Controller of Exchange

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.

  1. Are Bahamians permitted to open foreign currency accounts?
  2. Are Bahamians permitted to invest in financial securities abroad?
  3. What should I do if I wish to send funds to someone attending school outside of The Bahamas?
  4. As a non-resident am I permitted to enter into loan agreements denominated in Bahamian dollars?
  5. As a temporary resident in The Bahamas, would I be permitted to send funds to family etc. in my home country?
  6. Are there special provisions in respect of property transactions that involve non-residents?
  7. I am a Bahamian citizen who plans to take up residence outside of The Bahamas. Would foreign exchange restrictions still apply to me?
  8. How are external (foreign currency) reserves managed?
  9. How can we tell if external (foreign currency) reserves are 'too low'?
  10. How have external (foreign currency) reserves changed over the past few years?

Available FAQs