Financial Services

As Vincent Peet, Minister of Financial Services and Foreign Investment, puts it, The Bahamas is “rolling out the red carpet instead of red tape. We provide red-carpet treatment for investors and give them the information they need to succeed here.”

Strengthened regulatory environment adds to appeal of financial-services sector

Hon. Vincent Peet, Minister of Financial Services and Foreign Investment

He adds that the financial-services sector – now the second-biggest contributor to GDP after tourism – is one of the country’s most desirable investment targets.

As of 2005, the government had licensed 262 banks and trust companies in The Bahamas, many drawn by the country’s International Business Companies Act of 1990 that simplifies and reduces the cost of setting up offshore companies. In 2000, the government passed a legislative package of stronger measures to better regulate the financial-services sector and prevent money laundering, and is considering additional legislation to keep the industry competitive while complying with international standards.

The government works closely with the United States concerning transparency in the financial-services sector, and as Peet points out, “We are viewed as one of the most secure and transparent offshore centers in the world, a blue chip destination where investors and bankers feel comfortable.”

One focus for the government, according to Peet, is joint ventures between foreign and local companies as a way of supporting Bahamian entrepreneurs and providing new employment opportunities for the local population.

Minister Peet cites trust operations and foundations as two areas that present significant opportunities for investors in The Bahamas’ financial-services sector. “We are a very safe and secure destination for investment, and we provide world-class service from top specialists,” he explains, adding, “Investors should know that their investment will be safe in The Bahamas. In fact, The Bahamas is one of the safest places on the planet now, both in terms of personal security and investment security. We try to do it better in The Bahamas at all levels.”

Baha Mar

“Baha Mar – An Unprecedented World-Class Destination Resort.”

Don Robinson, President

In a country making headlines for its mega-developments, Baha Mar emerges from them all in its scale and scope, bringing together the world’s leading gaming and hospitality brands to create a best-in-class experience. With a budget of over USD 2 billion, the new destination resort, is being developed by Baha Mar Resorts Ltd alongside co-owner and partner, Harrah’s Entertainment, and management partner, Starwood Hotels and Resorts Worldwide.

Located on 1,000 acres along Nassau’s famed Cable Beach, Baha Mar will feature an impressive collection of branded hotels, and an unmatched array of top-shelf offerings and amenities. Baha Mar will feature the Caribbean’s first Caesar’s Resort Hotel & Casino, as well as all four Starwood brands – St. Regis, W, Westin, and Sheraton. In total, the resort will offer approximately 3,000 rooms, providing guests with unmatched flexibility and choice at a variety of price points. Other amenities include a 95,000 square foot Caesar’s Casino; an 18-hole Jack Nicklaus Signature Golf Course – the only championship-quality course in Nassau; 300,000 square feet of conference facilities; three full-service luxury spas; and a one-of-a-kind retail-dining-entertainment village. Condominiums at Baha Mar will offer outstanding investment opportunity for those with interests in The Bahamas.

Don Robinson, President, Baha Mar Resorts Ltd., and former Disney executive, explains, “We are creating a world-class vacation experience with Baha Mar where guests will enjoy a virtually unlimited choice of accommodations, amenities and activities, within a distinctively designed resort that celebrates the true spirit of The Bahamas.”

Service levels at Baha Mar will exceed guest expectations and be on par with those of the resort’s leading hotel brand partners. “We have set high service goals for Baha Mar in keeping with the overall resort experience,” added Robinson. “Guests will enjoy nothing less than exceptional treatment and attention from our highly-trained staff.”

Upon completion of the first phase in 2010, guests will have an opportunity to provide input into what services and amenities they would like to see added to future phases of the development.

Meanwhile, Baha Mar has received strong support from the Bahamian government. As Robinson points out, “Baha Mar represents a new era of economic prosperity and a quantum leap forward in the continued tourism growth and success of The Bahamas.”