December 1, 2006. In accordance with the Bahamas Financial Services Board (BFSB), new Private Trust Companies (PTC) legislation has been passed in the parliament of the Bahamas to come into effect by the end of the year.

According to it, a Bahamian PTC will not require regulatory approval like other structures, e.g. foundations. The PTC will just need to complete arrangements with a regulated Bahamian service provider or Registered Representative. A Registered Representative is a bank or trust company or a licensed financial and corporate services provider that has been approved by the Central Bank of the Bahamas to provide these services.

A working group including the representatives of the BFSB, the Association of International Trust Companies in the Bahamas (AIBT) and The Society of Trust and Estate Practitioners (STEP), in consultation with the Central Bank and the government developed the framework for the PTC legislation in the beginning of 2005.

The Bahamas' PTC legislation has the following distinguishing features:

  • there may be more than one designated person to be related by family relationship to each other;
  • the PTC may be established during or after the life of the designated person(s);
  • it may act as trustee to trusts settled by persons related by family relationship to one or more designated persons;
  • it may act as trustee to existing trusts if they meet the above mentioned criteria;
  • directors of the PTC may be non-residents of the Bahamas;
  • establishing a physical presence in the Bahamas is not required;
  • etc.

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September 1, 2006. Energy and Environment Capital Management LLC and Coastal Partners Ltd. have joined their forces in order to launch an offshore version of the Energy & Environment Fund resident in the Bahamas.
In accordance with Energy and Environment Capital Management LLC, the fund of hedge funds will seek to provide superior returns with lower risk and volatility. The onshore version of the fund is already managed by the company.
Energy and Environment Capital Management LLC sees excellent investment opportunities in energy and environmental hedge fund managing.
As a Bahamian professional investment fund, the Energy & Environment Fund Ltd will be launched in September and administered by Sterling Management Limited and audited by KPMG.

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July 12, 2006. The Bahamas Central Bank has reported that the Bahamas Economy is to a great extent maintained by its financial services.
The Regulatory Authority published its Quarterly Review revealing that in accordance with official estimates the financial sector added in the Bahamas’ GDP between 15% - 20% of its value. A substantial part of financial sector's contribution derives from the marketing of international products and services.
The report also states that banking sector employment in the Bahamas has increased, and most positions are held by Bahamians. The total outlays of the banks into the economy were about USD 419 million in 2005, and salaries represented the major component of expenditures (49.5%).
The banking sector's contribution to GDP was stable to positive in 2005. 25 licenses were nullified last year, and 9 new licenses were granted. The total number of banking licensees fell to 250, as in 2004 there were 266 licenses.
The Securities Commission provided the data to reveal that the number of fund administrators supporting the financial sector's employment and expenditure remained at 59 in 2005. The number of active funds under management decreased to 699 from 838, however, business activity seemed increase because the value of assets under management rose by 7.2% to USD 175.2 billion. Also, fund administrators reported an increase IBCs under management.

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June 27, 2006. Bahama's leading positions in the areas of private banking, trusts and corporate services have been confirmed by a survey conducted for the Bahamas' Government by PricewaterhouseCoopers. At a recent 2006 retreat the Bahamas Financial Services Board reviewed the results of the survey. The input received from the industry representatives during the retreat will be combined with the Survey data and used for defining the country's strategic plans for financial services for years 2007-2012.

The Bahamas has a number of strengths, which are perceived by survey participants , in particular, language, location and time zone, the country's political stability and sovereignty, banking confidentiality, completed with the Bahamas' capabilities in wealth management. All this allowed the Banker magazine, which is an affiliate of the Financial Times Group, to name the Bahamas the “leading financial centre in the Hemisphere”.

The Bahama's significant position in the private and investment banking services, trust and fiduciary services and corporate services made this industry sector stable and quickly developing. The majority of institutions surveyed will focus on growing their Bahamian businesses over the next three years.

More than 1/3 of the respondents are ready to recommend to clients services including asset management services, tax inheritance planning, residency, investment funds, foundations and family office services, although they are not core areas for the Bahamas. Great opportunities for growth exist also through the provision of a wide range of facilities including business continuity, custody facilities and structured products.

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April 18, 2006. Standard & Poor's has affirmed its 'A-' long-term and 'A-2' short-term Sovereign Credit Ratings both for local currency and foreign currency for the Commonwealth of the Bahamas, and has predicted that the strong performance of the finance and tourism sectors will add to the further development of the Bahamian economy.

By the opinion of S&P credit analyst, the last ratings reflect the Bahamas' macroeconomic stability, prudent fiscal and monetary policies. The outlook on the long-term ratings remains stable, with indications that this could be changed to “positive”, if the government would manage to contain fiscal pressures.

Current fixed exchange-rate regime in Bahamas came into force since 1973 and ensured low inflation rate. Debt is approximately 24% of GDP on a net basis in 2006, while 20% is needed for the 'A' rating.

It was noted by S&P specialists that high and stable credit ratings also reflect the island's politically stable environment and high living standards.

