This is a mini-series on The Bahamas Financial Services Industry.

This news service is pleased to announce the launch of a new “mini-report” on The Bahamas. The latest paper examines how the jurisdiction pushed ahead with a raft of regulatory and legislative changes during the pandemic years of 2020 and 2021.

For example, it has changed corporate and administrative services law and modernized the rules as they affect local banks and trust companies. Other rules, such as those establishing what is called economic “substance” – now a key concept for jurisdictions – have taken effect.

The report also examines services, such as those stemming from the old English law of agency, which allow carers to take charge of high net worth individuals in their final years, or in the event of debilitating illnesses and accidents. The paper explains how tools such as power of attorney apply, and how important they are for aging populations.

The first mini-report examined how the jurisdiction is remaining competitive by its innovative approach to regulations and the creation of new structures for wealth managers, advisors and their clients. The second mini-report examined how the Bahamas innovated during the pandemic.