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Investing offshore
WTDN - Jan08
Investing offshore?
It's better in The Bahamas
Why should you choose The Bahamas as the best place to place your offshore investments? There are dozens of reasons but here are six:
o proximity to the United States and in thesame time zone as the US Eastern Seaboard, including New York and Boston, along with Montreal and Toronto in Canada;
o economic and political stability-The Bahamas has had a representative government since 1729 and it transformed itself peacefully from aBritish colony to an independent country in 1973;
o
it is a country that nurtures its investment community with compliant legislation in tune with the highest international standards;
o abundant public services and a modern infrastructure, including relable, high-speed communications;
o few taxes: The Bahamas has no taxes on income, wealth, inheritance or capital gains;
o a cadre of highly trained professionals in law, accounting, investment counselling, wealth management and insurance.
And to top tha off, the island nation has an ideal climate and a lifestyle that includes golfing, yachting, plus access to the beautiful Out Islands and their friendly people.
More and better
But even these advantages and amenities do not explain why you should choos The Bahamas. After all, many other countries offer somewhat similar inducements.
According to Simon Townend, a partner at KPMG, the main reason to choose The Bahamas is its stability. It is "a long established and well-recognized financial services cenre with particular competitive strength in the private banking and trust environment, along with an extensive suite of related products and services."
In an article in the most recent issue of The Bahamas Investor, Townend notes that The Bahamas is home o some 250 banks and trust companies, including most of the top international banks in the world. Assets under administration now total more than $1 trillion.
"Investors can therefore gain comfort from the fact that The Bahamas is no newcomer to the indstry." As well, the investment community, regulators and government, led by the Bahamas Financial Services Board, work together to ensure that The Bahamas remains a world class investment centre.
"The foundation has been laid, and the framework put in plce, to make The Bahamas an attractive place for investors to grow their assets," says Townend.
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