Bahamas bank accounts for non-residents
The BahamasCaribbeanOverview
The Bahamas is one of the Caribbean's oldest international banking centres, with private banks and trust companies serving clients from the Americas and beyond. For most non-residents, a Bahamian account means private banking in US dollars: deposits, custody of investments and wealth planning, often alongside a trust or a holding company.
Can I open a bank account in the Bahamas?
Yes, as a non-resident you can. Private banks onboard non-resident clients after their own due diligence. Since 24 August 2018, commercial banks may also open Bahamian-dollar accounts for non-residents without prior exchange control approval while balances stay at BSD 50,000 or below. Enhanced due diligence remains the norm for clients the bank rates as higher risk.
Exchange control and the dollar peg
The Bahamas still runs exchange controls under the Exchange Control Act 1952. They govern foreign-currency dealings between residents and non-residents and help maintain the fixed parity of the Bahamian dollar with the US dollar. For a non-resident client this matters in two ways: the bank classifies your account by your residence status, and access to Bahamian-dollar credit for non-residents remains restricted.
Deposit insurance covers Bahamian dollars only
The Deposit Insurance Corporation insures Bahamian-dollar deposits at its member institutions up to BSD 50,000 per depositor. US dollar and other foreign-currency deposits are not covered, and that is what most non-resident private banking clients hold. Your protection therefore rests on the strength of the bank itself, so choosing the institution and spreading larger balances matter.
Bahamas bank account for non-residents: requirements
- A valid passport and proof of residential address; some banks ask for a second form of identification.
- Often a reference from your existing bank or a professional adviser.
- A tax residency self-certification with your tax number, and a declaration of whether you are a US person.
- A detailed source-of-wealth account with documents: how the assets were built, not just where they sit today.
- For companies and trusts: constitutional documents, registers of directors and shareholders, the trust deed and details of settlors, protectors and beneficiaries.
Can a US citizen open a bank account in the Bahamas?
Some Bahamian banks accept US persons and others do not. Those that do report the accounts to the IRS through the Bahamian authorities under the FATCA agreement in force since 2015. US persons also file an FBAR when the combined value of their foreign accounts exceeds USD 10,000 at any time during the year.
Redomiciled prepares the file and introduces you to private banks that fit your profile; the bank alone decides on the account.
Banking in our network
We do not publish institution names: the right partner depends on your profile, and each institution keeps its own view on who it will serve.
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Banking partners
- Our Bahamas network consists of private banks. They suit the treasury role, holding and investing accumulated wealth, far better than everyday business payments.
- Expect a meaningful minimum relationship. Each bank sets its own level and confirms it during onboarding; it is not a published figure.
- Source-of-wealth reviews are thorough and can take several rounds of questions. A clear written summary with documents shortens the process.
- Some banks want to meet you, in Nassau or abroad, before opening. Ask early so travel can be planned.
Questions
Can a non-resident open a bank account in the Bahamas?
Yes. Bahamian private banks onboard non-residents, usually for US dollar accounts, after checking identity, tax residency and source of wealth. Commercial banks may also open small Bahamian-dollar accounts for non-residents. Each bank decides independently, and an account is never guaranteed.
Can a US citizen open a bank account in the Bahamas?
Sometimes. Policies differ by bank; those that accept US persons report the account to the IRS under the FATCA agreement in force since 2015. The account holder must also file an FBAR when foreign accounts exceed USD 10,000 in aggregate at any time in the year.
Are deposits in Bahamian banks insured?
Only Bahamian-dollar deposits, up to BSD 50,000 per depositor at each member institution. US dollar and other foreign-currency deposits, which most non-resident clients hold, are not covered, so the bank's own financial strength is what protects them.
Is a Bahamas bank account secret?
No. The Bahamas has exchanged financial account data under the CRS since 2018 and reports US persons under FATCA. Banks keep client affairs confidential towards third parties, but your home tax authority can receive your account details. Declare the account where you are tax resident.
What documents do Bahamian banks ask for?
A passport, proof of address, a tax residency self-certification and a documented source-of-wealth summary, often with a bank or professional reference. Companies and trusts add constitutional documents, registers and details of every beneficial owner, settlor and beneficiary.
Does the Bahamas have exchange controls?
Yes. Exchange controls under the Exchange Control Act 1952 govern foreign-currency dealings between residents and non-residents and support the Bahamian dollar's fixed parity with the US dollar. Non-residents mainly notice them through account classification and restricted access to Bahamian-dollar credit.
Do I need to travel to the Bahamas to open an account?
Not always. Some private banks accept certified documents and video calls; others want to meet you in person, in Nassau or abroad, before opening. Ask the bank about its process early so that any travel fits your timeline.
Sources
- 1.Deposit Insurance Corporation (The Bahamas): Scope of deposit insurance coverage, retrieved 2026-10-25
- 2.Deposit Insurance Corporation (The Bahamas): Frequently asked questions, retrieved 2026-10-25
- 3.Central Bank of The Bahamas: Exchange control objectives, retrieved 2026-10-25
- 4.Central Bank of The Bahamas: The Central Bank amends exchange control policy on non-resident operation of Bahamian dollar deposit accounts (24 August 2018), retrieved 2026-10-25
- 5.OECD Global Forum: Status of commitments for the automatic exchange of financial account information (30 September 2026), retrieved 2026-10-25
- 6.US Treasury: FATCA agreements and understandings by jurisdiction, retrieved 2026-10-25
- 7.IRS: Report of Foreign Bank and Financial Accounts (FBAR), retrieved 2026-10-25
- 8.Redomiciled banking classroom, chapter 3: why banking is the hardest part (internal), retrieved 2026-10-25
Reviewed by the Redomiciled team on .
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