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TCI Mortgage Corporation established as Community Projects put on the back burner

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Deandrea Hamilton

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#TurksandCaicos, March 26, 2024 – The Turks and Caicos now has a Mortgage Corporation Fund, established through an act of parliament on Monday March 25 to the tune of $7 million dollars and aimed at promoting and encouraging more home ownership in the Turks and Caicos Islands.

While the notion of the Fund was embraced by representatives in the House of Assembly, there was vocal resistance to where the monies to prop up the Fund were pulled from; 12 community projects which failed to materialize during this fiscal year have now been scrapped, at least for now.

“The PNP government is doing the right thing for the wrong reasons,” said Edwin Astwood, Leader of the Opposition, in response to our question about his party’s support of the Fund.

“They have no policy, no plan, no guidelines, no terms of reference, nothing for the establishment of this.”

It took the passage of a fourth Budget Supplementary, which re-allocated the monies from the Ministry of Physical Planning and Infrastructure Development.  Listed in the Supplementary Appropriation papers as “projects to be re-assessed and re-appropriated” were the $1.5 million enhancement and restoration of Conch Ground in South Caicos; $2.7 million for the construction of a Community Center in Bottle Creek, North Caicos; $800,000 for the Bambarra Beach huts renovation in Middle Caicos; $650,000 for upgrade to the Bight Park in Providenciales; $550,000 refurbishment of the Horse Stable Beach complex, in North Caicos; $550,000 renovation of the Fuller and Clementina Walkin Park in Blue Hills, Providenciales; $250,000 refurbishment of the Sylvia Melhado Aged Care Center and a combined $365,000 for four vehicles, specifically a vehicle for the Health Promotions and Advocacy Unit; a bus for the Immigration Department and two wheelchair accessible vans; one of them for the SNAP Center in Provo and the other for the Eliza Basden Aged Care Center in South Caicos.

“I did not support it,” said Astwood, explaining that, “to purchase a wheelchair accessible van should not take 365 days and have to be brought back.  That was one of the 12, total adding up to some $7M.”

With mere days to go in the 2023-2024 fiscal period, the PNP Administration laid its fourth Budget Supplementary which was not adding to national spending, it was shifting millions of unspent dollars around before the sun completely sets on the Budget Year on Sunday March 31.

The aim of the Mortgage Fund is frustrate the unhealthy, excessive cost of housing as the Turks and Caicos faces a crisis when it comes to demand for affordable housing.  A significant barrier to addressing this very serious concern, as the Turks and Caicos economy experiences exponential growth is funding.

During the July 2023 launch of the National Housing Policy, it was announced that a survey found too many residents were paying in excess of 50 percent of their income on housing, 21 percent were residing in homes which were in need of repair and nearly 70 percent were looking to buy their own homes within the next five years.

But there is little hope of affordable financing for home purchases or home renovations; banks were criticised at the event during a Q&A period for unfriendly lending terms.

With the cost of living considerably higher in the Turks and Caicos Islands, the banking representative explained that among the considerations at play was the salaries of public sector workers, in particular.

Minimum wage and public sector salaries have now been raised by the Government and this newest Budget Supplementary has given money to jump start the corporation, which now makes up part of the National Wealth Fund.

“The Fund shall consist of the Stabilisation Fund; Infrastructure and Competitiveness Fund; Heritage Fund and Mortgage Corporation Fund.”

The Department of Housing, last July had informed that 32 percent of survey participants wanted the Government to get involved; hoping for benevolence which would turn home ownership dreams to reality.

 

CAPTION:

Bambarra Beach Huts in January 2021, before a fire ravaged the cute, colourful vendor stalls in April the following year.  Budgeting for development of the site is again delayed, even as Bambarra in Middle Caicos, Turks and Caicos Islands has now captured the title of #2 Best Beach in the Caribbean in USA Today’s 10 Best Reader’s Choice awards.  PHOTO BY TCI TOURIST BOARD.

Bahamas News

CDB Leadership Passes to Belize as Region Eyes New Financing Partnerships  

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By Deandrea Hamilton

 

The Bahamas, June 9, 2026 – The Caribbean Development Bank’s annual gathering may have concluded in The Bahamas, but attention is already turning to Belize as leadership of the institution’s Board of Governors officially changed hands.

At the close of the 56th Annual Meeting in Nassau, outgoing Chairman and CDB Governor for The Bahamas, Michael Halkitis, formally transferred the chairmanship to Belize’s Dr. Hon. Osmond Martinez, continuing the Bank’s tradition of rotating leadership among its regional shareholders.

The handover capped a week of discussions focused on financing development in an increasingly uncertain global environment and strengthening the Caribbean’s ability to withstand economic and climate-related shocks.

