The Bahamas possesses an outstanding infrastructure for commercial and industrial activity, and offers a highly-skilled workforce. The professional community of accountants, international bankers, trustees, and investment specialists is large, diverse and highly skilled. There is also a full complement of respected and experienced law firms.
An available pool of well-qualified international and Bahamian financial services professionals means The Bahamas can offer long-term working relationships with resident expertise.
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Bahamas Financial Service Professionals
The financial services sector in The Bahamas contributes roughly 20% to GDP, with annual expenditures in the local economy, of the banking sector alone, exceeding $400 million, and with assets under management already approaching $1 trillion.
There are over 80 insurance companies, with assets approaching $700 million. Over 700 Mutual Funds have assets under management totaling almost $100 billion.
The Bahamas Registry, considered one of the world’s most prestigious, is currently ranked as the 3rd largest ship registry in the world. Merchant ships represent some 35 million gross tons.
The Bahamas offers a full range of financial services and products, including: asset management and protection; commercial banking, brokerage services, company formation & administration; information technology services; insurance & support services; investment management; fund administration; private banking; maritime registry & support services; support services (back office); trust services.
There are over 600 attorneys trained in English Common law and over 300 chartered accountants. In addition to the impressive number of these professionals practising in The Bahamas, other support services include corporate and ship registries, investment advisory and planning services, property management and insurance.
Some banks also provide back-office administration and company management, as well as information processing of their affiliates from other offshore jurisdictions. Some firms in the financial services industry have expanded their services to include tax consulting, with others specialising in structures involving tax compliant insurance products.
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Bahamas Financial Services News & Reports