The financial sector in the Bahamas
The financial sector in the Bahamas has been in operation for over 40 years , and during that time it has made great improvements in the field of offshore banking, trusts, insurance and offshore companies. As an offshore zone Bahamas is among of the ten countries with developed banking sector.
The Bahamas is one of the financial centers in the Caribbean, with approximately 350 banks and trust companies registered here. The financial industry makes the second largest contribution to the economy and infrastructural growth after tourism. It accounts for about 12% of the country’s GDP.
The revenues from the offshore financial sector became significant from the time of obtaining the Bahamas Independence. Proximity to the U.S. and a common time zone with the United States has helped greatly in the development of the financial sector in the Bahamas.
The Bahamian dollar and the U.S. dollar are equal in value and Bahamian dollar is pegged to the U.S. dollar at a ratio of one to one.
Financial Sector in the Bahamas
During the 40 years in operation the country’s financial sector in the Bahamas has developed four basic types of banking institutions:
- International offshore banking,
- International private banks (including trust business),
- Investment banks involved in the trade and insurance,
- Banks that operate in the domestic market.
The banking regulation in the Bahamas is entrusted to the Central Bank of the Bahamas. Organisation for Economic Cooperation and Development (OECD) and other organisations have an exceptionally strong pressure on the country to tighten regulation of the offshore financial sector.
Government stability of the Bahamas attracts the most prestigious financial institutions in the world. Flourishing economic activity contributes to air traffic and modern infrastructure, including telecommunications.
If you would like to open an offshore bank account in Bahamas, we would be happy to provide such services, fast simple and at a low cost.