The Caribbean's original offshore financial centre, zero income tax, proximity to the US, digital assets licensing since 2020, and a private banking tradition dating back to the 1930s.
The Bahamas has been an offshore financial centre since the 1930s — the longest track record in the Caribbean. Zero income tax, zero corporate tax, USD currency, proximity to Florida, and English language combine with a significantly strengthened DARE digital assets framework post-FTX. Removed from FATF grey list May 2024. The Bahamas is rebuilding on stronger foundations in 2026.
The Bahamas established itself as an offshore financial centre in the 1930s, making it one of the oldest and most established jurisdictions in the Caribbean. With 700+ islands, proximity to the US (50 miles from Florida), zero income tax, zero capital gains tax, and zero corporate tax, the Bahamas combines natural appeal with genuine financial substance. The Central Bank of the Bahamas (CBB) and the Securities Commission of the Bahamas (SCB) oversee a sophisticated financial sector including banks, investment funds, trust companies, and, since the passage of the Digital Assets and Registered Exchanges (DARE) Act 2020, a growing digital assets sector. The Bahamas made global news in 2022 when FTX collapsed from its Nassau headquarters, a significant reputational event that accelerated regulatory reform and demonstrated the SCB's willingness to act decisively. In 2026 the DARE framework has been significantly strengthened, and the Bahamas is rebuilding its digital assets reputation on stronger foundations.
The FTX collapse highlighted that Bahamas-licensed digital asset businesses require careful due diligence. The strengthened DARE framework provides better protection but always verify CBB/SCB licensing status before depositing with any Bahamas digital asset firm. US persons face full FATCA reporting. The Bahamas does not offer tax advantages for US worldwide income, only for income genuinely sourced to the Bahamas.
Rankings updated weekly. Last updated: Sep 6, 2026
The Central Bank of the Bahamas (CBB) issued updated guidance reinforcing beneficial ownership disclosure requirements for all licensed banking institutions, aligning with FATF Recommendation 24 implementation timelines. The circular clarifies that all banks must maintain real-time beneficial ownership registers accessible to CBB examiners by Q1 2027, with interim compliance checkpoints beginning October 2026. Non-compliant institutions face suspension of new account onboarding privileges pending remediation.
The Securities Commission of the Bahamas (SCB) confirmed ongoing review of Digital Assets and Registered Exchanges (DARE) Act licensing conditions for custodial service providers, a process accelerated following post-FTX legislative reforms. Two previously provisionally licensed digital asset platforms operating under DARE framework have been confirmed as progressing to full license status after completing enhanced AML/CFT audits. This signals continued stabilization of the Bahamas digital asset regulatory environment approximately three years after the FTX collapse.
The Central Bank of the Bahamas issued updated guidance on beneficial ownership reporting thresholds under its ongoing post-FTX reform framework, reinforcing requirements for digital asset custodians operating under the DARE Act to file quarterly attestations with the SCB. Institutions holding custodial digital assets above BSD 500,000 in aggregate client value must now submit enhanced liquidity disclosures by Q3 2026 close. This aligns with the SCB's broader push to strengthen investor protection standards following the sector-wide review initiated in late 2023.
A mid-tier international private bank operating under a Bahamian Class B banking licence confirmed the completion of its core banking system migration to a cloud-compliant infrastructure, meeting CBB technology risk management guidelines updated in early 2026. The transition affects approximately 1,200 non-resident client accounts and is expected to improve onboarding KYC processing times by an estimated 30 percent. No service interruptions or regulatory sanctions were associated with the migration process.
The Central Bank of the Bahamas issued updated guidance reinforcing AML/CFT compliance obligations for licensees operating under the DARE Act framework, with particular attention to virtual asset service providers. The circular clarifies beneficial ownership verification timelines and sets a Q4 2026 deadline for full implementation of enhanced customer due diligence protocols across all Category A and B banking licensees.
The Securities Commission of the Bahamas confirmed that post-FTX reform measures introduced under the Digital Assets and Registered Exchanges Act continue to show measurable compliance uptake, with 94% of registered digital asset entities now meeting revised custody and reporting standards as of the September 2026 audit cycle. Several mid-tier digital asset firms have signaled plans to seek expanded banking correspondent relationships under the reformed licensing regime, reflecting growing institutional confidence in the jurisdiction.
