The Bahamas is easily one of the most established offshore banking, corporate structuring, and residency jurisdictions in the world.
In fact, it’s been a key offshore jurisdiction since the 1960s when Meyer Lansky turned the country into a money laundering operation for the mafia.
Today, The Bahamas has cleaned up its act. It’s home to wealth planning experts, structuring geniuses, and tax optimization whiz kids that can help you navigate any challenge. So, it’s no surprise that a wide range of individuals looking to open an offshore bank account consider the Bahamas as their jurisdiction of choice.
And, while most people looking to bank here are in search of private banking, wealth management, trusts, and structuring, it’s still possible for most people to open an account.
In fact, many people can start banking in The Bahamas with as little as $10,000, though most banks want to see an initial deposit of $250,000 or more.
Use the information below to learn more about banking in The Bahamas or select the type of account you’re interested in to get started.
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Bahamas Bank Account Opening
In this free country guide, we’re going to share what you need to know before opening a bank account in the Bahamas. This will include personal banking, private banking, and business banking for foreigners, non-residents, and international entities.
In fact, depending on your client profile and desired deposit level, you can open an offshore bank account here 100% remotely.
Feel free to use the table of contents to find the most relevant information for your The Bahamas banking needs.
Table of Contents
How to Open a Bank Account in The Bahamas
Before taking a look at the step-by-step process to open a bank account in The Bahamas, it’s important to understand the key considerations and clients that Bahamian banks accept.
With this in mind, here’s a quick snapshot of key bank account opening considerations and the prospective clients that can consider opening here.
Of course, not all the Bahamian banks accept all client types. In fact, in many cases, the largest local banks in The Bahamas only accept local residents and local businesses.
That said, there are many banks in The Bahamas that do actively accept and cater to foreign non-resident clients. This is especially true if you are looking for private banking and wealth management services, and willing to make a corresponding deposit.
With this in mind, we have prepared a dedicated list of banks in The Bahamas to help you navigate your options.
What Do I Need to Open a Bank Account in The Bahamas?
If you correctly choose a bank that accepts foreign non-residents and you are willing to make the necessary deposit, remote opening is usually possible. This is true for most individuals regardless of their countries of citizenship and residency.
However, if you’re looking to open an account as a non-resident in The Bahamas and you want to deposit less than 10,000, you will need to show up in person. Additionally, it’s important to note that opening at these levels will be very difficult.
In terms of foreign, offshore, and wealth management entities, most Bahamian banks that cater to foreign individuals will gladly accept them. However, they need to fall within their risk and compliance parameters, which can sometimes be challenging.
Of course, opening in The Bahamas will be easier for both individuals and entities when there is a clear economic tie to the country, is able to make a considerable deposit, or has an existing relationship with a bank in the country.
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Who Can Open a Bahamas Bank Account?
There are a number of factors that go into determining who can open an offshore bank account in The Bahamas. These factors range from involved countries, transaction activity, source of income and wealth, risk profile, and much more.
We discuss all of these factors and more in GlobalBanks IQ for our premium members.
In short, GlobalBanks IQ helps members navigate their unique client profile, understand their risk factors, and determine how to clearly and accurately communicate with banks.
In doing so, our members avoid accidentally red-flagging themselves by saying things that could be misconstrued or misinterpreted by bankers and compliance teams.
So, if you’re interested in learning more about GlobalBanks IQ and how you can start opening bank accounts in The Bahamas today when you join, click here or use the link below to see everything you unlock when you join.
Can an Expat Open an Offshore Bank Account in The Bahamas?
Yes, an expat can open an offshore bank account in The Bahamas. In fact, bank accounts in The Bahamas can be opened by foreign non-residents, foreign temporary residents, foreign permanent residents, and of course the Bahamians living locally and abroad.
In other words, regardless of your residency status, it is possible to open a personal bank account in The Bahamas if you choose the right bank and navigate the account opening process properly.
