Notice: Damalion helps to open a bank account in the Bahamas only and only for clients who want to have wealth management services from $/€ 2 million deposit.
Whether you’re looking to live, work or invest in the Bahamas, you’ll need to consider how best to manage your finances.
The Bahamas offers several options when it comes to banking, and is exceptionally well-equipped in the banking sector. This is, partly, due to its lack of tax on income, inheritance, and companies, which means that many businesses and people from across the globe choose the Bahamas as a place to set up their bank accounts.
The Bahamas is acknowledged as a safe country for the financial assets of both individuals and businesses. And conducting financial business through the Bahamas provides benefits such as privacy, economic stability compared to some regions of the world, the ability to avoid currency fluctuations, and generally higher interest rates.
Additionally, banking in the Bahamas is incredibly easy to set up for businesses and individuals.
Who can open A Bank Account in the Bahamas
Everyone – residents and non-residents- can open an account at a bank in the Bahamas but, banks in the Bahamas reserve the right to reject customers. For instance, a bank might refuse to offer banking services to whomever the bank believes would pose a reputation risk if he/she were to become a client. A bank might also refuse to start a banking relationship if it has doubts about the origins of the potential customer’s funds.
How to open a bank account in the Bahamas?
Opening a bank account in the Bahamas is particularly easy. It’s just like opening an account in your home country. The main process involves the following.
- Choose the bank
Before you make any decision about opening a bank account in the Bahamas – whether you’re looking to live, work or invest – it’s highly recommended to explore a little before determining the type of bank you’ll require.
The bank you choose to open an account with will very much depend upon your financial goals, so you need to do some research, find a few banks that meet your requirements and do some compilation. Once you’ve compiled a list of banks that are suitable, it’s recommended to compare their offering to see which are best.
- Gather the required documents
Once you’ve selected which bank is right for you, it’s time to open an account. There are certain documents that will be requested by the bank when opening your account. As Bahamas banks are required to verify the identity of a client, these documents will largely be for identification. In general, you will require the following:
- Proof of identity (a passport or driver’s license)
- Proof of residence (such as a utility bill)
- Citizenship status
- Your occupation
Depending upon what bank and what type of account you’re opening, the bank may ask for more information, such as your financial history and how your money has been attained.
Opening an account in the Bahamas
- In-person
If you must or wish to open the account in person in the Bahamas, you must schedule a meeting with a banker, and make sure to bring all of the documents you’ll need to open the account along.
Once you’ve provided the bank with the documents, you’ll indicate the currency it should be stored in and pay a deposit into the account to activate it. This can be done in cash, or via bank transfer. Once the account is open and activated, your bank card and pin code will be sent to you in the post, and your account will be ready to use.
- Opening a bank account in the Bahamas remotely
It is possible to open many types of accounts without having to travel to the Bahamas. When you contacted the bank about the account, they – the bank must identify you – the client, based on a passport and a document, which verifies a place of residence.
To simplify this process, it’s recommended to work with an advisor, e.g, Damalion, who can help you handle the whole process remotely (without having to leave your home).
Ready to open a bank account in the Bahamas, either for business or just for savings? We – Damalion – know the procedures concerning the opening of accounts, irrespective of the domicile of the customer – you. We will assist in the preparation of the necessary documentation, and provide support services at each stage of the bank account registration.
Let’s go ahead and contact your Damalion expert now to open your bank account in the Bahamas.
