Minister Halkitis promotes Bahamas Financial Services sector in address at STEP LatAM 2021 Conference

NASSAU, BAHAMAS — This past Friday, October 15, Minister of Economic Affairs Michael Halkitis addressed the annual STEP LatAm conference on The Bahamas’ strengths as a financial services jurisdiction to lead off the final day of conference activities.

STEP LatAm is the premier regional conference for trust and estate practitioners in the region. The government of The Bahamas has supported the conference as a key sponsor for several consecutive years and has ensured that Bahamian professionals are attendees and participants in each conference.

For this year’s conference, the government once again sponsored the event while engaging in promotional activities, including two full page ads to promote The Bahamas at the conference, a web banner and a STEP LatAm-specific landing page on the official ministry website. For the first time ever, the Ministry of Economic Affairs provided fully translated promotional materials and web copy for the event’s Spanish- speaking audience.

In his remarks, Halkitis spoke of The Bahamas as a “safe harbor” for financial services, highlighting the nation’s measured approach to innovation, unparalleled expertise and jurisdictional strengths.

It is a combination he said makes The Bahamas a secure option for trusts and wealth management activities.

“What we have in The Bahamas is some of the strongest trust-specific legislation in the world,” he said.

“We are well-regulated, globally compliant and universally respected. We have prioritized the Latin American market and are constantly catering to the needs of our existing and prospective regional clients.”

Referring to local trust and estate professionals as the force that powers The Bahamas’ success, Halkitis praised the thousands of local professionals providing financial services.

He highlighted the fact that The Bahamas has the largest STEP branch in Latin America and the Caribbean and the sixth-largest branch in the world, which he touted as evidence of the high degree of focus placed on financial services within our borders.

“In The Bahamas, financial services are referred to as the second pillar of the Bahamian economy,” he said.

“Our continued prosperity and stability as a nation depends on our ability to remain competitive in attracting investments to our shores.”

The minister spoke of The Bahamas’ many strengths as a financial services jurisdiction, including the geopolitical advantages of being a shipping and transport gateway to the rest of the Americas. He also made a case for the appeal of The Bahamas as a tax-neutral jurisdiction with no income, capital gains, wealth or estate taxes, and drew attention to the government’s track record of remaining compliant with the highest international standards.

Having weathered the dual crises of Hurricane Dorian and the COVID-19 pandemic, Halkitis said to conference attendees that the resilience of the Bahamian financial services sector was a “testament to our stability” as the nation continues to be a world-leading banking and trust center.

In closing his remarks, the minister highlighted the need for regional collaboration and continued participation within STEP for the mutual benefit of all financial services jurisdictions within Latin American and the Caribbean.

Add New Playlist

Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?
Hide picture