STEP Bahamas, which held its first conference this year, received high levels of interest during this year’s STEP (Society for Trust and Estate Practitioners) LatAm (Latin America) conference held in Bogota, Colombia, as the local group prepares for its second annual conference next year, a statement on The Bahamas’ involvement explained.
“There was a lot of interest in The Bahamas expressed by the delegates in Bogota, and we expect a large international representation from delegates at our 2024 STEP Bahamas Conference,” said Theo Burrows, chairman of STEP Bahamas in the statement.
The statement explained that STEP LatAm was sold out and attracted more than 420 delegates from 32 countries.
Director of Scotia Wealth Management Miami Don Stubbs said in the statement that the recent conference allowed him to continue to showcase solutions that the Bahamian market can provide.
Minister of Economic Affairs Michael Halkitis said in the statement that The Bahamas’ permanent participation in STEP is important to the country’s financial services sector.
“The Bahamas is always happy to support STEP LatAm,” said Halkitis.
“The Ministry of Economic Affairs’ Financial Services Unit, as well as a wide range of our private sector stakeholders, make it a priority to actively participate each year, as we fully support STEP’s mission to advance the sector.
“The financial services sector is quite important to The Bahamas as a source of employment and a diverse contributor to our economy.”
Halkitis added: “Our financial services industry is built on three foundational elements. The first of these elements encompass our inherent jurisdictional advantages, which refers to our proximity to the US (our main trading partner), our status as a tax-neutral nation, and our political stability and relative economic success.
“The second core element is what we describe as measured innovation. Carefully crafted innovations like the investment condominiums (ICONs), the highly adaptive SMART funds, and our framework for the regulation of digital assets, have positioned us as a highly competitive jurisdiction and the third element is our unparalleled local expertise”.
STEP, the Society for Trust and Estate Practitioners, is a global professional body comprised of lawyers, accountants, trustees and other practitioners who help high-net-worth individuals and families plan for their futures. It has more than 20,000 members worldwide and is considered the gold standard in the international estate and wealth-planning sector.