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Financial services in The Bahamas

With 80 years of history, The Bahamas' financial services sector has grown into a thriving, multi-disciplined industry, with around 250 banks and trust companies. 

Wednesday, September 1, 2010
Wednesday, September 1, 2010

Over the last 80 years, The Bahamas’ financial services sector has developed into a sophisticated industry offering a breadth and depth of services unrivaled in the region. Here are some of the key elements that make The Bahamas a truly competitive international financial services hub:

• There are around 250 banks and trust companies licensed in The Bahamas, of which 125 are subsidiaries of institutions originating from 28 countries, including Switzerland, Canada and the United States

• These institutions have combined balance sheet assets of more than $300 billion and $1 trillion in assets under administration, according to The Central Bank of The Bahamas

• There are approximately 4,900 people employed in the banking and trust sector

• More than 800 lawyers belong to the Bahamas Bar Association

• More than 400 chartered accountants belong to the Bahamas Institute of Chartered Accountants

• The Bahamas maintains an A3 rating and positive outlook from Moody’s Investors Service

The Bahamas is uniquely positioned to become an international arbitration centre, employing the talents of the local legal profession. The Bahamas Chapter of the Chartered Institute of Arbitrators (CIArb) is looking to make that a reality.

If you are still debating whether The Bahamas is the place in which for you to invest, here are the top ten reasons why the jurisdiction is one of the premier offshore centres for investment in the region.

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