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Prime Minister’s Liberalization Plan to Promote Greater Opportunities for Bahamian Investment

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#Bahamas, December 22, 2017 – Nassau – Prime Minister, Dr. the Hon. Hubert A. Minnis’ plans for the liberalization of the administration of the country’s exchange control regime is expected to promote greater opportunities for Bahamian investors and small and medium-sized businesses/enterprises (SMEs).

The Prime Minister announced (Wednesday, December 20, 217) that Bahamians and residents will be given approval to repatriate foreign currency deposits or investment assets currently held outside of The Bahamas, or repatriate the out-of-country facilities to The Bahamas, at the same foreign currency value upon application to the Central Bank of The Bahamas.   No penalties will be imposed on regularized accounts and investments.

Prime Minister Minnis said the owners of deposit facilities will be allowed to use those resources to finance domestic transactions without restriction.  (Prohibitions, Prime Minister Minnis said, will exist against either funding or augmenting these facilities with proceeds converted from Bahamian dollars.)

This reform accommodates Bahamian residents who have amassed deposits or investment assets abroad for which they should have obtained prior Exchange Control approval.   Administration officials say what this means is that, by example, Bahamian small and medium-sized businesses and Bahamian investors who currently have U.S. Dollar accounts, will be able to maintain those U.S. Dollar accounts in The Bahamas.   The same goes for accounts held in other jurisdictions.

Prime Minister Minnis also announced that the buying and selling rates for the Investment Currency Market (ICM) will be “significantly reduced” from 12.5 per cent and 10 per cent respectively, to 5 per cent and 2.5 per cent.   The Prime Minister further said Bahamians will be able to fund investments at the lower rate of B$1.050 (US$1.00) and to repatriate investment currency proceeds to The Bahamas at the rate of B$1.025 (US$1.00).

The two above-mentioned reforms are designed to reduce the costs of funding for capital market and related investments made outside of The Bahamas, with investment currency that is available at a premium.

The Prime Minister said as part of the relaxation protocol, Bahamian-owned businesses will be allowed to maintain operating deposit accounts of up to $100,000 in foreign currency at domestic, commercial banks, without prior reference to the Central Bank.  These accounts will have to be exclusively funded from revenues earned in foreign currency.   This reform provides access to foreign currency accounts for local businesses to cover international expenses in their operations.   Central Bank approval will continue to be required for accounts with balances of more than $100,000 in foreign currency.

The Minnis Administration will also relax Exchange Controls on capital transactions, namely on capital (investment) and current account (trade) transactions for small and medium-sized Bahamian businesses/enterprises (SMEs).   Central Bank officials also propose to delegate the operation of the ICM to Commercial Banks at a date to be arranged in 2018.

The changes, which will come into effect as of February 1, 2018, are expected to not only assist domestic, small, and medium sized Bahamian businesses and Bahamian investors by improving the ease of doing business for Bahamians and residents, but can also be considered part of the Minnis Administration’s new economic strategy to attract investments from the global Bahamian Diaspora in order to help create a global network of Bahamians and to help boost national development, on the road to creating a 21st Century Bahamas.

They follow the Prime Minister’s recent announcements in Washington, D.C., U.S.A. where Dr. Minnis addressed members of the Bahamian Diaspora residing in the Washington D.C., Maryland and Virginia areas, that his Administration has embarked upon a programme of reform and transformation that includes innovative thinking about the role of government in order to create new and innovative partnerships for national development.

Prime Minister Minnis encouraged the gathering to not only consider the new investment opportunities that will become available in The Bahamas as a result of his Administration’s new economic strategy, but to also “consider lending your talents and resources in areas such as youth development, volunteerism and community service.”

“The global Bahamian Diaspora is a major talent and investment pool the country must tap into.   Like other countries that have successfully done so, my Government will cultivate and utilize the energy of the Bahamian Diaspora,” Prime Minister Minnis added.

Prime Minister Minnis said the reforms were “long overdue” and comprise part of his Administration’s commitment to assisting small and medium-sized Bahamian businesses/enterprises, which the Prime Minister said, are a “critical part” of the Bahamian economic structure, employing thousands of Bahamians.

“It is a modernization reform that Bahamian businesspersons have been asking for, for a long time,” Prime Minister Minnis said during a press conference held to announce the liberalization of Exchange Control.

“The Government is committed to targeted, ambitious and sustainable liberalization of the capital account.   I note that the Government will continue to review further, gradual adjustments in the Exchange Control Regime,” Prime Minister Minnis said.