The Central Bank of the Bahamas issued updated guidance on beneficial ownership verification thresholds under the amended Financial Transactions Reporting Act framework, effective Q4 2026. Licensed banks and trust companies are required to implement enhanced due diligence protocols for non-resident account holders with aggregate balances exceeding BSD 500,000. Compliance attestations must be submitted to the CBB no later than October 31, 2026.
The Securities Commission of the Bahamas confirmed that two additional digital asset service providers have received conditional approval under the DARE Act 2024 regulatory framework, bringing the total licensed DASP count to seventeen as of September 2026. The SCB noted that post-FTX safeguarding requirements, including mandatory client asset segregation and monthly proof-of-reserves attestations, remain strictly enforced with no announced modifications. This consolidation signals a maturing but cautious digital assets sector within the jurisdiction.
The Central Bank of the Bahamas issued updated guidance on beneficial ownership reporting thresholds under its ongoing post-FTX reform framework, requiring licensed banks and digital asset service providers to submit enhanced CDD documentation for entities with complex ownership structures exceeding two tiers. The circular reinforces existing DARE Act obligations and sets a compliance deadline of October 31, 2026 for affected institutions. Non-compliant licensees face expedited licensing review and potential suspension of digital asset permissions.
The Securities Commission of the Bahamas confirmed that two registered digital asset businesses have completed their transition to full DARE Act licensure following the 2023 amendment cycle, reducing the backlog of provisional licensees to fewer than five institutions. This signals continued progress in the SCB's effort to formalize the digital asset sector following reputational exposure from the FTX collapse. Market observers note that correspondent banking relationships for compliant Bahamas-licensed entities have stabilized following earlier de-risking pressures from U.S. and EU counterparts.
The Central Bank of the Bahamas (CBB) has confirmed that enhanced beneficial ownership verification requirements, introduced under the post-FTX digital asset reform package finalized in Q1 2026, enter their mandatory enforcement phase today, September 1, 2026. All licensed banks and trust companies must now submit quarterly beneficial ownership attestations through the CBB's updated supervisory reporting portal. Institutions that have not yet migrated to the new reporting framework face formal compliance notices beginning this quarter.
Bahamas-licensed private banking institutions are reporting continued inflows from Latin American high-net-worth clients through Q3 2026, with the BFSB noting a measurable uptick in new account applications linked to restructured DARE Act provisions that streamlined digital asset custody services alongside traditional private banking. Sector observers attribute the trend partly to the Bahamas' stable post-FTX regulatory reputation and FATF-compliant framework, which has reinforced correspondent banking relationships with major US and European institutions.
The Central Bank of the Bahamas issued updated guidance clarifying reporting thresholds under the DARE Act's digital asset custodian provisions, effective for all licensed institutions as of end of Q3 2026. Licensed banks and trust companies holding digital assets on behalf of clients are now required to file enhanced quarterly disclosures covering counterparty concentration risk. The clarification follows an internal review cycle initiated after the post-FTX supervisory overhaul completed in late 2024.
The Securities Commission of the Bahamas confirmed that two previously provisional digital asset business licences granted under the DARE Act framework have been upgraded to full operational status following satisfactory completion of compliance audits. This brings the total number of fully licensed digital asset operators in the jurisdiction to seventeen as of August 31, 2026. The development signals continued measured growth in the sector following the regulatory tightening implemented after the FTX collapse.
The Central Bank of the Bahamas issued updated guidance reinforcing enhanced due diligence requirements for correspondent banking relationships under its post-FTX reform framework, with full compliance expected by Q4 2026. The circular specifically addresses digital asset custodians seeking banking access, requiring segregated fiat accounts and quarterly attestations of asset-liability reconciliation. Institutions failing to meet the updated standards face provisional licence restrictions pending remediation review.
The Securities Commission of the Bahamas confirmed that three DARE Act-registered digital asset businesses completed their transition to full operational licences during August 2026, bringing the total active DARE licence count to 29. The SCB noted that pipeline applicants currently number 11, with two applications under final adjudication expected to conclude before end of September 2026. This steady licensing momentum signals continued institutional confidence in the Bahamas as a regulated digital asset jurisdiction.
The Central Bank of the Bahamas has issued updated guidance circular reinforcing enhanced due diligence requirements for correspondent banking relationships, effective Q4 2026. The guidance aligns with FATF Recommendation 13 standards and reflects ongoing post-FTX remediation efforts to strengthen transaction monitoring frameworks across licensed institutions. Banks are required to submit compliance attestations by November 30, 2026.
