The Bahamas Investor

...; and Minister of the Environment, Earl Deveaux. (BIS Photo) “We thank you for coming and sharing your vision for the establishment of a Bahamas Maritime Training Institute. The Bahamas’ dream of a maritime cluster has taken a substantial forward leap. Your goal of training 2,000 seafarers and mariners over 10 years is worthy of all of our support,” he told the gathering. “I acknowledge, with thanks, DNV for representing The Bahamas and being one......

...use of Assembly December 5, 2018. He said this has led to a new round of efforts by the European Union and the Organisation for Economic Co-operation and Development (OECD ) countries to further tighten international financial and tax transparency standards and cooperation protocols to further combat tax avoidance and harmful tax practices or, to put it in simple terms, the movement of capital (money) from high tax jurisdictions to low tax jurisdi......

...int B–and let them decide,” explains Pewther, who says that the airline is comfortable with its cheap and cheerful reputation and has built a significant business in The Bahamas due, in part, to this focus on customized, low-cost trips. “There are also a number of Bahamians that come back and forth to South Florida; and our prices are so low that they are attractive for those making that trip frequently.” Financial planning Budget carriers such as......

...Affonso-Dass. “We are stronger together, we can speak with a louder voice, by combining our individual strengths we have a more compelling story to tell – in the Caribbean the rhythm never stops and tourism is key.” The Caribbean tourism industry marked a milestone last year – welcoming over 30 million visitors for the first time in the sector’s history. The number of visitor arrivals grew by 1.7 per cent and tourist expenditure totalled $37bn. Ho......

...be reported in 2014 and 2015. Beginning in 2016, reporting may be required for income and in 2017, it could be expanded to include gross proceeds from the sale of securities. In addition, the proposed regulations provide that the FFI may report information in US dollars or in the currency in which the account is maintained. The scale of implementation can be daunting, but achieving compliance is a manageable task and can be done efficiently. To re......

...eating, some on drinking, and some on spending. These cutbacks may prove uncomfortable at the time, but over time they prove beneficial. This state of health, whether good or bad, is generally viewed as an issue of our moral compass. And, Mr. Speaker Morality cannot be legislated. What governments can do, though, is create prescriptions for citizens. These prescriptions are laws that we come to this House to debate. I believe that, for the most pa......

...turning to accountants to help guide them through the new legislation and prepare for its enactment. “FATCA is the QI regime on steroids,” explains Seymour. “Its provisions ostensibly are intended to target non-compliance by US taxpayers who use foreign financial accounts. PwC in The Bahamas, in conjunction with other member firms in the region, are assisting a number of FFIs by carrying out FATCA Readiness Assessments. “Although the QI and FATCA......

...ized standard setting body for insurance regulators. The objective is to become compliant with the Insurance Core Principles over the next few years. Q: What does The Bahamas have to do to improve its competitiveness? A: Competitiveness is often judged on cost. It is important for the cost of doing business in The Bahamas to be contained. However, it is also important for the jurisdiction to have the reputation for excellent service and transparen......

...a “fundamental” component of his Ministry’s sponsorship is the continuing practice of allowing the complimentary attendance of 10 College of The Bahamas (COB) students at the conference, as well as the continuation of a highly competitive, paid summer internship for COB students, who are selected on the basis of the educational achievement and career aspirations. Nassau Conference chairperson and newly elected chairperson of AIBT, Antoinette Russ......

...tomers will feel more secure doing business here, which will provide a platform for growth. People are positive about our compliance and they are not looking at jurisdictions that do not meet international standards. Q: What else positions us ahead of our competitors? A: Many other jurisdictions focus on the international insurance industry only, whereas we have a vibrant domestic insurance industry, which is looking for other avenues in which to......

...ransaction processing systems and “know your customer” procedures utilized by foreign banks. Chief compliance officers, tax reporting heads and other key players will need to evaluate the potential impact of these regulations and develop a plan for managing and remediating any potential risk associated with FATCA non-compliance. Speaking at a round-table discussion held in Nassau last week, Deloitte (Bahamas) partner Lawrence Lewis emphasized the......

...e big question is whether Germany and France can generate enough growth to compensate for the recession in Italy and Spain. In China, the authorities have been taken by surprise by the magnitude of the relative slowdown of growth in 2012. In 2013, they are going to be confronted with increasing inflationary pressures. Russia has joined the group of countries that enjoyed high growth, mainly thanks to the rise in the price of commodities, fuelled b......

...eady resulted in positive signs of economic recovery, there is little room for complacency on the government’s part. Public sector reform that addresses the many complex and vexing issues in public finance is an area commanding high priority for the government, as it seeks to create meaningful change and results-based performance. With this in mind, the government is fully engaged in the Public Financial Management and Performance Monitoring Refor......

...f the regulations and reducing penalties to encourage more US taxpayers to come forward. The regulatory changes were published in advance of the Foreign Account Tax Compliance Act which comes into force in January 2015 and will require US taxpayers and certain Foreign Financial Institutions to disclose any assets held outside the US to the IRS. Dichter and Cantor, who presented at the Society of Trust and Estate Practitioners’ luncheon held yester......

...25 per cent in 2006. Anatomy of an empire To Butch goes much of the credit for the complexity and range of Kerzner International’s operations. As well as both versions of Atlantis, there is the elite One&Only chain of international hotels, which includes the Ocean Club on Paradise Island. Butch also negotiated the deal with the Mohegan Indian Nation in Connecticut that, in 1996, saw the opening of Mohegan Sun, one of the highest-grossing casinos i......