Are Bahamians permitted to open foreign currency accounts?
Entities resident for Exchange Control purposes (e.g. Bahamians and permanent residents without restrictions on employment or companies which they own) require the prior permission of the Exchange Control Department of the Central Bank, to operate foreign currency accounts. Such individuals are usually excluded from maintaining such accounts. However, the companies in which they have an equity interest may qualify to operate foreign currency accounts.
Related Questions
- Whether minor resident Individuals would be permitted to open, maintain and hold such foreign currency accounts if the same is permissible as per local law in the country of the overseas branch?
- Are NRIs permitted to maintain accounts in rupees or in foreign currency?
- Are Bahamians permitted to open foreign currency accounts?
