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Is Forex Trading Taxable in the Bahamas

The Bahamas is a country situated within the Lucayan Archipelago of the West Indies in the Atlantic with its economic activity mainly reliant on Tourism.  The Bahamas has a population of approximately 389,482 potential Forex Traders.

  

Choose your quick section of our Is Forex Trading Taxable in the Bahamas below

A quick Overview of our is Forex Trading Taxable in the Bahamas Review:

 

The Bahamas’ major trading partners are Argentina, Caicos, France, Japan, Panama, Turks, and the UK.

 

Forex legislation in the Bahamas

 

The securities sector is falls under the regulatory authority of  The Securities Commission of The Bahamas, an independent body.  The commission has been a member of the International Organisation of Securities Commissions (IOSCO) since 1996.  The Commission’s role is to supervise and oversee the Bahamas International Securities Exchange, other market participants such as brokers, dealers, investment advisors and clearing settlement, depository, custody, and registrar and transfer agent facilities.

 

Forex payment methods in the Bahamas

 

Checks, and wire transfers are typical with the use of international credit cards being a common occurrence.  Some local companies will maintain accounts in the United States or U.S. dollar-denominated accounts in locally situated banks for settling transactions.  Central Bank policies will allow local businesses to hold up to $100,000 on local U.S. accounts without Central Bank approval.  However, if the account retains more than $100,000 in any foreign currency, approval will be needed.

 

Taxation of Forex Trading in the Bahamas

 

The Commonwealth of the Bahamas owes its tax haven status to its tax- and business-friendly laws for foreign investors. Citizens of the Bahamas and residential aliens will pay no taxes on personal income, inheritance, gifts, or capital gains. The local government derives revenue from value-added tax (VAT), property taxes, stamp taxes, import duties, license fees and more.

   

Capital gains tax in the Bahamas

 

Neither citizens nor resident aliens will be subject to pay taxes on capital gains.

 

Income tax

 

In the Bahamas, the Personal Income Tax Rate is a  tax which is collected from individuals and  imposed on different sources of income, including labour, pensions, interest and dividends.

 

Regulated Forex Brokers accepting Traders in the Bahamas

  

HotForex

 

HotForex was established in 2007 is well regulated by FCA, CySEC, DFSA, FSCA and SFSA.

 

Pros and Cons

 

Pros Cons
Segregates client funds Limited range of instruments
Established in 2010 Not FCA Regulated
Regulated by CySEC
Min. deposit from $1

 

The HotForex MT5 terminal offers 21 different timeframes, superior analysis tools, trading across HotForex asset classes, close to 100 simultaneous charts, hedging and one-click trading and 80+ technical indicators plus an in-built economic calendar.  The account can be accessed from anywhere using an iPhone, interactive charts for 9 timeframes, advanced trading functions, one-click trading, 24 analytical objects, and 30 technical indicators.

 

Trading benefits

 

Trading Features: Accounts offered: Funding methods:
Allows scalping Micro account Credit cards
Allows hedging Mini account Bank Transfer
Offers STP Standard account Neteller
Low min deposit Zero spread account
Offers Negative Balance Protection Islamic account

 

Customer support is available via phone and email.

 

InstaForex

 

InstaForex is a global online brokerage which is registered and regulated in several offshore jurisdictions around the world, including the EU jurisdiction of Cyprus.

 

Pros and Cons

 

Pros Cons
No requirements for minimum deposit High commissions on Forex market
Low commissions on CFDs on stocks Low diversity of available markets
Support of Islamic accounts
Wide selection of trading platforms

 

InstaForex allows traders open an account with as little as $1 and Welcome bonuses may be on offer.

 

Trading benefits

 

Trading Features Accounts offered Funding Methods
PAMM Accounts Insta.Standard Credit Cards
Market Analysis Insta.Eurica E-Wallets
Cent.Standard Bitcoin
Cent.Eurica Wire Transfer

 

Customer service is available 24 hours a day, with local phone numbers for nine countries, as well as through popular apps like Telegram, WhatsApp, Skype, and others channels.

 

FXPro

 

FXPro is an online broker which was founded in 2006 and offers Forex, Share Dealing, Spot Indices, Futures, Spot Metals and Spot Energies tradingFXPro is a global broker with a head office located in the UK. FXPro is regulated by CySEC and operates under the CIF license number 078/07. As a CySEC regulated brokerFXPro is also a member of the Investor Compensation Fund schemeFXPro provides traders with access to top-tier liquidity and advanced trade execution with no dealing desk intervention and a starting account will need a minimum deposit of $100.

 

Pros and Cons

 

Pros Cons
Easy Account Opening Only CFDs and Forex
Excellent Customer Service High Trading Fees
Free Deposit and Withdrawal Inactivity Fee

 

With FXPro, the minimum and maximum trade requirements vary depending on the trader and the instrument chosen.

