The Bahamas equals 0% taxes?

Question

Is it really a tax haven for businesses who have bank accounts? Thought it only had good beaches...

Answer 1

Not really. But your tax responsibilities will be reduced to a considerable percentage. I agree with the other answer that the IRS has ways to trace your financial workings. But that doesn't mean that going to the Bahamas is a scrupulous move. The Bahamas is tax haven for offshore merchant accounts. And, yeah, they have good beaches. Just google it for the pictures. Got an article that I was able to search for you to better give more info:

Answer 2

While they may not levy any tax, a US citizen or resident MUST claim any income and pay the US taxes due. The Bahamas do exchange information with the US Treasury. Some countries don't but the IRS has ways to estimate the income and will levy the tax that they feel is due if you fail to claim the income. Their "estimates" are notoriously inaccurate, to the government's favor of course, so it's best to play by the rules from the beginning.

Answer 3

it may be a tax haven, but if you are a US citizen it won't do you any good. You get taxed in the US on your income worldwide.

BTW, send me there on a vacation (er, I mean business trip) and I'll let you know how the beaches and the bank accounts are.

Answer 4

The Bahamas are in the British Commonwealth and they share financial info with Treasury Dept in the U.S..

Answer 5

Cayman Islands are better....bigger tax haven and better beaches.

Answer 6

yup