Describing the Bahamas as a "truly exciting" jurisdiction in which to do business, Minister for Financial Services and Investments Allyson Maynard-Gibson told a private banking forum that the country's success as a financial services jurisdiction was down to its policies of tax neutrality and sound regulation.
"In the world of financial services, The Bahamas is truly an exciting jurisdiction," Maynard-Gibson told the Royal Bank of Canada (RBC) Trust Global Private Banking Second Annual RBC 2005 Centres of Influence Forum.
"We are an exciting jurisdiction not only because of our climate but also because of our legislation, political stability and long history of democracy. Our judicial system is well established and well understood; we are close to the world's largest market and, most importantly, we have some great people," she added.
The Bahamian financial services sector accounts for more than 15% of the Gross Domestic Product (GDP).
Maynard-Gibson continued:
"In The Bahamas, we are committed to improving constantly, the competitiveness of our financial services sector and its attractiveness to domestic and international investors.
"The reasons for our successful track record are many. They include the commitment by successive administrations to a tax neutral platform, and a commitment to personal privacy.
"We have become a leader in this sector as the result of having no income tax, capital gains, inheritance and payroll taxes. Some would consider The Bahamas a financial paradise solely on this basis.
"International persons who choose to do business or live in The Bahamas receive the same benefits as Bahamians. There is no ring fencing in our tax regime."
The Minister was also keen to stress the jurisdiction's commitment to cooperating with other nations and international bodies to ensure that the financial markets are appropriately regulated.
"We cooperate with our friends in making every effort to eliminate money laundering from our banking systems, and The Bahamas was one of the first international financial centres to criminalise money laundering," she noted.
A comprehensive report in our Intelligence Report series giving background tax and residence information on many of the key offshore jurisdictions is available in the Lowtax Library at http://www.lowtaxlibrary.com/asp/subs_reports.asp and a description of the report can be seen at http://www.lowtaxlibrary.com/asp/description_report4.asp
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