Compliance Requirements to transact property in The Bahamas
To ensure that The Bahamas continues to be a trusted country for investing and conducting business, The Bahamas government passed legislation in May 2018 known as the Financial Transactions Reporting Act (FTRA). Under this act real estate brokers and developers are required to obtain and retain background information on each of our clients. Some of you may already be familiar with this process, known as Know Your Client/Customer (KYC), from your business dealings in countries like the United States, Canada and the U.K. The intention of KYC is to protect the investment grade of The Bahamas and ultimately our clients, promoting high ethical and professional standards that discourage criminal activity, namely anti-money laundering (AML) and countering the financing of terrorism (CFT).
As it relates to our industry, prospective real estate sellers and buyers will be required to complete a KYC form that captures his/her personal information, country of residence and business, sources of funds and proof of permanent address. For our part, Damianos Sotheby’s International Realty will then perform additional checks to verify the accuracy of the information provided.
These requirements are part of a global push toward increased transparency in financial dealings. As we’re sure you’re aware, compliance makes the world a safer place as criminals and terrorists find it more difficult to invest funds and maintain liquidity. More than that, it gives you, our clients, peace of mind in knowing that Damianos Sotheby’s International Realty takes your financial security seriously.
We appreciate your cooperation. Should you have any questions regarding this process, please don’t hesitate to contact our in-house Compliance Officer, Marcus Grammatico, by filling out your contact information to the right.