The Bahamas Investor

...The Albany Financial Centre housing some of the island’s premier high-end financial services providers is poised to provide the industry’s already strong brand with an added boost. The 50,000 sq ft facility will provide office space for around 40 tenants, the core of which will be representatives from some the world’s most prestigious private banks, accountancy and law firms, trust companies and financial service providers. The centre will also h......

...ons throughout the world and will require significant expense and training for financial institutions,” Minister Pinder added. The Ministry of Financial Services, he said, initiated its education and private sector consultation work programme on FATCA in September 2012. In January 2013, the Ministry launched its FATCA strategy document that provided a road map to achieving FATCA compliance. “The strategy provided an outline of the key issues and d......

...legislation that increased the country’s competitiveness. For openers, the Financial Services Consultative Forum, a private sector advocacy group, won praise from the government and had its mandate extended for another 12 months, with Moree continuing on as chairman. He alluded to several activities the Forum had planned such as product-related legislation. This would include the unveiling of the Private Trust Act and amendments to the Purpose Tru......

...ook is improving. I think that we are on the cusp of a very dynamic period for financial services. As a jurisdiction, we have a lot of advantages and we market these accordingly, such as political stability, legislation and expertise. More important is the fact that we are a well diversified centre, with a range of banking and trust offerings, legal, asset management and accounting capabilities, among others. When you look at other financial servi......

.... King, BBA – Accounting (COB) Minister of Financial Services, the Hon. L. Ryan Pinder, brought remarks on behalf of the Government of The Bahamas, congratulating all of the outstanding industry practitioners singled out for recognition and also acknowledging the gifted capacity resident throughout the financial services sector. These sentiments were echoed by BFSB Chairman Paul Winder who said, “As always, I stand in awe of the breadth of talent......

...r the implementation of the common standard on reporting and due diligence for financial account information in tax matters and for connected purposes a second to the reading of a bill by the member of parliament for the Seabreeze constituency and Minister of Financial Services Mr. Speaker, I rise on behalf of the fine folks of the Seabreeze Constituency today to second the Bill before us today. I wish my constituents to know that I am forever gra......

...ttee Jane Major made a courtesy call on the Minister of Financial Services Ryan Pinder last week. At the meeting, Minister Pinder discussed his plans to advance the financial services industry, with a specific focus on education and training. He expressed his interest in assisting organizations such as BIFS and other private training professional bodies in securing appropriate high-profile presenters to address topics of relevance to broaden the k......

Remarks by Minister of Financial Services Ryan Pinder at the Foreign Account Tax Compliance Act (FATCA) symposium held in Nassau Monday, November 5, 2012: Introduction Welcome today to this informational seminar on the United States legislation, the Foreign Account Tax Compliance Act (FATCA). The Internal Revenue Services describes the FATCA as “an important development in US efforts to improve tax compliance involving foreign financial assets an......

...challenges. The Bahamas has offered unique wealth management products and services for years. However, regulatory changes, coupled with global tax reform initiatives, are driving the need for us to revisit our current range of products and services. Bahamas at the forefront To make certain that The Bahamas remains at the forefront of global finance and wealth management, we also need to continue to invest in the nation’s infrastructure, education......

...countries competing with The Bahamas in its core industries of tourism and financial services can boast the same. An investor looking to invest in The Bahamas is seeking more than just the selling points above. The investment has to make commercial sense and provide a suitable return for the risk of making an investment. While the aforementioned points certainly contribute to the sustainability of a business model, when it comes down to conducting......

Minister of Financial Services Ryan Pinder said last week that the issue of training and human development within the financial services industry is an essential pillar of the Ministry, pointing out that the Ministry followed through on its budget promises to ensure that new learning opportunities are created for Bahamians in the financial services sector. “Through our affiliation with the AIBT (Association Of International Banks and Trust Compan......

...and attain success in this space. For The Bahamas, Fintech presents a platform for innovation that should be leveraged to participate and thrive in this new digital era set out by a variety of next generation technologies. Opportunities for entrepreneurs, as well as established firms, can be created in this new environment, although both run some risk in the absence of regulatory and legislative guidelines as a lot of the technology is so new. Bu......

...to transfer assets of almost any type to a third party (the trustee) to administer for the benefit of persons chosen by the settlor (the beneficiaries) in accordance with the provisions of a document (the trust deed). A trust’s assets may include securities, real estate, artwork and bank accounts. The provisions of the innovative 1998 Trustee Act set the standard for trust legislation and include the retention by the settlor of certain powers wit......

Here follows remarks by Minister of Financial Services Hope Strachan at the Bahamas Financial Services Board’s Annual General Meeting held last week in Nassau: It is indeed a pleasure and a privilege to have been asked to speak to you on this the occasion of your annual General meeting. This invitation is a demonstration of the partnership and the collaboration between the Government of The Bahamas, The BFSB and the private financial Services sec......

Minister of Financial Services Ryan Pinder said March 19 that the multi-sectoral European Partnership Agreement (EPA) stakeholder consultation is imperative in the development of a national EPA Implementation Work Plan by The Bahamas. “This implementation plan is inextricably intertwined with the establishment of a dedicated National EPA Implementation Unit who will hold the mandate to bring to fruition our agreed obligations to the Economic Part......