The Bahamas Investor

..., undertook to update the 2010 strategy and develop a Future State Roadmap for Financial Services, to facilitate the strategic positioning of the financial services sector with regard to the systemic challenges affecting growth and long-term sustainability of the industry. The updated 2016 strategy consolidated existing market opportunities into the following five areas: Latin America, Asia, US trust and fiduciary, funds, and innovation. It specif......

Minister of Financial Services Ryan Pinder applauded the Bahamas Financial Services Board (BFSB) and all participating firms for continuing to work with the current administration. He said that the BFSB was “a voice to the government on expressing both concerns and new opportunities in the industry that cause for the development of new products and joint promotional activities.” Minister Pinder made the comments at the BFSB Annual General Meeting......

...s certainly great to experience the consistency with which STEP provides a forum for the education and improvement of so many professionals in the Financial Services Sector and I want to encourage you to continue your work. I do not have to emphasize to you the importance and value of the Financial Services Sector. It remains the second pillar of our economy. Contributing 11-15% of our Gross Domestic Product and employing 10% to 13% of our workfor......

...size of Washington, D.C. Guaranteed long-term tax concessions and benefits for financial, commercial and industrial enterprises within this unique economic trade zone, offer advantages that are superior to anywhere else in the region. With the island’s pristine natural beauty, luxury living in modern and well-planned and serviced communities, international accessibility by sea and air, excellent telecommunications and a vibrant business and commer......

...hich you can work. My ministry’s responsibility is to bring people looking for financial services to our shores. I’m certainly going to do my best to ensure that it is a success while I’m here.” Reputational risk Establishing a reputation globally is no easy task for an offshore jurisdiction such as The Bahamas and it became even more difficult in June 2015 when the country, along with 13 other Caribbean financial centres, was included on an EU bl......

...o implementing FATCA reduces the cost and simplifies the compliance burden for financial institutions. The intergovernmental approach has two models, Model 1 and Model 2. Pursuant to Model 1, partner jurisdictions agree to report to the IRS specified information about the US accounts maintained by all relevant Foreign Financial Institutions (FFI’s) located in the jurisdiction; while under Model 2, the partner jurisdiction agrees to direct and enab......

...onomic pillars to help bolster the economy. Minister of Financial Services Ryan Pinder, Minister of State for Investments Khaalis Rolle and Minister of State for Finance Michael Halkitis swept into office last year when the Progressive Liberal Party (PLP) won the general election in May. In the 2012 Speech from the Throne, which accompanied the opening of Parliament, the government underscored its commitment to “the formulation and execution of po......

...rends, both the effects of softer net tourism receipts and larger payments for foreign construction services contributed to an expansion in the current account deficit by $132 million to $1.6 billion in 2013. Meanwhile net inflows into the Bahamas on capital and financial account declined by approximately one quarter to $990 million, due to some reduction in direct investment inflows as well as lower net funding of public sector works. As for mone......

...g is also fundamental to the Bahamian industry. A five-year strategic plan for financial services was one of the first measures undertaken by the Ministry of Financial Services & Investments when it was established in 2002, and it continues to be the basis for many of the new legislative initiatives and other developments. The strategic plan, which is now being updated, includes 10 action points: 1. Creating a productive public- and private-sector......

...tual resources, have been significant attributes in the development of its financial services sector. Today, approximately 250 banks and trust companies are located in The Bahamas, with many of the world’s most prestigious financial institutions having established branches or subsidiary offices here. Supporting the industry is a stable of organizations devoted to generating awareness of The Bahamas as a leading international financial centre (IFC)......

...e Formation of an Investment Condominium by Minister of Financial Services Ryan Pinder given in the House of Assembly August 25, 2014: Introduction and Background Today I rise to move for the second reading of a Bill for an Act to Facilitate the Formation of an Investment Condominium in the Bahamas between Participants for the Purpose of Collective Investments and for Connected Purposes. Together, Mr. Speaker, these bills establish The Bahamas as......

Minister of Financial Services Ryan Pinder says that, when it comes to financial services, he wants the world to know that The Bahamas is “open for business.” Minister Pinder made the remarks during his contribution to the 2012/2013 budget debate this week in the House of Assembly. Minister Pinder said that with the “reintroduction” of the ministry, which was first created during the previous Progressive Liberal Party government, several areas wi......

...ons while maintaining the red carpet for international organizations. This force for national development– notwithstanding a fiercely competitive global sector–was only made possible through the power of productive partnerships, or “PPP”. It is this PPP that must be protected and promoted to secure success in the future. The Bahamas has many core and compelling attributes that, when evaluated together, provide a unique value proposition for the in......

...out the sector. The Ministry has initiated a quarterly education symposium for financial services professionals to further expand their knowledge base. The initiative is in partnership with private sector organizations. Pinder is also proposing to work with the Ministry of Education and The College of The Bahamas (COB) to expand and enhance the tertiary institution’s foreign language and cultural sensitization training, with a specific focus on in......

Minister of Financial Services Ryan Pinder has laid out a six-month plan for the Ministry of Financial Services in order reach a set of goals. Minister Pinder made the remarks this week during his contribution in the 2012/2013 budget debate in the House of Assembly. “We in the Ministry have already started our initial six-month strategy plan, which will be expanded into a more comprehensive five-year strategic plan for the Ministry of Financial S......