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Personal accounts: Bahamas

An honest assessment before work starts, the quote is fixed in writing.

Free consultation

We assess your chances against your profile, prepare the compliance file, help you present your source of funds properly and handle communication with the bank until it decides. The final decision always rests with the bank, and careful preparation improves the odds.

We quote the exact cost for this country after a short consultation: it depends on the bank and your residency. The quote is fixed in writing before work starts.

Bahamas taxes and currency

The Bahamas has no income, capital gains or inheritance tax; the main tax is 10% VAT. The Bahamian dollar is pegged one to one to the US dollar. Banks are supervised by the Central Bank of The Bahamas, and deposits are insured up to BSD 50,000, about $50,000, per depositor per bank.

The account and the right to live on the islands

Since 1 January 2025 permanent residence by investment requires at least BSD 1 million, about $1,000,000, in property or Central Bank bonds; the threshold used to be 750,000. A resident finds it easier to open a personal account, while a non-resident usually needs a bank reference letter, proof of address and a detailed source of funds explanation.

Documents and reasons for refusal

  • Passport, proof of address and a reference letter from a current bank.
  • A detailed explanation of source of funds and wealth with evidence.
  • Tax residency details: the bank reports non-residents' accounts to their home tax authority.
  • Banks refuse if there is no link to the islands, the sums are small for the bank's profile or money comes from high-risk countries.

What we do

  • We assess chances and choose a bank for your capital.
  • We prepare the source of funds pack.
  • We support permanent residence for investments from 1 million, after which the account is easier to open.

Life on the islands and remote work

Remote workers and students of foreign institutions can get a visa for up to 3 years with renewal and pay no local income tax. Costs excluding rent are about $1,300 a month per person and about $4,600 for a family of four. A local bank account is needed to pay for housing and services in Bahamian dollars.

What we do

  • Personal account - opening assistance

See also

Company formation · Business account · Investment property

FAQ

Can a non-resident open a personal account in The Bahamas?
Yes, but this is usually the private banking segment with high client requirements. A plain retail account for a non-resident with no link to the country is hard to get. The bank can decline without giving a reason.
What is the minimum deposit in The Bahamas?
There is no single threshold - each bank sets its own, and in private banking it is substantial. Go by the specific bank's current offer rather than averages you read online. Ask an expert about the amount and the fees before you start.
Is there tax on a Bahamas bank account?
The Bahamas has no income tax, no capital gains tax and no inheritance tax. You still pay tax where you are tax resident, and a Bahamian account does not change that. Many countries also require you to declare foreign accounts.
Does The Bahamas report accounts under CRS?
Yes, the Bahamas participates in the automatic exchange of financial information and reports data to the account holder's country of tax residence. No local tax is not the same as confidentiality. Do not build plans around bank secrecy.
Is there income tax in The Bahamas?
No, nor capital gains or inheritance tax; the main tax is 10% VAT.
How much must you invest for Bahamas permanent residence?
Since 1 January 2025, at least BSD 1 million in property or Central Bank bonds.
Are deposits insured in Bahamian banks?
Yes, up to BSD 50,000, about $50,000, per depositor per bank.
Can a non-resident open a personal account in The Bahamas?
Yes, but banks need a link to the islands, a reference letter and a detailed source of funds explanation; residents find it easier.
What is the VAT rate in The Bahamas?
10% on most goods and services; property deals are taxed on a separate scale from 2.5% to 10%.
What documents prove source of funds for a Bahamian bank?
Sale contracts for a business or property, inheritance documents, income statements and several years of bank statements.
Is the Bahamian dollar pegged to the US dollar?
Yes, one to one, so an account in Bahamian dollars carries no currency risk for a dollar holder.
Is there a visa for remote workers in The Bahamas?
Yes, for up to 3 years with renewal; holders pay no local income tax.

Need a personal account in the Bahamas?

Bahamian banks expect large balances and a detailed history of funds: we assess your profile, prepare the pack and follow the application. Every country is in the searchable catalogue.

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