The Tribune

A Cabinet minister yesterday reassured Brazilian intermediaries and financial services practitioners that delays and bottlenecks at the Registrar General’s companies department are now being addressed.

Senator Jerome Fitzgerald, minister of economic affairs, pledged greater responsiveness from the Department after Brazilian executives voiced concerns over the long wait to obtain certificates of good standing and other administrative matters.

His reassurance came during a meeting with key intermediaries and executives ahead of the annual Society of Trust and Estate Practitioners (STEP) Latin America conference, which opens in Sao Paulo today. The Government, and Bahamian financial services industry, are targeting increased business from Brazil - one of this nation’s most important Latin American markets - with new products and services specifically tailored to civil jurisdictions.

Ryan Pinder KC, the ex-attorney and financial services minister, who played a key role in crafting recently-passed legislation such as the Usufruct Bill together with Wendy Warren, the former Bahamas Financial Services Board chief executive, were both present to explain the latest developments to Brazilian counterparts who expressed growing interest in The Bahamas.

Through these reforms, in addition to financial services business, The Bahamas is seeking to increase the number of Brazilian high net worth permanent residents seeking to domicile in this nation and thereby boost local economic activity.