TWO Bahamian men were arrested on Friday at an airport in Belize three days after they were indicted by US federal prosecutors over an alleged $500 million securities fraud and money laundering scheme, according to a Belize news report. #The US is seeking to extradite the men over the allegations…. – Continue reading
On August 26, Burger King announced that it entered into an agreement to acquire Tim Hortons, Inc., the Canadian coffee-and-doughnut chain, in a transaction that will be structured as an “inversion” (i.e., Burger King will become a subsidiary of a Canadian parent corporation). The deal is expected to close in 2014… – Continue reading
An ex-Attorney General believes the financial services industry will survive even if the automatic exchange of tax information becomes the global standard, warning that this nation “can’t stand apart” from the initiative. #John Delaney, now managing partner at Delaney Partners, said the Bahamas’ resilience in withstanding previous global tax/regulatory initiatives… – Continue reading
Foreign Account Tax Compliance Act (FATCA) has been in force for a month and still more countries are joining the tax network. So far, 101 countries and financial jurisdictions have either signed or agreed to join FATCA. FATCA is aimed at identifying US taxpayers with offshore bank accounts and investments. Overseas… – Continue reading
The Foreign Account Tax Compliance Act (FATCA) is an important development in U.S. efforts to improve tax compliance involving foreign financial assets and offshore accounts.Depending on the amount of the aggregate value of their assets, US individuals are required to file Form 8938 – Statement of Specified Foreign Financial Assets… – Continue reading
NASSAU, Bahamas (CMC) – The Bahamas government says it is “unable to ignore” the nuances that came to light when the island held a referendum on gaming in 2013 as it announced measures to modify its position on regulating the gaming industry. Prime Minister Perry Christie said as a result,… – Continue reading
NASSAU, Bahamas — The government has been urged to implement an investor-citizenship program that would effectively allow high-net-worth individuals (HNWIs) to trade investment in The Bahamas for citizenship rights as a means of spurring growth in the economy. Sean McWeeney QC, a partner with law firm Graham Thompson and Co., is advocating… – Continue reading
The Bahamas is aiming to complete its FATCA Intergovernmental Agreement (IGA) this coming Tuesday when a high-level team visits Washington, a Cabinet Minister yesterday disclosing this nation was pushing for another key product to be exempt from reporting requirements. #While declining to name the product in question, Ryan Pinder, minister… – Continue reading
Banking regulations in Caribbean nations are more robust than those in countries that are critical of the region’s financial sector, Bahamian Prime Minister Perry Christie said Monday in Nassau. In an address to open the third Caribbean Conference on the International Financial Services Sector, Christie blasted those who seem to… – Continue reading
The Bahamas is aiming to finalise its Foreign Account Tax Compliance Act (FATCA) inter-governmental agreement (IGA) with the US next week, a Cabinet minister said yesterday. #Speaking with Tribune Business at the third Caribbean Conference on international financial services, Ryan Pinder said the Ministry of Financial Services should be in… – Continue reading
The Bahamas needs to position itself as a ‘low tax’ jurisdiction to access potential benefits from tax and investment treaties with other countries, a Tax Coalition co-chair warning yesterday that a ‘flat’ or ‘no tax ‘ posture would “cause problems”. #Robert Myers told Tribune Business that the Bahamas needed to… – Continue reading
NASSAU, The Bahamas – The Commonwealth of The Bahamas and the Czech Republic entered into an Agreement on the Exchange of Information on Tax Matters during a signing ceremony at the Ministry of Foreign Affairs on Thursday, March 6, 2014. Minister of State for Finance Michael Halkitis signed for The… – Continue reading
More than 150 attendees gathered at the Atlantis Resort in the Bahamas for the Global Financial Summit. Our theme this year was “Market Solutions to World Problems,” as opposed to government solutions. In this tax haven just off the U.S. borders, we gained some valuable advice. Peter Schiff, president of EuroPacific… – Continue reading
On 20 November, 2013 the Caribbean Financial Action Task Force (CFATF) issued a public statement identifying jurisdictions in the Caribbean Basin region with strategic anti-money laundering and combating the financing of terrorism (AML/CFT) deficiencies that have not made sufficient progress in addressing such deficiencies. Those jurisdictions are identified as Belize… – Continue reading
