Oh, the Bahamas! It’s all about the appealing tropical heaven and tax haven, a magnet for sun-seeking tourists and retirees, the treasure islands with financial offshore services and offshore bank accounts.
If you are interested in the possibility of opening a private account remotely in The Bahamas, we recommend the Bank of The Bahamas Limited. You can submit your application from your country of residence quickly and effortlessly if you use our professional service of preparing the necessary documents together with you and pre-compliance review of your portfolio.
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Bank of The Bahamas Limited
The bank was incorporated in The Commonwealth of The Bahamas as Bank of Montreal (Bahamas & Caribbean) Limited on 17 April 1970. However, following the rapid development and expansion, to reflect its growing presence, it was rebranded in 1983 as Bank of Montreal Bahamas Limited.
In September 1988, the Government of the Bahamas acquired a 51% stake in the bank and created a joint venture with Euro Canadian Bank Limited which was called by its new trade name of Bank of The Bahamas Limited.
In 1994 and 1995, 20% and 30% of Bank of The Bahamas’s shares were sold. Currently, about 4000 private and corporate investors from the Bahamas own shares in this bank. This means that BOB has not become bureaucratic.
In 2000, Bank of The Bahamas Limited became the first financial services center to offer Trust services for Bahamians.
In 2005, Bank of The Bahamas Limited doubled its loan portfolio after hosting the Incredible Dream Mortgage Fair, the first of its kind in The Bahamas.
By 2012, Bank of The Bahamas had increased its assets from USD 90 million to nearly USD 861 million, extended from three locations to 13, from serving two islands to a presence on seven, from providing the most basic of retail banking services to the most comprehensive menu of financial products. The shareholder equity has grown from USD 19 million in 2000 to USD 117 million by 2012.
Bank of The Bahamas Limited was the first bank in The Bahamas to offer non-envelope ATM transactions, then it was the first one in the jurisdiction to launch text and email electronic alerts for customers, the first in the region to enter the Prepaid Social Services Program, the first to introduce the mobile banking app for smartphones, and it pioneered in some other banking aspects in The Bahamas.
Two years ago Bank of The Bahamas Limited adopted a new three-year strategy to strengthen even firmer its solid foundations, accelerate growth, become the ultimate market leader.
Just recently Bank of The Bahamas Limited received the Euromoney Award for Excellence for the fourth time this year. It was also recognized as the Best Bank in The Country by The Banker, part of the Financial Times Group, for the third time during the same fiscal year.
No other Bahamas bank has ever been closer to such worldwide prominence.
The scope of services
Individuals may choose personal or private BOB services.
BOB’s Private Banking options are designed for high-net-worth clients who need and can afford an unparalleled level of tailor-made services and dedicated customer care.
Personal services are the most popular ones yet yielding less wealth.
Let us consider both categories of services.
PRIVATE SERVICES
Private Banking is a perfect choice for high-net-worth customers. Your own Private Banker will arrange you a personal privileged access to the best banking solutions available at Bank of The Bahamas Limited.
As our Private Banking Client, you will have a dedicated team of top-quality professionals who are trained in the best banking service culture and are keen on targeted wealth management techniques. Your Private Banking Team is available to you any time, ready to help you deal with even most sophisticated and sensitive banking matters.
You will be given exclusive seamless access to very special products and services available only at Bank of The Bahamas Private Banking to ensure that all your banking needs are covered both in your current investment activities, and your wealth planning and management.
The exclusive products feature convenience banking, confidential & exclusive banking, VIP treatment, and concierge services, VISA cards, American Express Platinum, the premier suite of banking products, bill payment, foreign exchange services, online banking, Automated Teller Machines (ATM), foreign currency accounts, safety deposit boxes, special mortgage or credit benefits, etc.
Term deposits
A term deposit earns you a guaranteed fixed rate of interest and allows flexibility. BOB Certificates of Deposits (for a minimum of USD 1,000) are available for 1, 3, 6-month and 1-year terms at competitive interest rates. Additionally, your USD Investment Certificate (for a minimum of USD 5,000) earns yields at a very attractive interest rate.
Premier Suite of Products
The Premier Suite of products includes three distinct product offerings – Premier Checking, Premier Saving, and Premier Certificates of Deposit. Advantages: bonus interest rates, bigger discounts, and fee waivers for many common banking services.
The minimum deposit on the USD Premier Checking and USD Premier Saving Accounts is USD 10,000 minimum. Premier Certificates of Deposit is offered at a minimum deposit of USD 25,000.
