Minister of Financial Services C.V. Hope Strachan addressing the STEP Miami Luncheon on March 19.
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Nassau, Bahamas - Addressing over 120 participants at the March 19th
luncheon of the Miami Branch of Society of Trust and Estate Practitioners, BFSB
CEO Aliya Allen spoke to The Bahamas Advantage for LatAm. She noted the jurisdiction’s 80 plus year
history in providing wealth management services, its robust regulatory
framework, well-regarded international reputation, innovative outlook and
independence as being key drivers of LatAm business to The Bahamas.
The Minister of Financial Services, the Hon. C.V. Hope Strachan, in
her first address to an international audience as Minister of Financial
Services, highlighted the Government’s strong commitment to the financial
services sector and her own Ministry’s active role in ensuring that the policy
framework supports its further growth and expansion.
“While many countries in Latin America have achieved greater levels
of political and economic stability, diversification is still an important goal
for many investors”, said Ms. Allen addressing the participants comprising many
of the top legal, family office and tax advisory firms in Miami. “Historic
levels of inflation in many countries and the fact that appropriation of
property is still a very real concern ensure that this will remain a
priority. Access to capital markets and
to investments outside of one’s home country will continue to drive the
increasingly sophisticated LATAM investor.
The Bahamas provides a key platform in its well regulated investment
funds offering for facilitating this kind of investment,” she added.
STEP Miami members were introduced to the Investment Condominium
(ICON), which Ms. Allen said was indicative of the highly collaborative approach
to product development employed by The Bahamas.
“We are not concerned with developing trend-driven legislation or “new”
products in knee jerk reaction to regulatory or other developments. Our approach is always to ask ourselves, ‘How
can we add value?’ and the answer is always informed by our continued
engagement with many of the advisors in this room.”
Also addressing the audience were expert legal and tax advisors
William Heuseler for Itau Bank (Sao Paulo) and Abel Mejia, a partner in Sanchez
Devanny in Mexico City, who examined the advantages of the ICON for those
markets. Ten professionals and
participants of the financial services industry in The Bahamas joined the
Bahamas delegation for the STEP luncheon.
