The legal system in The Bahamas, modeled on the British pattern and independent of the political process in the country, provides a well-established environment for international business.

Further, the judicial system is multi-tiered, including the Magistrates Court, The Supreme Court and The Court of Appeal, which sits as the highest court. The final appellate court of The Bahamas is Her Majesty’s Privy Council in London, providing for due process and final review where necessary.

The independence of the judiciary and Bahamian sovereignty provide The Bahamas with a unique environment for the conduct of international services.

Professional Bodies

With a long history of positive contribution to the industry’s development, the country’s professional bodies also provide government a window to the international financial services industry to better identify and respond to change.

Formed in 1976, the self-regulatory Association of International Banks and Trust Companies promotes a high level of ethical conduct and management standards. Similarly, the Bahamas Institute of Chartered Accountants functions as a self-regulatory body, ensuring professional compliance with International Auditing and Accounting Standards and Rules of Professional Conduct.

The Bahamas Bar Association and the Bahamas Real Estate Association also operate under self-regulation. Other important industry groups include the Bahamas Society of Financial Analysts, the Society of Trust & Estate Practitioners and the Bahamas Association of Mutual Fund Administrators.

Legal Community

The legal community in The Bahamas plays an integral role in the continued development of the international services sector.

There are approximately 600 attorneys practicing in The Bahamas, from firms of various sizes. Many of the firms specialize in international financial services. The British-based legal system means that most attorneys in The Bahamas have been trained and qualified in the United Kingdom, and consequently are very familiar with practices and concepts arising from English Case Law, including trust business.

The Bahamas also has an impressive selection of well-qualified and experienced public accountants, with an estimated 350 in practice at the present time.