Needless to say, banking in The Bahamas can be a good choice for anyone seeking offshore banking with access to a wide range of international currencies. That said, the official currency of The Bahamas is The Bahamas Dollar. However, USD is also widely accepted as BSD is pegged 1:1 to USD.
Of course, restrictions do apply to certain nationalities, residencies, and certain risk profiles. So, understanding your client profile and how banks perceive you is important before approaching bankers and applying for accounts.
You can access our free guide on opening a personal bank account in The Bahamas by clicking here, which gives you the step-by-step process to start opening accounts and how to choose a bank that is right for you.
Business Bank Accounts in The Bahamas
Business bank accounts in The Bahamas are available to a surprising number of foreign and offshore companies and structures. In most cases, remote account opening is also possible.
Of course, restrictions apply to certain countries of registration, operation, and business activities. So, knowing which banks will realistically accept your company is important – especially before approaching bankers and submitting applications.
Unfortunately, like most countries, finding a bank that is willing to accept your foreign or offshore entity is not any easy task. In fact, one of the biggest challenges is finding a banker that will even pick up the phone, respond to email, or give you clear information on account opening requirements, deposits, fees, and restrictions.
You can access our free guide on opening a business bank account in The Bahamas by clicking here, which includes important considerations for both foreign and offshore entities.
Risks of Banking in The Bahamas
Yes, there are risks when banking in The Bahamas. That said, this is true in any country that you might be considering for opening accounts.
Of course, there are country-specific risks that all prospective account openers should consider before applying. These risks may impact how to send money to The Bahamas, and they can impact the specific banks that you decide to open with.
With this in mind, our team has covered the most common risks you’ll will face when banking in The Bahamas, which can accessed here.
Banking Resources for The Bahamas
To help you successfully open bank accounts in The Bahamas, our team of international banking experts has created detailed bank profiles, actionable banking insights, and account opening strategies for banks in The Bahamas that open accounts for foreign non-resident individuals and entities.
Here is a look at all of the banking resources that you can access right now to help you navigate your Bahamian banking options:
These resources are delivered exclusively to our premium members through GlobalBanks IQ, which you can unlock immediately.
GlobalBanks IQ provides immediate access to everything you need to open Bahamas Bank Accounts for you or your business!
- Choose banks in minutes with our international banking database
- Open accounts with detailed step-by-step instructions
- Handle banker questions easily with detailed conversation scripts
- Meet bank requirements (e.g. local address) with proven solutions
- Unlock exclusive offers from the best banks in our member reports
- Receive lists of banks that accept high-risk & offshore businesses
- Plus much more!
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Frequently Asked The Bahamas Banking Questions
Below are a few of the most common questions we receive from people looking to open bank accounts in The Bahamas. If you have additional questions that you’d like to ask our team, don’t hesitate to get in touch.
Can Foreigners Open an Account in The Bahamas?
Yes, foreigners can open an account in The Bahamas. In fact, opening a bank account in The Bahamas is accessible to most nationalities, residencies, and even foreign and offshore structures. That said, opening accounts here usually requires a higher deposit, if you are looking to access reputable offshore and international banks. With this in mind, while it is possible to open accounts with as little as $10,000 remotely, most banks are looking for $100,000 to $250,000 as an initial deposit.
How Much Does It Cost to Open an Account in The Bahamas?
To open an account in The Bahamas, it typically costs between USD 100,000 and 250,000 in terms of an initial deposit. However, there are certain banks that will open accounts with as little as USD 10,000, when opening accounts remotely.
Is Online Banking Available in The Bahamas?
Yes, online banking is available in The Bahamas if you choose to open accounts with a reputable international or offshore bank. Like elsewhere, online banking with banks in The Bahamas allows account holders to manage their account activities, arrange transfers, and access account information. Of course, local Bahamian banks also provide online banking to their clients.
Free Banking Resources for The Bahamas
Below you’ll find our archive of free banking resources for The Bahamas to assist with account opening.
This includes detailed articles to help you open bank accounts explaining how to navigate challenges for specific client types and more.