The Bahamas Investor

.... The impact of these changes is even larger for offshore private banks as FATCA is levelling the playing field in attracting global investors across many jurisdictions. The largest economies of this 520 million-people area are Brazil and Mexico, the seventh and 15th ranked economies in the world in 2014, respectively. The fastest growing economies in the region are Peru, Colombia, Ecuador, Bolivia and Panama. The region is home to only four per c......

...The National Development Plan for the Financial Services Industry and post FATCA views on Current Global Initiatives. There will also be a ministers’ roundtable providing the government’s perspective on the industry followed by a question-and-answer session. Summit participants will also be involved in breakout sessions to discuss identified opportunities and present to the larger gathering proposed actions plans and timeframes for their implement......

...nal tax transparency by setting up the Foreign Account Tax Compliance Act (FATCA), an automatic exchange of tax information between foreign governments and the United States. The Bahamas signed the agreement in 2014 and as it stands today has successfully implemented the terms of the agreement by passing legislation, setting up an information portal with the Minister of Finance as the competent authority and have successfully registered the lion’s......

...obal regulatory obligations such as US Foreign Account Tax Compliance Act (FATCA), Common Reporting Standard (CRS), Anti-Money Laundering (AML), Know Your Customer (KYC), and Base Erosion and Profit Shifting (BEPS) on countries and practitioners was undertaken. In addressing the 400 practitioners the Minister touted The Bahamas’ value, including its natural physical attributes, advanced infrastructure, many years of experience in financial service......

...makes them more attractive. The US Foreign Accounting Tax Compliance Act (FATCA), Organisation for Economic Co-operation and Development (OECD) legislation and Common Reporting Standard (CRS) are entirely changing how business is being conducted and jurisdictions need to be compliant and easy to work with. Mexico has quite an evolved HNWI market and a mature tax regime, but it also has a high risk of instability which makes it very complex in reg......

...implementation deadline.” As was previously done for the implementation of FATCA, The Bahamas Government is committed to continuing the stakeholder consultative fora with its regulators, the private sector and other industry stakeholders. This process will include a schedule of industry wide information sessions. The AEOI/CRS legislation is imminent and we are confident that we will meet our commitment to the 2018 implementation deadline. As was a......

...er Governmental Agreement with the United States for the implementation of FATCA and our commitment to AEOI/CRS. It is a curious situation because the rules are set, we abide but despite that we can never be redeemed in the eyesight of our accusers. So the larger more powerful financial centers flex their might to dominate and to return all business to their shores and rightly so, we live in a competitive world but for those screaming integrity, t......

...nge of Information Agreements; we are Foreign Accounts Tax Compliance Act (FATCA) compliant; and we have repeatedly shown our commitment to the Automatic Exchange of Information/Common Reporting Standard. The government has restated its commitment to the bilateral approach (one of two options presented by the OECD) and industry and government are collaborating on the implementation strategy. Industry has made recommendations to the government on t......

...e Multilateral Convention); and the US Foreign Account Tax Compliance Act (FATCA). Both initiatives enforce action against tax evasion, while creating greater transparency in the international tax system. Due to the convergence of these initiatives, in February 2014 the OECD unveiled a new single global standard for the automatic exchange of information between tax authorities worldwide. So, while financial services providers in The Bahamas strive......

...egislation in 2015 to implement the US Foreign Account Tax Compliance Act (FATCA), recently passed the Automatic Exchange of Financial Account Information Act, 2016 and regulations to facilitate the implementation and enforcement of the Common Reporting Standard (CRS) and has entered into over 30 tax information exchange agreements to date. The industry is comprehensively supervised by The Central Bank of The Bahamas, the Insurance Commission of T......

...ECD) and the introduction of the US Foreign Accounting Tax Compliance Act (FATCA) and Common Reporting Standard (CRS) means that international financial centres will have to respond intelligently and immediately. The Bahamas is not alone in facing this challenge, but it is one we must tackle as a matter of survival. Secondly, de-risking not only threatens the ability to provide banking services, but also has wider economic implications for the cou......

...ustry participants to fulfil obligations under common reporting standards, FATCA and other transparency regimes. Defining what constitutes a digital currency, a utility token, an asset backed token and a security token, and detailing the regulatory, legal and accounting requirements that flow from such a determination. Developing standards around licensing, conduct, disclosures, privacy, investor protection, and cyber security for crypto exchanges......

...,” and our industry is governed by new rules set out in agreements such as FATCA and the upcoming Common Reporting Standard. This is a new reality for centres such as The Bahamas–a reality in which we will have to adjust and continue to thrive. The Bahamas: a history of compliance The Bahamas has always guarded its reputation as a premier financial services centre zealously as this sector has been the driver of our middle class and has led to adva......

...rnational regulation, such as the US’s Foreign Account Tax Compliance Act (FATCA) , as well as “ever present domestic challenges” as some of the obstacles facing the sector. but added that he remained optimistic in the long term. “There are new opportunities for co-operation,” he told delegates at the conference held at Atlantis Paradise Island. “It is really only through joint effort that we will be able to meet our fundamental goal. I’m convince......

...to focus on The Bahamas’ “reputational risk” and to do this by looking at: FATCA: The government is in the final stages of drawing up the legislation relating to the US’ Foreign Account Tax Compliance Act and hopes to have it complete by June to adhere to the MODEL I framework Engagement with the Organization of Economic Cooperation and Development (OECD) The Minister said that promotional activities will continue in 2015. “We are seeking new busi......