The Bahamas Investor

...certain concessions. For instance, it could waive all of the aeronautical fees for one year and up to a maximum of two years, depending on whether it is a daily service, which indicates a real commitment by the carrier. “That has tremendous value to an airline, particularly because the more frequency they have the more it costs them,” says Walkine. The promotion board and the MOT also do their part in placing some marketing support behind the car......

...eal strength lies in its large workforce. If you go to the Cayman Islands, for example, 85 per cent of professionals in the financial services sector are expats, here 95 per cent of the workforce is Bahamian.” Crosbie-Jones joined the company in 1994 and, along with fellow executive directors Bruno Roberts and Charlene Y Storr, has worked hard to maintain close personal relationships with the company’s clients. “This business is all about developi......

...income per share improving $1.08 from $0.72 in the year ago quarter. Net income for the quarter was $850 million, up from $779 million last year. Net income for the fourth quarter, which includes amounts attributable to non-controlling interests, increased by 9% as the improvement in FFO was largely offset by a decline in the level of fair value changes compared to the 2012 quarter, which included a large number of property appraisal gains that di......

...ceremonies had occurred on-board a major cruise ship. Due to pioneering efforts by Princess Cruises in developing the concept of legal weddings at sea, with the introduction of its wedding chapel aboard the Grand Princess in 1998, cruise ship weddings are now increasing in popularity. Nautical nuptials The Bahamas has made inroads into this market by creating the Maritime Marriage Act, which was passed in 2011. With one of the world’s largest shi......

...y laundering standards and tax cooperation of the mid-2000’s, we responded by entering into a number of tax information exchange treaties to secure greater transparency within the sector. In 2010 the United States established by legislation a new standard for international tax transparency by setting up the Foreign Account Tax Compliance Act (FATCA), an automatic exchange of tax information between foreign governments and the United States. The Ba......

...ts assets; The court’s jurisdiction is expanded to order a winding up of a foreign company which has property located in The Bahamas; The term “shadow director” is introduced to apply regarding a person who, while not formally an officer or director of a company, is for practical purposes an officer or director. Such person may be held to account in the course of the liquidation as required of officers and directors formally appointed; Provisions......

...ns. The sandbox approach allows financial services providers to fully test new products in a controlled environment before bringing them to market. Bhachech delivered the presentation at the Association of International Banks & Trust Companies’s (AIBT ) Regulators Forum, held yesterday at the Baha Mar convention centre on Cable Beach. Other speakers on the agenda included Central Bank governor John Rolle and executive director of the Securities Co......

...conomic value shares. To protect certain assets from contaminating others (for example, separating an operating company from the family properties and investment portfolio), investment goals and guidelines should be clearly defined and segregated where possible. A SMART idea The accepted method of segregating assets is through the establishment of a fund or numerous individual entities. However, this can be expensive, complicated and time consumin......

...eral Brazilian audit firms also have vetted various iterations of the Bill for compliance from a Brazilian perspective. Industry has been engaged through BFSB’s working group as well as through focus group meetings with the wider industry in March and the Bahamas Association of Compliance Officers (BACO) in April. Finally, a large industry briefing took place in July to ensure that there is the widest possible understanding of the ICON. This brief......

...irlines, including discount carriers Spirit and Jet Blue, have been joined by new carriers entering the market. Brazilian tourism officials have approached the Ministry of Tourism to establish direct flight connections between the two countries. Additionally, with the arrival of Virgin Atlantic in the archipelago, the opportunity for flights from China, connecting through London, will create a new market. Chinese tourists, businessmen, and entrepr......

...ty (20) new condo units and penthouse condos and four new homes are slated for completion within the next four months. The owner plans to break ground on a new 120-room resort once a brand operator is identified for both the hotel and mega yacht marina at February Point. I am told that once these arrangements are in place, an additional 200 employees will immediately be sourced in a job fair in Exuma. Community and Infrastructure Plans These plans......

...rovide a one-stop-shop approach to wealth management and asset structuring by combining the fund management with succession planning and other wealth management services. Wealth planners are therefore enabled to structure comprehensive wealth planning solutions for their clients, with the aim of managing a sustainable succession planning mandate that gives way to a formal yet flexible approach to multi-generational capital preservation, ease of tr......

...To get to the island residents either fly direct via private plane, or fly commercially into Freeport, then take a four minute ferry between the mainland and the cay. Beachfront homes run along the length of the 2.5-mile long cay and costs between $1.9 million to $2.2 million to construct, roughly around $500 per sq ft. Homeowners’ Association (HOA) fees total $8,000 per year. The fee does not include homeowners’ insurance. It does, however, inclu......

...o move forward with confidence, and strengthens its financial services platform for the facilitation of private wealth management on a global basis. EPR reflects the history of outstanding commitment to the financial services industry. This commitment comes in many shapes and forms, not the least of which are our sovereignty and historic political stability. Both have served the industry well in the past. As wealthy individuals, their advisors, in......

...tel is to set it apart from its three main competitors on Paradise Island. Comfort Suites has carved out its niche catering to a business-oriented clientele, while Atlantis and RIU are family- oriented. All three welcome children. At Warwick’s Bahamas resort, guests have to be 18-years or older and the age limit increases to 21 during Spring Break. The strategy is to establish a niche in the Paradise Island market for young adults and couples. “I......