The Bahamas Investor

Minister of Financial Services Ryan Pinder (pictured) says he fully supports the resolution to approve a $16.5 million Inter-American Development Bank (IDB) loan for the trade sector. Pinder said that this loan would not only support the modernization exercise of the Customs Department, but could also be applied to facilitate the necessary components as the country moves towards World Trade Organization (WTO) accession. “The loan is going to prov......

...as a world-class financial services centre, Minister of Financial Services Ryan Pinder said this newest policy is part of the government’s commitment to make doing business in The Bahamas easier. “Through consultations with the Ministry of Financial Services, we became aware of the need for clarification on certain matters relating to immigration policies and especially for those who come to The Bahamas for short-term business trips, who don’t com......

...a company. Legislation is currently in the pipeline which will also allow for the formation of private trust companies (see Another reason to look to Bahamas in this issue). The quality of asset management and the protection thereof is a prime advantage offered by The Bahamas to investors in what has become a very competitive international arena, says Thain. Another benefit of an IFC is financial privacy. “Privacy is a right; we shouldn’t have to......

...chairs. Between them they have more than 40 years collective experience in financial services, with expert knowledge in accounting, management, investments, trust administration and corporate consultancy. In an exclusive interview with The Bahamas Investor, the two executives offered some insight into the state of the industry and AIBT’s role in it. Q: What do you see as the primary purpose of the AIBT? IH: AIBT is the representative body for inte......

...commercial and corporate law. “That’s where I started to develop a passion for the financial services field and the professionals in it. I think this is one of those fields that calls for creativity and a real passion that many professionals in the industry possess.” Her practice at the law firm covered trust and estate planning, investment funds, securities, foundations and insurance. Whether working on a major financial institution’s pension tru......

...s Smith explains: “We backed into our no-tax policy. That became a vehicle for foreign investment, and this was the backbone on which we built our financial services sector.” He adds that wealthy Canadians were instrumental in this, as they were taxed on residency, which in the 1930s was defined as living in a place for six months or more. “Canadians came down here for six months and a day, so they were no longer liable to be taxed in Canada. They......

...s possible. We are moving diligently.” Promoting the financial sector As a former Minister of Financial Services and Investment and a founding director of the Bahamas Financial Services Board (BFSB), Gibson is well aware of how the legal sector can assist the financial services industry in The Bahamas, particularly in an era where transparency and compliance are gaining greater prominence. In November 2013, Gibson was appointed president of the Ca......

...parate ministry dedicated solely to financial services, saying the Bahamas Financial Services Board (BFSB) is sufficient to meet the needs of the sector—provided it receives more funding. Managing partner at Deloitte Bahamas Raymond Winder says there is no need for a Ministry of Financial Services. His comments come on the back of suggestions made by lawyer Brian Moree at the Bahamas Business Outlook conference in January that a Ministry of Financ......

...for the past six years. “I believe that there are opportunities out there for financial services and we are setting the basic building blocks.” On the global stage In collaboration with the Ministry of Financial Services, the BFSB has stepped up its overseas promotional activities in recent years, with very encouraging results according to McCartney. In 2016, the BFSB and the ministry are representing The Bahamas at events in Saint Lucia, São Pau......

...n the tourism industry, but once I became exposed to the exciting world of financial services, it just felt very right for me. I then had to decide what sector of the industry suited me best. I found the idea of assisting persons to plan for their future and organize their personal affairs very exciting. Therefore, trust services seemed a natural fit.” The offshore financial environment in the early 1980s was fairly elitist, however, and it was a......

...determined to make considerable efforts to enhance a conducive environment for financial services and investment. However, in order for The Bahamas’ financial centre to grow and sustain a reputable position in an intensely competitive environment, effective steps must be taken to embrace the liberalization of the legal profession in The Bahamas. Such liberalization is a journey and not an overnight process. We must look towards the future whereby......

Minister of Financial Services Ryan Pinder (right) tours the new Coca-Cola plant July 19. Pictured at left conducting the tour is Walter Wells, president and chief executive officer, Caribbean Bottling Co. (BIS Photo/Raymond Bethel) Minister of Financial Services Ryan Pinder takes a tour of the new Coca-Cola plant on July 19. Pictured from left: Walter Wells, CEO, Caribbean Bottling Co; Minister Pinder; and Harrison Thompson, permanent secretary,......

...ito, Bahamas Hotel and Tourism Association; Minister of Financial Services Ryan Pinder; Minister of Foreign Affairs and Immigration Fred Mitchell; Minister of State for Investments Khaalis Rolle; immigration director William Pratt; Chester Cooper, president of the Bahamas Chamber of Commerce and Employers Confederation; Stuart Bowe, Bahamas Hotel and Tourism Association; and Edison Sumner, Bahamas Chamber of Commerce and Employers Confederation. J......

...further comfort. “That’s one of the things that has never been a challenge for foreign investors,” says Rolle. “Investors want to know they can get their profits out and repatriate funds as they earn them.” With regards to the ease of doing business in The Bahamas, Rolle believes there is room for improvement as evident in the World Bank Group’s global ranking this year, which placed The Bahamas 106th out of 189 economies. “Investors expect a busi......

...h over the next decade. In the aftermath of the financial crisis, the bias for financial market regulation has shifted towards tightening. Furthermore, in particular many developed economies have accumulated excessive debt levels–both private and public–which suggests a high need for deleveraging going forward. Various empirical studies show that after periods of large debt accumulation–and correspondingly high growth levels due to debt-based grow......