The Bahamas should be the gateway to the Latin American and US markets, says Zurich-based financial services provider, Francesco Vanacore.

Vanacore, who has global responsibility for Credit Suisse’s Product and Solutions Division, was speaking from the sidelines of the 2013 Nassau Conference Wednesday following his presentation titled: “The Future is Present.”

“Every jurisdiction must define its own strategy knowing which are the partners that are interesting for you,” he told The Bahamas Investor.

“It is not possible to be everywhere with all the services. This is something nobody can afford anymore.”

He sees the LatAm and US markets as a natural fit for The Bahamas due to this jurisdiction’s geographical location, sovereignty and strong financial standing.

“Clients must know, or should know that if they want to access LatAm markets, they should use The Bahamas. On the other side, you could be the door for companies and investors into the US,” he said, particularly when it comes to IP, business financing and other corporate matters.

However, these cross border transactions require the consideration of other jurisdictions’ policies and legislation, he said.

“You are not alone anymore in the world. You have connections with other jurisdictions and other jurisdictions may impact your business when they implement some rules,” said Vanacore.

This is critical particularly since any type of financial structure (trust, fund, company, etc.) triggers a red light for regulators, he added.

Offshore financial centers are now operating in an environment that differentiates between what is legal and what is legitimate tax planning.

“This is the discussion facing every one of us in our industry. We are in an area where nobody has the clear anti-abuse, anti-avoidance rules. It’s not only something that you evaluate from your internal point of view. You have to consider the anti-abuse/anti-avoidance rules also in the cross-border transaction. We are in an area where at the moment the discussions are really huge.”

The one-day conference is sponsored by the Association of International Banks and Trusts (AIBT). It is being held at the British Colonial Hilton.

tblair@dupuch.com