offshore news

Bahamas Offshore Banks

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

Offshore Banks

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.

Finter Bank & Trust (Bahamas) Ltd
Finter Bank Zürich provides international and domestic clients with all the advantages of Swiss private banking.

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

Bahamas Banking, Finance & Business News

Bahamas offshore banks
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.

Background Facts

anguilla flag

The Bahamas, is a country consisting of more than 3,000 islands, keys and islets in the Atlantic Ocean, north of Cuba and Hispaniola (the Dominican Republic and Haiti), northwest of the Turks and Caicos Islands and southeast of the US state of Florida.

Population: 316,182 (2012 est.)
Capital: Nassau
Dialing code: 242
Currency: Bahamian dollar
Exchange control:
The Bahamas have exchange controls, under the Exchange Control Act and Regulations 1956, applying to resident individuals and companies, who need consent from the Central Bank to conduct operations in foreign currencies. Likewise, non-resident or offshore companies, who are free to deal in foreign currencies, require Central Bank consent to deal in Bahamian dollars.
Government:Constitutional parliamentary democracy and a Commonwealth realm
Official language: English Language
Legal System:
Common law based on the English model

Bank Legislation: (.PDF Downloads)
Banks and Trust Companies Regulation Act, 2000.
Central Bank of The Bahamas Act, 2000.