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Industry perspective on TCI BLACKLISTING 

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By Dana Malcolm 

Staff Writer 

 

 

#TurksandCaicos, March 31, 2023 – ‘Basically, an administration issue’ is what landed TCI on the EUs Blacklist, a local corporate service provider in the TCI industry for over 10 years tells us as she explains the situation from their point of view, the people whose clients stand to lose hundreds of thousands.

“We really put the pedal to the metal, but it wasn’t enough,” she explained.  The provider who elected to remain anonymous, told Magnetic Media that the TCI had not completed to the EUs Satisfaction, the number of filings to satisfy the economic substance filing requirement based on the number of companies actually filed with the TCI companies registry.

The list is not completely accurate, she explains, which is a part of the problem; one that the FSC is trying to fix.  The Government has also been slow with implementing their own necessary portals.

“The exchange of information office with Henry Saunders as its director was supposed to be up and running with their online portal, to show people how to file and they were not up and running until a week or so before the deadline.”

This forced companies to submit their filings by email or even hardcopy.  This in and of itself was reasonable, but not fast or thorough enough for the EU.

“As far as an industry we were filling, we were doing it, but the EU wants to have it on a particular format which is what this online system was supposed to provide but that system was not available in good time.”

Aside from the Government’s system not being up in time, it crashed from overuse when it was ready.  The Government missed the time frame they had committed to, to correct the issue but the issue is dwarfed by the reaction.

Only one tax deficiency was attached to the Turks and Caicos in the EU document. It said the TCI “Does not ensure the effective monitoring of company obligations regarding substance requirements in the jurisdiction.”   The same was said for The Bahamas and yet both are listed as non-cooperative jurisdictions along with the Russian Federation and other counties.

Her explanation confirms what E Jay Saunders, Deputy Premier and Finance Minister explained as a frustrating overreaction on the part of the European Union.

“We felt it was an unfair thing to do for them to Blacklist us considering they know the challenges,” she said.  “As an industry we were really putting in to make sure these filings were done, and people were compliant and some of these are very detailed.  We really tried.”

As for how it might affect the TCI she said,

“There are some savvy investors that know how these things go and they’re not phased but there are some who see this as a big red flag and may not move forward with investments.”

That red flag will be gone soon according to Saunders, who has committed to getting the country in right standing along with top financial consultant company Kroll, by next year.

Bahamas News

He’s Not Dusting Off Yesterday’s Plan… He’s Trying to Rebuild Government  

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By Deandrea Hamilton | Magnetic Media

 

The Bahamas, June 26, 2026 – Just in case you thought Sebastian Bastian, The Bahamas’ first Minister of Innovation and National Development, was about to dust off Vision 2040 and carry on where others left off… think again.

In his maiden Budget Communication on Monday, June 15, Bastian unveiled what amounts to a blueprint to rebuild how the government works.

Not with another glossy vision document.

But with an execution machine.

The clearest indication came when the Minister acknowledged that while Vision 2040 was an important national achievement, it also exposed a weakness.

“So we are changing what we are building. The National Development Plan will no longer be a document we complete and set aside. It will be a living instrument — continuously reviewed, always current, resourced by full-time professionals, and grounded in real data — that shapes how this government, and every government after it, chooses its priorities. A plan is a document. What we are building is an institution.”

It is a remarkable shift in philosophy.

Instead of governments producing national plans every decade, Bastian wants professionals monitoring implementation in real time, measuring progress and ensuring administrations stay focused on delivering what they promised.

To Bastian, national development goes far beyond the roads, airports and buildings Bahamians can see. It also means creating the invisible infrastructure of government — smarter systems, better planning, reliable data, accountability and institutions that survive changes in political administrations.

His speech repeatedly returned to one central idea: government itself has become an obstacle to opportunity.

He described a Family Island entrepreneur waiting weeks or even months for approvals because government systems do not communicate with one another. He spoke of public servants trapped by outdated manual processes instead of serving people. And he highlighted an 18-year-old entering a workforce being reshaped by artificial intelligence before graduation.

As he explained:

“…our job is a practical one: to make government work better, to make The Bahamas easier to do business in, and to make sure our country and our people are ready for what comes next.”

