Connect with us

News

Money transfer centers in TCI, are they supporting or inhibiting potential economic growth?

Published

on

#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 

Continue Reading

News

Beaches Turks & Caicos resort hosts high school tourism clubs from Providenciales and North Caicos  

Published

on

Clement Howell High School students and teachers being welcome by the General Manager at Beaches Turks and Caicos resort, Deryk Meany as they prepare to learn more about the daily operations of the resort and the team

PROVIDENCIALES, Turks & Caicos Islands: Beaches Turks and Caicos Resort recently welcomed students from Clement Howell High School in Providenciales and Raymond Gardiner High School in North Caicos for an immersive educational tour designed to expose young learners to the dynamic world of hospitality and tourism.

The visit formed part of the resort’s ongoing commitment to youth development and community engagement, providing students with insight into the operations of the Caribbean’s leading hospitality brand. During the tour, students were introduced to various departments across the resort, gaining a deeper understanding of the wide range of career opportunities available within the industry.

General Manager Deryk Meany addressed the visiting students, encouraging them to think creatively about their future career paths and to remain open to exploring non-traditional roles within the hospitality sector.

“The hospitality industry is constantly evolving, and there is space for innovation, creativity and leadership at every level,” Meany shared. “At Beaches Turks and Caicos, we are proud to provide opportunities for young people to jumpstart their careers, while also developing the skills needed to grow into future leaders.”

The local youth engaged with team members across multiple disciplines, including guest services, food and beverage, entertainment and operations.

Kawanza Morley, Tourism Club leader at Raymond Gardiner High School, expressed appreciation for the experience, noting its value in reinforcing students’ academic learning.

“This visit allowed our students to see firsthand how what they learn in the classroom translates into the operation,” Morley said. “We are grateful to Beaches Turks and Caicos for their hospitality and for creating such a meaningful and engaging experience.”

Educators accompanying the students also highlighted the importance of continued collaboration between schools and industry leaders. Raphael Delpeche of Clement Howell High School commended the resort for its ongoing support of youth development initiatives.

“We are very pleased with the level of exposure our students received,” Delpeche stated. “This relationship continues to create valuable opportunities for our students to better understand the industry and envision their future within it.”

For many students, the tour provided inspiration and a renewed sense of possibility. Tamani Gardiner, a fourth form student from Raymond Gardiner High School, remarked on the professionalism and efficiency observed throughout the resort. “I was really impressed by how smoothly everything operates,” Gardiner said. “The level of professionalism from the staff shows what it takes to succeed in this industry.”

Similarly, Clement Howell High School student Tanika Lightbourne shared her enthusiasm for continued involvement with the resort through its internship programme.

“I’m looking forward to returning to Beaches Turks and Caicos for another year of internship,” Lightbourne said. “This experience has helped me grow and I’m excited to keep learning and developing as a young professional.”

Through initiatives like these, the resort continues to play a vital role in empowering youth across the Turks and Caicos Islands and preparing them for meaningful careers in one of the country’s most important industries.

 

Photo Caption (insert): Students from the Raymond Gardiner High School pause to capture a photo moment at the Treasure Beach Village overlooking the infinity pool during their recent resort tour and educational experience

Continue Reading

Caribbean News

Sandals® and Beaches® Resorts Launch Rebranded Loyalty Program, ‘Island Insiders Club’

Published

on

~All-inclusive resort company elevates rewards program, offering expanded benefits and member-only events & experiences, rooted in the spirit of the islands~

MONTEGO BAY, JAMAICA, July 2, 2026 Sandals and Beaches Resorts unveiled today the introduction of its new Island Insiders Club, the next chapter of its refreshed loyalty program. Replacing the long-running Sandals Select Rewards program (established in 2008), the new program is designed to elevate the guest experience with a more immersive approach to awards and recognition. Effective July 1, 2026, the transition will preserve members’ current status and existing benefits, while expanding access to enhanced rewards, exclusive events and enriched experiences that bring members closer to the Caribbean.

“We are expanding how loyalty shows up across every stay to encapsulate what our loyal members already are — an inside part of the Sandals and Beaches family,” stated # SVP of Loyalty at Unique Vacations, Inc., worldwide representative of Sandals and Beaches Resorts. “We developed this program side-by-side with the guests who know the resorts, the islands, and the people best, drawing on extensive focus groups, surveys, and direct feedback. The result is a loyalty experience that goes far beyond points, and is felt in every welcome home.”

Guests can enroll in Island Insiders Club before their very first visit, and begin earning status after their first stay. The program features seven levels of loyalty, the highest being Ambassador, followed by Pearl, Diamond, Emerald, Sapphire, Coral and Shell (which replaces the former Select tier).

More Access. More Recognition. More Caribbean.

Sandals Select Rewards members will roll over to the Island Insiders Club on July 1, 2026, maintaining their status and benefits with no reset.

