Saving Accounts is held by most working Bahamians.
However, according to annual reports, few Bahamians have a savings account of more than $1,000( One Thousand Dollars).
Borrowing for College.
Health and Life Insurance.
Participating in Asue, which is a savings plan where a group of People agree to pay a certain amount of money each week or month to the savings plan. Then, each week or month, a lump sum of money is paid to one individual until each individual receives a lump sum payment.
The Organization for Economic Co-operation and Development, which is an international organization of some of the most powerful industrialized countries, maintains a “ Black List” of countries that are uncooperative to the sharing of tax information on international investors.
The Bahamas Business Guide, B2B LTD. stated that the Bahamas was blacklisted by the Financial Action Task Force in 2000 for being a non-cooperative and harmful Tax Haven.
The Bahamas International Stock Exchange, which was started in 1999, has few investors
According to Bahamas Financial Services Web site, the Bahamas has now appeared on the “Grey Listing” of countries by the Organization for Economic Co-operation and Development in 2009.
The Bahamas Financial Services Website describes Grey Listing as meaning that a country has agreed to implement tax sharing agreements but has not met the OECD standards of implementation.
As the Bahamas faces numerous international financial regulatory challenges, the need for a financial planning association has emerged so that the Bahamas keeps its competitive edge in the financial services industries.
More Bahamians need to understand the concept of financial planning.
Being the first Bahamian selected to serve on the Americas Geographic Focus Group, I hope to help my country’s citizens learn more about the financial planning association and the way the economic health of Bahamians can be improved with proper financial planning.