New cash declaration rules for Bahamas entry and exit
Date Posted: August 13, 2015
Source: The Government of the Bahamas

Bahamas-Flag.jpgMost cruisers load up on a fair amount of cash before heading across the Gulf Stream to the Bahamas. Many out island merchants and fishermen do not take credit cards – even the entry fees usually need to be paid in cash – and ATMs are often not convenient, not functioning, or out of money. When you can use your credit card (or ATM card), you'll often be hit with a sizable transaction fee. 

The Bahamas Parliament has enacted the Travellers Currency Declaration Act of 2014 which requires travelers to declare upon entry or exit if in possession of $10,000 or more in any currency. A "Travellers Currency Declaration Form" will need to be filled out and presented. Penalties for non-compliance can include forfeiture of the cash, plus up to a $2,000 fine on top of that.

The act is not yet in force but will most likely be by the end of the year – look for updates.

The act’s purpose is to combat money laundering, tax evasion, and for the Bahamas to comply with the USA’s Foreign Account Tax Compliance Act (FATCA) treaty.

Note: Both Bahamian dollars and U.S. dollars are accepted everywhere in the Bahamas and are equal in value (until you bring the Bahamas dollars back home and try to exchange them).

Comment Submitted by Luke - November 30, 2015
This is primarily a USA Government enforced issue. The US Government beats down foreign governments into complying with the US cash laws. Look at US Customs and IRS rules, they are identical ($10,000.00 bringing in or going out of the US).
Comment Submitted by Ken - August 27, 2015
The Bahamas is run by a gang of thieves. Who beat down there own people and line their pockets with foreigners cash at every opportunity. Beware especially the Lawyers . With that said there are a few who survive amongst the rabble. Good luck finding them though.
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