Having spent over 80 years providing a diversified selection of innovative Financial Services to local and international clients, The Bahamas’ Financial Services sector stands out as a global leader with the legislative and financial expertise to provide the highest level of service.
Private Banking; Investment Condominium (ICON); Investment Funds, Executive Entities; Private Trust Companies, Wealth and Asset Management; SMART Funds; Foundations; Captive Insurance; Maritime.
The Bahamas Advantage
The Bahamas is a stable, robust, well regulated financial and business centre. These competitive advantages, together with our common law tradition, an attractive tax and cost structure, and an investor friendly business climate, have catapulted The Bahamas’ to its household name status in international business and capital development.
One of our major inherent advantages as a jurisdiction is our strategic location, just off the coast of America - we are endowed with a prime and accessible location that makes The Bahamas a natural hub for regional and international trade. However, location alone isn’t everything. Our Government is committed to leveraging our geographical strengths by investing in infrastructure to ensure that international and Bahamian investors alike have the necessary facilities to conduct business smoothly and efficiently. Additionally, our Government looks to support the trade agenda with industries, such as our Financial Services industry, to ensure that the required services are present to do business effectively.
The Crucial Role of Financial Services within the Bahamian Economy
Financial Services make up approximately 15% (conservatively) of our GDP, making it the second largest industry within our nation. The sector provides countless jobs and opportunities for investment and entrepreneurial development for Bahamian citizens, significantly bolstering and stabilizing our middle class. As a foundational element of the Bahamian economy, it is of the utmost importance that our Financial Services sector remains competitive within the global market through our constant evolution and innovation in providing high-level services for our clients. Our government’s commitment to extending opportunities for professional development, education and entrepreneurship to our citizens in order to expand our middle class ensures that we have a skilled Financial Services workforce that is capable of performing at the high level that is demanded by international standards.
Closely related to the development of a highly skilled and knowledgeable workforce is our government’s creation of a robust regulatory infrastructure (largely informed by the expertise of local professionals) that empowers Financial Services entrepreneurs and attracts international investors to our shores. The government is committed to investing heavily in the necessary legislative and infrastructural improvements to maintain the Bahamas’ competitive edge as a financial centre.
One of the major forces behind our ability to innovate and remain competitive at a global level is the strong partnership formed between the public and private sector agents within Financial Services with a continued focus on the development of domestic human capital and the reenergizing of the Bahamas’ Financial Services brand. Such partnerships include the development of stronger inter-Ministerial ties, such as the relationship between Tourism, Financial Services and Immigration, with a view towards integrating those areas that overlap in order to create a more efficient and effective value proposition for international investors.
The Ministry of Financial Services is aggressively promoting The Bahamas as world-class provider for services related to wealth management, investment funds, private banking and international arbitration which includes the promotion of The Bahamas as a uniquely qualified domain for an international arbitration court. The Ministry is also committed to further developing and leveraging local expertise for the development of an international shipping registry, as well as a worldclass yacht registry.
Our government will continue to explore innovative approaches to expanding our economic diversity and gaining a foothold into relatively untapped sources of income in order to create a more stable, stronger local economy.