Overview
 Responsible government and innovative politics have made the island nation of The Bahamas one of the most stable and innovative financial centers in the world. Palm-fringed white and pink sandy beaches washed by the warm, turquoise waters of the Gulf Stream and cooled by southerly trade winds have made The Bahamas legendary as a premier tourist destination.
This idyllic setting enjoys another distinction. With an asset base in excess of $200 billion, the Bahamas' banking centre is positioned among the top 10 countries of the world. This achievement is the result of the Bahamian government's long tradition of maintaining social stability within an economic environment supportive to both domestic and international business. The Bahamian chain of some 700 islands and cays stretches across 80,000 square miles of ocean from Florida to Cuba. However, most of the population of about 300,000 lives on two of the largest islands, Grand Bahamas and New Providence, site of the capital city of Nassau.
These islands were colonized by the British in 1648 and Bahamians established their first democratic parliament in 1729. That tradition has been maintained ever since. When the islands became fully independent in 1973 the Bahamian parliament was already one of the oldest in the world. The independent judiciary system is founded on English Common Law, with a right of final appeal to the Privy Council in London. Royal Bank of Canada was established in 1908 in Nassau, and served as the Islands' only bank from 1910 until World War II. Today, Royal Bank remains a leading local provider of financial services among over 400 banks and trust companies.
A Strategic Point of Access
Strategic location and innovative legislation have been the key elements in building a robust financial industry in The Bahamas. With Nassau only 150 miles from Florida and linked by direct flights to many North American cities, geographic location is an important strategic asset. In fact, The Bahamas are centrally positioned for efficient access to the entire 800-million-strong consumer markets of North, Central and South America combined. Well-crafted legislation has leveraged this asset by providing a secure base for banks and trusts, ensuring complete privacy and confidentiality. The Central Bank of The Bahamas is responsible for the licensing and supervision of all banks and trusts, and maintains a rigorous regulatory environment. As the oldest and largest bank in The Bahamas, Royal Bank continues to play a prominent role in keeping this island nation in the forefront among reputable stable international financial centres.
International Planning Advantages
The international environment of The Bahamas provides some very important advantages for a wide range of financial structures:
Versatility
Legislation is designed to support a wide range of planning opportunities providing flexible yet sound solutions to clients and their advisors.
These advantages make Bahamian international trusts and business companies important vehicles for achieving both corporate and personal financial objectives under many circumstances.
Prosperity and Stability
It's proximity to the world's major markets, stable parliamentary democracy and status as an independent member of the Commonwealth combined with an integrated legislative framework, makes The Bahamas an attractive international financial centre. These advantages are supported by modern telecommunications and transportation infrastructures and by well-developed professional communities in law, accounting, finance, banking, investment management and trust.
|
