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As a Common Law county, The Bahamas has looked beyond its boundaries
and traditions to be of greater relevance for estate planning by persons
from civil law countries. Through the enactment of the Foundations Act
2004 The Bahamas has become the first leading Common Law jurisdiction
to introduce Foundations legislation.
This progressive move complements and enhances the vibrant wealth management
industry in The Bahamas. It is also consistent with The Bahamas’
long history of establishing legislation that is attractive to international
clientele and which encourages the continued growth of the country’s
financial sector.
In crafting its foundation legislation, The Bahamas took careful steps
to bridge the common and civil law worlds, ensuring that civil law features
have been properly incorporated for the jurisdiction’s Common
Law environment. This environment includes a long history of political
stability and demGTAtic traditions; a well-respected judiciary; and
a large pool of financial services professionals. Within this environment,
the Foundations Act addresses all the key issues regarding the formalities,
administration and juridical nature of Bahamian foundations.
Further, The Bahamas has led the way in implementing a strong anti-money
laundering regime. The Bahamian Foundation is integrated into this regime
through the requirement for the Foundation to have an entity licensed
in the Bahamas to act as Secretary; the Secretary is responsible for
conducting due diligence and providing a nexus to the jurisdiction.
We invite you to read the following pages which provide an introduction
to foundations in The Bahamas. It reviews the legislation enabling the
establishment of foundations in our jurisdiction and includes examples
of their use in the provision of wealth management services by practitioners
throughout the world.
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