Guide To Executive Entities In The Bahamas

Preface

Set out below is a summary of certain provisions of The Executive Entities Act, 2011 (the "Act"), which is a useful synopsis of the Act. This summary is by no means exhaustive and does not purport to contain all applicable qualifications and exceptions or to be a complete review of such matters.

The Executive Entities Act, 2011 (the "Act") came into force on 1 February 2012 in The Bahamas. The Act was designed to facilitate the creation, operation, management and termination of a new private wealth structure, the Executive Entity (the "BEE").

The Act is the result of a joint effort by a working group of the Bahamas Financial Services Board and Lawrence Graham LLP ("LG"), a London law firm, which saw the BEE as an innovative opportunity for private wealth structures.