In the last couple of decades or so, Bahamas has without a doubt emerged as one of the most favorable offshore banking destination for the rich and the successful, especially for those that are based out of the US. Why is it so then? Why do so many people now prefer Bahamas to traditional destinations like Switzerland, Cayman Islands or Panama? There are a number of reasons why. Easy access Even the official website of the country proudly claims that there is no better place for your financial investments and only once you deal with banking institutions in the islands, do you realize how true that is. For those people who are unaware about how to go about creating an offshore account, their Prime Minister’s office has even created a separate organization, the Bahamian Investment Authority, whose sole purpose is to help potential investors, the right option in the country. The fact is that you do not even need to visit the country to establish an offshore banking account over there. All it takes is a bunch of require documents and the necessary fees that are required to be paid. It really is as simple as that. If you want assurances then this can be done in person as well and the process is as easy even then as it is from a distance. The culture Until 1973, Bahamas was a British colony and there is still a huge British influence in place here, particularly in the tongue that is spoken which is English. This makes it very easy for an English speaking investor to stash his money on the island. The people are friendly and even the location of the islands; just off the coast of the US is just perfect. To facilitate easy travel, Bahamas has six international airports and there is no limit to the amount of foreign currency a person can bring into the country. After tourism, financial services is the second biggest industry in the Bahamas and 400+ from as many as 36 different countries in the world conduct business operations in the Bahamas, holding more than $220 billion in assets, making Bahamas the 13th best banking nation in the world. Quite an achievement for such a small country. Friendly laws The fact that banking is the second most important revenue generator for Bahamas, they take it very seriously. There is no red tape system in place here. From opening an account to making transactions to protecting your privacy from prying eyes, The Bahamian finance professionals take this very seriously. Besides there is no need for you to pay Income tax, tax on capital gains or inheritance tax on the funds that you have stored in a Bahamian bank. The strict secrecy laws in place that neither is anyone able to obtain even the tiniest bit of information about your account. Most of all, the fact that you are able to save your hard earned money in an economically and politically stable country is the biggest assurance that Bahamas is the best place to look for an offshore banking solution.