Bahamas Signs Arbitration Agreement With China
by Mike Godfrey, Lowtax.net, Washington
12 January, 2015
The Bahamas has announced the signing of an agreement in principle with China relating to international arbitration, and an agreement to enable the trading of Residential Mortgage-Backed Securities (RMBS).
The first agreement is intended to support the Bahamas's ambitions of becoming an international arbitration center, where the territory would mediate in payment disputes involving international parties.
Welcoming the second agreement concerning RMBS – debt obligations that represent claims to the cash flows from pools of mortgage loans, most commonly on residential property – the Bahamas Government said: "This is good news for The Bahamas and especially the Financial Services Sector that stands to benefit substantially from the introduction of this new financial product and service, making the Bahamas jurisdiction only one of three countries in the world where RMBS transactions will take place. Additionally, the Government's policy thrust to create The Bahamas as a center for international arbitration is beginning to bear fruit."
Bahamas Prime Minister Perry Christie said: "We are very strategically placed in terms of Central and South America, North America, and even in terms of Europe. We have the opportunity to increase our trading opportunities."
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