Published On:Friday, November 20, 2009

By NEIL HARTNELL

Tribune Business Editor

THE Bahamas would have ranked 11 out of 12 major international financial centres had it been included in a survey designed to measure the attractiveness of these nations to 'mobile' high net worth individuals.

Stephen Wall, director of the Scorpio Partnership, an international wealth management consultancy, presented to the Nassau Conference a survey that analysed the factors influencing high net worth individuals when it came to deciding which jurisdiction to base themselves in.

The Mobile Wealth Residency Index (MWRI), Mr Wall said, focused on 11 jurisdictions, but had the Bahamas been included it would have placed 11th out of 12, ranking only ahead of Guernsey. The others rated were among this nation's chief competitors: Cayman, Singapore, Switzerland, Dubai, Hong Kong, Isle of Man, Jersey, London, New York, and Monaco.

Mr Wall said Switzerland's 'all-round appeal' had placed it at number one, even though it was ranked only fifth for tax appeal, since its "multi-faceted" qualities were "attracting a wide range of mobile wealthy". Switzerland, he said, ranked at the top for economic and political stability, legal considerations, proximity and convenience, education for children and culture/infrastructure.

In contrast, the Bahamas was ranked bottom out of 12 by the MWRI Index when it came to economic and political stability, and employment/business opportunities. It was also placed 11th for legal considerations and 10th for sophistication/culture/infrastructure.

However, Mr Wall said the Bahamas enjoyed "strong positioning" in areas such as tax and immigration, where it was third; availability of quality housing, where it was second; security, where it was third; and education for children, where it was fifth.