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BFSB, FS Ministry plan China promotion

One of China’s major investment conferences targeting Asian investors will be the anchor event of a two-week promotional programme by the Ministry of Financial Services and the Bahamas Financial Services Board next month. 

Wednesday, October 1, 2014
Wednesday, October 1, 2014

China Bahamas PromotionOne of China’s major investment conferences targeting Asian investors will be the anchor event of a two-week promotional programme by the Ministry of Financial Services and the Bahamas Financial Services Board (BFSB).

The China Offshore Summit, which takes place in Shanghai October 15-16, will see the Ministry and BFSB positioned as lead sponsors. The event attracts around 500 financial intermediaries seeking information on the effective use of tax planning and asset management tools available in jurisdictions such as The Bahamas.

Minister of Financial Services Ryan Pinder says this outreach will generate critical exposure for the country. “It will allow us to develop the Chinese financial services sector for The Bahamas. The timing certainly is right, with the Asian market maturing in terms of the demand for the international diversification of assets. We have had a long-term goal of attracting Chinese investment to use The Bahamas as a hub for trade financing, and so we’ll look to advance that too.”

The Ministry, BFSB, Baha Mar, and several BFSB member firms, will also participate in Bahamas Landfall events, the STEP Asia Conference, the ARIMAC (Absolute Return Investment Management Association of China) Summit and a series of one-on-one meetings with Chinese investment and intermediary firms in Hong Kong, Beijing and Shanghai as part of the Bahamas financial community’s business development efforts in Asia.

“The Asian market holds enormous promise for The Bahamas,” says Aliya Allen, BFSB’s chief executive officer and executive director. “The number of high-net-worth individuals (HNWIs) and families in China has exploded in the past ten years, and like those in other parts of the world, they have a wide range of choices of jurisdictions for their wealth planning needs.”

“But unlike HNWIs and families in markets where The Bahamas has a historic presence, those in China are not as familiar with what we have to offer, and therein lies the opportunity. As the clear leader in our region in wealth management and related services, the Summit and Landfall events will enable us to showcase our experience and expertise in these areas.”

Allen adds that Chinese investment in the Baha Mar project and Hutchison Whampoa’s long standing presence in Grand Bahama should instill confidence among individual Chinese investors in The Bahamas as a reliable jurisdiction for their wealth planning needs.

“The Chinese business community chooses wisely in their investment locations,” she says. “ There is no reason why wealthy individuals and families from China and other parts of Asia cannot have the same confidence in The Bahamas as a location for their personal financial planning needs.”

The China Offshore Summit, now in its fourth year, was designed to meet the demand of an ever increasing need for sophisticated international wealth, tax and asset planning services by Chinese investment groups and corporations.

ARIMAC, which takes place in Shanghai October 18, is the fund industry’s most prestigious conference in China, focused on hedge fund managers and rated AAA. Minister Pinder will be presenting at the invitation-only event, which is being co-sponsored by The Winterbotham Trust Co.

Bahamas Landfall: Destination Hong Kong will take place on October 7 with the STEP Asia Conference taking place in the same city October 8-9. Bahamas Landfall: Destination Beijing will take place on October 13. Two days of one-on-on meetings are scheduled in Shanghai prior to the start of the China Offshore Summit October 15.

An extensive Trust and Foundations Guide has been produced as part of the materials that are being specially prepared for the Summit event with editorial contributions by the Ministry of Financial Services, BFSB, and BFSB members Ansbacher (Bahamas) Ltd, Butterfield Trust (Bahamas) Ltd, and Clairmont Trust, the Multi-Family Office for the Deltec International Group.

Ansbacher, BDO Bahamas, Butterfield, Deltec Bank & Trust and The Winterbotham Trust are sponsors for both Bahamas Landfall events and are participating in the China Offshore Summit as well.

Miami-based law firm Cantor & Webb PA is helping dual citizens in The Bahamas navigate complex US tax regulations with the creation of a new company dedicated to assisting taxpayers with compliance.

The Bahamas Chamber of Commerce and Employers Confederation has said that there is limited space available for its meet and greet event tomorrow featuring Arnold Donald, president and chief executive officer of Carnival Corp.

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