The Bahamas Investor

...falls within the Office of the Attorney-General. Having served within the financial services regulatory framework since 2001, Thompson is fully aware of the local, regional and international AML/CFT initiatives. In addition to his work locally, he has also participated in the work of the CFATF and FATF and served as an assessor for the CFATF on two (2) occasions. Therefore, we are satisfied that he has the requisite qualifications and commitment......

...ly active hurricane seasons of the past few years, a movement is underfoot for financial institutions—whether they are major international retail banks, private trust companies or even insurance brokers and agents—to devise a foolproof disaster recovery plan. At a recent Bahamas Financial Services Board-sponsored Disaster Recovery and Business Continuity Planning Seminar, the Central Bank’s inspector of banks and trust companies, Michael Foot, adv......

...mas. Tax and other considerations Investment in The Bahamas is and will be for the foreseeable future in an environment free from capital gains, inheritance, withholding, profit remittance, corporate royalties, sales, personal income, dividends, payroll and interest taxes. Stamp duty is chargeable at an ad valorem rate on all property transactions and a nominal real property tax is charged on real estate holdings except for land holdings in Freepo......

...FATCA, Governments can follow two reporting models. The Model 1 IGA allows for Foreign Financial Institutions (FFIs) to disclose the necessary information on their US clients to their government which, in turn, is then passed on by that government to the US Treasury. A Model 2 IGA requires FFIs to report directly to the US Treasury themselves. In July 2013, the government announced it would adopt a Model 1 IGA after consultation with an advisory w......

...Coopers to work in the firm’s Nassau office. When a mentor recommended her for a financial controller post at a leading healthcare facility on Grand Bahama, Davis got the job. “The healthcare/insurance industry is unique and dynamic with endless learning opportunities. These are the attributes that I came to appreciate,” she says. Complex tasks In a multidiscipline, healthcare environment, there are many moving parts with internal and external sta......

...elps fuel the next–from tourism to the demand for construction to the need for financial services. “We’re very blessed,” she says. “People actually do want to live and work and invest and have a second home in the Bahamas. Inevitably a second-home owner will say, well why can’t I protect my family’s wealth from here too?” +++ Incentives offshore Starting a Bahamian business for fun, sun and profit Want to stake your own claim in an island paradise......

...groundwork for the country’s presence at the Dubai Expo 2020. The Bahamas Financial Services Board (BFSB) will host a Bahamas Landfall event in Dubai on 18 November, in addition to sponsoring STEP Arabia, as stakeholders assess interest in this new market. “It is a promotional tour to size up the potential appetite and interest that those players have in The Bahamas,” says Patrick Feuz, executive chairman of Gonet Bank & Trust Ltd which will be a......

...s. Several of these banking and trust companies also undertake back office services for other group companies resident in other offshore centres. “While these licensees continue to receive referred business from their head offices, they have a growing percentage of clientele being directly attracted to their offices,” says Craigg. To help position The Bahamas to compete against neighbouring offshore rivals and emerging banking centres in the Middl......

...f all registries and a few others in existence, I was thrilled the Bahamas Financial Services Board (BFSB) had proposed one for The Bahamas. It would put us out in front in the region, round out a full range of financial services that the country could provide and open up the field of aviation to so many new possibilities. Like other visions introduced earlier than they were likely to become reality, further talk of an international aircraft regis......

...or more. Unlike some family offices, the company doesn’t charge a flat fee for all services, but allows clients to pick and choose according to their individual needs. “We have always realized that everyone has different requirements, different risk tolerances or different time horizons for their portfolio. Not everyone needs a full service, so we purposefully created everything as independent divisions within the company. We aren’t a bank. I don’......

...n Plan and Time-sharing Act • Hawksbill Creek Agreement Act Areas targeted for foreign investors Following is a list of certain investment areas especially targeted for international investors. However, the list is not exhaustive, and investors interested in areas not included should consult BIA. Joint ventures with Bahamian partners are encouraged, with the choice of partner being at the discretion of the investor. 1. Touristic resorts. 2. Upscal......

...ster Symonette (pictured) said that the conference offers an excellent platform for prominent political, economic, financial and academic leaders from abroad to discuss their ideas on common issues of concern. He said over the past few years, there have been questions about the future of International Financial Centres (IFCs) and whether they will be able to withstand the pressures imposed by the global regulation and technological advancement. “I......

...that’s what a forum like this Business-to-business Expo is all about.” The Minister for Grand Bahama told Expo attendees that the revitalization of Grand Bahama will require a pluralistic approach, a part of which will include focusing on some big matters such as the opening and redevelopment of the Lucayan Strip, or focusing on iconic properties such as Xanadu and Royal Oasis. These, he said, are being aggressively pursued. He said it will also r......

...ister noted that now there are more CCTVs. A contract is soon to be signed for body cams for police officers and funds have been allocated for drone technology to further reduce crime. The Government is moving aggressively to remove shantytowns throughout the country, and modernizing and transforming the country and government, he said. “We are digitizing government services; improving the ease of doing business; demonstrating fiscal responsibilit......

...tors are convinced that the traffic may substantially increase.” The Prime Minister said a major reason for the continuation of the pre-clearance test was the recognition that it also opens up many more islands in The Bahamas for nonstop flights without having to travel first to an official port of entry, clear Bahamas Customs and Immigration, then travel on to their desired destination. The opportunity to facilitate and track air travel direct to......