Compliance Requirements

As part of a global push for increased transparency in financial dealings, The Bahamas government passed legislation in May 2018 called the Financial Transactions Reporting Act (FTRA). The new legislation ensures The Bahamas is a safer jurisdiction in which to do business, according to lists published by regulators like the Organization for Economic Cooperation and Development (OECD), the European Union and the US-based Financial Action Task Force. The act requires real estate brokers and developers to obtain and retain certain background information from each of our clients that are buying or selling real estate in the Bahamas. This process, known as Know Your Client/Customer (KYC), is to protect the investment grade of The Bahamas and ultimately our clients, promoting high ethical and professional standards that discourage criminal activity. You will most likely be required to give the same types of documents to your law office and bank when you establish a facility at either. We appreciate your cooperation. Should you have any questions regarding this process, please feel free to reach out to your real estate agent or contact us by filling in the contact form on this page.