The Bahamas Investor

...sion between regulators and industry, but that tension does not need to be combative. We can work as one to make ourselves a very competitive financial centre.” Over the past year the BFSB has been working to market The Bahamas globally–attending and hosting events in Sao Paulo, Geneva, Zurich, London and Rio de Janeiro –and last month the organization launched the Foreign Language Learning Initiative, which offers language courses to members at a......

...ate of the Financial Services Ministry is to foster innovation. Innovation comes from exposure and experience.” “As you move along in your careers, I invite you to shatter those glass ceilings, to stay focused, work hard [and] work smart. I believe that is the recipe for success.” During her opening address at the forum, which took place at the Balmoral Club , Strachan urged the audience to learn from more senior industry figures. saying: “The ind......

...ee growth in fund numbers. We think the ICON structure will enable us to become even more competitive in terms of our fund offering,” states Allen. For sophisticated investors who may wish to invest in illiquid asset classes such as Private Equity, Real Estate, Commodities, they can avail of various SMART fund structures. Currently, there are seven templates. SMART funds have more regulatory flexibility. “The investment manager only needs a simple......

...ndustry worldwide. The winners will be announced at the Awards Ceremony Gala October 17, 2015, in Turks & Caicos. Voting is now open, online at worldtravelawards.com/vote where anyone can register and cast their vote, in all of the categories, until August 23.......

...the airline. Silver Airways will integrate all 12 of the planes into its fleet by September 2012. Each aircraft will be subject to a period of inspection and certification under US and Bahamian aviation regulations to ensure full compliance with all safety and operational requirements prior to initiating scheduled passenger service. In-service dates for the new planes are expected to be announced following the receipt of regulatory approvals. tbla......

...opment–ensuring that all members of staff are briefed on an organization’s compliance policy. “The compliance field is maturing and evolving, which has a very direct and real impact on our customers. It is important we stay ahead of the curve,” he said. “We take compliance for granted, but what you do, day in and day out, is critically important.” He went on to say that each compliance officer is also a business developer and that compliance shoul......

..., who is set to travel to Panama next week, also warned that the financial community would have to make some changes to attract that market saying: “[The Latin American client] will have different concerns from what we have traditionally seen from our European clients. Be nimble, be willing to shift your operations.” He said, however, he remained optimistic about the future of the sector and confident of The Bahamas’ reputation as a global hub, sa......

...ion of the US Foreign Account Tax Compliance Act (FATCA) , which is due to come into full force next year. At a regional FATCA conference held in Nassau yesterday, Danielle Rolfes (pictured, left), International Tax Counsel with the US Treasury, told members of the Bahamas’ financial community that the new legislation was the result of extensive consulation with the private sector and had been drafted to minimize the administrative burden where po......

...Status A status signatory to the International Organization of Securities Commissions (ISOCO) Multilateral Memorandum of Understanding, signalling its compliance with global standards–a move which has greatly enhanced the country’s standing as a reputable financial provider, according to Andre Rahming, partner at law firm King & Co. “Because of the recent enhanced rating The Bahamas has seen an uptick in the level of interest,” he said. Rahming w......

...ies is the need to periodically assess our strengths. My government is not complacent. The Bahamas is taking stock and promoting the depth and width of our commercial services [and] we will expand those offerings.” The conference, held at the British Colonial Hilton in Nassau, brought together financial professionals from across the region to hear from representatives from the US Treasury and Internal Revenue Service . The aim of the event was to......

...time that we intend to train people to take the jobs in The Bahamas. “As a company we are committed to hiring Bahamians to fill all the jobs that we can.” Kenred Dorsett, minister for the environment and housing, has said a commercial oil find would be “economically transformative”. Under the current agreement, BPC would pay out anywhere from 12.5 percent to 25 percent to the government, depending on how much oil is extracted each day, if oil is d......

...ned dramatically in recent years. Researchers from the environmental group Community Conch surveyed sites in the Berry Islands and estimate that, if action is not taken, the future fishery population of adult conchs could decrease by as much as 60 per cent. In Exuma the group found that the density of queen conch near Lee Stocking Island has declined by over 90 per cent since the early 1990s. The BNT campaign aims to raise awareness about the conc......

...and the purchase of vacation homes in the next 12-24 months. To download a complete copy of the Resonance Report 2013 please visit resonancereport.com. “The Bahamas has always been associated with luxury travel, and the country resisted catering to the lower end of the market after the downturn in 2008. Many other Caribbean destinations went the other way,” says Chris Fair, president of Resonance Consultancy. The Bahamas welcomed approximately 5.8......

...sit the islands each year to fish and approximately 80 per cent of these become repeat visitors. “We have the best bonefishing in the world,” says Benjamin Pratt, senior manager in MOT’s Sustainable Tourism Department. “We have the best habitat for it. Our guides are trained and qualified and we have wonderful lodges that provide high quality services.” The National Fly-Fishing Association was established in August last year with the aim of giving......

...th of contracts are currently under review and being negotiated with local companies, he added. A further $45 million have not been awarded to Bahamian contractors. Once completed in December 2014, the resort will feature some of the world’s most famous luxury hotel brands, including Rosewood Hotels and Resorts , Mondrian, which is a Morgans Hotel Group property, and Grand Hyatt Hotels and Resorts , as well as the new Baha Mar Casino and Hotel, of......