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News & Press - Aug 8/20

 

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Financial services providers urged to take action as FATCA looms

The country's leading tax experts warn of severe impact of new US tax regulations set to come into force in January 2013. Without due preparation, financial services providers could face 30 per cent withholding tax if they fail to disclose details of any US transactions. 

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TheBahamasInvestor.com
Thursday, July 14, 2011
Thursday, July 14, 2011

Financial institutions must get up to speed on their US accounts before stringent accounting regulations come into force in 2013 or face serious penalties, according to tax attorney Ryan Pinder.

The Foreign Account Tax Compliance Act (FATCA) comes into force January 1, 2013, and will require foreign financial institutions (FFIs) to disclose information on all their US clients.

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Shipping expert talks on future of Bahamas maritime industry – audio

Speaking at the Nassau Conference last month, Chandler Sands, managing director of Campbell Shipping Company Ltd, urged investment in the maritime industry and spoke of a future date where the sector was training a greater number of highly able maritime professionals. 

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TheBahamasInvestor.com
Wednesday, July 13, 2011
Wednesday, July 13, 2011

Shipping expert and managing director of Campbell Shipping Company Ltd, Chandler Sands, addressed financial services professionals attending the Nassau Conference at the British Colonial Hilton last month on the topic of financial opportunities in the maritime industry.

The shipping MD highlighted the potential of business for financial services providers and the maritime industry in The Bahamas as a whole.

“I propose that the Bahamas Maritime Authority, which has 1,539 ships on its registry partner with the [financial services] industry on policies and procedures and all the things that you do well. You can offer a cluster of services to the shipping and maritime industry.”

Listen to the full address below.

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[audio:http://www.dupuch.com/tbi-media/Nassau-Conf_maritime_Chandler-sands_15june2011.mp3]

Central Bank releases May report

Central Bank has released its monthly report on economic and financial sector developments in The Bahamas. The Bank monitors these conditions as part of its monetary policy mandate, to assess whether money and credit trends are sustainable relative to levels of external reserves required to protect the value of the Bahamian dollar and, if not, the degree to which credit policies ought to be adjusted. Download the full report here. 

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Central Bank of The Bahamas
Wednesday, July 13, 2011
Wednesday, July 13, 2011

View or download the Monthly Economic and Financial Developments report for May.

In print – Freediving champion makes Long Island home for his business

William Trubridge, record-breaking freediver and focus of the Lifestyle feature in the new issue of The Bahamas Investor, first came to The Bahamas to dive in Dean's Blue Hole–the world's deepest. Once he had tried it, he decided to make Long Island his home, opening a dive academy with extended plans to launch a diving and yoga retreat on the sleepy southern Family Island. 

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TheBahamasInvestor.com
Monday, July 4, 2011
Monday, July 4, 2011

When it comes to his Long Island-based business, the phrase “taking the plunge” is doubly meaningful for world record-breaking freediver William Trubridge.

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In print – Latin America offers new market opportunities

The swelling ranks of high-net-worth individuals in the Latin American market are attracting the attention of financial services providers in The Bahamas. One of the top stories in the Investing section of the July issue of The Bahamas Investor looks at how proximity to the market, a wide range of services and unique products all make the offshore jurisdiction a front-runner in the race to manage this emerging wealth. 

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TheBahamasInvestor.com
Friday, July 1, 2011
Friday, July 1, 2011

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.”

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The all inclusive, couples only resort chain Sandals has been building a brand name in the Caribbean region based on quality service and exclusivity. Last year the Jamaican hotel company added the "jewel in the crown" to its portfolio when it opened Emerald Bay in The Bahamas' Family Island of Great Exuma. 

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TheBahamasInvestor.com
Friday, July 1, 2011
Friday, July 1, 2011

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In print – Canada remains a valuable investment partner for Bahamas

The lead Investing feature in the July issue of The Bahamas Investor magazine focuses on the strong investment ties existing between The Bahamas and its wintry northern neighbour. Canadian financing and expertise have been involved in fields as diverse as trade, banking, insurance and real estate development. 

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TheBahamasInvestor.com
Wednesday, June 29, 2011
Wednesday, June 29, 2011

Canadian investors take a central role in the Investing section of the July issue of The Bahamas Investor magazine.

Foreign direct investment from The Bahamas’ northern neighbour has totalled around CND$11.7 billion (US$12.4 billion) over recent decades, mainly in the areas of construction, financial services and insurance.

“Our relationship with Canada is a very close one,” says former Scotiabank managing director Barry Malcolm. “Canada’s economic system, plus the fact that it is a commonwealth country, like The Bahamas, makes for a very easy and comfortable relationship.”

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Speed Week revival set for Nassau – video

The end of this year will see the revival of the iconic motor racing event which drew big crowds and top names to Nassau during the 1950s and '60s. Running November 30 until December 4, Speed Week will once again bring the glitz and glamour of international car racing back to The Bahamas' capital. In a video after the jump, Speed Week's UK event director David McLaughlin reviews the history and outlines the details of the upcoming Bahamas Speed Week revival. 

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TheBahamasInvestor.com
Tuesday, June 28, 2011
Tuesday, June 28, 2011

More than fifty years after it first roared onto The Bahamas’ social calendar, Nassau Speed Week is set to be revived this year with events spanning November 30 until December 4.

Originally scheduled to attract visitors to the island during a traditionally slow vacation period, for 13 years from 1954 the event ran successfully, drawing big name racers and iconic vehicles.

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The Bahamas Investor July issue out soon

The massive infrastructure redevelopment project at Lynden Pindling International Airport takes centre stage as the new issue of The Bahamas Investor magazine looks at key projects and initiatives that are shaping the jurisdiction. Out next week, the July edition is crammed with insightful features and expert commentary, as well as an Island Living supplement and Legal Directory. 

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TheBahamasInvestor.com
Monday, June 27, 2011
Monday, June 27, 2011

Ready to hit boardrooms and executive offices around the world next month, the July issue of The Bahamas Investor magazine is packed with insightful commentary and in-depth features.

Executive focusThe Executive Focus feature shines the spotlight on chief executive officer of Nassau Airport Development Co Stewart Steeves and the work he and his team have been doing to complete Stage One of the Lynden Pindling International Airport’s overhaul. The opening of the state-of-the-art US Departures Terminal in March marked a significant step in the multi-million-dollar redevelopment.

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China presents The Bahamas with multi-million dollar gift

Two years after construction commenced, The People’s Republic of China yesterday officially handed over the new, ultra-modern $30-million Thomas A Robinson National Stadium to the Bahamian people–a gift hailed by Prime Minister Hubert Ingraham as a symbol of good bilateral relations. 

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TheBahamasInvestor.com
Thursday, June 23, 2011
Thursday, June 23, 2011

Two years after construction commenced, The People’s Republic of China yesterday officially handed over the new, ultra-modern $30-million Thomas A Robinson National Stadium to the Bahamian people–a gift hailed by Prime Minister Hubert Ingraham as a symbol of good bilateral relations.

Prime Minister Hubert Ingraham“The gift of this stadium by the Chinese government is, I believe, a most generous demonstration of the good relations that have developed between our two governments and peoples since the establishment of diplomatic relations in 1997,” said Ingraham at the handover ceremony.

The stadium is the “jewel in the crown” of what is expected to be a thoroughly modern, world-class sports centre, with facilities extending over some 450 acres.

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