The Securities Commission of the Bahamas confirmed that three additional digital asset service providers have completed DARE Act registration requirements this week, bringing the total of fully licensed DARE entities to 31. This incremental expansion signals continued investor confidence in the Bahamas digital asset regulatory framework despite broader Caribbean market headwinds. SCB officials noted that sandbox applications for Q1 2027 will open September 15, 2026.
The Central Bank of the Bahamas issued updated guidance clarifying enhanced due diligence thresholds under the revised Bank and Trust Companies Regulation Act framework, effective Q4 2026. The circular reinforces transaction monitoring obligations for digital asset-adjacent accounts following the post-FTX reform cycle that began in 2023. Licensed institutions are directed to submit updated compliance attestations by October 15, 2026.
The Securities Commission of the Bahamas confirmed that two additional digital asset business applicants received conditional DARE Act registration approvals this week, bringing the total registered DARE entities to 31. The SCB noted that ongoing supervisory reviews are focusing on custody segregation standards and cross-border reporting obligations. This incremental expansion reflects the Bahamas' continued effort to position itself as a regulated digital asset hub post-FTX.
The Central Bank of the Bahamas issued updated guidance reaffirming enhanced due diligence requirements for correspondent banking relationships under its post-FTX digital asset framework, with institutions required to certify compliance attestations by September 30, 2026. The circular specifically addresses residual exposure risks from collapsed crypto intermediaries and mandates quarterly stress-testing disclosures for banks holding any digital asset-adjacent client portfolios. Non-compliant institutions face suspension of new account onboarding privileges pending remediation.
The Securities Commission of the Bahamas confirmed that two DARE Act-licensed digital asset businesses have successfully completed their annual renewal audits for 2026, signaling continued stabilization of the regulatory cohort following the post-FTX contraction period. The SCB noted that the total number of active DARE licensees remains at 14, unchanged from the prior quarter, with three applications currently under review. Industry observers view the stable licensee count as a positive indicator of regulatory confidence in the Bahamas digital asset framework.
The Central Bank of the Bahamas issued updated guidance on beneficial ownership verification thresholds under the Banks and Trust Companies Regulation Act, tightening UBO disclosure requirements to align with FATF 2025 recommendations. Licensed institutions are now required to confirm ultimate beneficial ownership down to a 10% threshold, reduced from the previous 25%, effective October 1, 2026. Compliance officers at CBB-licensed banks are expected to update onboarding procedures and submit implementation plans by September 15, 2026.
The Securities Commission of the Bahamas released a progress report on the post-FTX Digital Assets and Registered Exchanges Act enforcement framework, confirming that two additional digital asset custodians have received conditional approval to operate under the updated DARE Act amendments enacted in early 2026. The SCB noted that applicants must now demonstrate segregated client asset custody through quarterly third-party audits as a standing licence condition. This development signals continued cautious reopening of the Bahamas digital asset sector following the reputational impact of the 2022 FTX collapse.
The Central Bank of the Bahamas issued updated guidance reinforcing enhanced due diligence thresholds for non-resident account holders under the ongoing post-FTX supervisory framework, effective Q4 2026. Institutions are reminded that beneficial ownership verification requirements introduced in the 2024 AML amendments must be fully embedded in onboarding workflows by October 1, 2026. Banks operating under the DARE Act digital asset framework are specifically flagged for compliance audit readiness.
The Securities Commission of the Bahamas confirmed the renewal of two existing digital asset business licenses under the DARE Act, reflecting continued regulatory confidence in the jurisdiction's crypto-adjacent banking sector. Both entities are understood to offer custody-adjacent treasury services to institutional clients. No new license approvals or revocations were recorded in today's SCB register update.
The Central Bank of the Bahamas (CBB) issued updated guidance on beneficial ownership verification thresholds for digital asset-linked bank accounts operating under the DARE Act framework, effective Q4 2026. The clarification tightens identity verification requirements for accounts holding or transacting in tokenized assets, aligning Bahamian standards more closely with FATF Recommendation 16 on virtual asset service providers. Institutions have until November 1, 2026 to update internal compliance procedures.
Two smaller Bahamas-licensed banks have reportedly begun voluntary discussions with the CBB regarding operational restructuring following continued post-FTX reputational scrutiny affecting new client onboarding in the crypto-adjacent segment. The SCB confirmed no formal enforcement actions are currently pending, but enhanced supervisory monitoring remains in place for institutions with digital asset exposure above defined concentration limits. This reflects the ongoing sector-wide recalibration that began following the FTX collapse in late 2022.
