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European Union removes The Bahamas from tax watch list

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‘The Bahamas’ financial services industry is stable and governed by a sound regulatory regime’

#The Bahamas, February 24, 2020 — The European Union’s Economic and Financial Affairs Council completely removed The Bahamas from its List of Non-Cooperative Jurisdictions for Tax Purposes, at their meeting in Brussels today. In a statement this morning, the EU confirmed that The Bahamas has implemented the necessary reforms to meet the EU criteria on tax governance and cooperation on tax matters. The Government welcomes this decision and the positive impact it should have on growth to investor confidence in the industry

In March 2019, The Bahamas was placed on the EU’s Annex II “the greylist”.  While different from the more serious Annex I “the blacklist” of the EU List of Non-Cooperative Jurisdiction for Tax Purposes, The Bahamas was still subject to ongoing monitoring by the EU with respect to the implementation of economic substance requirements. With today’s move, The Bahamas has addressed all of the concerns on economic substance, removal of preferential exemptions and automatic exchange of tax information.

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“This news of our removal from the EU list affirms that The Bahamas takes its position as a global financial center very seriously. Coming off this list was not an easy process. We engaged many stakeholders and executed a comprehensive strategy to not only address the EU’s concerns but also to defend the jurisdiction against recent attacks on the legitimacy of our financial services business,” said Deputy Prime Minister and Minister of Finance K. Peter Turnquest.

Over the past year, the Government’s team of technical advisors has had several meetings with the EU’s Code of Conduct Group to engage in dialogue on the integrity of The Bahamas’ tax governance measures. Most of the discussions centered on the introduction of economic substance requirements for Investment Funds.

“The Bahamas has worked diligently to demonstrate its commitment at the highest political level to international standards on information exchange, tackling harmful tax practices and dismantling artificial tax structures. On behalf of the Government, I thank the staff, agencies and industry stakeholders that worked so hard to achieve this result. Your support, encouragement and technical skills have been invaluable in this process and prove once again, we can rise to any challenge,” said Minister Turnquest.  

“All of our critics should see that the EU’s statements today clearly counters the view that The Bahamas is not doing its part in the global effort to stop financial crimes such as tax evasion and money laundering,” he said.

The positive evaluation of The Bahamas by the EU sends a strong signal to the international community that The Bahamas’ financial services industry is stable and governed by a sound regulatory regime. The Government will continue to promote engagement with all stakeholders on these issues and will take the appropriate measures to ensure that The Bahamas adheres to international best practices and remains the preferred jurisdiction of choice for financial services in the region.

Press Release, Central Communications Unit, Bahamas Ministry of Finance

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OVER 209,000 BAHAMIANS TO DECIDE NEXT GOVERNMENT IN TUESDAY’S GENERAL ELECTION

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Polls open nationwide as rallies, controversy and endorsements close heated campaign season

 

The Bahamas, May 11, 2026 – Temperatures across The Bahamas on Tuesday, May 12 are forecast to reach a high of 87 degrees Fahrenheit, with “feels like” temperatures expected to climb even higher — but the heat is not expected to disrupt the flow of voters to polling stations which open nationwide at 8 a.m.

More than 209,000 registered voters are expected to cast ballots in the country’s 2026 General Election, which will determine who forms the next government of the Commonwealth of The Bahamas.

Polling stations across New Providence, Grand Bahama and the Family Islands will remain open until 6 p.m., with all 41 House of Assembly seats being contested in what has become one of the country’s most energetic and closely watched election campaigns in recent years.

The governing Progressive Liberal Party and the opposition Free National Movement are fielding full slates of 41 candidates each, while the Coalition of Independents has emerged as a significant third-force movement with 40 candidates contesting seats nationwide.

Public schools throughout the country are closed Tuesday as many campuses are transformed into polling stations, while ballot boxes have already been dispatched to the Family Islands ahead of voting day.

The Parliamentary Registration Department has meanwhile reminded employers that registered voters are legally entitled to two hours off to vote in addition to their normal lunch break and has also issued guidance aimed at maintaining orderly conduct at polling locations.

The final days of campaigning transformed the country into a sea of rallies, motorcades, town halls and political events stretching from Exuma and Long Island to Abaco, Bimini, Eleuthera, Andros, Inagua and Grand Bahama.

The PLP closed its campaign with the message “Choose Progress,” arguing the Davis administration has strengthened the economy, expanded social support and advanced national development projects.

The FNM campaigned heavily on accountability, affordability and governance reform under the slogan “We Work for You,” while the Coalition of Independents sought to position itself as the country’s disruptive alternative with the declaration: “Change ain’t coming — change is here.”

The campaign season also drew international attention with former NBA player and businessman Rick Fox attracting celebrity endorsements from basketball legend Shaquille O’Neal, actress Vanessa Williams and reggae icon Buju Banton through widely circulated video messages.

