Minister Strachan and Aliya Allen
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The
Bahamas Ministry of Financial Services (MoFS) and the Bahamas Financial
Services Board (BFSB) once again are collaborating on a broad outreach
in Asia, using the 2015 China Offshore Summit series as an anchor event.
The
Summit series (2 events annually) is designed specifically to educate
Chinese financial intermediaries on the effective use of tax planning
and asset management tools available in low-tax jurisdictions. With an
average of more than 500 attendees per event, the China Offshore Summit
provides a premium platform for information exchange, business
development and much-needed education for Chinese intermediaries in this
burgeoning market. Already, The Bahamas was represented in Shenzhen,
China on
May 27-28 at the mid-year China Offshore Summit there.
The upcoming promotion includes a schedule of four events in four cities, starting with a Bahamas Landfall event in Beijing on
October 29, followed by a second Landfall event in Hong Kong on
November 2. The fall China Offshore Summit will take place on
November 4-5 in Shanghai; here, the MoFS serves as Platinum Sponsor. The Bahamas team then travels to Singapore for STEP Asia on
November 11-12.
The Ministry of Financial Services is a Silver and Gala Dinner Sponsor
for the award-winning STEP Asia. To complement the events, the Ministry
and BFSB have engaged local expertise in scheduling one-on-one meetings
in each of the cities, targeting financial services intermediaries such
as tax advisers and wealth management managers. Sponsoring agencies will
have their own contacts for private meetings as well, of course.
China
is the world’s second largest HNWI base, with over 2 million USD
millionaire households, representing reported wealth of almost US$4
trillion. The Hon. C.V. Hope Strachan, M.P., Minister of Financial
Services, points out
“
This
Summit provides an opportunity to sensitize China's High Net Worth
Individuals and institutional investors about The Bahamas and its
reputation as a world class international financial centre."
Current
estimates indicate that in the next 5-10 years more than 3 million
Chinese will have to “succeed” their personal assets and corporate
matters.
“The relaxation of China’s regulatory regime for outbound
investment augurs well for the business development opportunities this
huge market represents for The Bahamas”, says BFSB CEO Aliya Allen.
The
Bahamas Landfall portion of the 2 ½-week promotional exercise will
attract corporate sponsorship from BFSB member firms, while the Ministry
has earmarked key national agencies to come on board as sponsors as
well. It is anticipated that these sponsors also will participate in
the China Offshore Summit, ensuring the jurisdiction will have strong representation across all events.