Financial institutions must get up to speed on their US accounts before stringent accounting regulations come into force in 2013 or face serious penalties, according to tax attorney Ryan Pinder.

The Foreign Account Tax Compliance Act (FATCA) comes into force January 1, 2013, and will require foreign financial institutions (FFIs) to disclose information on all their US clients.

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Shipping expert and managing director of Campbell Shipping Company Ltd, Chandler Sands, addressed financial services professionals attending the Nassau Conference at the British Colonial Hilton last month on the topic of financial opportunities in the maritime industry.

The shipping MD highlighted the potential of business for financial services providers and the maritime industry in The Bahamas as a whole.

“I propose that the Bahamas Maritime Authority, which has 1,539 ships on its registry partner with the [financial services] industry on policies and procedures and all the things that you do well. You can offer a cluster of services to the shipping and maritime industry.”

Listen to the full address below.

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[audio:http://www.dupuch.com/tbi-media/Nassau-Conf_maritime_Chandler-sands_15june2011.mp3]

View or download the Monthly Economic and Financial Developments report for May.

When it comes to his Long Island-based business, the phrase “taking the plunge” is doubly meaningful for world record-breaking freediver William Trubridge.

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With accelerated economic growth and swelling ranks of high-net-worth individuals (HNWIs), it is not surprising that the Latin American (LATAM) region is garnering the attention of offshore jurisdictions and none more so than The Bahamas.

Although new wealth generation in Brazil has been well documented, other economies in the region are also performing well, registering 6-10 per cent growth in countries such as Chile, Peru, Argentina and Colombia.

This growth presents a golden opportunity for banks and other financial services providers that operate out of The Bahamas.

“When you look at Chile, Peru and Colombia, for example, you see fast growing economies that are stable, have tremendous resources in terms of commodities and human capital,” says Beat Paoletto, managing director and chief executive officer at UBS (Bahamas) Ltd. “We believe that the conditions for ongoing rapid development in the region are perfect. You have everything you need for growth.”

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Canadian investors take a central role in the Investing section of the July issue of The Bahamas Investor magazine.

Foreign direct investment from The Bahamas’ northern neighbour has totalled around CND$11.7 billion (US$12.4 billion) over recent decades, mainly in the areas of construction, financial services and insurance.

“Our relationship with Canada is a very close one,” says former Scotiabank managing director Barry Malcolm. “Canada’s economic system, plus the fact that it is a commonwealth country, like The Bahamas, makes for a very easy and comfortable relationship.”

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More than fifty years after it first roared onto The Bahamas’ social calendar, Nassau Speed Week is set to be revived this year with events spanning November 30 until December 4.

Originally scheduled to attract visitors to the island during a traditionally slow vacation period, for 13 years from 1954 the event ran successfully, drawing big name racers and iconic vehicles.

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Ready to hit boardrooms and executive offices around the world next month, the July issue of The Bahamas Investor magazine is packed with insightful commentary and in-depth features.

The Executive Focus feature shines the spotlight on chief executive officer of Nassau Airport Development Co Stewart Steeves and the work he and his team have been doing to complete Stage One of the Lynden Pindling International Airport’s overhaul. The opening of the state-of-the-art US Departures Terminal in March marked a significant step in the multi-million-dollar redevelopment.

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Two years after construction commenced, The People’s Republic of China yesterday officially handed over the new, ultra-modern $30-million Thomas A Robinson National Stadium to the Bahamian people–a gift hailed by Prime Minister Hubert Ingraham as a symbol of good bilateral relations.

“The gift of this stadium by the Chinese government is, I believe, a most generous demonstration of the good relations that have developed between our two governments and peoples since the establishment of diplomatic relations in 1997,” said Ingraham at the handover ceremony.

The stadium is the “jewel in the crown” of what is expected to be a thoroughly modern, world-class sports centre, with facilities extending over some 450 acres.

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