 

Trading benefits

 

Trading Features: Accounts offered: Funding methods:
Allows scalping Micro account Credit cards
Allows hedging Mini account Bank Transfer
Low min deposit Standard account PayPal
Negative Balance Protection Islamic account Payoneer
Neteller

 

FXPro offers customer support 24 hours a day, 5 days a week via Live Chat, Telephone and Email in a variety of different languages including English, Spanish, French, Polish, Malay, Arabic, Chinese, Greek, Hungarian, Japanese, Korean, Russian, Thai, Vietnamese, Indonesian and others.

 

AvaTrade

 

AvaTrade is an online broker which was founded in 2006 and offers Forex, CFDs, Spread Betting and Social Trading and is a global broker with their head office situated in The British Virgin Islands. AvaTrade is regulated in Europe, the British Virgin Islands, Australia, Japan, and South Africa by ASIC, CySEC and FCA.

 

Pros and Cons

 

Pros Cons
Used by 200,000+ traders Doesn’t offer VPS
Established in 2006 Not FCA Regulated
Regulated by Central Bank of Ireland, ASIC, IIROC, FSA, FSB, UAE and BVI
Min. deposit from $100

 

For those who are looking to start out with AvaTrade will need a minimum deposit of $250 and a demo account is available for those who want to get acquaint with the popular MT4 forex trading platform.  AvaTrade also offer mobile apps for Android and iOS.

 

Trading benefits

 

Trading Features: Accounts offered: Funding methods:
Allows scalping Demo account Credit cards
Allows hedging Micro account Bank Transfer
Low min deposit Mini account PayPal
Standard account Skrill
Islamic account Payoneer
Neteller

 

Customer support is available by email, phone, or live chat.

 

Dukascopy

 

Dukascopy is an online forex & CFD broker headquartered in Geneva, Switzerland with 2 subsidiaries operating in the online trading space: Dukascopy Europe IBS AS based in Latvia and Dukascopy Japan K.K. based out of Tokyo. The two subsidiaries are regulated by their respective countries.  Dukascopy Bank is a major Swiss financial institution, which as a whole is regulated by the Swiss Financial Market Supervisory Authority (FINMA), both as a bank and a securities dealer.

 

Pros and Cons

 

Pros Cons
Multiple Trading Tools No US Clients
Deposit Insurance Scheme Restricted Leverage
Expert News and Analysis No MetaTrader 5

 

Trading instruments on offer include forex, CFDs based on cryptocurrencies, indices, bonds, stocks, and commodities, as well as binary options across the  MetaTrader 4 (MT4) and JForex trading platforms. Accounts on offer are live, demo and a gold account.

 

Trading benefits

 

Trading Features Accounts Offered Funding Methods
Allows scalping Demo account Wire Transfer
Allows hedging Micro account Credit/Debit
Offers STP Mini account Bitcoin
Low min deposit Standard account
ECN account
Islamic account

 

Customer service is available via social media, live chat and a  call-back request.

 

Exness

 

Exness is authorised by the Financial Services Authority (FSA) of Seychelles and was founded in 2008. Traders have the ability to trade on Forex and CFDs on Crypto, Metals, Energies, Stocks and Indices on the MetaTrader 4 and MetaTrader 5 trading platforms for Windows, Mac, Linux, Android and iOS and the Exness Web Terminal.

 

Pros and Cons

 

Pros Cons
107 currency pairs. Licensing in the Seychelles –low level of protection
Low commissions Narrow choice of markets.
Zero spread accounts. No instruments for passive investment.
Wide choice of trading accounts Superficial learning and analytical content.
Over 60 base currencies of the account

 

Exness offers traders 5 different trading accounts to choose from and over 105 different instruments to trade, including over 103 currency pairs.

 

Trading benefits

 

Trading Features Accounts Offered Funding Methods
Low Trading Fees Cent Visa
Allows Hedging Classic MasterCard
Allows Scalping Mini E-wallets
Mobile Trading ECN Perfect Money
One Click Execution FasaPay
Web Based Trading Wire Transfer

 

Exness supports a wide range of languages including English, Russian, Chinese, Urdu, Malay, Indonesian, Hindi, Arabic, Bengali, Farsi, Tamil, Vietnamese, Thai, Korean, and Spanish via Live Chat and Email.

 

XM Group

 

XM Group (XM) is a group of regulated online brokers regulated by the Cyprus Securities and Exchange Commission.

