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Banking in the Bahamas: Secret Bank Accounts and No Income Taxes

I’ve always been curious about banking in places like the Bahamas, Switzerland and the Cayman Islands, and how wealthy people tend to flock to these countries with their money, just to set up their secret bank accounts.

Well I recently discovered why these places are so popular, and I have to tell you, If I were wealthy, I would be tempted to make a little trip to the Bahamas and check out their banking guidelines in person. Banking there is a wealthy person’s dream come true. There is no income taxes to pay and all the guaranteed privacy you want.

The government there is pretty steadfast in it’s ability to maintain confidentiality and will up hold the secrecy laws they have in place. You wouldn’t have to worry because no one can get access to this information.

Banking in the BahamasNeither will they give out your financial and tax information to other countries, unless of course they receive a court order from the Supreme Court, and then it has to be for criminal charges only!

Another reason the wealthy flock here is because the parent companies of the local banks must guarantee the liabilities, which makes them financially sound, and a good bet for all that wealth.

Now I bet you’re wondering who are the parent companies? Well the Royal Bank of Canada and Citicorp just to name a few, but it gets better! There is absolutely no income tax in the Bahamas, and this makes it ideal for ex-patriots who might want to live there.

With no income taxes to pay, and governmental health care, even I could live there on just my pension and social security, but alas, I’m not an ex-patriot, nor do I plan on becoming one. But still, one can dream, and I can see the financial attraction of banking there, and again, if I were rich, I really would be tempted.

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