News
Money transfer centers in TCI, are they supporting or inhibiting potential economic growth?
#TurksandCaicos, July 20, 2022 – Shocked but not surprised. This is how I would describe the amount of outgoing remittances from TCI. I never grasped the gravity nor the dynamics of these independent financial outlets until recently. This sector continues to evolve, but not necessarily in the best interest of our country.
Financial remittances have long been recognized as an important developmental vehicle associated with migration. It is commonly known as the money or goods that migrants send back to families and friends in countries of origin.
Remittances is a very lucrative business and over the years has been an integral part of the Caribbean culture. It could also be considered a major contributor to the economies in the region.
I would imagine, for some countries, remittance flows for many migrant families can become an economic lifeline.
New platforms such as online transfer services, digital wallets and mobile money applications are becoming more and more prevalent. With these online platforms, it will be even more difficult to monitor the true outflow of
remittances.
In the latter part of 2019, the Financial Services Commission(FSC) website provided information from three institutions and the numbers were staggering. The institutions are CAM, NCS eMoney Services (which operates as MoneyGram) and The Money Centre by Fidelity, which is also known as Western Union. Vigo®, a Western Union money transfer brand.
According to a report published in 2021 by TCIsun newspaper, despite the downturn in the economy, in 2020, a staggering $105 million USD was sent out of the Turks and Caicos Islands through money transfers.
The FSC figures revealed, the majority of the transactions, $36.3 million was sent to Haiti, followed by $26 million to the Dominican Republic, $11.4 million to Jamaica, $10.3 million to the Philippines, $1.3 million to the Bahamas, $1.2 million to the United Kingdom (UK), $9 million to the United States of America (USA) and $8.1 million to other countries.
Haiti and the Dominican Republic were again the largest receivers of outbound funds, together accounting for over 50 percent of the figures.
Most remittances are primarily used for consumption, including, for instance the purchases of food, consumer goods, health care and housing. However, based on the significance of the cash outflow in addition to the increase in illegal immigration, it calls into question the relationship between illegal entry and outgoing remittances.
Due to privacy laws and the way data is collected and reported, it may not provide as much information to identify the true receivers and end users. With the level of outgoing financial activity, it makes our local banks look like check checking centers or staging area before transfer.
It would be intriguing to see what the remittance figures represented in terms of the impact on total gross domestic product (GDP) for TCI.
As a country, how do we slow down the outflow of funds precisely at a time when we want individuals and businesses to get out there and spend, so more of the money is circulating within our own economy?
As a way to heighten more awareness around this issue, why not set up a think tank committee to conduct a comprehensive study? This could help to determine the driving force behind immigrants not wanting to reinvest a larger portion of their earnings in TCI.
Generally speaking, owning real estate is a sign of progress for many immigrant families. Perhaps, the hesitation to invest in this area could be in part due to some local land owners allowing squatting for a nominal fee.
Furthermore, the lack of adequate code enforcement and or allowing low accommodation standards in the country, this makes it easier for renters to live in substandard housing.
As a result, there is no compelling need for any real individual investment, while allowing more money to be sent out of the country.
In my opinion, it goes right back to the fundamentals, failure to set strict industry standards, improving housing regulations and inspecting what is expected etc.
Would a more comprehensive immigration reform benefit in one form or another in terms of citizenship eligibility?
Offering Amnesty or any sort of immunity is a quagmire for any country. Although, I believe at some point it will become inevitable in TCI. This is one way to ensure the working class is paying their fair share into the system to offset medical expenses and the cost of other social services.
With TCI recently introducing a new form of indirect taxation, it is evident that the money transfer sector would be a prime source from which the Ministry of Finance can consider increasing levy on.
The last report that was made available by TCI FSC, the vast discrepancy between total inflows and total outflows underscores the shortcomings of remittance data, and leaves one to believe the loyalty to our country for some is rather marginal.
What would be even more impactful is, if Government required more transparency on these institutions, like source of funds etc.
Albeit, this will need to be accross the board, to include white-collar workers and capitalist who move money freely through bank wire transfers and drafts.
