Banking in the Bahamas

I've always been curious about banking in the Bahamas, Switzerland and the Cayman Islands and how wealthy people tend to flock to these countries with their money, just to set up their secret bank accounts.

Well I recently discovered why these places are so popular with the wealthy, and I have to tell you, If I were wealthy like that, I would be tempted to make a little trip to the Bahamas and check out their banking guidelines in person.

The government there is steadfast in it's ability to maintain confidentiality and will up hold the secrecy laws they have in place. No one can get access to this information.

Neither will they give out your financial and tax information to other countries, unless of course they receive a court order from the Supreme Court, and then it has to be for criminal charges only!

Another reason the wealthy flock here is because the parent companies of the local banks must guarantee the liabilities, which makes them financially sound, and a good bet for all that wealth.

Who are the parent companies? Well the Royal Bank of Canada and Citicorp just to name a few.

But it gets better! There is absolutely no income tax in the Bahamas, and this makes it ideal for ex-patriots to live there.

With no income taxes to pay, and governmental health care, even I could live there on just my retirement pension.

But alas, I'm not a ex-patriot, nor do I plan on becoming one. But still, I can see the financial attraction of banking in the Bahamas, and again, if I were rich, I'd be tempted.