For ordinary Bahamians, he said the objective is simple.

“…a government that is simpler, faster, and far easier to deal with… dealing with your government will get easier, year after year, by design.”

His ministry’s four pillars are ambitious: modernizing government, preparing the nation for artificial intelligence, developing Bahamian talent and driving long-term national development.

Among the initiatives announced were a National Artificial Intelligence Authority, the country’s first AI legislation, a National Digital ID, SmartGov productivity tools for public officers, connected government systems, a National AI Literacy Initiative, an independent National Planning and Development Institute and a Delivery Division dedicated to turning plans into action.

The speech stopped short in one important area.

While Minister Bastian thoroughly explained how government intends to transform itself, he did not establish the measurable targets by which Bahamians can judge whether that transformation is succeeding.

However, he did reveal the next milestone.

Beginning in August, the National Development Plan Secretariat will begin assessing the planning capacity of every ministry and department while establishing a national tracking system before the renewed development plan moves into execution.

With 23 ministries and offices in the Davis administration, Bahamians now have a timeline.

It would not be unreasonable for the public to expect Minister Bastian to return once that assessment is complete with the findings, benchmarks and measurable goals that define success.

After all, the Minister’s own philosophy leaves little room for anything less.

“Delivery does not happen by good intentions — it happens when you build the institutions to carry it: capacity for research and policy thinking; teams dedicated to implementation; structures that demand accountability; systems that measure progress; and continuity that outlives any election cycle.”

If this speech is any indication, Minister Sebastian Bastian is not asking Bahamians to judge him by promises.He is asking to be judged by performance.

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Bahamas News

Halkitis: Don’t Expect 90 Percent Turnout for 2026 Vote

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The Bahamas, May 29, 2026 – As debate continues over voter participation in the 2026 General Election in The Bahamas, Finance Minister Michael Halkitis is urging Bahamians to adjust their expectations, suggesting the days of 90 percent voter turnout may be behind us.

Speaking to the Nassau Guardian in its analysis of official election results, Halkitis said he believes voter participation is settling into a new reality, with turnout more likely to remain in the 60 and 70 percent range than return to the lofty levels seen decades ago.

His comments come as newly released Parliamentary Registration Department figures reveal that 69,021 registered voters did not cast ballots in the May 12 election — roughly one-third of all eligible voters.

The data paints a striking picture across several New Providence constituencies.

In Bain Town, turnout fell from 60 percent in 2021 to 55 percent in 2026, with 2,018 registered voters staying home. St. Barnabas recorded the same 55 percent turnout, down from 63 percent in 2021, with 2,165 registered voters not voting.

Centreville also saw participation decline, slipping from 62 percent in 2021 to 59 percent this year. According to the figures, 1,978 registered voters did not cast ballots.

In Englerston, turnout dropped from 61 percent in 2021 to 57 percent in 2026, with 2,028 registered voters choosing not to vote.

By contrast, Nassau Guardian reporting showed constituencies such as Killarney remained among the country’s stronger performers for voter participation, highlighting a widening gap in electoral engagement between communities.

Halkitis pointed to the permanent voter register as one possible factor. Prior to the introduction of the permanent register, voters had to actively register before each election, effectively signaling their intention to participate.

He also noted that residents frequently move between constituencies such as Englerston, Centreville, Bain Town and St. Barnabas without transferring their registration.

“The last thing on your mind is going to transfer,” Halkitis told the Nassau Guardian.

But the minister acknowledged a deeper concern may be voter apathy.

“I think nationally, we’re probably going to be in the 60s and 70s and not so much in the 90s,” he said.

Halkitis suggested stubborn concerns over the cost of living, housing affordability, healthcare and security may be contributing to voter disengagement, particularly in communities facing economic challenges.

Former Minister of State for Finance and economist Zhivargo Laing offered a similar assessment. Speaking to the Nassau Guardian, Laing said disappointment may hit hardest in less prosperous communities where residents are already struggling with economic and social challenges.

The figures underscore a growing question for Bahamian democracy: if voter turnout in some constituencies is now hovering in the mid-50 percent range, is the country witnessing a temporary dip in participation — or the emergence of a new electoral normal?

