The Bahamas Ministry of Economic Affairs
The Bahamas Ministry of Economic Affairs is the entity responsible for providing vision, strategic direction, policy, and information related to the movement of financial resources, goods and people.
Among our major priorities is the continuous strengthening of the financial services sector. In turbulent times, The Bahamas remains a safe harbor for financial services and investments. For over 80 years, our jurisdiction has served as an International Financial Centre—the base of operation for many of the most established global leaders in the industry. Throughout that time, our course has remained steady despite the constantly evolving global landscape. Our steady stewardship has continued to generate consistently good outcomes for the industry.
Key to our success is a measured approach to innovation that carefully balances the need for stability and due diligence with the need to constantly adapt to advancements and changes within the global financial services sphere. Despite our robust trust legislation, we continue to fine-tune our legislative agenda to ensure that we are maintaining this balance.
To meet the needs of a global client base, The Bahamas has a large number of highly trained, experienced trust and estate professionals, making STEP Bahamas the largest STEP branch in the region and the 6th largest in the world. Our STEP members and related professionals represent a wide range of expertise in the legal, accountancy, trust, banking, and insurance fields, and are involved at all levels in the planning, creation, management, and accounting of trusts and estates. We continue to promote relevant opportunities for the next generation of financial services professionals while helping to pave the way for continued professional development and growth.
Just fifty miles off of the coast of Florida, The Bahamas is well-positioned as a gateway to the rest of the Americas. Our geographic strengths support our good standing as a jurisdiction and foster international relationships that help to facilitate our continued cooperation and compliance with international best practices, the administration of justice, tax transparency, and anti-money laundering and counterterrorism measures.
As the second largest industry in the Bahamian economy, our nation has a vested interest in ensuring that we continue to lead the way as the safe and rewarding choice for those in need of financial services within the Caribbean and Latin American region. The Ministry of Financial Services, Trade & Industry and Immigration will continue to lead the way as the government entity charged with the stewardship and growth of the financial services industry.