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Responsible government and innovative policies have succeeded in making 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 in 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:
Tax-free environment: All non resident corporations, trusts, partnerships and individuals enjoy freedom from local taxation on income, capital gains, sales and transfers.
Legal Protection: Financial services are governed by an integrated legislative framework designed to support the creation, preservation and transfer of wealth.
Confidentiality: Complete privacy is maintained within a jurisdiction dedicated to responsible bank secrecy.
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. Royal Bank of Canada's global private banking specialists in Nassau have all the necessary experience and expertise to work with clients and their advisors in developing financial plans for their international clients.
Private Client Services
All private client services are delivered through a Relationship Manager, who is responsible for ensuring that the mix of services is tailored specifically to the client's individual needs. Specialized expertise is focused on services aimed at creating, increasing and preserving wealth. Through this personal relationship, the client has access not only to all services in The Bahamas, but also to all other services available through other Royal Bank facilities around the world.
Regardless of the physical locations and legal domiciles of various assets and financial vehicles, the client receives a seamless package of services through a single office. As plans take shape and evolve, Royal Bank provides specialized services as required in all relevant areas. The ultimate objective is to create and maintain financial arrangements that deliver optimum results. Royal Bank personnel work closely with both clients and their advisors to achieve this objective. Regular review meetings allow plans to be modified and adjusted whenever necessary to accommodate changes in both personal goals and economic conditions.
The scope of service available from Royal Bank of Canada's office in The Bahamas covers a broad spectrum, including:
International Trusts: Placing ownership of assets in a trust in an offshore jurisdiction is often a key element in personal estate and tax planning.
Managed Companies: Accumulating assets in a company in an international jurisdiction can simplify financial management. International companies are often used in combination with trusts to secure continuity after death.
Investment Management Services: From custody and execution of client directed portfolios to discretionary management services for individuals, our investment services are tailored to meet client specific criteria.
International Banking and Deposits: The full range of international banking in all major currencies is available through the Nassau office. Deposits are also accepted on a variety of terms, at competitive interest rates.
Corporate and Institutional Services
Royal Bank of Canada's Nassau office also provides access to a comprehensive range of services for corporate and institutional clients. In today's global economy, using appropriate offshore structures can be vital to achieving strategic goals for many types of enterprises.
The range of services provided by Global Private Banking specialists to corporations and their advisors includes:
- Third-party mutual fund administration,
- Trust company management,
- A full range of banking services for captive insurance managers,
- Fiduciary services for structured finance vehicles and securitizations, and
- Escrow agent services.
For more details about these and other Royal Bank of Canada services, please refer to the accompanying brochure.
Prosperity and Stability
It's proximity to the worlds 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 center. 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.
These prime commercial assets combine with extraordinary social stability, a balmy climate and abundant recreational assets to make The Bahamas a very special place to do business. With nearly a century of experience in this inviting environment, Royal Bank of Canada is uniquely positioned to offer a warm and professional Bahamian welcome to new international clients.
To learn more about what Royal Bank of Canada's office in The Bahamas can do for you, please contact:
Royal Bank of Canada Trust Company (Bahamas) Limited
Royal Bank House, East Hill Street
P. O. Box N-3024
Nassau, New Providence
Bahamas
Tel: (242) 356-8552
Fax: (242) 323-3407
E-mail: gpb.bahamas@rbc.com
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