Andrew Law, CEO of The Bahamas-based International Protector Group, discusses the importance of the Bahamas Executive Entity Act in the global private wealth planning industry. He highlights some complex governance issues in managing fiduciary and wealth management structures, and looks at how the Act can be used to resolve these issues, offer flexibility and reduce personal liability.
The Bahamas has a long history of providing financial services, carving out a specialised niche as a leading offshore financial centre.
This historic legacy has created a jurisdiction that is well-established, progressive and welcoming for financial services.
Regulation in The Bahamas has served the industry well and is structured to protect the interests of those who do business with financial institutions based in the Bahamas, and to ensure the Bahamas’ business environment continues to meet the highest international standards.
In 2011, The Bahamas implemented a series of new legislation aimed at bolstering the competitiveness of its financial services industry and strengthening its legal and regulatory framework. This was done in a bid to cater to the rapid growth of UHNWIs to enable them to secure greater control over the administration and security of their wealth.
