Bahamas company - Banking options help needed

[Smartmoney]

HI guys,

I have recently just received my company docs for the Bahamas company( I am not a resident) which took around 3-4 months, I am now looking for banking partners, offshore also okay but It would be best if any recommendations can be passed on
Thanks

 

[JohnnyDoe]

Deltec is the biggest bank in the Bahamas that accepts IBCs.

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[Fred]

JohnnyDoe said:
Deltec is the biggest bank in the Bahamas that accepts IBCs.
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With EMI's as "Correspondent Bank".

The thing with the Banana Island Companies is the Banking all the time.

While it's maybe OK for Holding Companies and Trusts with 1 transactions per Month - you are left alone for Transactional Banking with day to day Business and Transactions.

Deltec Bank and couple Switzerland based banks are only looking into private banking - Deltec Bank wants you to put at least 500,000 USD in there fund - they claim to be a private bank and everything else is not interesting for them.

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[Martin Everson]

Smartmoney said:
HI guys,

I have recently just received my company docs for the Bahamas company( I am not a resident) which took around 3-4 months, I am now looking for banking partners, offshore also okay but It would be best if any recommendations can be passed on
Thanks
Click to expand...

Locally you can look at International Corporate banking at CIBC FirstCaribbean.

https://www.cibcfcib.com/wealth/international-corporate-banking/contact-us
Out of interest why did you choose a Bahamas company and for what purpose is your intended use of the company?

Bahamas is not a cheap place and generally such companies are used as part of structures to hold wealth or assets such as jets and yachts these days. Banking in that case is easy as most of the big Swiss, US banks etc have a presence on the island and work all day long with such structures.

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

[Smartmoney]

JohnnyDoe said:
Deltec is the biggest bank in the Bahamas that accepts IBCs.
Click to expand...

They dont seem to revert, I have already applied with them, hopefully I hear soon from them

Martin Everson said:
Locally you can look at International Corporate banking at CIBC FirstCaribbean.

https://www.cibcfcib.com/wealth/international-corporate-banking/contact-us
Out of interest why did you choose a Bahamas company and for what purpose is your intended use of the company?

Bahamas is not a cheap place and generally such companies are used as part of structures to hold wealth or assets such as jets and yachts these days. Banking in that case is easy as most of the big Swiss, US banks etc have a presence on the island and work all day long with such structures.
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We initially had companies with the US but we are taxed heavily so we have opted out of there and chosen Bahamas as most of our clients are US as well.Can you refer some swiss banks ( one's we dont need to travel and open) thanks !

 

[Martin Everson]

Smartmoney said:
They dont seem to revert, I have already applied with them, hopefully I hear soon from them


We initially had companies with the US but we are taxed heavily so we have opted out of there and chosen Bahamas as most of our clients are US as well.Can you refer some swiss banks ( one's we dont need to travel and open) thanks !
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I would have said UBS and CS but both are same now. Oh and you do need to travel at least in my case I did.

Sorry but what activity do you do and how much do you have to open a deposit with the bank?

Swiss banks are welcoming if there is a wealth management aspect to the relationship when you approach them. If your looking for purely operational business account you will struggle.

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

[OffshoreClaude]

@Martin Everson When you say wealth management, do you know what kind of minimum capital UBS/CS requires? Do you know if they accept holdings from BVI?

Thanks!

 

[Fred]

morfixx said:
@Martin Everson When you say wealth management, do you know what kind of minimum capital UBS/CS requires? Do you know if they accept holdings from BVI?

Thanks!
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They do accept BVI - 1m$ when I checked the last time.

Credit Suisse in the past was more flexible - as Martin @Martin Everson mentioned earlier - they were very big in Yacht Financing - not only for Ownership but for Brokerage and Transactions as well - which can be high risk for Banks depending on circumstances. No late experience after the UBS takeover.

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[jafo]

Martin Everson said:
Bahamas is not a cheap place and generally such companies are used as part of structures to hold wealth or assets such as jets and yachts these days. Banking in that case is easy as most of the big Swiss, US banks etc have a presence on the island and work all day long with such structures.
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Which zero % CT jurisdiction would you use for weekly business banking?

 

[Martin Everson]

jafo said:
Which zero % CT jurisdiction would you use for weekly business banking?
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You need to look at personal residency and CT as a single unit.

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

[jafo]

Martin Everson said:
You need to look at personal residency and CT as a single unit.
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After your answer, I sat around ruminating and pondered about this for quite a long time. Here is my next question:

If you had to start a company today, and your passport(s) allowed you to have a personal residency anywhere and you could incorporate anywhere, which jurisdiction would you do it in to gain zero taxes?

 

[Martin Everson]

jafo said:
If you had to start a company today, and your passport(s) allowed you to have a personal residency anywhere and you could incorporate anywhere, which jurisdiction would you do it in to gain zero taxes?
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I would choose Cayman Islands residency and Cayman Enterprise City company. But I live already in Bahamas tax free in this situation so I am probably wrong person to ask.

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.