Bahamas Bank License

The process of obtaining an offshore bank license in a particular jurisdiction can be a long and lengthy one, and it is therefore recommended to seek the advice and guidance of a professional consultancy firm. Acquiring an offshore Bahamas bank license is an advantageous attainment, as outlined below.

Acquire a Bahamas Bank License

The Bahamas is an attractive location for bank formation for a number of reasons. In addition to being a popular tourist destination, the Bahamas is regarded as an excellent tax haven for offshore bank accounts, and it is therefore a popular choice for offshore bank formation. An offshore Bahamas bank license enables a licensed holder to engage in a variety of banking related activity; however the exact activity that the Bahamas bank license holder can carry out will be dependent upon the specific license acquired.

An applicant applying for a Bahamas banking license must already be an existing banking institution. There are 2 types of Bahamas offshore banking licenses available: an unrestricted Bahamas offshore bank license, which allows the bank to offer a variety of services to anybody; and a restricted Bahamas offshore bank license, which only allows the bank to offer services to a pre-approved list of clients.

The Bahamian banking industry is regulated by the Central Bank of the Bahamas, which is responsible for the regulation of all financial activity carried out in the Bahamas. As a holder of a Bahamas bank license, your banking institution will be exempt from taxes, stamp duties and fees. In addition, a Bahamas bank license enables you to offer your clients complete banking anonymity, confidentiality and bank secrecy, thus enhancing the attractive nature of banking. An offshore Bahamas bank is a reputable entity that provides major tax exemptions.

In order to obtain a Bahamas bank license, applicants will be required to submit a minimum capital amount, which will differ depending on the banking license being acquired. For an unrestricted Bahamas bank license, the minimum capital required is $1 million. For a restricted Bahamas bank license, the minimum requirement in $100,000. The application will need to be submitted to the Central Bank of the Bahamas, and can be a relatively lengthy process.