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Bahamas: Offshore Legal and Tax Regimes

Fees Payable by Financial Institutions

Financial institutions licensed under the Banks and Trust Companies Law 1965 pay fees on registration and annual fees as follows:

Authorised Dealers
USD300,000-USD2.5m
Authorised Agents
USD60,000-USD150,000
Other Public Institutions
USD35,000
Restricted Bank and Trust
USD15,000
Restricted Bank
USD5,000
Restricted Trust
USD5,000
Non-Active Bank and Trust
USD1,000

Authorised dealers and agents' registration and annual fees vary according to their assets and are on a sliding scale as outlined in the table.

'Other Public Institutions' includes banks and trust administration companies; 'Restricted' banks and trusts are those that deal only with a list of customers included in their license and which cannot be altered without permission.

Resident insurance companies pay a registration fee of USD1,000 and the same annually thereafter, plus 2% of gross premiums collected each quarter.

Insurance companies are not permitted to use the International Business Company or LDC corporate forms, but must establish a Bahamian domestic limited company or must register as foreign companies. Captives registered under the External Insurance Act are exempt from exchange controls.

New insurance legislation is in the pipeline which will update the somewhat outdated Bahamian insurance acts.

The Investment Funds Act 2003 established the following fee structure for investment funds and fund administration companies:

Application Fee for a Investment Fund Licence (Standard Professional or SMART Fund - non refundable)
USD750.00
Initial Registration Fee (Recognized Foreign Fund -non refundable)
USD100.00
Initial Filing Fee (Investment Funds licensed by an 
Unrestricted Investment Fund Administrator)
USD750.00
Annual Investment Fund Licence Fee (Standard, Professional Fee payable in or SMART Investment Fund)
USD950.00
Annual Investment Fund Licence Fee (Self Administered Standard, payable in the first Professional or SMART Investment Fund)
USD1,000.00
Annual Registration Fee (Recognized Foreign Fund)
USD100.00
Initial principal office fee payable by an Investment Fund in the first year to Administrator (non-refundable)
USD500.00
Application Fee for an Unrestricted Investment Fund Administrator’s Licence (non-refundable)
USD5,000.00
Application Fee for a Restricted Investment Fund Administrator’s Licence (non-refundable)
USD2,000.00
Application Fee for an exemption from the obligation of having to obtain an Investment Fund Administrator’s Licence (non-refundable)
USD1,500.00
Annual Unrestricted Investment Fund Administrator’s Licence Fee
USD10,000.00
Annual Restricted Investment Fund Administrator’s Licence Fee.
USD5,000.00
Annual Exemption Fee from the obligation of having to obtain an Investment Fund Administrator’s Licence
USD1,500.00

NB: Fees charged by administration or registration agents are a separate matter; the above fees are simply set annual dues.

 

 

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