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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
Standard Fund $1,300 $1,750
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New insurance legislation is in the pipeline which will update the somewhat outdated Bahamian insurance acts.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.

 

 

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