Recently in Bahamas Category

The two island groups are in the North Atlantic Ocean, southeast of the Bahamas, north of Hispaniola, and about 1,000 kilometers (620 mi) from Miami in the United States. The territory is geographically contiguous to the Bahamas, both comprising the Lucayan Archipelago, but is politically a separate entity. The Caicos Islands are separated by the Caicos Passage from the closest Bahamian islands, Mayaguana and Great Inagua.

The eight main islands and more than 20 smaller islands have a total land area of 616.3 square kilometers (238.0 sq mi), primarily of low, flat limestone with extensive marshes and mangrove swamps and 332 square kilometers (128 sq mi) of beach front. The weather is usually sunny and relatively dry, but suffers frequent hurricanes. The islands have limited natural fresh water resources; private cisterns collect rainwater for drinking. The primary natural resources are spiny lobster, conch and other shellfish.

The two distinct island groups are separated by the Turks Passage.

In August 2009, the United Kingdom suspended the Turks and Caicos' self-government after allegations of ministerial corruption. The prerogative of the ministerial government and the House of Assembly are vested in the islands' incumbent governor, Gordon Wetherell, for a period of up to two years.

Recently Business Week published a story called: MasterCard, Visa, and the Card Sharks in which revealed details of some banking activity from the Turks and Caicos. It doesn't paint a good picture for the types of operations there but then the country is embattled in court at London so it may be tough times for this idyllic little Island nation.

Argentina signed an agreement with the Bahamas Thursday to share banking information as the country tries to tighten the noose on Argentines with cash hidden in overseas tax havens. Similar agreements were recently signed with Costa Rica, Andorra and Monaco. The deals are designed to stop tax evasion and fraud by exchanging tax information, lifting banking secrecy and allowing agents to conduct investigations overseas.

Continue reading: Argentina, Bahamas Sign Banking Information Agreement

Bermuda Signs Tax Agreement with Belgium

Bermuda has reached an agreement with Belgium to exchange information about criminal and civil tax matters. Benefits for the island from this tax information exchange agreement (TIEA) is a commitment by Belgium to conclude a series of mini double taxation agreements.

Continue reading: Bermuda Signs Tax Agreement with Belgium

Britain's crown dependencies and overseas territories are scrambling to defend themselves against the latest rhetoric issued by high-tax countries.

Supposedly 'leading' offshore centres are pleading for a more discriminate approach to distinguish themselves from the 'dirtier' unregulated tax havens.

Geoff Cook of Jersey Finance, which represents the island's financial industry, says: "The thing we worry about is we are being tarred with the same brush as everyone else."

Of international leaders: "They are desperate to find any way they can of increasing their tax collection and they are desperate to deflect attention away from the domestic situation."

The Cayman Islands took a similar stance:"We fear a very indiscriminate position will be
taken which owes more to protectionism and prejudice than judgement and intellectual application,"  said Deborah Drummond, deputy financial secretary of the Islands.

Last week the US administration offered encouragement for new anti-tax haven legislation that builds on the 'stop tax haven abuse act' introduced by then Senator Obama. If passed, numerous tax havens, among them many British colonies and territories may find themselves on the receiving end of sanctions which force them to be more transparent. The UK, Germany and France have also called for a crackdown on tax havens, hoping to make it a top issue at April's G20 summit.

Tax evasion scandals linked to swiss offshore banking and Liechtenstein have increased pressure, as has the banking crisis, when it was revealed that banks were some of the heaviest users of offshore jurisdictions.

Although it is widely opined by experts that offshore banking is not a major factor in the global financial crisis, many governments may find it easy to target offshore tax havens, leveraging on their close links to the banking sector.

for Investors and Traders - March 28, 29, 30

Cara Trading Advisors (Bahamas) [CTAB] is currently earning clients excellent returns while applying proven risk management techniques to protect their assets, held in their own online accounts.

I invite you to attend this tax-deductible international conference, held at the British Colonial Hilton, Nassau, and discover how we do it. We'll even teach you how to do it yourself.

On Day 1, learn about the wealth management model of the future, in which you always know where your money is, featuring total transparency with no conflicts of interest. Learn how Cara Trading Advisors (Bahamas) Ltd. [CTAB] is currently achieving excellent returns by trading effectively and properly managing risk. With a CTAB account your assets always remain in your name, in your own online account at Interactive Brokers. CTAB has the authority only to trade securities on your behalf, in accordance with your detailed risk/return profile, but can do nothing else with your money. You can monitor your account online, and can cancel the authority to trade with 24 hours notice. Unlike traditional wealth management models, fees are charged only for success.

Legislative amendments to allow for the formation of Private Trust Companies has been introduced in the Bahamas, Parliamentary Secretary, Ministry of Finance, Michael Halkitis has revealed. According to Halkitis, these amendments demonstrated the government's "firm commitment to ensuring the delivery of superior financial services to local and international clients." "This is a progressive step in the continued growth and development of our financial services industry and of our economy," he told last month's Private Trust Company seminar.

Continue reading "Bahamas to Improve Private Trust Laws"

Offshore banking and investing is not littered with money laundering criminals, fraudsters, and tax evaders as many governments will have you believe. In respect to these types of crimes the reality is that there is infinitely more criminal activity onshore within their countries then there is offshore.

There is a huge difference between those who bank and invest offshore for legitimate reasons and those who do so for illicit and criminal reasons.

Partygammon.Com Million is the Richest Backgammon Tournament in History

Total prize pool over $1.2 million -- winner to take home over $600,000.

Nassau, Bahamas (PRWEB) January 24, 2007 -- The inaugural PartyGammon.com Million, the world's first ever million dollar backgammon tournament, at the famous Atlantis Resort on Paradise Island in The Bahamas, is underway with a record prize pool. The winner will collect over $600,000 from a total prize pool of over $1.2 million which is above the expectations of tournament organisers. The guaranteed first prize easily exceeds this year's world championship top prize more than five times over.

Moody’s Investor Services latest Credit Opinion on the Bahamas has noted that official foreign exchange reserves remain ample relative to debt service requirements, despite a fall in the first ten months of last year.

The report shows that the national budget was in a small surplus for the first 3 months of the 2006-2007 fiscal year, due to continued buoyant revenue growth, coupled with expenditure restraint.

Since we've been covering Marshall Islands lately, I thought it appropriate to add an excerpt from a press release from a Bahamas conglomerate (after completing an IPO on the NYSE), to demonstrate how they use Marshall Islands LLC's....

Teekay Offshore Partners L.P. (NYSE:TOO), a Marshall Islands partnership recently formed by Teekay Shipping Corporation (NYSE:TK ), is an international provider of marine transportation and storage services to the offshore oil industry. Teekay Offshore Partners owns a 26.0% interest in and controls Teekay Offshore Operating L.P., a Marshall Islands limited partnership with a fleet of 36 shuttle tankers (including 12 chartered-in vessels), four floating storage and offtake units and nine conventional crude oil Aframax tankers.

Continue reading Teekay Offshore Partners IPO

Anglers Cast Their Lure for Diverse Catch in the Bahamas Featuring some of the hemisphere's best angling waters, the waters surrounding the picturesque Bahama Beach Club Resort in Treasure Cay, Abaco are a sport fisherman's paradise. Fishing along the coast is offered in a variety of forms – surf and pier fishing, fly fishing, inshore and offshore charter fishing – with the fishing season lasting throughout the year.