By: Matt Maura (BIS)

 

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Beaches Turks & Caicos, FIU train next generation of hospitality leaders in Providenciales  

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Minister of Education Hon. Rachael Taylor share a moment with FIU and Clement Howell High students

PROVIDENCIALES, Turks & Caicos Islands: — Beaches Turks and Caicos and Florida International University’s (FIU) Chaplin School of Hospitality & Tourism Management have joined forces to inspire the next generation of hospitality leaders in the Turks and Caicos Islands, partnering with Clement Howell High School and Oseta Jolly Primary School during FIU’s recent education abroad visit.

BTC & FIU training with Clement Howell High and Oseta Jolly Primary student leaders

As part of FIU’s Education Abroad programme, a delegation from the Chaplin School of Hospitality & Tourism Management travelled to Providenciales to engage students in interactive sessions on careers in tourism, leadership and customer service. Hosted by Beaches Turks and Caicos, the programme blended classroom-style presentations with on-resort exposure, underscoring the resort’s long-standing commitment to youth development and training across the islands. FIU, consistently ranked among the top hospitality management schools in the United States, used the visit to highlight international study opportunities and the global reach of a hospitality degree.

Beaches Turks and Caicos, a flagship all-inclusive family resort on Providenciales, has developed a reputation for structured training and mentorship, frequently opening its doors to local students for hands-on learning and industry immersion. This new collaboration with FIU’s Chaplin School builds on that foundation by linking local classrooms directly to a world-recognised university programme, giving students early exposure to academic pathways and professional standards in tourism.

At Clement Howell High School, FIU faculty, students and Beaches representatives met with aspiring hospitality professionals in a series of workshops and talks. Sessions focused on leadership, guest experience, innovation in tourism and the importance of regulatory standards and sustainable practices for a destination whose economy is anchored in travel and hospitality. Students also heard about internship pipelines, scholarship options and the practical steps required to transition from secondary school to university-level studies in hospitality management.

FIU alumna and Deputy Governor of the Turks and Caicos Islands, Anya Williams, delivered an energizing address, encouraging students to see themselves as future global leaders. “To build strong networks with the visiting FIU team, we have to build relationships now which will open doors to study overseas as well as mentorship and career opportunities.” Williams also highlighted how her own journey, including her time at FIU, helped shape her path to national leadership and underscored the value of combining academic excellence with service to country.

The delegation extended its outreach to Oseta Jolly Primary School. There, Clement Howell, FIU and Beaches volunteers tailored activities for younger students, introducing them to basic leadership skills. The sessions reinforced values already central to the school—respect, cleanliness and excellence.

Minister of Education, Youth, Sports and Social Services, Rachel Taylor, praised the collaboration, noting that strategic partnerships with world-class institutions are vital to aligning the national education agenda with the realities of a tourism-driven economy. She commended Beaches Turks and Caicos and FIU for investing time and resources in local students and said she looks forward to continued collaboration that will expand access to training, scholarships and international exposure for young Turks and Caicos Islanders. Taylor also emphasized that initiatives like this complement government-backed hospitality training efforts already underway with industry partners across the islands.

General Manager of Beaches Turks and Caicos, Deryk Meany, reaffirmed the resort’s commitment to developing local talent and supporting the wider community. He noted that the success of the Turks and Caicos tourism product depends on a strong developmental programme of well-trained, passionate professionals who understand both global standards and local culture.

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Mother’s Pride Headlines Bahamian Takeover at Sixers-Heat Clash in Miami

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The Bahamas, March 30, 2026 – The voice of a proud mother captured the spirit of a nation Monday night, as Bendra Rolle shared heartfelt reflections on the overwhelming Bahamian support for her son, VJ Edgecombe, during the Philadelphia 76ers matchup against the Miami Heat in Miami.

“The patriotic support and scenery at my son, VJ Edgecombe’s NBA game… was overwhelming,” Rolle said in a statement issued following the game. “The arena in Miami was lit. Bimini and the Bahamas showed up and showed out.”

Her words come amid what has already been widely described as a remarkable showing of national pride, with Bahamians traveling in large numbers to South Florida to witness the young guard’s continued rise. For Rolle, however, the moment extended far beyond basketball.

“Beyond VJ’s basketball talents, I’m so moved by his magnetic personality and personal journey to inspire and excite an entire nation—our beloved Bahamas,” she said. “I thank God for VJ’s humility and for his hunger for greatness. He never forgets how far God has brought us.”

