Mr Arthur Seligman

Arthur Seligman

Updates

Insurance

Captive insurance in the Bahamas
Bahamas | 17 September 2013

The recent insurance industry briefing on the regulatory regime for captives has highlighted a renewed interest in the Bahamas as a jurisdiction of choice for captive companies. The Bahamas enjoys numerous advantages, including accessibility from the United States, an established financial structure and a tax-neutral environment for business. Captive companies are registered as a restricted external insurer under the External Insurance Act.

New Insurance Act furthers international harmonization
Bahamas | 23 February 2010

The Insurance Act 2005 introduced a new system for licensing and regulating domestic insurers based on the international standards prescribed by the Financial Action Task Force and the principles of the International Association of Insurance Supervisors. Additionally, the act and accompanying regulations introduce a degree of harmonization with the insurance legislation of a number of other jurisdictions in the region.

Private Client & Offshore Services

Hastings-Bass rule enshrined in law
Bahamas | 13 April 2017

The recently enacted Trustee (Amendment) Act has clarified the law relating to trustee indemnities and given statutory effect to the rule in Re Hastings-Bass. With the passing of the act, the Bahamas has fortified its position as a leading offshore financial centre. It is expected that the codification of the rule will benefit trustees, protectors, beneficiaries and other persons who can apply to the court to unwind any perceived hard consequences flowing from an exercise of a fiduciary power.

Bahamian law on disclosure of trust information
Bahamas | 08 December 2016

The case of Dawson Damer v Taylor Wessing arose out of a dispute between a beneficiary of trusts governed by Bahamian law and a Bahamian trustee. The beneficiary made subject access requests under the UK Data Protection Act 1998 to the trustee's London solicitors who refused to provide the information. This resulted in the beneficiary applying to the court for an order requiring the law firm to comply with the subject access requests.

Government launches 'revolutionary' ICON investment fund
Bahamas | 30 October 2014

The fund structuring vehicle known as the investment condominium (ICON) is the latest investment product offering from the Bahamian financial services industry. Governed pursuant to the Investment Condominium Act, the ICON is a contractual relationship subsisting between investors, under which the investors agree to pool assets for the purposes of investing those assets as a collective.

Establishment of trusts in the Bahamas
Bahamas | 22 May 2014

As a common law country Bahamian courts recognise trusts and the relationships that they create. The Bahamas is not a signatory of the Hague Convention on the law applicable to trusts and their recognition, and it is not anticipated that it will be. The assets of a trust are vested in trustees for the benefit of the beneficiaries. Assets may be held directly by the trustees or indirectly through holding companies.

Captive insurance in the Bahamas
Bahamas | 12 September 2013

The recent insurance industry briefing on the regulatory regime for captives has highlighted a renewed interest in the Bahamas as a jurisdiction of choice for captive companies. The Bahamas enjoys numerous advantages, including accessibility from the United States, an established financial structure and a tax-neutral environment for business. Captive companies are registered as a restricted external insurer under the External Insurance Act.

Wills and trusts: rule against perpetuities is abolished
Bahamas | 27 September 2012

The Rule Against Perpetuities (Abolition) Act 2011 has abolished the rule against perpetuities in relation to wills and trusts. With the abolition of the rule against perpetuities, settlors and testators now have greater flexibility in relation to estate planning. Furthermore, trustees will be in a position to accumulate trust income for such period as they think appropriate given the particular needs of a trust.

Executive Entities Act
Bahamas | 07 June 2012

With the Executive Entities Act 2011 the Bahamas has added an innovative product to its portfolio of financial services legislation, by encapsulating services currently offered in the realm of wealth management within a legal entity. Section 3 of the act provides for an executive entity which can act as an effective governance tool to carry out executive functions while protecting confidentiality in wealth preservation structures.

A new direction for the Trustee Act
Bahamas | 16 February 2012

The Trustee (Amendment) Act 2011 has strengthened the law relating to trusts and their administration by clarifying and expanding sections of the principal act and by making substantive amendments that have introduced new provisions. These innovative provisions show the Bahamas' continued commitment to provide for clients and reinforce its position as a leader in the area of private wealth management.

Permanent residency in the Bahamas: a new policy
Bahamas | 20 October 2011

The government has amended the National Investment Policy to provide for accelerated consideration of permanent residency applications for persons purchasing a residence worth $1.5 million or more. Under the new scheme, provided that applicants have all the required documentation, they can expect to receive a response within 21 days of their completed application being delivered to the Department of Immigration.

New Insurance Act furthers international harmonization
Bahamas | 18 February 2010

The Insurance Act 2005 introduced a new system for licensing and regulating domestic insurers based on the international standards prescribed by the Financial Action Task Force and the principles of the International Association of Insurance Supervisors. Additionally, the act and accompanying regulations introduce a degree of harmonization with the insurance legislation of a number of other jurisdictions in the region.

A Guide to Foundations
Bahamas | 07 May 2009

Foundations are now recognized and accepted in most civil law jurisdictions. They are widely used in Europe and Latin America where trusts are less well known, frequently misunderstood and not always accepted. With the introduction of the Foundations Act in 2004, The Bahamas became one of the first common law countries to make the private foundation available.