Minister Halkitis Promotes the Bahamas Financial Services Sector in His Speech at the STEP LatAM 2021 Conference – Eyewitness News


NASSAU, BAHAMAS – Last Friday, October 15, Economics Minister Michael Halkitis spoke about the strengths of the Bahamas as a financial services court at the annual STEP LatAm conference to kick off the final day of conference activity.

STEP LatAm is the leading regional conference for fiduciary and real estate experts in the region. The Bahamas Government has been the main sponsor of the conference for several consecutive years and has ensured that Bahamian professionals attend and attend each conference.

For this year’s conference, the government again sponsored the event and participated in promotional activities, including two full-page ads promoting the Bahamas at the conference, a web banner and a STEP LatAm-specific landing page on the ministry’s official website. For the first time, the Ministry of Economic Affairs made fully translated promotional materials and web copies available to the Spanish-speaking audience of the event.

In his remarks, Halkitis referred to the Bahamas as a “safe haven” for financial services and highlighted the country’s moderate approach to innovation, unparalleled expertise and the strength of its jurisdiction.

This combination makes the Bahamas a safe option for trusts and wealth management activities.

“What we have in the Bahamas is one of the strongest fiduciary laws in the world,” he said.

“We’re well regulated, globally compliant, and generally respected. We have prioritized the Latin American market and are constantly addressing the needs of our existing and potential regional customers. “

Halkitis identified local trust and real estate professionals as the force behind the Bahamas’ success and praised the thousands of local professionals who provide financial services.

He highlighted the fact that the Bahamas has the largest STEP office in Latin America and the Caribbean, as well as the sixth largest office in the world, which he hailed as evidence of the high concentration of financial services within our borders.

“In the Bahamas, financial services are known as the second pillar of the Bahamian economy,” he said.

“Our continued prosperity and stability as a nation depend on our ability to remain competitive when it comes to attracting investment to our shores.”

The minister spoke of the many strengths of the Bahamas as a financial services court, including the geopolitical advantages of being a shipping and transportation gateway to the rest of America. He also advocated the Bahamas’ appeal as a tax neutral jurisdiction with no income, capital gains, property or inheritance taxes, and noted the government’s track record of maintaining the highest international standards.

After weathering the twin crises of Hurricane Dorian and the COVID-19 pandemic, Halkitis told conference attendees that the resilience of the Bahamas’ financial services sector is “evidence of our stability” as the nation continues to be a leading global banking and trust company Center.

In conclusion, the Minister stressed the need for regional cooperation and continued participation in STEP for the mutual benefit of all financial service areas in Latin America and the Caribbean.

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