With TCI having a free enterprise market, pundits would argue there are a plethora of reasons why this would be socially unjust to foreigners.
Consequently, at the end of the day, you can’t have your cake and eat it too.
I concur with a recent statement made by Premier Washington Misick, in which he said “The TCI has to develop a robust internal economy that allows money to pass through as many hands as possible”. To his point, this is not happening.
The government must create an enabling environment to encourage work permit holders and other foreign nationals to stem the outflow of remittances so more of the money is spent toward productive sectors of our economy.
The burning question is, do we have a bold enough politician with the political will to introduce such initiative in the house of assembly?
My final thought is, in order to leverage the true development benefits of financial and social remittances, a comprehensive and in-depth financial analysis must be done.
I’m afraid that without the ability to reign in this level of outflow activity, over time, it could become damaging to our country’s competitiveness in the world market place or the broader economy.
Ed Forbes,
Concerned citizen of Grand Turk
Providenciales, Turks and Caicos Islands— Thursday, 24 September 2026: The Department of Disaster Management and
Emergencies (DDME) was invited by Digicel to deliver a hurricane preparedness presentation to members of their staff.
The engaging 90-minute presentation formed part of DDME’s ongoing public education and awareness efforts aimed at strengthening preparedness across the Turks and Caicos Islands. During the session, Digicel employees were provided with important information on the potential impacts of hurricanes and other emergencies, as well as the actions that individuals and organisations can take to reduce risks and protect lives, property and essential operations.
The presentation emphasised that preparedness is a shared responsibility and should begin well before a storm or other emergency threatens the country. Staff were encouraged to understand the risks associated with hurricanes, remain informed through official sources and develop personal and workplace preparedness plans.
DDME recognises the important role that businesses play in national disaster preparedness and resilience. Corporate organisations are
encouraged to establish and regularly review emergency plans that clearly outline responsibilities, communication procedures, evacuation arrangements, business continuity measures and recovery actions.
“Preparedness is most effective when it is planned and practised before an emergency occurs,” Jason Hills, DDME Director. “Organisations that invest in preparedness today are better positioned to protect their people, maintain essential services and support the wider community during times of crisis.”
Corporate organisations, schools and government departments interested in DDME’s assistance with hurricane preparedness training, emergency drills support or assistance with developing a business contingency plan are encouraged to contact the Department of Disaster Management and Emergencies via email at ddme.tci@gmail.com.
Caribbean News
Royal Caribbean Group and Sandals Resorts Announce Landmark Partnership to Accelerate Their Leading Vacation Experiences
Royal Caribbean Group Investment to Advance Sandals and Beaches’ Growth and Broaden the Group’s Vacation Portfolio
Montego Bay, Jamaica and Miami, September 24, 2026 – Royal Caribbean Group (NYSE: RCL) and Sandals Resorts today announced the signing of an agreement to form a partnership in the all-inclusive resort space with a 50% investment from Royal Caribbean Group. Building on Sandals and Beaches Resorts’ more than four decades of leadership in Caribbean hospitality, the joint venture will create new opportunities for continued resort growth while broadening the experiences across Royal Caribbean Group’s vacation platform.
The partnership brings together two of the travel industry’s most celebrated vacation companies, pairing Sandals and Beaches’ all-inclusive
resort expertise with Royal Caribbean Group’s vacation platform, including industry-leading brands – Royal Caribbean, Celebrity Cruises and Silversea – a portfolio of private destinations, new river cruising offering, and an industry-first loyalty program. United in a shared history in the Caribbean and connected by a love for their communities, the companies will offer travelers an unparalleled collection of cruise, private destination and resort experiences, serving guests across more vacation occasions and establishing their undisputed leadership in Caribbean vacations.
The joint venture expands Royal Caribbean Group into an adjacent vacation category, growing its participation in the approximately $2 trillion global vacation market, and meets the growing global demand for Sandals and Beaches Resorts by accelerating their expansion. The partnership will include Sandals and Beaches’ collection of premier all-inclusive properties across the Caribbean, and the companies will explore opportunities to broaden distribution, deepen guest engagement, and make it easier for travelers to discover vacation experiences offered across both portfolios.
