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]

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 for︀ them.

 

[Martin Everson]

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 or︀ assets such as jets and yachts these days. Banking in that case is easy as︁ most of the big Swiss, US banks etc have a presence on the island and︂ work all day long with such structures.

 

[Smartmoney]

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

We initially had companies with the︂ US but we are taxed heavily so we have opted out of there and chosen︃ Bahamas as most of our clients are US as well.Can you refer some swiss banks︄ ( one's we dont need to travel and open) thanks !

 

[Martin Everson]

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 much︀ do you have to open a deposit with the bank?

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

 

[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]

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.

 

[jafo]

Which zero % CT jurisdiction would you use for weekly business banking?⁣

 

[Martin Everson]

You need to look at personal residency and CT as a single unit.‌

 

[jafo]

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]

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.