With accelerated economic growth and swelling ranks of high-net-worth individuals (HNWIs), it is not surprising that the Latin American (LATAM) region is garnering the attention of offshore jurisdictions and none more so than The Bahamas.

Although new wealth generation in Brazil has been well documented, other economies in the region are also performing well, registering 6-10 per cent growth in countries such as Chile, Peru, Argentina and Colombia.

This growth presents a golden opportunity for banks and other financial services providers that operate out of The Bahamas.

“When you look at Chile, Peru and Colombia, for example, you see fast growing economies that are stable, have tremendous resources in terms of commodities and human capital,” says Beat Paoletto, managing director and chief executive officer at UBS (Bahamas) Ltd. “We believe that the conditions for ongoing rapid development in the region are perfect. You have everything you need for growth.”

To seize the opportunity, it is imperative that financial services providers thoroughly understand the needs and wants of HNWIs in Latin America. Efforts are being made by key private entities, as well as semi-public organizations such as the Bahamas Financial Services Board (BFSB) to promote services and products on offer in the offshore jurisdiction.

“It falls to all of us–the banks, financial institutions, the public and private sector–to promote the brand of The Bahamas,” says Paoletto. “There is enormous potential in emerging markets such as Latin America, and we have to make sure that The Bahamas is the place that comes to mind in the first 30 seconds when an investor thinks of where he is going to put his money.”

To read the full article on Latin American markets pick up a copy of The Bahamas Investor. Order a free copy online by filling in your details in the box on the left. View the full issue online from next week.