“For nearly 60 years, we’ve reimagined what a vacation can be, constantly expanding the ways we inspire our guests to explore, connect and create lifelong memories,” said Jason Liberty, Chairman and CEO, Royal Caribbean Group. “We have been building a vacation platform that brings joy to millions of people around the world and creates meaningful relationships that last with our guests. Our partnership with
Sandals and Beaches Resorts is an important next step on that journey – bringing together two iconic leading vacation companies to further strengthen and grow one of the most admired resort portfolios in the world. The Stewart family has created powerful and beloved brands, and we are honored to build on that legacy. Together, we see tremendous opportunity to expand the reach of Sandals and Beaches Resorts and continue turning the vacation of a lifetime into a lifetime of vacations.”
“My father, Gordon ‘Butch’ Stewart, founded Sandals Resorts with the belief that a company built in the Caribbean could stand on the world stage alongside the most respected names in hospitality. Today is proof of how far that vision can go,” said Adam Stewart, Executive Chairman of Sandals Resorts and Beaches Resorts. “This partnership is the natural next step in building on that conviction. It gives us the ability to grow faster with a partner that shares our values of exceptional hospitality, long-term investment, and the power of enduring brands. Together, we will introduce more guests to Sandals and Beaches Resorts while creating even more extraordinary experiences for those who have made our resorts part of their lives for decades.” Stewart added, “As we continue to grow, we will remain true to what has always defined us: delivering authentic vacations that exceed expectations while creating opportunities for our team members, travel advisor partners and the communities we call home. The future has never been brighter, and I know this moment would make my father incredibly proud.”
The joint venture will be governed by a board under the shared leadership of Stewart and Liberty. Stewart will maintain a leadership role in
guiding the company’s long-term strategic growth as Executive Chairman of Sandals and Beaches Resorts. Existing reservations, loyalty programs, resort operations and cruise operations will continue as usual, with the partnership bringing additional resources to support future opportunities.
Under the terms of the agreement, Royal Caribbean Group will acquire a 50% equity interest in Sandals and Beaches Resorts for approximately $3 billion, representing a forward EBITDA multiple of approximately 10x. Royal Caribbean Group has secured committed debt financing from Morgan Stanley to fund the investment. The transaction is expected to close in early 2027, subject to customary approvals and closing conditions, and is expected to be accretive to earnings next year.
BofA Securities and PJT Partners acted as financial advisors, and Latham & Watkins and Jones Day acted as legal advisors to the Sandals Group. Perella Weinberg Partners and Morgan Stanley acted as financial advisors and Kirkland & Ellis LLP acted as legal advisor to Royal Caribbean Group.
PHOTO CAPTION: Jason Liberty, Chairman and CEO of Royal Caribbean Group, and Adam Stewart, Executive Chairman of Sandals Resorts, mark the signing of an agreement to form a landmark partnership that expands Royal Caribbean Group into the all-inclusive resort space and supports the future growth of Sandals and Beaches Resorts. The signing took place at Royal Caribbean Group’s new headquarters in Miami, with the city’s skyline in the background.
The Caribbean tourism deal first reported as a possibility on Tuesday is now a signed agreement. Royal Caribbean Group plans to pay
approximately US$3 billion for a 50% stake in Sandals and Beaches Resorts, putting the value of the business at about US$6 billion. The purchase is expected to close in early 2027, subject to approvals.
Founded in Jamaica by the late Gordon “Butch” Stewart in 1981, the resort business has a presence across nine Caribbean destinations, including Jamaica, The Bahamas and Turks and Caicos. Sandals has described its workforce as nearly 20,000 people, most of them Caribbean nationals.
“My father, Gordon ‘Butch’ Stewart, founded Sandals Resorts with the belief that a company built in the Caribbean could stand on the world stage alongside the most respected names in hospitality,” said Adam Stewart in the announcement carried by PR Newswire. He will remain executive chairman, while the Stewart family retains a stake. The companies say existing reservations and resort operations will continue as usual.
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