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When we think of the Caribbean we think of sun, sea and sand. When we think of financial services in the Caribbean, despite very strong recent efforts to improve, a number of the offshore centres still remind us of money laundering, corruption and secrecy.
However Trinidad and Tobago may have plenty of sun and sea and sand but it is certainly not an offshore financial centre in the normal sense of the word. It is actually a remarkably good venue for financial services. Whilst the country is best-known for its vibrant oil and gas sectors, Tobago offers visitors a tropical leisure experience, with Trinidad acting as the nexus for business and investment. Given its value proposition, Trinidad and Tobago's importance as an international financial centre continues to grow. Let's consider a few facts:
Trinidad and Tobago has a population in excess of 1.3 million. This compares with the Bahamas 380K, Barbados 280K, the Cayman Islands 60K and the British Virgin Islands 31K. The GDP of Trinidad and Tobago is approximately US$ 28 billion. This compares with, for example, the Cayman Islands (US$ 2.5 billion) and the British Virgin Islands (US$ 0.5 billion).
The Doing Business Index is published annually by the World Bank and examines the regulations that enhance business activity and those that constrain it in 189 countries. In the 2015 report Trinidad & Tobago is one of ten countries that "stand out as improving the most in performances". Trinidad & Tobago is ranked above all the Caribbean financial centres that are listed.
The Global Prosperity Index (by the Legatum Institute in 2015) benchmarks 142 countries across categories including the economy; governance; education; health and personal freedom. Trinidad & Tobago is 43rd and above most Latin American countries although marginally behind Argentina, Panama and Venezuela. Again, the Cayman Islands and BVI are not listed.
The Press Freedom Index of 2015 that Reporters Without Borders publishes every year measures the level of freedom of information in nearly 180 countries. It reflects the degree of freedom that journalists and news organizations enjoy. Trinidad and Tobago is ranked higher than nearly all Latin American and Caribbean countries.
In the three indices above Trinidad & Tobago ranks within the top half of all 102 financial centres measured in the Global Financial Centres Index. Trinidad & Tobago is in the same time zone as the USA and Canada and ideally situated for access to Latin America. It has a skilled workforce, robust ICT Infrastructure and significantly lower energy costs than other nearby financial centres. This makes the island an ideal location for back office operations as well as a gateway to Latin America. Give us a call and find out more - you may be pleasantly surprised...
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