Bahamas and Barbados
The Caribbean nations of the Bahamas and Barbados are two other popular banking destinations to diversify your holdings. Both nations are sound economically and politically as they are both independent states within the British Commonwealth. With progressive laws and modern banking facilities, both countries are considered sound choices to park some of your monies. The Bahamas in particular has had a reputation as a major financial money haven although this has been somewhat challenged by new financial legislation implemented in December 2000 which forced several international corporations to leave the Bahamas. These new restrictions have resulted in as many as 30,000 businesses closing shop or moving to other jurisdictions. Moreover, banking secrecy has also been compromised to some degree within the Bahamas with the recent signing of the ‘Tax Information Exchange Agreement’ (TIEA) with the United States relating to civil and criminal issues. The net impact has resulted in upwards of 200 private banks being closed in the Bahamas. Cos is anversely, the Barbado growing ‘BUSINESS HAVEN’.