Foreign Currency Loans – Resident Individuals

Published: Friday January 28th, 2022

Foreign Currency Loans – Resident Individuals

i. borrower’s name and address;

ii. a copy of the relevant pages of the borrower’s passport along with a copy of his/her Permanent Resident Certificate, if applicable;

iii. confirmation of the amount and currency of loan;

iv. confirmation of the specific purpose for which the funds are required and the benefits, if any, to the borrower and/or The Bahamas (supported by relevant documentation);

v. identity of the proposed lender (where the lender is a private lender):

a. confirmation of the relationship between the borrower and lender;

b. individual lender: financial reference letter from a reputable source;

c. corporate entity: audited financial statements or the entity’s latest annual report.

vi. a copy of the lender’s commitment letter/loan agreement/promissory note;

vii. a copy of the Bahamas Investments Board Permit (if local real estate is pledged as security to a foreign lender);

viii. a copy of the Bahamas Investment Authority’s approval (if the loan proceeds are required to assist with the financing of a local commercial project or if local shares are pledged as security to a foreign lender).