The Central Bank of the Bahamas issued updated guidance on beneficial ownership verification thresholds under its ongoing post-FTX reform framework, lowering the reporting threshold for virtual asset-linked correspondent banking relationships from 25% to 10% ownership. The circular, effective September 1, 2026, requires all licensees to update internal CDD procedures and submit compliance attestations to CBB by October 15, 2026. This reflects continued tightening of AML/CFT controls following international pressure from FATF and the IMF's 2025 Bahamas Article IV consultation.
The Securities Commission of the Bahamas confirmed that two DARE Act-registered digital asset entities have voluntarily surrendered their licenses in August 2026, citing compliance cost pressures and shifting client bases to Dubai and Singapore. The SCB noted that total active DARE Act registrations now stand at 38, down from a peak of 49 in mid-2024, signaling ongoing consolidation in the Bahamas digital asset sector following post-FTX regulatory intensification. The Commission stated it expects the sector to stabilize by Q1 2027 as remaining licensees complete capital adequacy upgrades.
The Central Bank of the Bahamas has issued updated guidance reaffirming enhanced beneficial ownership verification requirements under the amended Banks and Trust Companies Regulation Act, with full compliance expected by Q4 2026. Licensed institutions are required to submit updated internal AML/KYC framework certifications to the CBB no later than September 30, 2026. This follows a broader post-FTX reform cycle that began in late 2022 and has progressively tightened digital asset and fiat account monitoring obligations.
The Securities Commission of the Bahamas confirmed that two additional digital asset businesses have received conditional approval under the DARE Act 2024 amendments, bringing the total licensed or conditionally approved digital asset entities to 19. Authorities emphasized that ongoing supervision includes quarterly liquidity stress-testing requirements introduced following the FTX collapse. The SCB reiterated that any entity offering custody or exchange services must maintain segregated client asset accounts with a CBB-supervised correspondent bank.
The Central Bank of the Bahamas (CBB) issued updated guidance reinforcing compliance timelines under the Digital Assets and Registered Exchanges (DARE) Act 2024 amendments, requiring all registered digital asset businesses to complete enhanced AML/CFT framework submissions by Q4 2026. The guidance follows ongoing post-FTX supervisory reform efforts and is intended to align Bahamian digital asset oversight more closely with FATF Recommendation 15 standards. Firms with outstanding disclosure gaps have been notified directly by the Securities Commission of the Bahamas (SCB).
Two mid-tier international banks licensed under the CBB reported completion of their internal Basel III liquidity coverage ratio recalibrations ahead of the CBB's September 1, 2026 deadline, signaling broad sector readiness for the updated prudential standards. The CBB has indicated it will conduct targeted on-site reviews of remaining institutions during September and October 2026 to verify compliance. This activity reflects the broader post-2023 tightening of bank supervision across the jurisdiction.
The Central Bank of the Bahamas has issued updated guidance under its Digital Assets and Registered Exchanges (DARE) Act framework, clarifying enhanced due diligence requirements for banks holding or custodying digital assets on behalf of institutional clients. The circular specifies that licensed banks must now maintain segregated reporting of digital asset exposures in their quarterly prudential returns effective Q4 2026. This follows ongoing post-FTX remediation efforts to strengthen transparency across the Bahamian financial sector.
The Securities Commission of the Bahamas (SCB) confirmed that two additional international banking institutions have submitted applications for digital asset business licenses under the revised DARE Act regulatory pathway introduced in early 2026. The SCB noted that its licensing pipeline for digital asset intermediaries remains active, reflecting continued interest in the Bahamas as a compliant offshore hub following broader Caribbean regulatory convergence. Final determinations on both applications are expected by Q1 2027.
The Central Bank of the Bahamas has issued updated guidance reinforcing enhanced beneficial ownership verification requirements under the Banks and Trust Companies Regulation Act amendments, effective Q4 2026. The guidance clarifies thresholds for Politically Exposed Person screening and mandates real-time reporting integration with the Financial Intelligence Unit for transactions exceeding BSD 50,000. Licensees have been given a 90-day implementation window to achieve full compliance.
The Securities Commission of the Bahamas has released a supplementary circular addressing ongoing DARE Act (Digital Assets and Registered Exchanges Act) compliance expectations for digital asset custodians operating under Bahamas-incorporated structures, citing residual systemic risk lessons drawn from the 2022 FTX collapse. The circular emphasizes segregated custody mandates and quarterly attestation of client asset ringfencing by approved auditors. This follows a broader post-FTX reform review cycle that the SCB has been conducting since late 2023.
