January 29th, 2009
Offshore banking in the Bahamas
As a tropical island the Bahamas are seen as an island of rest, calm, and R and R. This archipelago of islands is usually not associated as a nation of finance and offshore banking, unlike the nearby Cayman Islands. However, long after you visit the hundreds of beautiful tropical islands in the area, you will still be wowed by fact that much of the money coming into the Bahamas is from offshore banking! In the past offshore banking has been shown in a less than complimentary light. We can blame James Bond and other famous characters for this. Sometimes a country will automatically associate offshore things with illegal activities. In spite of this, banking internationally is more common than many believe. There is nothing illegal about it either, as long as you are open with the tax man in your own country. Here you don’t have to worry about income tax on your personal gains, and your privacy is so secure only a Supreme Court order can force them to reveal it. With advantages like these it’s no wonder that over half of the world’s wealth is located in offshore institutions. In fact, many companies are starting to get into the business of offshore banking in the Bahamas. The Bahamas rely on this as a cornerstone of their economy and market. Maybe it’s time to look offshore for investing in your future.
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