subject: Why People Bank in the Bahamas [print this page] Why People Bank in the Bahamas Why People Bank in the Bahamas
Say The Bahamas' and the first thing that comes into people's mind is that it's a party place. The Bahamas has always been a favorite destination among North American tourists for a number of reasons. First, it is near mainland US which lowers transportation costs. The place is also located in the tropics, giving winter-weary tourists all the fun they crave under the sun. And because the government has realized the potential of tourism as a great revenue earner for the country, they've invested a lot in terms of infrastructure to make sure that tourists have all the comforts and convenience of home.
The Bahamas is also making its play in international finance by offering offshore banking. In the world of international development, access to capital and financing are of paramount importance. Businesses dealing with foreign clients are often hindered by local laws and regulations.
It is probably the tourism policy of The Bahamas which prompted the country to enter into the financial services industry with such a daring. Given the influx of tourists into the country and their growing demand for special services, many in the country's banking industry sought to grant the requests of their guests, widening their range of services to such an extent that they found their local banking industry poised for growth in the international finance industry.
To any international business, an offshore bank (Bahamas) offers a good number of advantages. The country's international banking laws have really been crafted to favor the industry's growth. Companies and professionals investing in the country are not even levied the kind of taxes that are imposed on them in their home countries, ensuring a comfortable margin of profit.
In the interest of attracting more investments, the country has relaxed its regulation on offshore bank formation in the country. For a company with an international clientele, having an offshore bank would ensure that their money, as made to move within the economy of The Bahamas, would not decrease, by way of taxes or levies, but increase by way of interests earned.
Being in the world of high-finance is stressful work, and one of the perks of offshore bank (Bahamas)is that hard working executives get a cozy environment with which to engage business in.
