The Bahamas Financial Services Board (BFSB) held its third and final Landfall event for 2013 in Miami on Thursday, November 7, in a bid to present a comprehensive picture of what the Bahamas has to offer the Latin American market.
Bahamas Landfall Miami took place on the heels of BFSB being one of the lead sponsors at the Private Wealth Latin America & the Caribbean Forum, hosted by Latin Markets in Miami on October 24 –25.
Aliya Allen, the BFSB’s chief executive and executive director, told attendees: “With Miami’s increasing importance as a tech and corporate hub for Latin America, we think there are synergies that can be developed between what Miami’s advisory community offers and what the Bahamas offers in terms of wealth and asset management services.”
Bahamas Landfall Miami featured a panel discussion on the ‘Bahamas Advantage’ for Latin American clients, and a presentation on permanent residency and lifestyle options in the Bahamas.
The Bahamas Advantage panel discussion featured Ryan Pinder, minister of financial services; Prince Rahming, BFSB’s newly-elected chairman and territory senior partner for PricewaterhouseCoopers; Timothy Colclough, deputy co-chairman of BFSB and head of trust and fiduciary services, Butterfield Trust (Bahamas); and Edgar Fernandez, fiduciary solutions specialist, Royal Bank of Canada Trust Company (Bahamas).
Richard Keyworth, director of international sales and marketing, at Stella Maris Village, outlined plans for the Long Island development to exemplify the lifestyle benefits that exist throughout the Bahamas.
Ms Allen said the Bahamas has been making a major effort to increase its visibility in Brazil, Latin America’s largest economy, with the SMART Fund becoming one of the most popular vehicles to access asset classes and investments outside of Brazil.
“Due to their popularity and the Bahamas’ close proximity to Miami, we are seeing our own growing enclave of Latin American managers and family offices who have business interests and offices in Miami, but also wish to take advantage of our regulation, products, environment and lifestyle,” she said.
The Private Wealth Latin America and The Caribbean Forum, which was attended by about 500 delegates, also reinforced the growing interest in The Bahamas by Latin Americans.
“A number of delegates approached us saying that they had no idea why they hadn’t considered the Bahamas before, and that was likely to change in the coming years,” said Ms Allen.
“We know that the cumulative effect of participation in conferences, Bahamas Landfall events and one-to-one meetings works for raising the visibility of the Bahamas brand, and our viability as a contending centre for the wealth management requirements of individuals, families and corporate entities. This is a key and important market for us; it’s only by consistency that we show our commitment.”
Bahamas Landfall Miami sponsors included the Ministry of Financial Services; Equity Trust Bahamas; Graham Thompson; RBC Wealth Management; and Stella Maris Village.