Bahamas: A vacation destination, or an offshore banking tax haven?

 Trying to find a way to earn money and relax at the same time? The Bahamas can be a great tourist stop but it also has a history of protecting assets with it's offshore banking infrastructure. 

Offshore bank Interest Rates vs Onshore Interest rates.  Where should your savings account be? 

Putting money into a savings account in the USA or other onshore places is pointless.  The interest rate is rediculously low and the money is subject to anyone who wants to sue you.  If tomorrow you get into a car accident, or someone slips on your sidewalk, your in for a lawsuit.  If you transfer the money out of your USA, Europe, or Canada bank account to a Bahamas bank you will increase the security of your money while still earning a respectable rate of interest. 

Bahamas vs Panama bank accounts- Banking ID required 

To open a Bahamas bank account you will need to show the bank your passport and get a letter from your current bank.  Since 9/11 the only way around this is a bearer share coporation in Panama, but this is only done for customers who are introduced.  When you phone around you will find everyone will tell you it is impossible.  Only a in person introduction by someone well known will get you this type of account these days.  Of course then your identity is well known anyway to the law firm so there is no point.  You might as well open a Panama bank account and trust in Panama's rock solid banking secrecy laws.

Bahamas Banking and Financial Center

From investing your time for a perfect getaway to managing your finances, Bahamas reveals itself as not just a getaway to a paradise comprising of 700 islands and cays, but also a profitable and ideal off shore banking haven to save your hard-earned money.

Since its discovery 500 years ago, Bahamas has proven itself as not just a chain of stunning and jaw-dropping islands but also a worldwide financial center leader prominent in offshore banking. Even though many jurisdictions are staking their claim in the offshore market, Bahamas’ 40 years of experience makes it a cut above the rest.  Over 400 institutions are authorized to operate banking businesses to meet the growing demands of the Bahamian market.  Development of the banking industry, regulated by the country’s The Banks Act and The Banks and Trust Companies Regulation Act, is one of the country's top concerns.

Working in your own backyard is a safe way to do your business; problems can be easily detected and resolved within reach.  But with offshore banking, there are many proven advantages that you will be surprised to find out and ironically will also provide you with even better security of your assets even if it’s outside the country.

Economies can be highly unpredictable; They can change as fast as a flip of a coin but with offshore banking you are protected from financial instability with the aid of Bahamas’ monetary stability. It guarantees more privacy and low taxes since offshore banks have no obligation to report income taxes to authorities because they are protected by bank secrecy. More importantly, you have a guaranteed privacy of your assets and you are not vulnerable to strict regulations commonly imposed in banking.