Island Insiders Club highlights include:

  • Choice of Insider Reward: A flexible credit that lets Insiders choose the experiences that best match their vacation style, from relaxing at the Red Lane Spa to embarking on an adventure with Island Routes.
  • The Insiders Shop: A private online merchandise store featuring premium collections and limited-edition drops, including handcrafted artisanal pieces, available exclusively for Island Insiders.
  • Room Upgrade Hotline: Now available exclusively for members, Insiders can request a room upgrade 30 days prior to travel and receive up to 50% off their upgrade when they call a dedicated number.
  • Dedicated VIP Concierge Line: A one-stop, full-service customer care team supporting Diamond, Pearl, and Ambassador members throughout their vacation journey, helping to book their flights, tours, special requests and more.
  • Expanded Insider Experiences, On and Off Resort: Exclusive Insider events including specialty weeks focused on diving, autism inclusion, and culinary experiences on resort. Plus, access to a series of experiential events across the globe.
  • 20% off Managers Wine List Discount: Returning members receive 20% off the Manager’s Wine List, offering another elevated touch for dinners, celebrations, and special moments on resort.
  • $200 Laundry Service Credit: Ambassador members will receive a $200 laundry service credit, adding an extra layer of ease and convenience to longer stays.
  • Complimentary Week Stay: A complimentary 7-night stay at any resort of choice is awarded to members after every 70 paid nights.
  • New Member Incentive: Those “newly inside” who book and travel will receive 5,000 bonus points after their first stay.

As always, Insiders enjoy special access to cabanas, a complimentary photo on every trip, member discounts on everything from retail and watersports to candlelight dinners, and added savings on future stays at the loyalty lounge.

New Name, New Look and a Nod to Nostalgia

The Island Insiders Club’s refreshed visual identity is built around a simple pair of sandals, now the signature symbol of Island Insiders Club and a throwback to an Insider tradition that’s been worn for decades, from vintage gold and silver pendants in the early days to the leather necklaces shared at member events today.

The new brand look will roll out across consumer touchpoints in the months ahead, from dedicated Island Insiders Club lounges to on resort signage, marketing and sales channels, digital and more, bringing Island Insiders Club to life through a modern design and multiplatform approach.

An Exclusive Inside Scoop

In true Insider fashion, Island Insiders Club was first unveiled to the brand’s most loyal members during a special “Step Inside Our Sandals” video conference. Designed as an Insider-first briefing, the call gives top members an early look at brand news and upcoming developments. Hosted by Peter Menges, the event walked members through the highlights of the new program, what to expect, and the refreshed look and feel of Island Insiders Club, before Sandals and Beaches Resorts’ Executive Chairman Adam Stewart gave an exclusive look at what’s next and the reimagining of three iconic Sandals Resorts in Jamaica.

For more information about Island Insiders Club or to become a member, visit: www.sandals.com/islandinsidersclub.

Go behind-the-scenes of the Island Insiders Club with Peter Menges on the Sandals Palmcast and read the latest on the Sandals blog.

Continue Reading

Caribbean News

First Caymanian Drafted to NHL as Jaxon Cover Makes History    

Published

on

GEORGE TOWN, Cayman Islands – A young man who learned to play hockey on Cayman Islands’ only roller hockey rink has achieved

what once seemed impossible—becoming the first Caymanian ever selected in the National Hockey League Draft.

Eighteen-year-old Jaxon Cover was chosen 32nd overall by the Ottawa Senators, making him the final first-round selection in the 2026 NHL Draft and the first player from the Cayman Islands to hear his name called by an NHL franchise.

The achievement is remarkable not only because of where Cover comes from, but because of how recently he began playing on ice.

Growing up in Grand Cayman, Cover developed his skills playing roller and ball hockey, as the islands have no permanent ice rink. He did not lace up ice skates until he was 13 years old, yet within just five years had developed into one of the world’s top junior prospects.

Last season, the talented right winger starred for the London Knights of the Ontario Hockey League, recording 52 points on 20 goals and 32 assists in 67 games, performances that caught the attention of NHL scouts.

His mother, Nanalie Cover, described the family’s emotions as “very thankful, grateful and humbled,” adding that she hopes her son’s journey becomes “a symbol of what we can do, and what is possible for all, irrespective of where they originate.”

The Cayman Islands Government also hailed the milestone, saying Cover had “redefined the boundaries” of Caymanian sport and demonstrated the limitless potential of the nation’s young people.

Minister for Youth, Sports, Culture and Heritage Isaac Rankine called the draft selection “a proud and historic moment for the Cayman Islands,” saying Cover’s success will inspire a new generation of athletes to pursue their dreams, no matter how unconventional the path.

For a country better known for beaches than ice rinks, Jaxon Cover’s remarkable rise proves that talent, determination and opportunity can overcome even the most unlikely beginnings.

From a roller rink in the Caribbean to the bright lights of the NHL, Cayman has produced its first hockey trailblazer—and perhaps not its last.

Continue Reading

FIND US ON FACEBOOK

TRENDING