The Bahamas Investor

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...here possible. “We are keenly aware that FATCA imposes new requirements on financial institutions [and] we have had ongoing dialogue with the financial community,” she said. “We think we have gotten FATCA to a place where it can be implemented without being overly burdensome. Wherever possible, we have tried to build on existing practices.” Under FATCA, foreign financial institutions (FFIs) are forced to disclose information on their US accounts t......

...4.8%), amid increases in both personal emoluments and purchases of goods & services. In addition, transfer payments rose by $23.3 million (7.3%), due in large measure to increased subsidies for public health-related activities. Capital outlays were also higher, by $24.1 million (21.0%) to $138.8 million, primarily attributed to a $27.4 million (30.7%) rise in infrastructure-related spending, while Government’s net lending to public entities increa......

...(ATMs), direct credits or debits. “Payment systems lie at the heart of the financial services sector; they provide a highway over which individuals and companies receive and make payments for goods and services,” explained Laing. “A payment system is essentially a set of instruments, procedures and rules for the transfer of funds among system participants. Disruptions in a system, or the total failure of a system, pose a threat to the stability of......

...s rank, Hong Kong’s position was bolstered by strong scores in non-banking financial services such as IPO activity and insurance. Although the US fell one spot to second place, its overall score remains almost unchanged compared to last year. While financial stability continues to be a concern, the US was able to offset this weakness with strong financial intermediation results. Particular strengths in this area include highly developed foreign ex......

...clients and engage with them on a personal level. The personal touch Most financial services providers require that their long-standing clients come to their offices at least once to meet their wealth manager face to face. Making this connection is key to the success of the provider/client relationship according to Gian Fadri Pinösch, managing director and chief executive officer of Banque Privée Edmond de Rothschild Ltd. “It is crucial [to meet......

...ing Institutes is a biennial event that brings together officials from the financial sector and personnel from financial training institutes worldwide,” explains BIFS executive director Kim Bodie. “We are expecting around 300 delegates from all over the world, including the Middle East, Europe, Canada, China, India, the US, the Caribbean region and Africa. Over the years, the conference has attracted delegates from more than 50 countries worldwide......

...the District of Delawarewith respect to Baha Mar are: Northshore Mainland Services Inc. (9087); Baha Mar Enterprises Ltd.; Baha Mar Entertainment Ltd.; Baha Mar Land Holdings Ltd.; Baha Mar Leasing Company Ltd.; Baha Mar Ltd.; Baha Mar Operating Company Ltd.; Baha Mar Properties Ltd.; Baha Mar Sales Company Ltd.; Baha Mar Support Services Ltd.; BML Properties Ltd.; BMP Golf Ltd.; BMP Three Ltd.; Cable Beach Resorts Ltd.; and Riviera Golf Ventures......

...FATCA’s central purpose remains simple: to identify US taxpayers who hold financial assets in non-US financial institutions and other offshore accounts, so that they cannot avoid US tax obligations. Even with the uncertainty, financial institutions should be encouraged that the picture surrounding FATCA is brightening. Moreover, the US Treasury Department conveyed a clear intent to make the proposed requirements less difficult for institutions. I......

...erations. On both trips the CEO met with policy makers, key persons in the financial services sector and the local UBS team. UBS established its presence in Nassau more than 40 years ago and employs 156 persons. In a 2011 Euromoney survey, UBS’s Bahamian operations ranked top in the Investment Products and Trust Services categories. In an exclusive interview with The Bahamas Investor, Zeltner discusses steps UBS has taken to not only grow its mark......

...the banking sector with companies such as Ansbacher and SG Hambros. “[The financial services industry] was a progressive, dynamic environment. I found my niche and the rest, as they say, is history,” says Cooper. It was while working at SG Hambros, that Cooper was offered a two-year secondment to work in Dublin, Ireland in 1998. He enthuses about the opportunities available in working abroad and is keen to see more Bahamians from the business sec......

...go to the Cayman Islands, for example, 85 per cent of professionals in the financial services sector are expats, here 95 per cent of the workforce is Bahamian.” Crosbie-Jones joined the company in 1994 and, along with fellow executive directors Bruno Roberts and Charlene Y Storr, has worked hard to maintain close personal relationships with the company’s clients. “This business is all about developing and maintaining strong relationships with peop......

There are several points of interest. For one, while most major US stock market indices trade well within record territory, when adjusted for inflation, the story changes. For example, the inflation-adjusted Dow still trades below both its 1999 peak — albeit not by much (only 0.2% below its 1999 all-time, inflation-adjusted record high). Another point of interest is how the inflation-adjusted Dow was unable to punch through the 16,000 level on it......

...e cushion against further deterioration. The district’s moderate levels of financial leverage with no additional near-term debt plans (net debt/cash flows available for debt service at 3.5x) in conjunction with adequate unrestricted cash and investments (with over 400 days of cash on hand) provide for some additional financial flexibility. WHAT COULD TRIGGER A RATING ACTION: –Maintenance of the current rating will depend upon sustained gains and/o......

...Act or a duly licensed financial and corporate service provider under the Financial and Corporate Services Providers Act. If a foundation has a foundation agent and a secretary, but the latter does not perform any of the statutory duties, such a secretary need not be a licensed financial and corporate service provider or trust company. Where there are no officers appointed, the foundation charter shall provide for the appointment of a foundation......