LONDON, Oct. 17, 2019 (GLOBE NEWSWIRE) -- After tourism, financial services are the second most prominent industry in The Bahamas. Unsurprisingly, therefore, successive governments have recognised its importance to the country’s continual economic and social development. The financial sector’s viability has thus become a priority for both public and private sectors alike.
This level of importance is indicated by the responsiveness of the legislature and regulators to the needs and demands of the market, as well as the swiftness with which these processes can take place. It is also demonstrated by the balance that regulators strike between ensuring that the financial services industry keeps its integrity, while still encouraging lively competition.
In the latest issue of World Finance magazine, Elsworth Johnson, Minister of Financial Services, Trade, Industry and Immigration, writes how wealth management accounts for a large part of the jurisdiction's financial sector. This is because for many high-net-worth individuals, banking and wealth management outside one’s home country are simply good business, and a wise avenue for investment.
As an independent nation with a financial services industry bolstered by a strong public-private sector partnership, The Bahamas responds to shifts in the market swiftly and efficiently. Adding further to the jurisdiction’s status is the fact that The Bahamas belongs to the Commonwealth of Nations, while the ultimate court of appeal for judgements issued by Bahamian courts is the Privy Council in London.
International financial centres such as The Bahamas play an increasingly important role in the global economy. The jurisdiction is a tax neutral environment and committed to adherence to the highest standards of global regulation. This is evidenced most recently by new legislation that requires economic substance, the removal of preferential tax regimes and the introduction of a beneficial owner search system.
The Bahamas has a long history in financial services and is taking further steps to ensure the long-term sustainability of this important contributor to its economy.
To find out more, check out an exclusive article by Elsworth Johnson in the latest edition of World Finance, available in print, on tablet and online now.
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