The Bahamas Financial Services Board (BFSB) is ready to roll out its new sector rebranding campaign within the next few months, according to outgoing chief executive officer Wendy Warren.

The new brand, which carries the slogan The Bahamas Advantage, includes a website set to go online in November and a Brand Ambassador Programme, which invites professionals from the industry to become the faces of the campaign and promote The Bahamas’ strongest selling points such as location, infrastructure, legislation and lifestyle.

“The key message [of The Bahamas Advantage] is that The Bahamas is the most experienced and well positioned jurisdiction for wealth and asset management in the Caribbean,” Warren told BFSB members at the group’s annual general meeting held yesterday at the British Colonial Hilton, Nassau.

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Prime Minister Hubert Ingraham met with Cable and Wireless Communications (CWC) chief executive officer, Geoff Houston, during a courtesy call to the Office of the Prime Minister, Cable Beach, on September 28.

CWC acquired a 51 per cent controlling stake in the previously state-owned Bahamas Telecommunications Company (BTC) in April this year.

The shares were purchased at a cost of $210 million.

Prime Minister Hubert Ingraham, in his capacity as chairman of the World Bank group and the International Monetary Fund (IMF), addressed the opening of the 2011 World Bank/IMF Annual Meetings in Washington, DC, last week.

The Bahamian Prime Minister said that the current economic environment presented significant challenges for the international community.

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In his whitepaper on the benefits of offshore fund structures, in particular Bahamian SMART funds, for Brazilian clients, William Heuseler, chief wealth planning officer of Itaú Private Bank International, argues that currently many Brazilian wealthy families are facing a lack of alignment of individual and collective needs, which in turn creates tension.

Heuseler’s whitepaper explores the benefits of offshore fund structures, in particular SMART Funds in The Bahamas, as a sophisticated, low cost and flexible wealth planning tool for Brazilian families.

The whitepaper covers:
The Brazilian tax system and foreign exchange system related to funds held abroad
Specific Mandate Alternative Regulatory Test (SMART) funds and Brazilians
Obstacles faced by the Brazilian hedge funds industry.

Heuseler will be participating in a panel session at the Latin Family Office Forum 2011 on managing assets and funds across multiple jurisdictions to be held in Miami, November 15-17.

Download the whitepaper here.

The Nassau branch of one of the world’s top financial institutions, Pictet Bank, has become the latest sponsor of Bahamas Speed Week Revival.

Pictet Bahamas will sponsor the event’s gala banquet and Auction of Promises–the proceeds of which will go to local charities.

“We are very proud to be an integral part of Bahamas Speed Week Revival,” said Pictet Bahamas managing director Yves Lourdin. “This series promises to bring a contemporary touch to the glamour and excitement reminiscent of days gone by and its charitable component holds great appeal to us as an international leader in private wealth and institutional asset management.”

Running from November 30 to December 4, the Nassau Speed Week will include a hillclimb around Fort Charlotte, mini-races at Arawak Cay and a charity gala dinner with event patron Sir Stirling Moss. There will also be an opportunity for visitors to view the cars when they go on display in Rawson Square.

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The Bahamas continues to accentuate its commitment to international tax compliance by concluding its twenty-eighth tax information exchange agreement (TIEA).

The agreement between the government of The Commonwealth of The Bahamas and the government of the Republic of South Africa for the exchange of information relating to tax matters was signed on September 14, 2011.

The Bahamas currently has TIEAs with: Argentina, Aruba, Australia, Belgium, Canada, China, Denmark, Faroe Islands, Finland, France, Germany, Great Britain and Northern Ireland, Greenland, Guernsey, Iceland, India, Japan, Korea, Mexico, Monaco, New Zealand, Norway, San Marino, South Africa, Spain, Sweden, The Netherlands, and the US.

To download a PDF of the TIEA click here.

State Minister for Finance Zhivargo Laing led The Bahamas’ delegation at the Commonwealth Finance Ministers Meeting in Washington DC this week. The meeting took place yesterday at the International Monetary Fund (IMF) headquarters in the US Capitol.

Also travelling with Minister Laing were Fiscal Advisor in the Ministry of Finance Robert Henry, Financial Secretary Ehurd Cunningham, and Simon Wilson, from the Ministry of Finance.

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Addressing attendees at the annual Abaco Business Outlook conference today, Environment Minister Earl Deveaux highlighted government efforts to minimize the impact of the recession through infrastructure and telecommunications initiatives.

The Minister said the infrastructure projects and advances in technology increased The Bahamas’ attractiveness to investors, bolstering capital inflow and creating employment.

To read the entire speech, download the PDF here.

Disney Cruise Line will soon be bringing another huge liner to The Bahamas when it launches its latest cruise ship – the 130,000 tonne Disney Fantasy.

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Bahamas Petroleum Company Plc (BPC) has confirmed speculation that Simon Potter is to become the company’s next chief executive officer (CEO).

Potter, who has over 30 years experience in the oil and gas industry with companies such as Hardman Resources and Arrow Energy International, will take over as CEO next month, following the resignation of Dr Paul Crevello earlier this year.

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