The Tribune

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

THE Bahamas has seen an “uptick” in interest for estate planning services, it was noted yesterday, particularly from countries such as Mexico, Brazil and Canada.

Andre Rahming, partner at King & Co, told a panel discussion at a Bahamas Institute of Financial Services (BIFS) seminar: “Estate planning has become more attractive in recent times.

“We have high net worth individuals interested in estate planning structures. The Bahamas has certainly seen an uptick in the level of interest, from an estate planning standpoint, coming from places like Mexico, Brazil and Canada.”

Mr Rahming noted that many high net worth individuals were attracted to the flexibility the Bahamas permits.

Another panellist, James Schaefer IV, chief executive at Old Fort Partners, noted that the Bahamas achieving IOSCO ‘A’ status earlier this year has created a “tremendous” opportunity for the financial services industry.

“We consider Latin America to be an emerging market. I would agree that there is no better place than the Bahamas to penetrate that market. We have the ability to not only enter the Latin American market directly but also by way of the Miami and New York markets,” said Mr Schaefer.

He added: “There is an enormous number of non-residents who are facing a situation known as FATCA, and are perhaps realising that the US is not the place they want to be.

“We are trying to make them see the Bahamas as an option to consider, not only to invest with us but to utilise the various services that we have.”