshore bank accounts in the Bahamas. This includes individuals and entities with existing ties to the Bahamas, planned future ties to the Bahamas, and no ties to the Bahamas whatsoever.
Of course, individuals with residency in sanctioned countries or countries that are generally considered blacklisted will not be eligible to bank in the Bahamas. Likewise, citizens of these countries regardless of their residency may struggle to open accounts with Bahamian banks in general.
Similarly, foreign non-resident entities that are registered in or operate from sanctioned or blacklisted countries will not be able to open an offshore bank account in the Bahamas.
That said, beyond sanctioned and blacklisted countries, there are other important nuances for every prospective client type in the Bahamas. With this in mind, let’s explore offshore bank accounts in the Bahamas for individuals, companies, and wealth management entities below, starting with the Bahamas bank accounts for individuals.
Bahamas Offshore Bank Account for Individuals
Foreign non-resident individuals can open offshore bank accounts in the Bahamas. That said, there are only a handful of banks in the Bahamas that will accept foreign non-residents.
With this in mind, selecting the right Bahamian bank is an important first step toward offshore banking here. This is especially true if you want to open an offshore bank account in the Bahamas with a low deposit amount.
Not surprisingly, the largest banks in the Bahamas are more challenging to access and are typically reserved for local residents. Of course, applicants also need to select Bahamian banks that offer the services they require and deposits they can afford.
In short, the best banks in the Bahamas are different for each applicant seeking Bahamian offshore accounts. But generally speaking, individuals seeking a jurisdiction with the following characteristics might want to consider opening in the Bahamas.
Why Open a Bahamas Offshore Bank Account as an Individual?
- Well-capitalized banking sector
- Banks here understand international banking requirements
- Remote account opening is available
- Wealth management and trust services are available
If you’re interested in opening a personal bank account in the Bahamas, you can click this link to access our free guide now. On the other hand, if you’re looking for business banking in the Bahamas, the following is for you.
Bahamas Offshore Bank Account for Companies
Foreign companies can open an offshore bank account in the Bahamas. However, companies generally have fewer Bahamian banks to choose from than individuals.
Additionally, most Bahamian banks ask companies to demonstrate their ties to the Bahamas before opening accounts. For example, “ties” can include commercial relationships like Bahamian suppliers, Bahamian customers, Bahamian contractors, or Bahamas-based employees.
In other words, does your company have a clear reason to open a Bahamas bank account, a requirement to send money to the Bahamas, or other justification for needing to bank in the country?
That said, Bahamas ties do not necessarily need to be commercial. Instead, it is possible for the company to have a local Bahamian shareholder, director, or other non-commercial connection to the Bahamas. Likewise, if you have a need to transact in the official currency of the Bahamas, this could be enough to open accounts at certain (not all) Bahamian banks.
Of course, applicants also need to select a bank in the Bahamas that offers the services their company requires and deposits their company can afford. Generally speaking, Bahamian banks ask foreign companies for deposits ranging from USD 15,000 to USD 250,000.
All things considered, companies seeking a banking jurisdiction with the following characteristics might want to consider opening offshore accounts in the Bahamas.
Why Open a Bahamas Offshore Bank Account for a Foreign Company?
- Accepting of foreign entities and offshore companies
- Attractive jurisdiction for backup bank accounts
- Reputable banks with an established presence
- Remote opening is 100% possible
- Access to a wide range of major currencies
- Attractive investment opportunities in addition to standard banking services
If you’re interested in opening a business bank account in the Bahamas for an offshore entity, you can click this link to access our free guide now. On the other hand, if you are looking for wealth management in the Bahamas, the following is for you.
Bahamas Offshore Bank Account for Wealth Management
Individuals looking to access wealth management services directly or for a wealth management entity might want to consider opening an offshore account in the Bahamas. This is especially true for anyone requiring sophisticated structuring, tax planning, and wealth management services, which are a specialty of the jurisdiction.
Of course, opening offshore bank accounts in the Bahamas for private banking and wealth management purposes does require higher deposits. In the case of the Bahamas, this usually means depositing USD 1,000,000.
With this in mind, applicants seeking private banking and wealth management with the following characteristics might want to consider opening an offshore account in the Bahamas.
Why Open a Bahamas Offshore Bank Account for Wealth Management Purposes?
- Accepting foreign and offshore wealth management entities
- Offering international investment opportunities
- Available institutional services
- Sophisticated wealth management services
- Tax advisory and structuring services
- And more
If you’re interested in opening a private bank account in the Bahamas, you can access our free guide here.
Alternatively, if you’re interested in exploring the benefits of offshore banking in the Bahamas, this next section is for you.
Benefits of Offshore Banking in the Bahamas?
The benefits of offshore banking in the Bahamas are similar to those available in other offshore banking jurisdictions. These benefits include remote opening, multi-currency accounts, online account management, and more.
However, the Bahamas does have a number of unique offshore banking benefits to offer as well. These unique Bahamas banking benefits include the possibility for most deposit levels to open accounts here, the acceptance of non-resident individuals and foreign entities, and the large presence of international banks.
Here is a closer look at the offshore banking benefits you can unlock in the Bahamas as a foreign non-resident.
Benefits of Offshore Banking in the Bahamas
- Possible for most deposit levels to open accounts here
- Accepting of non-resident individuals & foreign entities
- Large presence of international banks
- Currency is pegged 1:1 with the US dollar
- Experience in working with non-resident individuals and companies
Frequently Asked Bahamas Banking Questions
Below are a few of the most common questions we receive about opening offshore accounts in the Bahamas. If you have further questions you would like answered, contact us directly.
Can a Foreigner Open a Bank Account in the Bahamas?
Yes, a foreigner can open a bank account in the Bahamas. In fact, most foreigners can open a variety of different accounts in the Bahamas. These accounts include checking and savings accounts, investment accounts, fixed deposit accounts, and private bank accounts.
Can I Open a Bahamian Bank Account Online?
Yes, you can open a Bahamian bank account online. In fact, most foreigners can open and manage accounts in the Bahamas without ever visiting the country. Of course, not all banks in the Bahamas offer remote account opening. So, if you’re only looking for remote opening options, it’s important to choose banks that offer this service.
Do You Want Help Opening a Bahamas Bank Account?
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