THE BAHAMAS: THE CLEAR CHOICE FOR INTERNATIONAL FINANCIAL SERVICES

A RAPIDLY-EVOLVING JURISDICTION, LODGED BETWEEN TWO WORLDS

In the past few years, international financial centres have had to respond to concerns raised by the European Union’s demands to enhance tax-transparency and co-operation measures. They have required IFCs to address economic substance, preferential tax regimes and access to beneficial owner information. The Bahamas, situated off the eastern coast of the United States, have successfully met a complex set of requirements with flying colours and have been ‘whitelisted’ by the trading bloc. A suite of legislation and economic planning has led to a revitalisation of their financial services, both in the well-established field of wealth management and in other areas. Most recently The Bahamas has expressed its support for the proposals of the G20/OECD Inclusive Framework on Base Erosion and Profit Shifting to reform the global taxation system.