The Bill is great. This is the only way forward for financial services to increase IBC incorporations etc. because it is now required that person's domicile with their money to be legitimate for foreign tax purposes. Currently, person's can domicile but not work (they receive permanent residency without the right to work). This is the only way forward to permit and encourage high net worth person's to domicile in The Bahamas along with their assets in a fictional and appealing way.

Face it. Our form of offshore services was equivalent to rum running during prohibition or drug running in go fast boats during the 80s.

Even after all of the above, The Bahamas would have still likely lost its FS industry. Secrecy was our golden goose. Without it, our FS industry was doomed.

Re Dawes. I''m going to call a spade a spade, a bluff a bluff, and call you out on the statement that The Bahamas could have still thrived in financial services after compliance legislation. In my opinion, The Bahamas' entire offshore product was privacy and secrecy, nothing more or less. In order to have flourished after compliance, The Bahamas would have had to fling its doors open to all UK law firms. Further, it would have had to hire swiss and/or signapore companies to provide essential services at the Company Registry, International PR etc.

Maybe Dawes. But I never understood, as a soveriegn nation, why we were the first to give up secrecy. We were so aftaid of blacklisting. I think if we had been more confident in ourselves and ignored the blacklisting for a couple years, we would have ended up in a much better position.

Ok. I will give you that one. The end of privacy was the death of financial services in this country.

No. Read it again. What you should read is The Bahamas is broke with next to zero economic activity and seeks to increase said activity or the entire sorry ship will go bankrupt.

Agreed. Some slight changes with fast tracking the application process, but these changes should have been made years ago to the existing application process. This Bill is a no brainer and anyone against it needs to use their brain more.

This Commercial Enterprise Bill is not controversial. What a load of crock. The Bill is no big deal and nothing very new has changed. The only thing of note is that the 500K threshold has been reduced to 250K for international investment. All of these sectors were open to international investment previously. What is all the fuss about? I can only imagine it is due to Bahamians not having read or understood the previous laws in place.

What a load of crock observer2. The Bill is no big deal and nothing very new has changed. The only thing of note is that the 500K threshold has been reduced to 250K for international investment. All of these sectors were open to international investment previously. What is all the fuss about? I can only imagine it is due to Bahamians not having read or understood the previous laws in place.