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Bahamas - Investors Resource Guide 2010

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G U I D E Wealth Management and Investment in The Bahamas Brought to you by: The Bahamas Investor ã The Bahamas Financial Services Board ã The Bahamas Handbook RESOURCE SPECIAL SUPPLEMENT TO THE BAHAMAS INVESTOR INVESTOR’S Copyright © 2009 Information contained in this publication under Wealth Management Tool Kit and Investment Funds is copyright by the Bahamas Financial Services Board. Information contained in Tax Planning and Doing Business in The Bahamas is copyright Etienne Dupuch Jr Pub
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  Broughttoyouby:TheBahamasInvestorãTheBahamasFinancialServicesBoardãTheBahamasHandbook  SPECIALSUPPLEMENTTOTHEBAHAMASINVESTOR Wealth Management and Investment in The Bahamas INVESTOR’S G U I D E RESOURCE  S2 Investor’s Resource Guide Copyright © 2009 Information contained in this publicationunder Wealth Management Tool Kit and Investment Fundsis copyright by the Bahamas Financial Services Board.Information contained in Tax Planning and Doing Business inThe Bahamas is copyright Etienne Dupuch Jr Publications Ltd andthe Bahamas Handbook. The contents of this guide are intended to be an aid tounderstanding The Bahamas’ environment for wealth management.The contents do not in any way constitute legal advice. EtienneDupuch Jr Publications Ltd and the Bahamas Financial ServicesBoard, its members and directors do not and will not in any wayaccept responsibility or liability for any loss or damage arisingfrom reliance on the information contained herein. Where adecision is to be made based on the effect of the new legislativeregime discussed herein or on any other legislation or commonlaw rules, advice should be sought from qualified legal professionals.Copyright © 2009 Etienne Dupuch Jr Publications LimitedAll rights reserved. No part of this publication, editorial matteror advertising, may be reproduced or transmitted without writtenpermission from the publisher.Prices and information in this book are subject to change. Dupuch Publications and the “D” device are registered trademarksof Etienne Dupuch Jr Publications Limited.  Investor’s Resource Guide S3 Contents WEALTH MANAGEMENT TOOL KIT Introduction to private wealth management . . . . . . . . . . . . . . . . . . . . . . . . .S4Corporate structures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .S5International business companies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .S6Segregated accounts companies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .S7Bahamian trusts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .S8Foundations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .S11Private trust companies and family office . . . . . . . . . . . . . . . . . . . . . . . . . .S12Insurance products . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .S13Partnerships . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .S13 INTERNATIONAL TAX PLANNING Canada . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .S14The United States . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .S17Mechanisms for information sharing . . . . . . . . . . . . . . . . . . . . . . . . . . . . .S20 INVESTMENT FUNDS Funds industry overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .S22Professional funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .S25SMART funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .S26Standard funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .S27Foreign funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .S27 DOING BUSINESS IN THE BAHAMAS Investment environment and incentives . . . . . . . . . . . . . . . . . . . . . . . . . . .S28Property transactions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .S29Residency and employment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .S30  S4 Investor’s Resource Guide Strategic planning for businesscycles is an essential element for anysuccessful business. In The Bahamas webelieve this principle is equallyimportant for individuals and families.At each stage of your financialdevelopment, various products, servicesand techniques are available, many of which have complementary characteristicsto assist in the organization of yourfinancial affairs. The Bahamas offers acomprehensive range of private wealthmanagement options, which may beusefully regarded as a Bahamas Tool Kit,and is available to design effectiveindividual solutions.In The Bahamas, we are committedto adding value to the personal financialplans of clients through dedicatedservice as well as the appropriateapplication of financial planning tools.For the purpose of this guide, theseprofessional services are termed privatewealth management.Individuals who have an effectivewealth management strategy are betterpositioned to manage the impact of events such as changing marketconditions, family transitions or planningfor the future.In The Bahamas, we do not believethat private wealth management shouldfocus merely on the structuring of financial affairs to reduce or defer tax.While the ability to accrue profitswithin a tax-neutral environment suchas The Bahamas should be recognizedas a valuable advantage, we believe thegreater priority is the formation of arelationship fashioned on maximizingthe efficiency of your financial assets.Whether this is accomplished byincreasing the return, safeguardingagainst loss or ensuring efficientdistribution, it is clearly a businessrelationship that may span generations.The integrity and continuity offered byinstitutions located in The Bahamasshould be important factors whenconsidering a wealth management plan.The financial services industry in TheBahamas is staffed and managed by alarge pool of experienced professionals.With personnel committed to the localcommunity, the client may be confidentthat continuity of service, which lies atthe heart of the successfulprofessional relationship, willbe more predictable than inlocations largely dependentupon imported skills.Moreover, respect forpersonal confidentiality lies atthe heart of private wealthmanagement, and theBahamian government has longrecognized and valued the right of theindividual to confidentiality in financialmatters. Clients may be assured thattheir affairs will be handled in aconfidential, professional manner.Modern legislation enables TheBahamas to remain at the forefront of the industry. The legislativeenvironment is constantly monitored toensure the jurisdiction retains itscompetitive advantage. To this end, theability of an independent nation to setits own legislative agenda is an importantconsideration when deciding thelocation for personal financial services.This guide aims to highlight productsthat have a variety of uses and thatinevitably overlap. It may be useful toremember that as wealth increases, thestructuring alternatives availablesimilarly increase and, as such, the toolkit expands. It should become clear,however, that successful wealthmanagement is a whole life process thatis most effective when started early andmanaged to achieve agreed upon long-term goals. A trust or company structurethat may be valuable for protecting assetsduring life can be equally effective atmanaging their distribution followingdeath. Indeed, the earlier a wealthmanagement strategy is embraced, thegreater the potential benefits.The Bahamas offers an ideal domicilefor the management of personal wealth.The tradition of quality personal servicecoupled with an investor-friendly, tax-neutral environment yields a unique setof benefits. As you read this guide andexplore some of the wealthmanagement facilities offered fromwithin The Bahamas, we hope you areencouraged to find out more. WEALTHMANAGEMENTTOOLKIT Introduction to private wealth management The website of the Bahamas FinancialServices Board provides a usefuldatabase of information for tax,estate and financial planningpractitioners, including a directory of service providers and legislationreferenced in this guide.Download a copy of  Private Wealth Management In The Bahamas , fromwhich the content of this wealthmanagement tool kit was adapted,at www.bfsb-bahamas.com. Successful wealth management isa life process most effective whenstarted early and managed toachieve long-term goals       S    o    u    r    c    e    :      B    a      h    a    m    a    s     F      i    n    a    n    c      i    a      l      S    e    r    v      i    c    e    s      B    o    a    r      d       ©      2      0      0      9

Tyler

Oct 31, 2017
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