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All you need to know about investing
WELCOME BAHAMAS - NASSAU, CABLE BEACH & PARADISE ISLAND - 2004
All you need to know about investing
The Bahamas Financial Services Board replies to frequently asked questions
Here are the answers to some frequently asked questions about the Bahamian financial sector.
Q. What are the principal services and products offered by The Bahamas as an international financial centre?
A. The Bahamas offers a full range of financial services and products including: private banking; trust services; fund administration; asset management and protection; investment management; aviation registry & support services; brokerage services; commercial banking; company formation & administration; e-commerce services & support; information technology services; insurance & support services; marine registry & support services and support services (back office). More information on The Bahamas and the financial services industry can be found at www.bfsb-bahamas.com/bahamas.lasso.
Q. What is the general state of the financial services industry?
A. The Bahamas is one of the premier centres for international banking and trust services. There are more than 250 banks and trusts physically present in The Bahamas today. Currently there are some 700 funds with assets under management totalling $100 billion. On the insurance side, there are more than 80 insurance companies in The Bahamas, representing approximately $700 million in assets. The Bahamas Ship Registry boasts 1,600 merchant ships, representing 34 million gross tons. The prestigious registry currently is ranked as the third largest (by tonnage) in the world, and credited with being the first choice for the world?s leading cruise operators.
Q. What are the primary regulatory agencies for the financial services industry in The Bahamas?
A. The Bahamas has established a comprehensive regulatory framework that includes five regulators and supervisors in the financial sector. The Central Bank of The Bahamas, the Securities Commission of The Bahamas and the Registrar of Insurance Companies ensure adherence to international standards of oversight, service and confidentiality through a progressive regulatory and supervisory framework. Another supervisory body is the Bahamas Compliance Commission, an essential part of the jurisdiction?s rigorous anti-money-laundering efforts. The fully operational Financial Intelligence Unit of The Bahamas, along with the International Legal Cooperation Unit of the Attorney-General?s Office ensures that The Bahamas fulfills its global commitment to the fight against money laundering and terrorism. More details on these and other industry regulatory/supervisory agencies can be found at www.bfsb-bahamas.com/res_regulators.lasso.
The Association of International Banks & Trust Companies is a self-regulatory association for international banks engaged in banking and trust business in The Bahamas. Similarly, the Bahamas Institute of Chartered Accountants functions as a self-regulatory body, ensuring professional compliance with International Auditing and Accounting Standards and Rules of Professional Conduct. Other industry groups that operate on a self-regulatory basis are the Bahamas Bar Association and the Bahamas Real Estate Association.
Q. Does the government have an investment policy?
A. The Bahamas has a liberal investment policy, with government encouraging and promoting an investor-friendly environment. The Bahamas Investment Authority (BIA) is a one-stop shop designed to cut red tape and facilitate coordination among the relevant government agencies. For major investments, BIA submits project proposals for approval to the National Economic Council comprising major government ministries. An international investor seeking to do business in The Bahamas should submit to the BIA a project proposal along with supporting documents. Information on the guidelines for a project should be obtained directly from the BIA at PO Box N-7770, Nassau, The Bahamas. Tel (242) 327-5970, fax (242) 327-5907 or visit www.opm.gov.bs.
Q. What are the primary advantages of The Bahamas as the international financial services jurisdiction of choice?
A. As a sovereign country, with strong regulatory oversight and sensitivity to the requirements of a global market, The Bahamas is committed to the financial services industry. Aspects of The Bahamas environment that have supported the development of this industry over the last 60 years include:
? Independent judicial system, based on English Common Law
? Long history of constitutional democracy, dating back to 1729
? Large, diverse and highly-skilled professional community
? Easy access, with many direct flights each day from America and Europe
? Located at the crossroads of the Americas
? Absence of exchange control for non-residents
? Modern and accommodating legislative framework
? No personal or corporate income, capital gains, estate, gift or inheritance taxes
? Regulatory environment that is conducive to investment opportunity while maintaining the highest international standards of operation and conduct
? Public/private sector co-operation.
(This material has been excerpted and condensed from the Bahamas Financial Services Board website at www.bfsb-bahamas.com.)
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