The Bahamas Investor

...ver time,” says Karthikeyan Rajendran, sales director, Middle East, global financial services at Capgemini. “The concentration of HNWIs among these areas will continue to erode if the HNWI populations of emerging and developing markets continue to grow faster than those of developed markets.” The fifth annual Asia-Pacific Wealth Report 2010, also produced by Merrill Lynch and Capgemini, noted that ultra-HNWIs, or individuals with investable assets......

...rket, ETFs are widely traded from The Bahamas specifically in the offshore financial services sector. A distinction must be made between the offshore financial sector and the domestic sector due to foreign exchange control regulations in place. A domestic investor can only access the international capital markets with prior foreign exchange control approval issued by The Central Bank of The Bahamas and after paying a hefty premium tax on the inves......

...out as a hotel suite. You get a very good return on investment that way.” For Minister of State for Investments Khaalis E. Rolle, The Bahamas’ popularity with investors has been increased by transparent system of governance. “We have been the largest hub for FDI among the small island states for many years. In the past year alone, The Bahamas has received $1.5 billion,” he said. “We have done an excellent job in promoting The Bahamas and will con......

...hedule of development, and the strategic direction on capital adequacy and other solvency-related items. International Standards of Actuarial Practice: Desmond Smith, president of the International Actuarial Association (IAA), gave an overview of the IAA and its mission before discussing the development of the IAA’s International Standards of Actuarial Practice. Financial stability: Braumüller discussed the recent release of the IAIS’ proposed ass......

...vice, which provides credit ratings and research covering debt instruments and securities, and Moody’s Analytics, which offers leading-edge software, advisory services and research for credit analysis, economic research and financial risk management.......

...pending (particularly wages) should be resisted,” the report warns. In the financial services sector, the IMF says macroprudential policies should remain the order of the day. “In light of heightened downside risks to a sudden stop in financing, it remains imperative to ensure that the financial and corporate sectors do not continue to build vulnerabilities,” says the report. The organization calls the increase in wholesale funding by banks and fi......

...eedback on all legislative/regulatory proposals. On 24th October 2011, the Minister of State for Finance, Hon. Zhivargo Laing, the Minister of Agriculture and Marine Resources, Hon. Lawrence Cartwright, and Mrs. Wendy Craigg, Governor, Central Bank of The Bahamas met with members of the board and management of the various credit unions, to formally introduce the Project. The Project team comprises Mr. Pierre Seguin, Technical Adviser; Mrs. Wendy C......

...e explained. Skousen’s other tips included the energy sector, real estate, foreign stocks and bonds and financial stocks. “Mid-Western banks seem to be the place to be, the sweet spot, when it comes to investing,” he told attendees at the summit on Friday last week, emphasising that opportunities did exist for those who were willing to diversify their portfolio and adapt to the volatility of the markets. “We have some real winners here. If you div......

...tella Maris Village on Long Island in The Bahamas. Speaking at the Bahamas Financial Services Board (BFSB) Landfall event in Miami last week, Keyworth appealed to wealth managers to not only buy into the financial benefits of The Bahamas, but also the lifestyle it has to offer, particularly on less densely populated islands, such as the idyllic Long Island. A fishing, boating and diving paradise, the sock shaped island is 80 miles long and only fo......

...rtion of the local component of the total national income derived from the financial services sector. The shift in ownership and control has resulted in major benefits for The Bahamas, most notably the development of technical and managerial jobs that were previously performed in a head office or offshore environment, mostly in Canada and the United Kingdom. The career prospects that exist in the industry offer tremendous opportunities for the tal......

...e board also elected director James Schaefer, chief operating officer, Old Fort Financial, as co-deputy chair, along with Timothy Colclough, vice president, Butterfield Trust, who has been serving as deputy chair for the last year. “I have great respect and admiration for what BFSB represents and what it has accomplished as the front edge of the industry’s development and promotion efforts,” said Rahming at the meeting. “I am honored to be elected......

...this year and will come into full force from next year. Under FATCA every foreign financial institution (FFI) with US accounts will be forced to disclose information on those accounts to the US Treasury. The Prime Minister said the new regulations were indicative of the global trend towards greater transparency, telling the audience: “We meet today in The Bahamas to discuss a subject that is of great significance to our country at a time when the......

...e of financial structure (trust, fund, company, etc.) triggers a red light for regulators, he added. Offshore financial centers are now operating in an environment that differentiates between what is legal and what is legitimate tax planning. “This is the discussion facing every one of us in our industry. We are in an area where nobody has the clear anti-abuse, anti-avoidance rules. It’s not only something that you evaluate from your internal poin......

...The Bahamas at the time that enhanced the regulatory regime governing its financial services sector and increased transparency. Under the Tax Agreement, The Bahamas was also certified as a Qualified Jurisdiction for purposes of US Tax Withholding procedures. That important certification allows Bahamian financial institutions certain privileges under US law, namely, allowing those that invested in US securities to do so while maintaining the confi......

...y and information technology functions. Rice has been with Royal Caribbean for more than 20 years, serving as Chief Financial Officer since 2006 and Vice Chairman since 2012. In a related move, Jason Liberty (right) has been appointed as new Chief Financial Officer, effective immediately, and will continue to report to Rice. Liberty joined Royal Caribbean in 2005 and most recently served as Senior Vice President, Strategy and Finance, overseeing t......