The Bahamas Investor

...of business, accounting, and taxes. A CPA provides a variety of financial services for major corporations, businesses, and individuals. These services include auditing financial statements and serving as consultants in the areas of tax, accounting, and financial planning. In addition to major corporations, CPAs work in the fields of public accounting, government and education. American Institute of CPAs National Association of State Boards of Acc......

...g: “You know it is coming and you know it is not going away.” Under FATCA, Foreign Financial Institutions must register with the IRS and provide reports on all accounts held by US taxpayers or be subject to a 30 per cent withholding tax. The legislation will pass into law in January 2013, but the implementation will be phased in gradually with annual reporting beginning in January 2014. Bethel predicted that FATCA will not deter legitimate busines......

...dees: “We are living in an environment where there are constant changes in financial services. Here we are again, talking about a new set of guidelines and laws that govern us.” Basel III is being introduced to improve regulation, supervision and risk management in banking globally. It aims to safeguard against further economic upheaval by setting liquidity and leverage thresholds. The regulation will be implemented from January 2013 and will rais......

...ght within a flexible structure,” explains Aliya Allen, CEO of the Bahamas Financial Services Board whose task it is to raise the profile of The Bahamas internationally and foster development of its funds industry. Companies, segregated accounts companies, partnerships and unit trusts, until recently, have been the legal structures available to investment managers. Now, with ICON, they have an additional choice to avail of. Ivan Hooper is CEO of W......

...rther need for professional offshore US tax-compliant trust administration services for US citizens, US residents and non-US residents who have US connections, as is the case in The Bahamas. Asset Protection: While tax savings offshore may not be a primary motive for most Americans, prudent, tax-neutral, timely and lawful preservation and protection of assets most definitely is. To reiterate the obvious, the US is the most litigious environment in......

...rge part to the fact that earnings came in so low as a result of the financial crisis. That said, earnings growth has dipped into negative territory for the first time since the financial crisis. Source: Chart of the Day.......

...vider to offer trust services for Bahamians, executives noted dual driving forces for a Bahamian dollar trust company: a pent-up market and trained professionals to handle the responsibility. Both of those conditions remain relevant, says Leno founder and president Sean Longley. “Although a relatively recent entry in financial services, Bahamian dollar trust demand has evolved into a strong, stable and expanding market.” “That pent-up demand was o......

...g Standard and fall in line with global tax regulation, the business model for financial services is changing. Mortemore is undaunted, saying Citi is ready to roll with the changes. “We will adapt to changing regulation requirements and comply with what needs to be done. We will continue to support clients with solutions that have integrity. As these rules start to be implemented and tweaks are made, we will be ready to adapt to those tweaks. We a......

...eyond merely purchasing property. Island Living offers property management services for those homeowners who may be out of town and unable to oversee the day-to-day upkeep of the property. The service is also popular with buyers who have multiple properties and do not have the time to maintain all of them. Wallace- Whitfield says: “It is not just about buying a house, we are selling a service. It is important to find out as much as you can about t......

...Bahamas’ delegation, which included BFSB CEO Tanya McCartney, Minister of Financial Services Elsworth Johnson and Bahamas’ Ambassador to the UAE and the State of Qatar Tony Joudi, had a full schedule last week as they introduced the UAE to The Bahamas’ financial services portfolio. Pictured: Delegates attend the STEP Arabia conference, held in Dubai November 16-17. (Photo courtesy STEP Arabia) The BFSB was a sponsor of the Society of Trust & Esta......

...ing their data to the “cloud” where it can be stored remotely. This allows for more streamlined services, reduced administrative costs and greater data capacity. Using VMware’s vCloud platform, Cloud Carib can securely host and maintain all aspects of a client’s IT infrastructure. It is specifically targetted towards businesses that rely on a secure, compliant and efficient system such as banks, government agencies and law firms. “We are introduci......

...construction of this attractive building is about more than creation of an edifice,” says Sean Longley, Leno Group of Companies founder and CEO. “It is a reflection of Leno’s confidence in the future of The Bahamas and our commitment to helping to strengthen the new chapter of financial services particularly as it serves and benefits Bahamians and Bahamian enterprises.” Leno is expected to occupy the top floors of the building. Other tenants will......

...Chartered Institute of Arbitrators (CIArb) today. “We should make every effort to open those vistas for The Bahamas. We are cognisant of the benefits of a strong arbitration centre. It has tremendous potential.” Maynard-Gibson said an established arbitration centre would create long-term employment in a number of sectors and deliver trickle down benefits in terms of hotel accommodation and other tourism-based businesses. She also noted that a cen......

...) is a leading provider of end-to-end information management solutions and services for local governments. Tyler partners with clients to empower the public sector — cities, counties, schools and other government entities — to become more efficient, more accessible and more responsive to the needs of citizens. Tyler’s client base includes more than 11,000 local government offices in all 50 states, Canada, the Caribbean, the United Kingdom and othe......

...into force December 30, 2011. Its implementation has strengthened the platform for delivery of trust services in this jurisdiction in several key areas that confer direct benefit to foreign settlors and make the administration of trusts easier for trustees: i) Directed trusts and investment powers (81A) As regards settlor directed trusts and investment powers, pursuant to the TAA 2011, trustees are absolved from any liability for loss where they......