Bahamas: Offshore Legal and Tax Regimes
Fees Payable by Financial Institutions
This page was last updated on 22 Mar 2019.
Financial institutions licensed under the Banks and Trust Companies Law 1965 pay application and annual fees as follows:
|Category||Application Fee||Renewal Fee|
|Professional Fund with administrator||$1,300||$1,750|
|Professional Fund with administrator (fast-tracked application)||$2,500||$1,750|
|Professional Fund – Self-administered||$1,300||$1,750|
|Professional Fund – self-administered (fast-tracked application)||$2,500||$2,000|
|SMART Fund with administrator||$1,300||$2,000|
|SMART Fund with administrator (fast-tracked application)||$2,500||$1,750|
|SMART Fund – self-administered||$1,300||$2,000|
|SMART Fund – self-administered (fast-trackedapplication)||$2,500||$2,000|
|Recognized Foreign Fund||$300||$1,200|
Resident insurance companies pay a registration fee of US$1,000 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New insurance legislation is in the pipeline which will update the somewhat outdated Bahamian insurance acts. Principal office fees are BS$875 for all categories.
NB: Fees charged by administration or registration agents are a separate matter; the above fees are simply set annual dues.