NASSAU, BAHAMAS —The Bahamas showcased its robust financial services sector at the STEP LATAM Conference held from September 26th to 29th in Buenos Aires, Argentina.
The annual gathering, which brings together leading professionals from across Latin America and the globe, provided a platform for The Bahamas to highlight its expertise in wealth management and its pivotal role in the global financial landscape.
The conference, organized by the Society for Trust and Estate Practitioners (STEP), is renowned for convening top wealth planners, lawyers, accountants, bankers, trust, estate, and investment advisors. These professionals play a critical role in the planning, structuring, and management of wealth, particularly within the Latin American context.
This year’s conference was held under the theme “Building Knowledge Across Borders: Advising Families Today and Tomorrow,” reflecting the ongoing evolution and challenges in cross-border financial planning.
Attorney General Ryan Pinder, recently appointed to the United Nations’ Ad Hoc Committee to draft the Terms of Reference for a UN Framework Convention on International Tax Cooperation, has brought significant attention to The Bahamas and the Caribbean on the global stage. As the region’s representative Pinder successfully championed inclusive international tax policies addressing the specific needs of Small Island Developing States and his leadership in aligning tax cooperation with sustainable development and human rights aims to prevent unilateral blacklisting.
In the keynote address at this year’s conference, Pinder emphasized the importance of a comprehensive tax convention highlighting differing perspectives between the UN and OECD on global tax policy.
He said: “We are moving towards a new era in which tax cooperation and the enforcement of tax rules will be more even-handed, more just, more inclusive, and more effective.”
Senator the Honorable Michael Halkitis, Minister of Economic Affairs, also represented The Bahamas as a returning presenting sponsor. His address highlighted the advantages that made The Bahamas as a leading financial services jurisdiction for nearly a century, including its strategic location; political stability, low taxation, human capital and innovative legislative frameworks.
“To put that in perspective, as an independent nation we have existed for 51 years, and so long before we were officially a country, there was already a growing Bahamian financial services industry,” he said.
Senator Halkitis pointed out that today, The Bahamas is an international leader in digital assets legislation, using the example of the Digital Assets and Registered Exchanges (DARE) Act, which at the time of its launch, was hailed as the top legislative & regulatory framework in the world.
The Minister also pointed to the jurisdiction’s ongoing efforts to remain at the cutting edge of the Arbitration field. This includes the appointment of Bahamian Members to the Permanent Court of Arbitration; government’s approval a domestic Arbitration Council; and a signed Memorandum of Understanding with the Hong Kong International Arbitration Centre to further promote and develop The Bahamas as an arbitral center.
Senator Halkitis said: “STEP LATAM is absolutely one of the most important meetings of the minds for trusts and estate practitioners. The Bahamas’ Ministry of Economic Affairs is happy to be here in Buenas Aires, Argentina continue our wonderful partnership with the STEP organization and obviously to explore networking opportunities.”
Also, returning this year, was conference delegate Brandace Duncanson, Director of Financial Services of the Ministry of Economic Affairs. Brandace’s experience in a broad range of matters including the practice, procedures, and laws governing the financial and corporate services sector in The Bahamas was a welcomed returning attendee.
Another conference standout session featured Wendy Warren, Founder and Managing Director of Caystone. Warren led a comparative discussion on the use of private investment funds by Latin American families, examining jurisdictions like Luxembourg, the British Virgin Islands (BVI), Cayman Islands, and The Bahamas. Her insights provided a detailed analysis of the features and benefits of setting up private investment funds, highlighting The Bahamas’ competitive edge in this arena.
Warren said: “STEP conferences are a global leader in providing a place to learn, exchange ideas and engage with fellow professionals. STEP Argentina is reinforcing the importance of this forum for professionals focused on families in Latin America. Conference participation is paying dividends to attendees and The Bahamas as lead sponsor.”
The Winterbotham Trust Company Limited (Bahamas) and The Bahamas Ministry of Economic Affairs were among the sponsors who played a vital role in the conference’s success.
Winterbotham’s CEO and Director Ivan Hooper called it a “must-attend event in our industry, particularly if you cover the LATAM region. It gets people together, meeting, and interacting, and helps build relationships and trust. A super lineup of speakers that keeps you updated, reviews and discusses current trends, and is very informative as to our industry. It is a very well-organized event.”
The Bahamas’ involvement culminated in hosting the final day’s Gala Dinner, a prestigious event that brought together many of the best thinkers and leaders in the industry.
CEO and Co-Founder, John Lawrence, of the Windermere Group (Bahamas) and immediate past president of STEP LATAM said: “The sold-out 2024 conference with over 475 delegates attending in Argentia for the first time is a resounding success” and went on to praise the presentations as an excellent representation of Bahamian talent in the financial industry.”
“The STEP LATAM Conference 2024 not only highlighted The Bahamas’ expertise in trust and estate planning but also reinforced its position as a key player in the global financial services sector. As the world of wealth management continues to evolve, The Bahamas remains at the forefront, offering innovative solutions and thought leadership that resonate on a global scale.
Loading ...