Adding further unpredictability to the race are at least 13 independent candidates contesting seats across the country, including former Prime Minister Dr Hubert Minnis in New Providence’s Killarney constituency, former Cabinet Minister Frederick McAlpine in Grand Bahama’s Pineridge constituency and Leroy Major in Southern Shores on New Providence — all seeking to break through the dominance of the country’s traditional party structure.

Meanwhile, election officials faced controversy in the campaign’s final hours after confirming that fewer than 150 voters, around 1 percent of electors had been mistakenly omitted from the register but would still be allowed to vote Tuesday — a decision questioned publicly by FNM Leader Michael Pintard amid broader concerns over voter integrity and election procedures.

Despite the political tensions, election officials say preparations are complete.

By Tuesday night, Bahamians are expected to know whether the PLP secures a second consecutive term, whether the FNM returns to office, or whether independents reshape the country’s political landscape.

Angle by Deandrea Hamilton. Built with ChatGPT (AI). Magnetic Media — CAPTURING LIFE.

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BAHAMAS RATING UPGRADE: A WIN—BUT NOT A FREE PASS

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The Bahamas, May 4, 2026 – With elections days away, The Bahamas has picked up a headline-friendly win: a credit rating upgrade.

Here’s the one-liner that matters most:

A higher rating can mean cheaper borrowing for the government—over time.

That’s the upside. When lenders see less risk, they demand lower interest. That can ease the cost of financing big projects and managing national debt.

But that’s only part of the story.

Moody’s Ratings has upgraded The Bahamas to Ba3 from B1, citing stronger fiscal discipline, improved liquidity and a more stable funding strategy. It also points to better tax collection, controlled spending and continued strength in tourism as key drivers.

Moody’s expects the government to maintain solid primary surpluses—essentially bringing in more than it spends before debt payments—and projects national debt to decline from 72.5% of GDP to around 68% by 2027.

That’s progress.

But here’s the reality check.

The Bahamas is still below investment grade. In plain terms, the country remains in speculative territory, meaning investors still see a higher level of risk compared to more stable economies.

Debt, while improving, is still elevated. And the economy remains heavily dependent on tourism—a sector that can shift quickly with global conditions, weather events or geopolitical shocks.

Even Moody’s signals that more work is needed. Further upgrades depend on:

  • sustained reductions in debt
  • improved debt affordability
  • and continued access to favourable financing

So while the upgrade reflects real gains, it is not a finish line.

It is a signal that the country is moving in the right direction—but must stay disciplined to keep that momentum.

For voters heading to the polls, the takeaway is simple:

The Bahamas has strengthened its financial position—but the fundamentals still need work.

The progress is real.

The challenge now is to make it last.

Angle by Deandrea Hamilton. Built with ChatGPT (AI). Magnetic Media — CAPTURING LIFE.

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VOTES SAFE, SAYS PRD AFTER BALLOT BOX FIASCO VIDEO

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The Bahamas, May 4, 2026 – The Parliamentary Registration Department is assuring the public that ballots cast during advance polling remain secure, following a viral video that sparked confusion and concern in eastern Nassau.

The footage, widely circulated on social media, showed a tense scene outside Thelma Gibson Primary School, where party supporters surrounded election officials as a ballot box was escorted to a waiting vehicle under police guard. The confrontation—loud, chaotic and closely watched—left many questioning whether proper procedures were being followed.

In response, the PRD moved to clarify.

In an official statement, the Department said the transport of ballot boxes in the Elizabeth and Yamacraw constituencies was conducted in line with established protocol. It explained that once polling concludes, the Presiding Officer is required to return sealed ballot boxes to the Returning Officer, who—accompanied by a senior police officer—then transports them to the Parliamentary Commissioner.

The PRD said it is satisfied that Returning Officer Sonia Culmer adhered to those procedures and that the ballot boxes remained sealed at all times.

But that account has been challenged.

PLP Elizabeth candidate Jobeth Coleby-Davis has called for an urgent investigation into what she described as alleged irregularities involving ballot handling. She claims that established procedures were breached, including the movement of sealed ballot boxes without the presence of party observers, and is urging authorities to review the matter.

The competing accounts have added to public unease following scenes that saw supporters from multiple political parties crowding officials during the transfer process, demanding clarity on what was taking place.

Individuals clad in PLP shirts, including incumbent Coleby-Davis swarmed the returning officer, police officers and the ballot boxes.  The charge was the woman in the crosshairs of the accusations was connected to the opposition FNM party.

There was nothing to validate this claim and there is no confirmed breach reported by election officials.

Ballots cast during advance polling are expected to remain secured until Election Day, May 12, when they will be merged with ballots in their respective constituencies and counted as part of the official tally.

For now, the PRD is standing firm on the integrity of the process—even as calls for further scrutiny grow louder.

Angle by Deandrea Hamilton. Built with ChatGPT (AI). Magnetic Media — CAPTURING LIFE.

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