Since 1982, Lucayas Bank has had an established presence in The Bahamas, providing banking and wealth management services to international high net worth clients and offshore corporates. Lucayas Bank is a fully licensed Bank and Trust company licensed and regulated by the Central Bank of The Bahamas and The Securities Commission of The Bahamas to conduct banking, and trust business and deal with securities from within the Bahamas, to our international clientele.
The Bahamas, is part of the Lucayan archipelago in the North Atlantic Ocean. The majority of the islands in The Bahamas are 100 to 150 miles off the Florida coast; though the closest island lies just forty-five miles away which is a 25 minute flight from Miami or Fort Lauderdale.
The country exceeds over 180,000 square miles of ocean, while the islands cover only 5,358 square miles. The majority of the islands are coral with some of the larger islands featuring low, rolling hills. Of the more than 700 islands and islets that make up the country only about 30 are inhabited. The capital Nassau, is located on New Providence Island. The climate is a mild, tropical marine climate, which is moderated by the warm waters of the Gulf Stream. The country is known for its many coral derived pink sand beaches and warm turqoise waters.
Finance in the Bahamas
The Bahamas is one of the wealthiest Caribbean countries and it terms of per capita GNP it is just behind the United States and Canada. The Bahamian dollar is kept on a par with the United States dollar by the government and has been for several decades with the US dollar being widely accepted in The Bahamas. The asset base of the Bahamas’ banking center is in excess of $200 billion, positioning it among the top ten countries in the world, behind the USA, the UK, Japan, Switzerland and others.
The Bahamas has no corporate income tax, value-added tax, or wealth tax for foreign nationals or IBCs. There is an annual registration fee that ranges from US$350 to US$1,000.
The tax liability of an offshore Bahamas corporation is often described as ‘nil’. In addition, there is no sales tax nor is there an estate tax, capital gains tax, gift tax or inheritance taxes.
All Bahamas corporations are able to benefit from 20 years of tax exemption which is available to all foreigners or non-residents who own Bahamas companies together with their shareholders.
Overseas persons investing in a residence valued at $750,000 and over, may apply to the Department of Immigration for Permanent Residency status. Holding a Permanent Residency certificate can lead to significant tax advantages in your home country. Accelerated Consideration for a Permanent Residence certificate is offered to purchasers of residence (homes or condos.) of $1,500,000 or more.The main benefit of acquiring Bahamian permanent residency through investment is to make the transition of moving to The Bahamas quick and simple, with no disruptions to your professional or personal life. Other benefits of holding a Bahamas Investor Residence Visa include: Right to reside in the Bahamas without further renewal of permits. Right to enjoy all privileges enjoyed by citizens of Bahamas except for the right to vote. Right to purchase property in The Bahamas. Liberal tax regime. Easy travel to Commonwealth nations, members of the Caribbean Community and the members of the Organization of American States.
The Bahamas has a mature and robust legislative regime and observes international best practices, co-operates with other states through mutual legal assistance, bodies such as EU and OECD in order to be ‘tax transparent’ and to combat money laundering and terrorist financing.
The Bahamas celebrates more than 280 years of uninterrupted parliamentary democracy and retains a Westminster-style system of government and the legal system is based on English common law.
The global financial watchdog Financial Action Task Force (FATF) has removed The Bahamas from a list of jurisdictions under increased financial scrutiny for anti-money laundering and financial reporting deficiencies in January 2021.