How to open a bank account in the Bahamas?
Step 1: Choose the bank
- First Caribbean International Bank is the largest local bank. This bank, like others in the area, is eager to open accounts for foreigners.
- A variety of private banks offer the opportunity to open private bank accounts. UBS and Credit Suisse are two Swiss banks that have a presence in the Bahamas. Ansbacher, Corner Bank Overseas, Finter Bank & Trust, and Guaranty Trust Bank are among the Bahamas’ private banks.
Step 2: Gather the required documents
There are certain documents that will likely be required when opening your account. These are largely for identification and should not be hard for you to get a hold of. In general, you will need the following:
- Government-issued identification, like a passport or driver’s license.
- Proof of residence, like a utility bill or some other document showing your home address.
- Other documents as required by the bank.
How To Open a bank account remotely?
If you plan on opening a private bank account or forming a business structure in the Bahamas, you should open an account through a representative (such as a law firm or financial advisor). Taking this route would otherwise be prohibitively expensive.
Make an appointment with a banker. If you must or wish to open the account in person, you must schedule a meeting with a banker, either by calling ahead or simply walking into the bank. To avoid having to return, make sure you bring all of the documents you’ll need to open the account. The following basic information will be requested by most bankers:
- This is your legal name.
- Date and place of birth
- Citizenship and residence country.
- Your line of work.
Deciding to open a Bahamas bank account
Consider whether or not you require this account. Before you open a Bahamas account, think about how important it is for you to have one. Savings accounts in the Bahamas may have higher interest rates than those in the United States or other countries, but investment accounts have similar returns. Furthermore, unless your home country is currently experiencing political or economic turmoil, these accounts are no more secure than those closer to home.
An offshore account, on the other hand, can be a step toward becoming independent of your home country (if you plan on moving) or a useful step to take when relocating to the Bahamas.
You can also keep up to $10,000 in an offshore account without having to report it (though you still have to report earnings on the account).