IBC Accounts
BOB off-shore accounts that cater to the specific needs of high-net-worth clients include an array of IBC Bank accounts (Checking and Savings Accounts) in multiple currencies.
These accounts are flexible, convenient for handling a solid volume of activities, and come at a relatively low cost. The minimum account balances start from as low as USD 5,000 and USD 10,000.
US Dollar Accounts
Bank of The Bahamas offers personal and corporate (private banking) accounts in US dollars accessible through online banking plus a dedicated Private Banker who acts as your personal relationship manager. With these accounts, you can have a Prepaid US Dollar Gold VISA card.
The Prepaid US Dollar Gold VISA Card is a dynamic new product for international clients (both Individual and Corporate clients). Private Banking clients can load their Gold VISA card online through the Bank of The Bahamas or request that the funds be loaded to the card by contacting Private Banking. Clients can load up to USD 50,000 USD on the card and will have a daily spending limit of up to USD 20,000. The card can be used wherever VISA cards are accepted in the world.
American Express Platinum Card
The American Express Platinum Card is widely regarded as the best and most prestigious card in the world. The Preferred International Client Program Platinum Card from American Express is available to the frequent traveler, by invitation only. It is designed for a wealth of services and benefits including immediate recognition of your financial and personal standing.
Bank of The Bahamas and American Express Preferred International Client Program takes service to another level.
Other options
BOB’s excellence goes beyond the mentioned above products and services. For more information on new and established Bank of The Bahamas products please contact us any time at info@qwealthreport.com
PERSONAL SERVICES
Savings accounts
Savings accounts are available in several options meeting your specific savings objectives.
– accept transfers from other individuals in US dollars, Canadian dollars, euros, pounds sterling or Bahamas dollars (these are the currencies that the Bahamas Bank works with);
– earn profits from an offshore company in which you are a director or co-founder;
– accept fees, dividends, and royalties;
– sell your real estate and movable property,
– perform other personal transactions.
Checking accounts
With a BOB checking account, you can enjoy 24/7 access to your funds offline throughout The Bahamas, but more importantly, you can use this account online. With a minimum of USD 100 to open, you can track every payment you made.
Term deposits
A term deposit is your ideal choice if you would like to earn a guaranteed fixed rate of interest and enjoy flexibility by cashing the Certificates of Deposits available for 1, 3, 6-month, and 1-year terms at reasonable interest rates. A very attractive interest is on BUSD Investment Certificate which customers use to save their assets and earn yields.
Pre-paid cards
The first type of the prepaid card is the BOB VISA Gift Card – the perfect gift on birthdays, Mother’s Day, Father’s Day, graduations, Christmas, weddings or any other special occasion.
The second type of prepaid card is the BOB VISA Prepaid Card, which is a reliable cashless wallet for buying goods and services in more than 200 countries wherever VISA is accepted.
Of course, any account at Bank of The Bahamas Limited can be managed remotely. Wherever you are, wherever there is internet access, you can manage your account in the Bahamas.
Online opening of your account
Before opening a personal account, the bank will analyze your application (a special form) for the online account opening and check the attached client documents for compliance.
We are ready to help you compile the necessary application portfolio, check it for compliance, assist throughout the entire procedure of negotiations with the bank.
- The first and main step is your decision to open a private offshore account remotely with Bank of The Bahamas.
- Having made up your mind, you should contact us at info@qwealthreport.com for professional advice on how to open the account which would be right for you, meeting all your current and future interests.
- We will then sign a services agreement outlining all services and liabilities on our behalf.
- According to the service agreement, you need to pay the fee of EUR 2999 for the services provided in opening a private offshore account with BOB, which payable by card, through PayPal, Western Union, Web Money, or a bank transaction.
- Together we will compile your portfolio of documents.
The portfolio to be submitted to the bank will include the following documents:
- Notarized copy of your passport or ID.
- Proof of residence address (utility bill or another formal statement) issued not earlier than 3 months before the application date.
- A bank testimonial / professional reference for each signatory to the account. The outline of your professional relationship with a credit institution and professionals (lawyers, notaries, etc.) should cover at least three years of such a relationship.
All documents must be in English and notarized.
Please note that the bank may require additional documents and information individually.
You can order a personal account with Bank of The Bahamas by writing to us at info@qwealthreport.com. Upon receipt of the scanned copy of our agreement and the fee for our services, we will send you a detailed instruction and bank forms to complete for the remote account opening.
