International financial centers (IFCs) will continue to be important in wealth planning and other financial products used by high-net-worth individuals, Minister of Financial Services, Trade, Industry and Immigration Elsworth Johnson said recently.
Johnson, who was delivering opening remarks at a breakfast briefing sponsored by the Bahamas Financial Services Board and the Ministry of Financial Services in New York City, explained that The Bahamas has professionals who already deliver similar products and services across the world.
“For international wealth planners, there is no doubt that IFCs will continue to have crucial and relevant roles in the delivery of wealth planning, mobilizing financing, fund structuring and tax neutrality for both private investors and public–private co-financing, to name a few,” Johnson said.
“We believe the Bahamas brand is the clear choice for financial professionals who deliver products and services around the world and is a must for you to consider in your wealth planning objectives and financial structuring.”
The keynote speaker at the event, Dean of the School of Innovation at Texas A&M University Andrew Morriss, maintained that IFCs continue to be important in today’s global economy. He put the provision of international financial services by The Bahamas in historical context while emphasizing the continued legitimacy and relevance of jurisdictions such as The Bahamas to the global economy.
BFSB Executive Director Tanya McCartney explained at the event that despite the passage of Hurricane Dorian, the capital Nassau, where the financial services sector is headquartered, is fully functioning.
She went on to advise attendees that over the past year The Bahamas has taken all steps necessary to ensure that it is compliant with the various international initiatives. Over the past two and a half years The Bahamas has been implementing legislation to align itself with the policies of international financial watchdogs.