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Bahamas Financial Services Board (BFSB)

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Bahamas Financial Services Board (BFSB)

Profile:

The Bahamas has been providing banking and trust services to the international financial community since the 1930s. In the past decade, encouraged by increasing globalization and supported by newly enacted, robust legislation endorsing a climate for free enterprise, our banking base has broadened into a sophisticated financial services industry.

The Bahamas is an archipelago of 700 islands extending over 500 miles in to the Atlantic Ocean from a point of 50 miles of the east coast of Florida. The Bahamas¹ English speaking population of some 300,000 concentrated mainly on the major islands of New Providence (where Nassau, the capital city, is located) and Grand Bahama (where Freeport, the largest free trade zone in the hemisphere, is located), has an adult literacy rate of 95% and an average per capita income of more than $11,000, on of the highest in the region.

A parliamentary Democracy for more than 2½ centuries, The Bahamas has continued to enjoy political and social stability since its independence from Britain in 1973.

The Bahamas has no income or corporate tax. Revenue is raised largely from customs duties, property tax and stamp duties on certain domestic financial transactions. The Bahamas¹ currency is maintained at parity with the U.S. Dollar.

As a sovereign country, with strong regulatory oversight and sensitivity to the requirements of a global market, The Bahamas "charts its own course". Other key benefits of doing business in The Bahamas include:

   * Independent judicial system, based on English Common Law
   * Long history of constitutional democracy, dating back to 1729
   * Large, diverse and highly-skilled professional community
   * Easy access, with many direct flights each day from America and Europe
   * Absence of exchange control for non-residents
   * Modern and accommodating legislative framework
   * No personal or corporate income, capital gains, estate, gift or inheritance taxes
   * Regulatory environment that is conducive to investment opportunity, while maintaining the highest international standards of operation and conduct.

Overview:

Bahamas Financial Services Board (BFSB) represents an innovative partnership between the financial services industry and the government of The Bahamas which is focused on ensuring an environment conducive to business, an effective risk based regulatory framework while promoting a greater awareness of The Bahamas' strengths as an international financial centre.
The Bahamas provides an excellent environment for the alternative investment business. It is recognized for its political and fiscal stability, its attractive tax environment where neither Bahamian or non-Bahamian persons pay any form of direct tax, and the strength of the legal system including the ability to appeal cases up to the privy council in London. The availability of institutions capable of supporting the needs of the alternative industry is important, resulting in the longstanding relationship that marquee names have enjoyed to The Bahamas.

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