##The Bahamas: An Ideal Location## With the globalization of families and their businesses it is often convenient for the Family Office, business headquarters, as well as the legal holding structure, to be located in a jurisdiction that provides a suite of products that can meet the diverse needs of multiple family members. The Bahamas has experienced 280 years of uninterrupted parliamentary democracy. The judiciary is independent and upholds respect for property rights and the rule of law. As such, it is an ideal jurisdiction for private wealth management activities. The Bahamas is an ideal platform for family offices either as a stand-alone or as a branch of a family office already established in another jurisdiction. Family offices increasingly are becoming institutionalized with a significant focus on effective risk management, performance measurement and an emphasis on governance and purpose. The Bahamas provides a financial infrastructure without comparison which can support the family office giving it access to institutional asset management options and first class service providers including private banking which has traditionally been the bedrock of product offerings, funds, trust and corporate services. Creating an environment where family offices can operate efficiently has been designated as a key growth area for The Bahamas as families and their advisors have begun to recognize that there is flexibility in the “size” of the family office footprint in The Bahamas. They can choose to build their family offices around one or any number of structures or licences which provide a true and regulated presence in The Bahamas including: * Private Trusts Companies; * Financial and Corporate Service Providers Licence; * Securities Advisor and Management Licences; * Bank and/or Trust Licence; ##The Bahamas Advantage## The Bahamas offers a number of key advantages for the establishment of a Family Office. **Strategic Location:** The Bahamas is situated at the Crossroads of the Americas, just 65 miles off the east coast of Florida. An ideal hub for regional investment and business in the Eastern United States and Canada, and much of Central and South America, it is in the same time zone as New York, Miami and Toronto, so office hours align with most of the major business centres in the Americas. **Infrastructure:** The Bahamas has developed land, suitable premises and fit-for-purpose infrastructure with the singular focus of facilitating international business. Moreover, The Bahamas is easy to get to, with six major airports and 49 other airports situated throughout the archipelago, as well as countless ports of entry and marinas that can accommodate the largest yachts. **Skilled Workforce:** The Bahamas has a highly educated local workforce and a long tenure in financial services excellence which has created a deep pool of skill and experience that is recognized and trusted worldwide. With more than 6000 experienced financial professionals committed to the local community, clients can expect to build deeper and more lasting relationships and receive more consistent service in The Bahamas than in locations largely dependent upon imported skills. **Regulation:** The Bahamas encourages the growth of its financial sector through adherence to internationally accepted regulatory principles, and efficiency in their administration. Regulatory independence is maintained through the separation of roles of policy makers and regulators. **Independence:** The Bahamas has an outstanding record of political and economic stability, progress and stewardship. An independent nation since 1973, The Bahamas is a politically stable, democratic and sovereign nation. **Lifestyle:** The Bahamas is located in one of the most idyllic tropical settings in the world and has many attractive features for those who may wish to relocate permanently or establish a second home. To meet the diverse and sophisticated tastes of travelers and residents alike, The Bahamas offers something to suit every taste: rest and relaxation, family fun and entertainment, or adventure and exploration. With miles of natural sand beaches, out-door attractions, luxury resorts, golf, casinos, restaurants and shopping, there is no shortage of exciting things to do. ##Bahamian Solutions for Family Office## The Bahamas offers owners of capital a broad choice of financial institutions that deliver a myriad of services including banking, private banking and trust services, investment fund administration, capital markets, investment advisory services, accounting and legal services, e-commerce, insurance and corporate and shipping registries. The Bahamas is a favourable jurisdiction for the establishment of family offices, which help wealthy families achieve their goals while dealing with increased regulations, and complex issues of taxation, distribution planning and charitable giving. Ultimately we have found that family owned Trusts, Foundations and Private Trust Companies (PTC’s) – cornerstones of wealth and asset management services in the Bahamas –form the legal backbone of these systems and many families have set up Family Offices to support and assist the families in the running of their affairs. **TRUSTS** Trust legislation in The Bahamas is robust and in many cases precedent-setting, providing family offices with the benefits of asset protection, control, succession planning and confidentiality including: **Asset protection:** The Fraudulent Dispositions Act ensures disposition can only be set aside at the instance of a creditor (actual or contingent) with actual knowledge and that transfer is set aside only to the extent necessary to satisfy the particular claim. While the **Trustee Act (1998)** contains Anti Forced Heirship Provisions; and the **Trusts Choice of Governing Law Act, 1989** states that *“A settlor, whether or not he is resident in The Bahamas, may expressly declare in the trust instrument that the laws of The Bahamas shall be the governing law of the trust”.* **Control:** The **Trustee Amendment Act, 2011- Directed Trust Provisions** gives settlors certainty as to effectiveness of power to direct the trustee, thus allowing investment management decisions to be undertaken by those most suitably qualified to do so. **Succession Planning:** The **Trustee Amendment Act, 2011** incorporates Hostile Beneficiary Clauses, ensuring that the wishes of the settlor to have a long term structure are not defeated by an erratic or unstable beneficiary. **Confidentiality:** Under**the Trustee Act** there is no public register of trusts or trust documents and Disclosure is limited to beneficiaries that do not have a vested interest.
