The Bahamas Investor

...ever possible, we have tried to build on existing practices.” Under FATCA, foreign financial institutions (FFIs) are forced to disclose information on their US accounts to the US Treasury. Governments can follow two reporting models when adhering to FATCA. The first Inter-Government Agreement (IGA) allows for FFIs to disclose the necessary information to their government which, in turn, is then passed on by that government to the US Treasury. The......

...he US must report those assets to the IRS. In addition, FATCA will require foreign financial institutions to report directly to the IRS certain information about financial accounts held by US taxpayers, or by foreign entities in which US taxpayers hold a substantial ownership interest. The agenda for the October 29 programme includes an introductory session that will cover cross sectoral issues such as “How and When to Communicate with Customers A......

...of its citizens, increased regulations are becoming an occupational hazard for financial services providers in offshore jurisdictions. The latest raft of compliance measures addresses operational accounting methods and will come into force on January 1, 2013. The Foreign Account Tax Compliance Act (FATCA) is to ensure that there is no gap in the ability of the US government to determine the ownership of US assets in foreign accounts. According to......

.... After graduating, he took a fairly “conventional” route into a career in financial services, rising to become a managing director at Manulife Financial, which had more than $850 billion assets under management. Vukota spent more than 10 years there in the alternative asset management division and was also head of private equity real estate. But by 2010, his entrepreneurial spirit was beginning to assert itself with more urgency so he decided to......

...US stock market indices trade well within record territory, when adjusted for inflation, the story changes. For example, the inflation-adjusted Dow still trades below both its 1999 peak — albeit not by much (only 0.2% below its 1999 all-time, inflation-adjusted record high). Another point of interest is how the inflation-adjusted Dow was unable to punch through the 16,000 level on its previous two attempts (see red dashed line) — the market is cu......

...ernance and cooperation on tax matters. He made the remarks at the Bahamas Financial Services Board (BFSB ) Industry Development Series: ‘Financial Crimes Enforcement, Compliance and Risk Management’ at the British Colonial Hilton , February 19, 2020. “It is confirmation that The Bahamas’ financial services industry is stable and governed by a sound regulatory regime,” Turnquest said (pictured/MOF Photo). At their meeting in Brussels this week, th......

...Turnquest said investment funds form a critical component of The Bahamas’ financial services toolkit and the legislation governing them needs to be updated. “As of 31st December 2018, there were 749 licensed investment funds and 62 licensed investment fund administrators in the jurisdiction,” DPM Turnquest explained in his address on the Investment Funds Bill , 2019 in the House of Assembly, March 8, 2019. He tabled the Bill in the House February......

...s rank, Hong Kong’s position was bolstered by strong scores in non-banking financial services such as IPO activity and insurance. Although the US fell one spot to second place, its overall score remains almost unchanged compared to last year. While financial stability continues to be a concern, the US was able to offset this weakness with strong financial intermediation results. Particular strengths in this area include highly developed foreign ex......

...nual approval limits that can be drawn down in stages at commercial banks. For financial and investment transactions, the reforms mostly affect transactions undertaken by Bahamians or Bahamian owned businesses. This included the following: Reduction in the premiums on investment currency purchases and sales to 5% and 2.5%, respectively from the current levels of 12.5% and 10%, respectively. While there may be some exceptions, residents are require......

...g the commitment to greater tax cooperation transparency and exchange of information for tax purposes. The DPM also noted that The Bahamas Automatic Exchange Financial Account Information Act came into force on January 1, 2017, and the Automatic Exchange Financial Account Information (AEOI) Regulations 2017 was approved and brought into force on March 7, 2017. “The Bahamas will commence exchanging financial account information with its AEOI partne......

...Central Bank of The Bahamas since 1992 offering high-end banking and trust services for high net worth individuals. About Bank Cainvest Cainvest is part of the Cohab/Aboulafia Group, which began operations in 1961 with the founding of Trisoft Group in Brazil, now the largest manufacturing group of processed polyester of Latin America. For more information on Trisoft, please visit www.trisoft.com.br. The Group first expanded into financial services......

...P.O. Box AP-59223 | LOM House, 3 Pineapple Grove Western Rd | Nassau NP, The Bahamas Tel: (242) 327-5100 | Fax: (242) 327-5101 Web: www.lom.com | E-mail: info@lom.com......

...rm and the atmosphere at the firm.” Securing the future As the Ministry of Financial Services looks to new products and new markets to further the sector’s development, boutique banks have a role to play. With wealth managers highly experienced in providing tailored services to meet complex needs, new products such as the Investment Condominium Fund (ICON) are eagerly welcomed by boutiques. Equity Bank was the first to establish an ICON Fund in Th......

...stricted cash and investments (with over 400 days of cash on hand) provide for some additional financial flexibility. WHAT COULD TRIGGER A RATING ACTION: –Maintenance of the current rating will depend upon sustained gains and/or stability in top line revenue growth, and management’s ability to control expenses and comfortably meet its 1.10x net revenue rate covenants from operational cash flow, while maintaining adequate liquidity levels. — To the......

...more than three decades the Swiss bank has been a fixture of The Bahamas’ financial services scene and the group’s chief executive officer, Boris Collardi, is bullish on the prospect of many more years to come. Collardi, who has been at the helm of Julius Bär for five years, is pursuing an ambitious growth strategy that involves exploiting the potential of emerging markets, making strategic acquisitions and investing in infrastructure and talent.......