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Our latest offshore news
30/09/2006
Welcome to join our discussions
on Offshore Companies, Incorporations,
Jurisdictions, etc..
05/09/2008
According to the Bahamas International Securities Exchange, Colonial Pension Services (Bahamas) Limited has been approved as a Trading Member of the exchange.
28/08/2008
According to BISX, the BISX Mutual Fund Listing Process has been successfully completed by Phoenix Four Inc. Now, it has been added to the roster of funds listed on BISX.
14/08/2008
The Central Bank of the Bahamas has recently announced the new appointment - a former senior official with the United Kingdom Financial Services Authority was appointed as Inspector of Banks and Trust Companies.
05/07/2008
BISX is going to launch a new initiative targeted at global financial services companies in order to create a new platform that will be focused on opportunities in the international capital markets.
16/06/2008
On June 13, House members passed the Bahamian Government's 2008-2009 Budget Bill. Passing the bill followed debate on the budget that included tax concessions.
29/05/2008
Hubert Ingraham, Bahamas Prime Minister and Minister of Finance, has delivered the Bahamian government's 2008-2009 Budget Communication to Parliament. The Budget is heavily tilted to provide relief to Bahamians on low incomes.
20/05/2008
The Bahamas Financial Services Board announced securities sector legislative developments to diversify the second pillar of the Bahamian economy and to reinforce growth for the jurisdiction's private wealth management services.
22/04/2008
FirstCaribbean International Bank announced that it has successfully completed a 30-year bond issue for the Commonwealth of the Bahamas worth USD 100 million.
22/04/2008
FirstCaribbean International Bank announced that it has successfully completed a 30-year bond issue for the Commonwealth of the Bahamas worth USD 100 million.
19/04/2008
The Bahamas is expected to strengthen its diplomatic ties with the Republic of Chile under the provisions of the Economic Partnership Agreement with the EU. This was announced by Bahamian Governor General, Arthur Hanna, when he welcomed new Ambassador of Chile to the Bahamas.
10/02/2008
The government of the Bahamas is seeking to strengthen its financial cooperation with the government of the Netherlands. It also hopes to leverage the Netherlands' government's support in order to secure financial services regulation within the OECD.
19/12/2007
According to Minister of State for Finance Zhivargo Laing, the Bahamas government is going to strategically promote and market Bahamas' financial services sector within the international community.
23/11/2007
Bahamas Minister of State for Finance has commenced a campaign aimed to promote the fiscal responsibility of citizens through the payment of taxes.
20/11/2007
The Government of the Bahamas is seeking support from Germany in its continued talks with the Organisation for Economic Cooperation and Development (OECD) that regard transparency in financial services of the Bahamas.
15/11/2007
The Minister of State for Finance, Zhivargo Laing claimed that the economy of the Bahamian remains robust. The jurisdiction's central bank predicted its growth at 3%.
18/10/2007
Attorney General Sen. Claire Hepburn said that a national strategy for anti-money laundering and countering terrorist financing is central for the Bahamas that are aim at sustaining its place as a well-regulated financial services jurisdiction.
21/08/2007
According to the annual National Accounts Report by the government of the Bahamas, the economy grew by approximately 4.2% in current prices and 3.4% in constant prices in 2006.
29/06/2007
During the recent Conference on the Caribbean held in Washington D.C., the Bahamas was recognised for its significant contribution in fighting drug trafficking, terrorism and other matters of security.
18/04/2007
Royal Bank of Canada has agreed to buy 50% of banking unit of Fidelity Bank & Trust International Ltd. based in Bahamas. This move is aimed at expanding the Bank's corporate banking business in the Caribbean.
21/03/2007
Last week Canadian financial services firm Scotiabank launched Scotia Private Client Group in the Bahamas, which is the first step of the announced expanding firm's wealth management services platform across the Caribbean, in the regions of Central and Latin America.
07/01/2007
An immigration framework has been developed by the Bahamas financial services industry. The framework is designed in order to help the jurisdiction compete with other offshore financial centres for skilled workers.
03/01/2007
Moody's Investor Services has issued a favourable report on the Bahamas. According to its latest Credit Opinion on the country, official foreign exchange reserves remain ample relative to debt service requirements, despite a fall in the 1st 10 months of 2006.
01/12/2006
In accordance with the Bahamas Financial Services Board (BFSB), new Private Trust Companies (PTC) legislation has been passed in the parliament of the Bahamas to come into effect by the end of the year.
01/09/2006
Energy and Environment Capital Management LLC and Coastal Partners Ltd. have joined their forces in launching an offshore version of the Energy & Environment Fund in the Bahamas.
12/07/2006
The Bahamas Central Bank has reported that the Bahamas Economy is to a great extent maintained by its financial services. The Regulatory Authority published its Quarterly Review revealing the financial sector added in the Bahamas' GDP between 15% - 20% of its value.
27/06/2006
Bahamas survey that was published by the Bahamas' Government today confirmed the position of the country as the leader in the three core areas of private banking, trusts and corporate services.
18/04/2006
The Commonwealth of the Bahamas has received the 'A-' long-term and 'A-2' short term Sovereign Credit Ratings from Standard & Poor's. S&P analysts noted economic stability of Bahamas and rapid development of the finance and tourism sectors.