Banks and Trust Companies Regulation Act, 2000.
About The Bahamas
The Bahamas is a stable, developing nation with an economy heavily dependent on tourism and offshore banking. Steady growth in tourism receipts and a boom in construction of new hotels, resorts, and residences had led to solid GDP growth in years past. Still, one cannot ignore the affect that the downturn of the global economy has had on the Bahamas in recent years.
Tourism both directly and indirectly contributes to 60 percent of the Bahamas GDP, and employs at least half of the population. Because 80 percent of tourism in the Bahamas comes from the United States, the economic decline directly threatened tourism. When the country began to see tourism numbers drop, the Bahamian government stepped in and put hospitality employees to work on infrastructure projects and other improvements to the country to prepare it for when tourism was on the rise again...more
Ansbacher (Bahamas) Ltd
Private wealth management services.
Citco Bank and Trust Company (Bahamas) Ltd
Offers services to protect, preserve, and enhance the assets of individuals, companies and institutions worldwide.
Corner Bank (Overseas) Limited
The Corner Bank has a globally diversified strategy and takes account of risk diversification.
Credit Suisse (Bahamas) Ltd
Offers full Private Banking, trust and estate planning services. A wholly owned subsidiary of Credit Suisse Group.
Guaranty Trust Bank Limited
A private Bank with a full, unrestricted Banking and trust license and a mutual fund administrators license.
Hottinger Bank & Trust Limited
Family-owned group with a broad international presence.
Lombard Odier Darier Hentsch Private Bank & Trust Ltd
Leadenhall is the oldest privately owned bank and trust company in The Bahamas.
The Private Trust Corporation Limited
International financial services, trust company and mutual fund administrator.
UBS (Bahamas) Ltd
Provider of wealth management sevices.
Winterbotham Trust Company Limited
Bank, trust company and fund administrator offering financial, fiduciary and corporate services.
Complete List of Bahamas Banks (PDF)
List of Bahamas Offshore company service providers
List of Bahamas Offshore trust service providers
This step helped to off-set what would have been an even higher number of unemployed, though it has had a negative impact on the national debt. The economy seemed to be at its worse in 2008 and 2009, with an unemployment rate of 14.5 percent, and inflation dropped from 1.8 to 4.5 percent. Yet, by 2010, tourism began to see an upward spike once more, thanks to the international cruise industry.
The financial and business sectors are the next largest contributor to the GDP in the Bahamas, bringing in 36 percent of the country’s revenue. Around 10 percent of the population is employed by offshore banking, an industry that is dominated by international insurance companies that are registered to operate from within the Bahamas. Banking within the islands itself is sophisticated, with a number of commercial banks, trust companies, savings banks, and even credit unions in operation.
For better or worse, the Bahamas maintain a fixed rate of exchange with the U.S. dollar. Although this can put restraints on the country’s monetary freedom, because the Bahamas economy is so dependent upon tourism from the United States, this agreement works well for the neighboring countries.
For more information about the Bahamas’ economy, click here.