RSSThe Bahamas is one of the world's principal international financial centers. Growing from a tiny offshore tax haven comprised of a few branches of foreign banks in the mid-sixties to world banking and finance up and coming powerhouse. The country's improved legislation and regulatory structure, its highly-skilled workforce, and its stable government have attracted some of the most prestigious financial institutions from around the globe.
Convenient air transportation, modern infrastructure, including a telecommunications system, supports most kinds of business operations. The asset base of the Bahamas' banking center is in excess of $200 billion, positioning it among the top ten countries in the world, behind the USA, the UK, Japan, Switzerland and others, with Capital-asset ratios average 11%.
The banking community of the Bahamas is supervised by the Central Bank of the Bahamas, which attempts to maintain a regulatory environment conducive to investment opportunities, while ensuring the high standards of conduct, as developed by the Basil Committee on Banking Supervision. The self-regulatory code of conduct of the Association of International Banks and Trust Companies (AIBT) also deters the use of financial operations for criminal activities and upholds the principles of bank secrecy.
Account Features of a Bank in Bahamas
In Bahamas the bank offers a wide range of banking services which include the following -
• Current accounts
• Savings accounts
• Fixed term deposits
• Credit cards
• Call (instant access) accounts
• Worldwide automated payments
• Foreign exchange
• Letters of credit
• Current Accounts
Current accounts do not attract interest and are subject to a service charge of $21 per quarter. Checkbooks are issued on these accounts and personalized checks are available on request.
Fixed Term Deposits
Fixed term deposits are available in most major currencies and can be placed for a term of seven days up to a year. The interest rate payable is fixed for the term of the deposit and depends upon market conditions at the time the deposit is placed, the term of the deposit and the amount which is placed. Indicative rates are available on a daily basis. The minimum opening balance for a fixed term deposit is $10,000.
Credit Cards
US dollar credit card, offers a range of distinct advantages for you. There is a choice of Visa or MasterCard, and a range of extra benefits including travel insurance, emergency cash and access to the worldwide ATM network. When you take out a credit card the security the bank takes is 'set-off' against funds you have on deposit with the bank. The 'set-off' allocated will be based upon the limit of the card, and the funds 'set-off' will continue to earn interest.
Requirements for opening a bank account
• Bank forms and Application (signed and notarized)
• Bankers letter of reference (must be addressed to the bank quoting the term and quality of the relationship with your last known address stated)
• Positive identification (in the form of a valid passport and driver's license)
• Confirmation of address (via two paid utility bills)
• Minimum deposit of $1,000
