BAHAMAS Trends and Developments Contributed by: Sean Moree KC, Vanessa Smith and Erin Hill, McKinney, Bancroft & Hughes
– via written statement, heard by a Judge in Cham - bers. However, the proposed new Section 77 (1) will also allow protectors and advisers to bring a Section 77 application for directions or the court’s opinion. Furthermore, the Trustee (Amendment) Bill seeks to clarify that the application may be made with or with - out commencing an action, and it also allows for the matter to be heard by the court in private, which will enhance confidentiality. The proposed amendments to the Arbitration Act ensure that the Bahamian legal industry maintains the appropriate global competitiveness, and are designed to promote and facilitate the resolution of trust dis - putes by arbitration. The current Arbitration Act focus - es solely on commercial disputes, rather than com - mercial disputes and trust disputes. The proposed amendment provides for the need to access the court of appeal on points of law arising in the arbitration, and the draft bill provides for such appeals
Despite the changing times, The Bahamas is still a great place for high net worth individuals to live, work, invest and play. As an English-speaking, independent nation with close proximity to the United States, where the USD is on a par with the BSD, The Bahamas is an ideal place for new or seasoned high net worth individual. The Bahamas’ strong financial services industry allows high net worth individuals to manage their family offices and be close to financial institutions charged with the management of their family wealth, all while enjoying the gorgeous sun, sand and sea.
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