While the Sixers did not secure the win on the night, Edgecombe delivered a solid individual performance, finishing with 13 points and five assists. He made an early impact on the game, showing confidence and poise before foul trouble disrupted his rhythm, but still managed to leave his mark in meaningful minutes.

The game itself evolved into a cultural showcase, with Bahamian flags waving throughout the arena and chants ringing out in support of Edgecombe. Much of that presence was bolstered by a coordinated travel push from Bahamasair, which helped facilitate fan travel and added to the electric atmosphere in Miami.

Rolle said the emotional weight of the moment was deeply felt by her family, as they witnessed firsthand the unity and pride of the Bahamian people.

“Thanks and love for the tears and overwhelming joy on Monday, Bahamas,” she expressed. “The Bahamian flags were love, loud, and proud. On my own behalf, VJ, and the entire family, I am ever grateful for the indescribable experience.”

Her closing words underscored what many have described as the true victory of the night—not the final score, but the powerful display of national pride and support surrounding one of The Bahamas’ rising stars.

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50 Years of Ministerial Government: Cabinet Moves to Mark Milestone Rooted in 1976 Constitution

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Turks and Caicos, March 30, 2026 – The Turks and Caicos Islands is preparing to mark a major political milestone, with Cabinet approving the establishment of a National Commemorative Committee to celebrate 50 years of ministerial government, a system first introduced under the 1976 Constitution.

The decision, confirmed in the February 10 Post Cabinet statement, signals a year of reflection on a governance model that fundamentally reshaped how the country is run — shifting from direct colonial administration toward locally led political leadership.

That shift was formalized in the Turks and Caicos Islands Constitution Order 1976, which laid the legal foundation for ministerial government and introduced a structured Executive and Legislative system.

At its core, the 1976 Constitution established an Executive Council, bringing together:

  • a Governor,
  • a Chief Minister elected by members of the Legislative Council,
  • and Ministers appointed to assist in governing the Islands.

A Very Different Government Back Then

If today’s Cabinet feels crowded, the 1976 version would have seemed almost unbelievable. There were just three Ministers serving alongside the Chief Minister — a tight, compact leadership team responsible for the affairs of an entire country. No sprawling list of ministries, no long roster of portfolios — just a handful of individuals carrying the weight of governance.

Becoming a Minister wasn’t a direct vote of the people either. You first had to win a seat in the Legislative Council, and from there, the Chief Minister would recommend who should serve. The Governor then made the appointments. In other words, political trust and alignment mattered just as much as public support — and ultimate authority still rested above the local leadership.

And as for job security? There wasn’t much of it. Ministers served without fixed terms and could be removed if they lost their seat, resigned, or if the Governor revoked their appointment. Even the Chief Minister could be ousted through a vote of no confidence. Add to that the basic requirements — being at least 21, a British subject, and meeting residency rules — and it’s clear that ministerial government in 1976 was not only smaller, but far more tightly controlled.

This marked the first time elected representatives were formally given defined roles in the administration of national affairs.

Under the Constitution, the Governor retained overarching authority, but was required in many instances to act on the advice of the Executive Council, particularly in shaping policy and overseeing government operations.

The Chief Minister, meanwhile, was positioned as the central political leader, responsible for directing government business and advising on the appointment of Ministers.

Importantly, the Constitution also allowed for the assignment of responsibilities to Ministers, giving them oversight of specific areas of government — a structure that remains at the heart of today’s Cabinet system.

Section 13 of the Order made clear that Ministers could be assigned responsibility for the administration of departments or government business, embedding accountability and functional governance into the system.

The Legislative Council, established alongside the Executive, provided the law-making body, with elected and appointed members participating in debates, passing legislation, and representing the interests of the Islands.

Together, these provisions created the framework for what is now recognized as ministerial government — a hybrid system balancing local political leadership with constitutional oversight by the Governor.

The explanatory note of the 1976 Order describes it as introducing “new provisions for the Government of the Turks and Caicos Islands,” including the creation of a Legislative Council with elected members and Ministers appointed on the advice of the Chief Minister.

Fifty years on, that structure has evolved through subsequent constitutional changes, but its foundation remains rooted in the 1976 framework.

Cabinet’s decision to establish a commemorative committee suggests that the anniversary will not only celebrate political progress, but also invite reflection on how effectively the system has delivered on its promise of representation, accountability, and governance.

As the Islands approach this Golden Jubilee, attention is likely to turn not only to the achievements of ministerial government, but also to the ongoing question of how the system continues to serve a modern and rapidly developing Turks and Caicos Islands.

Developed by Deandrea Hamilton • with ChatGPT (AI) • edited by Magnetic Media.

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