Wednesday, April 1, 2015
Wednesday, April 1, 2015
Addressing more than 120 participants at the March 19 luncheon of the Miami Branch of Society of Trust and Estate Practitioners (STEP), Bahamas Financial Services Board (BFSB) chief executive officer Aliya Allen spoke of advantages of The Bahamas for Latin American clients.
She noted the jurisdiction’s more than 80-year history in providing wealth management services, its robust regulatory framework, well-regarded international reputation, innovative outlook and independence as being key drivers of LATAM business to The Bahamas.
The Minister of Financial Services Hope Strachan in her first address to an international audience as Minister of Financial Services, highlighted the government’s commitment to the financial services sector and her own Ministry’s active role in ensuring that the policy framework supports its further growth and expansion.
“While many countries in Latin America have achieved greater levels of political and economic stability, diversification is still an important goal for many investors”, said Allen addressing the participants comprising many of the top legal, family office and tax advisory firms in Miami.
“Historic levels of inflation in many countries and the fact that appropriation of property is still a very real concern ensure that this will remain a priority. Access to capital markets and to investments outside of one’s home country will continue to drive the increasingly sophisticated LatAm investor. The Bahamas provides a key platform in its well regulated investment funds offering for facilitating this kind of investment.”
STEP Miami members were introduced to the Investment Condominium (ICON), which Allen said was indicative of the highly collaborative approach to product development employed by The Bahamas.
“We are not concerned with developing trend-driven legislation or “new” products in knee jerk reaction to regulatory or other developments. Our approach is always to ask ourselves, ‘How can we add value?’ and the answer is always informed by our continued engagement with many of the advisors in this room.”
Also addressing the audience were expert legal and tax advisors William Heuseler for Itau Bank (Sao Paulo) and Abel Mejia, a partner in Sanchez Devanny in Mexico City, who examined the advantages of the ICON for those markets.
A total of ten professionals and participants of the financial services industry in The Bahamas joined the Bahamas delegation for the STEP luncheon.