The Central Bank of the Bahamas (CBB) has issued updated supervisory guidance reinforcing enhanced due diligence requirements for digital asset custodians operating under the DARE Act framework, following a scheduled quarterly compliance review cycle. Institutions are expected to demonstrate full alignment with the revised AML/CFT transaction monitoring thresholds by Q4 2026. This forms part of the CBB's ongoing post-FTX reform agenda to strengthen oversight of crypto-adjacent banking activities within the jurisdiction.
The Securities Commission of the Bahamas (SCB) has updated its public register to reflect the conditional renewal of two digital asset business licenses under the DARE Act, with both entities required to submit independent audit reports by September 30, 2026. The SCB noted that license conditions increasingly reflect stricter capital adequacy benchmarks introduced following the 2022 FTX collapse. Market participants view this as a continued stabilization signal for the Bahamas' digital asset regulatory environment.
The Central Bank of the Bahamas issued updated guidance reinforcing enhanced due diligence requirements for correspondent banking relationships, building on post-FTX digital asset exposure reviews initiated in late 2023. Institutions holding or facilitating digital asset custody are required to submit quarterly attestations of segregated client asset compliance by September 30, 2026. This measure reflects ongoing CBB efforts to restore confidence following reputational damage from the FTX collapse and aligns with FATF Recommendation 15 implementation timelines.
The Securities Commission of the Bahamas confirmed that the Digital Assets and Registered Exchanges Act review panel completed its second quarter assessment of licensed DARE entities, with three additional technology-focused intermediaries receiving conditional approval for expanded custody operations. Conditions include mandatory third-party audits and increased minimum capital thresholds effective Q1 2027. The update signals continued cautious expansion of the digital asset regulatory framework rather than a pullback.
The Central Bank of the Bahamas issued updated guidance under the Digital Assets and Registered Exchanges (DARE) Act 2024 amendments, clarifying capital adequacy thresholds for digital asset custodians operating alongside traditional licensed banks. Institutions holding dual licenses under both the Banks and Trust Companies Act and the DARE framework must now maintain segregated reserve buffers of no less than 15% of digital asset liabilities. Compliance attestations are due to the CBB by September 30, 2026.
The Securities Commission of the Bahamas released its third-quarter supervision summary indicating that post-FTX remediation reviews of registered digital asset businesses are now 94% complete, with two entities still under enhanced monitoring protocols. No new enforcement actions were publicly filed as of today, but the SCB confirmed ongoing coordination with the Attorney General's office regarding outstanding civil recovery proceedings related to the 2022 FTX collapse. Industry observers note the Bahamas has substantially restored correspondent banking relationships damaged during that period.
The Central Bank of the Bahamas has issued updated guidance clarifying enhanced due diligence thresholds under its ongoing post-FTX reform cycle, with revised beneficial ownership reporting requirements now applicable to all Class A and Class B licensed institutions. The amendments align with FATF Recommendation 25 updates and set a formal compliance deadline of October 1, 2026 for affected licensees. Institutions are advised to review internal KYC workflows and correspondent banking documentation protocols ahead of the deadline.
The Securities Commission of the Bahamas has published a supplemental technical note under the Digital Assets and Registered Exchanges Act addressing custodial segregation standards for digital asset intermediaries operating alongside traditional offshore banking structures. The note provides clarification on how commingled fiat-digital accounts must be reported under existing CBB prudential rules. This marks the third DARE Act technical clarification issued in the second half of 2026, reflecting continued regulatory refinement following the 2022 FTX collapse.
The Central Bank of the Bahamas issued updated guidance under the Digital Assets and Registered Exchanges (DARE) Act framework, clarifying capital adequacy requirements for licensed digital asset custodians operating alongside traditional banking services. The circular reinforces minimum liquid asset thresholds and mandates enhanced quarterly reporting for institutions holding client digital assets above BSD 5 million. This follows ongoing post-FTX reform commitments the SCB made to international counterparts in late 2024.
A mid-tier international private bank operating under a CBB restricted banking licence has signalled intent to apply for an upgraded full banking licence, citing increased inbound demand from Latin American high-net-worth clients following competitor exits from Panama. The CBB has confirmed receipt of the preliminary application and a 90-day review window is now underway. If approved, this would marginally expand the active full-licence count in the jurisdiction for the first time since 2023.