Supervisor and Regulator of the Financial System

What is offshore banking business?

Offshore banking is a term used to describe banking activity in currencies other than the currency of the country in which the bank accounts are held. Countries / territories conducting such business are called offshore financial centres. Certain parties view offshore banking as meaning banking by non-resident persons in a jurisdiction; however, this description is not appropriate. In The Bahamas, these activities dwarf local currency banking business.

Banks which conduct business solely with non-residents are designated non-resident for exchange control purposes and are not allowed to offer services to residents without the approval of the Central Bank, thus enabling a clear differentiation between the domestic and offshore sectors, and ensuring effective conduct of domestic monetary policy.

  1. What is a trust company?
  2. What is an Authorised Dealer?
  3. What is an Authorised Agent ?
  4. How many banks and trust companies are there licensed to do business in The Bahamas?
  5. What is offshore banking business?
  6. Can I file a complaint with the Central Bank regarding a bank or other financial institution?
  7. I'm interested in establishing a bank/trust company in The Bahamas, how should I proceed?
  8. How many banks or trust companies have had their licences revoked since the implementation of new financial legislation and regulation on December 29, 2000?
  9. What legislative and regulatory changes facilitated the removal of The Bahamas from the 'blacklist' of non-cooperative countries and territories issued by the FATF?

Available FAQs