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

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Bahamas News

Davis Unveils One Of The Largest Cabinets in Modern Bahamian History

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The Bahamas, May 22, 2026 – Just days after securing a commanding re-election victory, Prime Minister Philip Davis has unveiled what appears to be one of the largest Cabinets in modern Bahamian political history — fueling debate over government spending, parliamentary independence and the concentration of executive power.

The new administration now includes 29 members of Cabinet, counting the Prime Minister himself, following the swearing in of 21 Cabinet Ministers and eight Ministers of State.

The appointments come after the Progressive Liberal Party secured 33 seats in the country’s expanded 41-seat Parliament.

Critics are already pointing to the math.

Had all Cabinet appointees been selected strictly from elected Members of Parliament, only four PLP MPs would have remained outside government. Instead, several Senate appointments were used to fill ministerial posts, slightly widening the governing bench but still leaving a comparatively slim independent backbench on the government side of the House.

That reality matters constitutionally and politically because Cabinet Ministers are members of the Executive branch and are bound by collective responsibility and confidentiality rules once sworn into office.

In Westminster parliamentary systems like The Bahamas, backbench MPs traditionally provide an additional layer of scrutiny, debate and independent thought — even within the governing party.

Some observers now question whether a Cabinet of this size reduces the room for dissent or independent legislative oversight inside government ranks.

Others are raising concerns about costs at a time when Bahamians continue facing affordability pressures, rising utility bills and broader economic uncertainty.

The expansion also follows recent changes to constituency boundaries which increased the House of Assembly from 39 to 41 seats — meaning additional MPs, additional parliamentary costs and now a larger executive structure.

Historically, Bahamian Cabinets have fluctuated in size depending on administrations and political strategy, but governments traditionally operated with significantly smaller executive teams than the one now assembled.

The Davis administration, however, argues the country’s development agenda requires expanded leadership portfolios and specialized oversight.

Among the changes are re-engineered ministries and at least one newly created portfolio.

The full Cabinet includes:

Senior Leadership

  • Hon. Philip Edward “Brave” Davis — Prime Minister
  • Hon. Isaac Chester Cooper — Deputy Prime Minister & Minister of Education

Cabinet Ministers

  • Hon. Michael Halkatis — Finance
  • Hon. Wayne Munroe — Attorney General & Legal Affairs
  • Hon. Frederick Mitchell — Foreign Affairs
  • Hon. Glenys Hanna-Martin — Tourism
  • Hon. Michael Darville — Health
  • Hon. Clay Sweeting — Works & Family Island Affairs
  • Hon. Keith Bell — Housing & Land Reform
  • Hon. Jo-Beth Coleby-Davis — Energy, Utility & Aviation
  • Hon. Ginger Moxey — Grand Bahama
  • Hon. Mario Bowleg — Youth & Sports
  • Hon. Jomo Campbell — Agriculture & Marine Resources
  • Hon. Pia Glover-Rolle — Labour, Public Service & National Insurance
  • Hon. Zane Lightbourne — Environment & Natural Resources
  • Hon. Myles Laroda — National Security
  • Hon. Leon Lundy — Transport
  • Hon. Lisa Tammy Rahming — Urban Renewal & Community Relations
  • Hon. Leslia Miller-Brice — Culture, Arts & Heritage
  • Hon. Jerome Fitzgerald — Economic Affairs
  • Hon. Barbara Cartwright — Social Services
  • Hon. Sebastian Bastian — Innovation & National Development

Ministers of State

  • Hon. Omar Rolle — Social Services
  • Hon. Wayde Watson — Innovation & National Development
  • Hon. Leonardo Lightbourne — Agriculture & Marine Resources
  • Hon. Kirk Cornish — Office of the Prime Minister
  • Hon. McKell Bonaby — Office of the Prime Minister
  • Hon. Darren Pickstock — Immigration / Foreign Affairs
  • Hon. Owen Wells — Health & Wellness

The appointments are expected to shape the PLP’s second consecutive term, making the Davis administration the first Bahamian government in nearly 30 years to secure back-to-back election victories.

But the size of the executive team is likely to remain part of the national conversation — particularly as Bahamians await details on government spending priorities, ministerial budgets and the overall cost of governance under the new administration.

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

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