 

Pros and Cons

 

Pros Cons
Low stock CFD and withdrawal fees Limited product portfolio
Easy and fast account opening Average forex and stock index CFD fees
Great educational tools No investor protection for non-EU clients

 

XM offers traders more than 1000 financial instruments to trade on both the MT4 and MT5 platforms, including Forex Trading, Stocks CFDs, Commodities CFDs, Equity Indices CFDs, Precious Metals CFDs and Energies CFDsForex trading is available on over 55 pairs, including the major USD, GBP, EUR and JPY pairs.  Traders must take note that XM does not offer binary options or futures.

 

Trading benefits

 

Trading Features Accounts Offered Funding Methods
Negative Balance Protection Micro Wire Transfer
Low Spreads Standard Credit/Debit
Low Commission XM Zero Neteller
Hedging Allowed UnionPay
Scalping Allowed WebMoney
Qiwi

 

Customer Service is available via live chat, Phone and email support.

 

Roboforex

 

Roboforex are an online, global broker which was founded in 2009 and offers traders Forex and CFDs trading.  RoboForex is authorized and regulated by the International Financial Services Commission (IFSC) with license number IFSC/60/271/TS.

 

Pros and Cons

 

Pros Cons
Segregates client funds Limited range of instruments
Established in 2009 Not FCA Regulated
Regulated by IFSC Belize
Min. deposit from $10

 

When starting off with Roboforex traders will need to make a minimum deposit of $1 and there is an option available for a demo account for those who would like to get acquainted with the platform.  Roboforex can accommodate various levels of traders, from experienced to beginner, and they can trade a wide variety of instruments and currency pairs.  Roboforex offers over 100 instruments and over 35 currency pairs in total.   Roboforex offers traders both of the MetaTrader platforms; MT4 and MT5 plus the cTrader platform developed for traders.   Roboforex also offer mobile apps for Android and iOS.

 

Trading benefits

 

Trading Benefits Accounts Offered Funding Methods
Allows scalping Micro Credit cards
Allows hedging Mini Bank Transfer
Offers STP Standard Payoneer
Low min deposit Zero Neteller
ECN
STP
Islamic

 

Customer support is available via phone, Webchat, Wechat, Skype, Viber, Telegram, Facebook chat, WhatsApp, email and a call-back request.

 

Trading 212

 

Trading 212 are an online broker which was founded in 2006 and offers Stocks trading, Forex trading, Commodities trading, and Indices trading.  Trading 212 are a global broker and has a head office situated in UK.  Trading 212 is Regulated by the Financial Conduct Authority (FCA), Financial Supervision Commission (FSC) and is used by over 14,000,000 traders.

 

Pros and Cons

 

Pros Cons
Strict Regulation No US clients
Segregated Client Funds Limited leverage for non-professional clients
Financial Services Compensation Scheme No MT4/MT5
Commission Free Trading  
Intuitive trading platform  
Low Minimum Deposit  

 

Trading 212 are the UK’s number one trading and investment app with over 14,000,000 downloads, thus a large userbase but is not available in the following countries: US

 

Trading benefits

 

Trading Benefits Accounts Offered: Funding Methods:
Allows hedging Invest account PayPal
Offers STP ISA account Skrill
Low min deposit CFD account Visa
Guaranteed stop loss Demo account
Offers Negative Balance Protection

 

Trading 212 offers an outstanding, highly responsive customer service team available 24 hours a day across a variety of platforms and in 16 different languages.

 

EasyMarkets

 

EasyMarkets is one of the most popular choices for Beginners and is regulated by CSEC (Cyprus) and ASIC (Australia) and offers beginner forex traders:

 

  • Enhanced risk management tools as standard
  • Fixed spreads on all forex pairings
  • An easy-to-use forex trading platform

 

Pros and Cons

 

Pros Cons
Segregates client funds Doesn’t offer VPS
Established in 2003 Limited range of instruments

 

Regulated by CySEC and ASIC Not FCA Regulated
Min. deposit from $1  

 

The available trading platforms offered are MT4 and the EasyMarkets web platform.

 

Trading benefits

 

Trading Features: Accounts offered: Funding methods:
Allows scalping Demo account Credit cards
Allows hedging Micro account Bank Transfer
Low min deposit Mini account Payoneer
Guaranteed stop loss Standard account Neteller
Offers Negative Balance Protection Islamic account

 

Customer Support is available 24/5 via  various chat channels, email, phone and web forms.

 

  

 

Conclusion

 

The Bahamas is one of the world’s richest countries with a Financial Market which has a lot on offer.  Offshore trading is an important part of the Bahamas Financial Market but finding the right broker can be difficult. On the ‘up-side’ – the Bahamas has no personal, capital gains, estate gift or inheritance taxes.  There is also no corporate tax unless revenue is derived from within The Bahamas.

 

Author Details

Louis Schoeman

Louis Schoeman

Featured Forex and Stocks writer

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