Back To Top

Your Lowtax Account

Bahamas: Double Tax Treaties

Introduction

Since the Bahamas do not levy direct taxes, there are no double tax treaties between the Bahamas and other countries.

In March 2009, Bahamian Prime Minister and Minister for Finance Hubert Ingraham reaffirmed the Bahamas’ commitment to the OECD’s standards of transparency and exchange of information in a statement made before the Bahamas' parliament.

Ingraham, noting the Bahamas’ adherence to the OECD standards on March 15, 2002, stated:

“My government is satisfied that much progress has been made toward the establishment of a ‘level playing field’ which we sought in 2002. It is clear that the OECD standards of transparency and exchange of information are being accepted by OECD member countries and by those non-member jurisdictions which provide financial services similar to those provided in the Bahamas.”

Referencing conversations with the Bahamas Financial Services Board (BFSB), the Association of International Banks and Trusts (AIBT) and the financial services industry generally, Ingraham delivered the following statement on behalf of the jurisdiction:

“The Bahamas notes significant recent progress towards the adoption of standards on tax transparency and information exchange set by the Organization for Economic Co-operation and Development. The Bahamas reaffirms its commitment recorded in a March 2002 agreement between The Bahamas and the OECD. The Bahamas recognizes significant advances in commitments to broader application of OECD standards of transparency. The Bahamas is ready to negotiate and conclude appropriate arrangements to accommodate these OECD standards.”

"It is the intention of the government to enter into negotiations [on tax information exchange agreements] as a matter of priority. There are a number of outstanding requests for the Bahamas to enter into agreements. Each request will be considered on an individual basis,” concluded Ingraham.

By 2013, the Bahamas had signed Tax Information Exchange Agreements with 30 countries, including the UK, Germany, France, China, Canada and Australia.

Latest Bahamas Treaty Updates

Treaty Update: Czech Republic - Bahamas
11 March, 2014
The Bahamas and the Czech Republic on March 6, 2014, signed a TIEA.
Treaty Update: Bahamas - Colombia
28 January, 2014
According to preliminary media reports, the Bahamas Government intends to launch negotiations with Colombia towards a tax information exchange agreement.
Treaty Update: Poland - Bahamas
06 November, 2013
According to preliminary media reports, Poland's parliament on October 29, 2013, endorsed a law that would ratify the tax information exchange agreement the nation signed with the Bahamas.
Treaty Update: Bahamas - Korea, South
22 August, 2013
The TIEA signed between South Korea and the Bahamas entered into force on July 15, 2013.
Treaty Update: Bahamas - Various
23 November, 2012
According to preliminary media reports, the TIEAs the Bahamas signed with Iceland and Greenland have entered into force and will become effective from January 1, 2013.
Treaty Update: Aruba - Bahamas
12 September, 2012
According to preliminary media reports, the TIEA signed between Aruba and the Bahamas will enter into force on October 1, 2012.
Treaty Update: Argentina - Bahamas
03 September, 2012
According to preliminary media reports, the TIEA signed between Argentina and the Bahamas entered into force on July 27, 2012, and became effective immediately.
Treaty Update: Czech Republic - Bahamas
12 March, 2012
According to preliminary media reports, on March 8, 2012, the Czech Republic initialled a TIEA with the Bahamas.
Treaty Update: Malta - Bahamas
23 January, 2012
The Maltese High Commission in the UK has announced that a TIEA between the Bahamas and Malta was signed on January 18, 2012.
Treaty Update: Bahamas - Germany
10 January, 2012
The Bahamas High Commission has announced that the TIEA between Germany and the Bahamas was ratified on December 12, 2011.
Treaty Update: Canada - Bahamas
23 November, 2011
Canada's Department of Finance has announced that the TIEA signed between Canada and the Bahamas on June 17, 2010, entered into force on November 16, 2011.
Treaty Update: San Marino - Bahamas
14 November, 2011
According to the government of San Marino, the TIEA signed between San Marino and the Bahamas on September 24, 2009, entered into force on November 10, 2011.
Treaty Update: Vietnam - Bahamas
22 September, 2011
According to preliminary media reports, Vietnamese Prime Minister Nguyen Tan Dung gave his approval on September 19 for the DTA between Vietnam and the Bahamas to be signed.
Treaty Update: Japan - Bahamas
25 August, 2011
The TIEA between Japan and the Bahamas enters into force on August 25, 2011, according to the Japanese Ministry of Foreign Affairs.
Treaty Update: Bahamas - Aruba
18 August, 2011
The Bahamian government announced on August 8, 2011 the signature of a TIEA with Aruba.
Treaty Update: Bahamas - Guernsey
17 August, 2011
The Bahamas government has announced that a TIEA with Guernsey was signed on August 8.
Treaty Update: Korea, South - Bahamas
08 August, 2011
The Bahamas and South Korea signed a TIEA on August 4, 2011, the government of the Bahamas has announced.
Treaty Update: Japan - Bahamas
28 July, 2011
The Japanese Ministry of Foreign Affairs has said that on July 25, 2011 Japan and the Bahamas exchanged notes for the entry into force of their TIEA. The TIEA will enter into force on August 25, 2011. The TIEA also provides for tax exemption with respect to certain individual income, including pensions. The TIEA was signed on January 27, 2011.
Treaty Update: Japan - Bahamas
01 June, 2011
The TIEA provides for the exchange of information relevant to the administration and enforcement of domestic tax laws, and information which is relevant to the determination, assessment and collection of taxes, the recovery and enforcement of tax claims, and the investigation/prosecution of tax matters. It covers all taxes in both territories. The TIEA also provides for the exchange of information held by banks, and other financial institutions, and information regarding the ownership of companies, partnerships, trusts and foundations.
Treaty Update: Spain - Bahamas
26 May, 2011
Spain ratified. The TIEA was signed on March 11, 2010. In Spain, the TIEA covers individual income tax, corporation tax, non-resident income tax, capital tax, inheritance and gift tax, transfer tax, VAT, excise tax and local taxes on income and capital. In the Bahamas, the TIEA covers taxes of all kinds. The TIEA provides for the exchange of information relevant to the administration and enforcement of domestic tax laws, the determination, assessment and colection of taxes, the recovery and enforcement of tax claims, and the investigation/prosecution of tax matters. The TIEA also provides for the exchange of information held by banks and other financial institutions, and information regarding the ownership of companies, partnerships, trusts, foundations etc.
Treaty Update: India - Bahamas
25 May, 2011
The TIEA rovides for the exchange of information, including exchange of banking and ownership information.
Treaty Update: United Kingdom - Bahamas
25 May, 2011
The TIEA was igned on October 29, 2009, and entered into force with effect in repsect of criminal matters from April 1, 2004, and for all other matters for taxable periods commencing on or after the date of entry into force, January 7, 2011. The TIEA covers taxes of all kinds, and all identical/similar taxes imposed after the date of signature. The TIEA provides for the exchange of information relevant to the administration and enforcement of domestic tax laws, including information relevant to the determination, assessment, verification, enforcement, recovery or collection of tax claims, or the investigation/prosecution of tax matters. The TIEA also provides for the exchange of information held by banks and other financial institutions, and information regarding the ownership of companies, partnerships, trusts, foundations etc.
More on TreatyPro.com

 

 

Back to Bahamas Index »