How to Open a Bank Account in the Bahamas. Movies have given off shore bank accounts an illicit stigma that brings to mind laundered money, mobsters and jail cells. These accounts are actually very legitimate and can be beneficial to anyone who has enough money to meet the minimum balance required to open the account.
Research banks in the Bahamas and other Caribbean islands. The Internet is an excellent resource to gather information on the various banks. It is also a good idea to contact the British Embassy for a list of banks in the Bahamas.
Decide on how much money will be deposited in the account. Each bank has different policies and minimum opening deposit amounts. Thorough research will find the right bank for the business or individual.
Gather professional references to provide to the bank. It is a good idea to have references from current banking establishments. Also, be prepared to provide evidence for the source of the funds. Bahama banks do not want to encourage illegal activities in their banks. Being able to provide a paper trail for the money is always a good idea.
Arrange a meeting with a representative of the bank. Some banks require the meeting to legitimize the business wanting to deposit the money. Traveling to the Bahamas will not be necessary, bank representatives are found in the larger metropolitan areas of the United States.
Register the business or individual as an International Banking Corporation with the Registrar of Bahamas in Nassau, Bahamas. This will allow the account to be anonymous with only the business name legally attached to the account.
Read all documents carefully. Know the terms of the account and how to report the financial information to the IRS. Keeping up to date on the law will keep the business clear and free of the law.