The Bahamas could position itself as a leader in private wealth management by introducing a more specialized legal system, according to one of the country’s top lawyers.

Heather Thompson, partner at Nassau law firm Higgs & Johnson, says there is a need for separate courts to handle cases concerning private wealth management and commercial law, as these would allow legal professionals to gain experience in the field.

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At a ceremony in Nassau February 11, the government of The Bahamas and the government of India signed a Tax Information Exchange Agreement bringing the total number of such agreements held by The Bahamas to 24, ten of which are with G20 member nations.

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Below is an update on the Tax Information Exchange Agreements (TIEAs) signed by The Bahamas, compiled by the Bahamas Financial Services Board (BFSB).

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The $19-million government complex in Freeport, Grand Bahama, is well into the construction phase, with the majority of the office building nearing completion. The 65,000 sq ft facility will house various government departments and is scheduled for completion by August 2011.

The construction is being carried out by FES Construction Co Ltd.

“The complex will create 250 new jobs in the construction sector all told and spin-off effects for the wider community,” according to Minister of State for Finance in the Ministry of Finance Zhivargo Laing.

It is hoped that the new buildings will help shift some of the government’s administrative duties to the nation’s second city.

“At the moment the government has a kind of branch mentality when it comes to Freeport and Grand Bahama,” says K Peter Turnquest, president of the Grand Bahama Chamber of Commerce. “We are hopeful this will help change that, but there are practical considerations. What we need is true local government.”

The Bahamas Institute of Financial Services (BIFS), along with other participating organizations, have been working hard behind the scenes to put together one of the banking industry’s largest forums.

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Addressing the third annual Bahamas International Maritime Conference and Trade Show (BIMCATS) held in Freeport, Grand Bahama, last week, Prime Minister Hubert Ingraham reiterated the nation’s commitment to the maritime industry and highlighted the sector’s contribution to the island nation’s economy.

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In-line with its commitment to transparency and accountability in the exercise of its functions, the Office of the Attorney General (OAG) released Report 2010 at the beginning of this year. The document outlines the role of Attorney General and Minister of Legal Affairs and his team in the nation’s justice system, and their achievements over the last year, as well as their goals for 2011.

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Vastly outstripping the number of Tax Information Exchange Agreements (TIEAs) required by Organisation for Economic Co-operation and Development (OECD) member nations, The Bahamas last week officially concluded a tax treaty with Japan.

The requisite number of TIEAs stipulated by the OECD for international tax compliance is 12. The Bahamas has now signed TIEAs with 17 OECD members and nine members of the G-20.

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As the US continues its global initiative for greater transparency and compliance in regards to the financial dealings of its citizens, increased regulations are becoming an occupational hazard for financial services providers in offshore jurisdictions. The latest raft of compliance measures addresses operational accounting methods and will come into force on January 1, 2013.

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Despite a recent drop in house values and sales, the future looks bright for the Bahamian real estate sector, according to industry leader Robin Brownrigg, president and founder of Bahamas Realty.

Despite a tough year financially last year, Brownrigg believes that the sector is poised for recovery and has weathered the storm well–partly due to its reliance on Canadian rather than US banks.

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