Bank of The Bahamas Ltd, a major service, commercial and retail bank on the island, has launched a trust company to protect and manage the assets of Bahamians. According to Mr Hugh G Sands, Chairman of the Bank of the Bahamas Trust Ltd, the company will be the first of its kind in the Bahamas.
In the Nassau Guardian newspaper, Mr Sands is quoted as saying: 'Until now, there has been no trust company geared toward providing the same important service to Bahamians. We are proud to announce that Bank of The Bahamas Trust Limited now provides trust services for Bahamians to ensure that their assets and investments are professionally handled so that they and their loved ones can continue to reap the benefits for years and years to come.'
The trust company can offer services such as financial custody, estate planning and administration, will preparation and company incorporations. Mr Sands said the major advantage of a trust is that it is not considered "matrimonial property" and is protected from divorce settlements, legal separations or any change in marital status. Any transfer of assets takes effect immediately which negates the need for Probate or Letters of Administration and the distribution of assets and investments remain confidential.
Mr Sands continued: 'For years, Bahamian trusts have been marketed to and utilized by offshore clients. The Bahamas has provided people from all over the world with the opportunity to ensure the smooth transition of assets in their lifetime and after death with the knowledge that their financial affairs would be professionally handled and maintained for themselves and their loved ones.'
And now it is the turn of the Bahamians themselves to take advantage of the trust services. Ms Tanya Wright, attorney and manager of the trust company commented: ' Bahamian investors and businessmen and women are smarter, wealthier and more sophisticated than they have ever been. They are interested not only in new and exciting ways to make money in the financial markets, but also about the competent management of their money and assets, to ensure financial security for themselves and ultimately for their loved ones now and in the future.'
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