The Bahamas Investor

...ntre and attract new business, according to Minister of Financial Services Ryan Pinder (right) who said his Ministry will target new markets to build the country’s brand. Speaking at this week’s Money Laundering Reporting Officers (MLRO) Day, held at the British Colonial Hilton, Nassau, the Minister said recent regulatory developments had resulted in a global climate of increased transparency and compliance. “Given the obvious evolution over the l......

...ment targets niche industries, according to Minister of Financial Services Ryan Pinder who urged attendees at yesterday’s Money Laundering Reporting Officers (MLRO) Day to “own their segment” of the financial services sector. The Minister said that government was currently finalising its guidance on outsourcing compliance functions and urged members of the industry to capitalise on the entrepreneurial opportunities that would arise from this, sayi......

Pictured: Now former Minister of Financial Services Ryan Pinder introduces the ICON fund at a Bahamas Landfall event in Brazil, August 2014. (BFSB Photo) Years of focused efforts have seen The Bahamas gain a strong foothold in the Latin American market. And while wealth management is the bedrock of The Bahamas’ international financial services offerings, it is the jurisdiction’s funds industry and its innovative product offerings that are at the......

...the country’s second largest economic driver, financial services, will see positive results from the creation of the new Ministry of Financial Services, headed by Minister of Financial Services Ryan Pinder . “The new Minister of Financial Services has some ambitious plans for the development of this industry, so I am quite optimistic.” cmorris@dupuch.com......

...ement and individual investors. Mr. Reichenberger also introduced The Hon. Ryan Pinder, M.P., Minister of Financial Services, who told attendees that he appreciated their interest in better understanding the opportunities of doing business in and with The Bahamas, encouraging all those in attendance to engage with Team Bahamas “to better understand the synergies and advantages, especially in the context of private banking, wealth planning, and cap......

...inancial goals and develop a comprehensive plan toward the achievement of those goals.” Christina Kenny-Sands (left) and Alicia Bain-Thompson, financial planners for RBC Royal Bank. (Photos courtesy RBC)......

...e most important factors driving interest in using life insurance products for financial planning is that most countries give life insurance a tax break. In most cases, the income and growth on policy assets during an individual’s lifetime will be tax free and the proceeds of the policy upon death will be distributed tax free to the beneficiaries. The benefits associated with life insurance have become increasingly attractive in recent years becau......

...ll believe that there is an important role for offshore financial centres. For financial wealth management companies it is important to be physically and substantially in those offshore jurisdictions when they cannot only efficiently and effectively service the offshore client and their structure but really know and understand them and their advisors and assist them in working through often complex structures.” The LOM Group, a publicly held compa......

...nnot ignore Europe,” says Fair. “We see parts of Europe as being very ripe for informing people of what we have to offer. That is the next area.” Domestic view As well as promoting the city in the international arena, GBPA is also trying to overhaul its image at home. “People in Nassau have a certain view of Freeport,” says Fair. “We all need to get on the bandwagon and stop this negativity. I truly believe Freeport and Grand Bahama present the so......

...bean Financial Action Task Force, the Attorney-General also called on Bahamians to take a more active role internationally, saying: “We can have Bahamians on key international committees that make decisions about financial services all over the world. I encourage you all to not just consider our business in The Bahamas but to open your vistas to what is happening in the international arena.” cmorris@dupuch.com......

...wonderful country in which to live and work.” She arrived in a boom period for financial services in the country. “Growth in the 1980s was phenomenal in The Bahamas and KPMG accountants here were some of the best paid in the world. A lot of people were very jealous if you got a position here back then.” So she stayed, and in 1993 Treco became a partner at KPMG Bahamas. In 2004, she decided to establish her own firm and in 2006 her business was mer......

...According to Warren, the event provided “excellent learning opportunities” for the financial services board to “retool” and “refine” the jurisdiction’s offerings. “This conference in Shanghai [allowed] us to make presentations on various aspects of wealth management and to consider how The Bahamas might respond as a result of developments, either in policy-making (geo-politics), regulations or the client’s needs in terms of wealth creation or tran......

...Launched in mid-2006, the new operation is ideal as a consolidation centre for foreign goods—a tax-free hub at which orders can be received from various international suppliers, sorted, reconsolidated into different containers and shipped out to retailers without attracting the taxes and duty that would result if the same order were routed through a port in the US. This business model is already in use by Associated Grocers of Florida, which signe......

...celebrates its second anniversary as a wholly owned Bahamian company, the financial services provider is remembering its past, taking stock of the present and plotting a strategic road map to success in the future. “It’s all geared towards being the premier wealth management company in this jurisdiction,”?says Mary Rodland, head of fiduciary at Ansbacher (Bahamas) Ltd. “The vision would be to see this Bahamian bank have branches in all the major......

...ly the measures taken to prevent tax avoidance, or to collect taxes globally. We continue to dedicate resources to meet our international obligations. We believe that The Bahamas’ value proposition prevails over any pressures brought to bear from external forces.” Minister Strachan’s remarks were well-received by industry practitioners; considerable interest in doing business in The Bahamas was expressed. Minister Strachan said of this that she wi......