BAHAMAS Trends and Developments Contributed by: Sean Moree KC, Vanessa Smith and Erin Hill, McKinney, Bancroft & Hughes
McKinney, Bancroft & Hughes Mareva House 4 George Street Nassau New Providence The Bahamas
Tel: +1 242 502 9750 Fax: +1 242 328 2520 Email: nassau@mbhbahamas.com Web: www.mckinney.com.bs
Private Wealth in the Bahamas: An Introduction The Bahamian landscape for high net worth individu - als is evolving. Gone are the days when high net worth individuals simply set up structures in The Bahamas and watched from a distance. The new generation of high net worth individuals are involved in the day- to-day management of their assets and their family offices; they want to invest in second and third homes around the world; and they care about environmental and social crises in a manner that is unique to their generation. In The Bahamas Financial Services Board’s 2025 e-zine entitled “A comprehensive approach to wealth planning”, Niekia Horton (CEO of BFSB) states that “we’re in a state of change from all angles – the great wealth transfer, the change in the profile of wealth holders, and an increased number of entrepreneurs who appreciate the benefits of global connectivity”. This transformative stage of high net worth individu - als requires those working in the Bahamian financial services sector to adapt and offer arrangements that satisfies their clients’ requirements. For example, young high net worth individualsare generally more willing to invest in digital currencies and value ben - efits such as carbon credits or other environmental benefits. The Bahamas totally reformed its manage - ment of digital assets through the Digital Assets and Registered Exchanges Act 2024 (the “DARE Act”), in order to maintain a competitive advantage over other jurisdictions and to remain up-to-date in the digital assets space.
The Bahamian financial services legislative framework is also in the process of shifting and adapting. In 2025, the Bahamian government tabled the following finan - cial services bills (this list is not exhaustive): • the Trustee (Amendment) Bill; • the Bahamas and Trust Companies Regulation (Amendment) (No 2) Bill; • the Arbitration (Amendment) Bill; • the International Business Companies (Amend - ment) Bill; • the Companies (Amendment) Bill; • the Proceeds of Crime (Amendment) Bill; • the Financial Transactions Reporting (Amendment) Bill; • the Register of Beneficial Owners (Amendment) Bill; and • the Segregated Accounts Companies Bill. In his 2025 Budget Debate contribution, the Attorney Generalstated that “these are all very important pieces of legislation that will meaningfully contribute to the competitiveness of our financial services industry and ensure that we remain a well-regulated international financial center”. The Banks and Trust Companies Regulation (Amend - ment) Bill, the Executive Entities (Amendment) Bill and the Banks and Trust Companies (Private Trust Companies and Qualified Executive Entities) Regula - tions address the regulation of the Bahamas Executive Entity (the “BEE”). A BEE is a legal entity designed to hold and manage executive functions within wealth management and fiduciary structures. It acts as a
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