The Bahamas is an island group just east of Florida. The Bahamas were a leading offshore financial centre until the late 1970s, when its popularity started to decline due to accusations of money laundering practices and allegations of unfair tax competition. The Bahamas are more popular among Europeans than among Americans, because American citizens cannot benefit from tax advantages in the Bahamas because it is American soil. Americans are taxed on the basis of citizenship and not on the basis of residency.

In addition, the Bahamas’ jurisdiction did not sign the European Union withholding tax and exchange of information Directive. This means that the Bahamas offer European citizens more tax advantages and secrecy than other offshore banking jurisdictions that did sign the EU tax withholding directive.

Recently, the Bahamas made legislative changes that make it easier for banks to set up investment funds and foundations. These changes will probably lead to a rise in popularity of the Bahamas as a tax-haven and offshore banking centre. Find offshore banks at the Bahamas at www.qualisteam.com

Popularity: 30% [?]