One of the meeting’s most closely watched conversations centered on how multilateral development banks can better support vulnerable Small Island Developing States.

During the President’s Chat, titled Financing the Future: MDB Strategies for Uncertain Times, CDB President Daniel Best joined leaders from the OPEC Fund, the Central American Bank for Economic Integration and the Fund for Responding to Loss and Damage to discuss expanding development finance and building resilience.

OPEC Fund President Dr. Abdulhamid Alkhalifa emphasized that development institutions must move beyond responding to crises and instead help countries prepare for them.

“The real test is whether we can help countries move from strategy to implementation, and from implementation to results,” Alkhalifa said.

The discussions reflected a growing regional push for innovative financing solutions as Caribbean nations continue to confront climate vulnerability, infrastructure demands and economic uncertainty.

Beyond discussions on financing and resilience, the Annual Meeting also featured youth engagement activities, including the Youth FIRE Forum, where young Caribbean leaders participated in conversations about innovation, entrepreneurship, leadership and the future of regional development. Senior government officials, development professionals and youth delegates exchanged ideas on the challenges and opportunities facing the next generation, reinforcing a recurring message throughout the conference: that investments made today must ultimately improve opportunities for Caribbean youth tomorrow.

That theme was echoed by Bahamas Prime Minister Philip Davis, who used the opening ceremony to challenge regional leaders to invest in future generations.

“We must invest in the one asset that no agency can ever downgrade, and that no storm can ever wash away: the mind of a Caribbean child,” Davis told delegates.

With Belize now assuming the chairmanship, regional leaders say the focus remains on transforming ideas discussed in Nassau into tangible results for Caribbean people.

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

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240 Migrants Interdicted in TCI Waters; Regiment says Mission Averted Potential Maritime Tragedy

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By Deandrea Hamilton

PROVIDENCIALES, Turks and Caicos Islands — Startling video released by U.S. Customs and Border Protection showing hundreds of suspected Haitian migrants crammed aboard an overloaded vessel has renewed concerns about the worsening migration crisis in the region and the increasing pressure being placed on the Turks and Caicos Islands.

The vessel, carrying 240 irregular migrants, was intercepted in Turks and Caicos waters on the night of May 31, in a joint operation involving the Turks and Caicos Islands Regiment, the Royal Turks and Caicos Islands Police Force, the TCI Border Force, the United States Coast Guard and U.S. Customs and Border Protection Air and Marine Operations.

Earlier reports from U.S. authorities revealed that the vessel was discovered in a dangerously overcrowded condition and was ultimately secured and escorted to shore by local marine officers.

Now, a newly released statement from the Turks and Caicos Islands Regiment sheds additional light on the operation and the risks involved.

According to the Regiment, Patrol Vessel James Fulford interdicted the vessel at approximately 9:33 p.m. within territorial waters before authorities determined the situation was far more serious than a routine migrant interception.

“Upon evaluating the migrant vessel, the Royal Turks and Caicos Islands Police Force immediately upgraded the operation to a critical incident, prioritizing Safety of Life at Sea protocols to avert a maritime disaster,” the statement explained.

The migrants were identified as 191 adult males, 44 adult females, one male minor and four female minors.

All 240 individuals were safely transferred to authorities for processing, health assessments and security screening.

Lieutenant Colonel Ennis Grant, Commanding Officer of the TCI Regiment, praised the coordinated response among local and international agencies.

“This mission underscores the efficacy of our multi-agency partnerships. The rapid transition of this operation from a standard interdiction task to a high-priority Safety of Life at Sea intervention demonstrates the professionalism and readiness of our joint forces. By working in seamless tandem with our U.S. partners, we successfully prevented a potential maritime tragedy.”

The incident highlights the continuing humanitarian and security challenges facing the Turks and Caicos Islands as instability, gang violence and economic hardship continue to drive migration from Haiti.

While much larger nations often dominate regional migration discussions, the latest interdiction demonstrates the outsized role the Turks and Caicos Islands continues to play on the front line of Caribbean migration enforcement.

The Regiment said it remains committed to securing the country’s maritime borders through persistent surveillance and strong inter-agency cooperation.

The interception is among the largest migrant landings recorded in the Turks and Caicos Islands this year and serves as another reminder of the dangerous journeys many Haitians continue to undertake in search of safety and opportunity.

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

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How Misick Fell Short of The UN’s Worst Corruption Standard

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Judge Cites Kofi Annan, But Finds No Evidence Defendants Caused the Wider Harm Described by the Former UN Chief

 

By Deandrea Hamilton

Turks and Caicos, June 9, 2026 – One week after former Premier Michael Misick, former Cabinet minister McAllister Hanchell and attorney Thomas “Chal” Misick began serving prison sentences in the Turks and Caicos Islands’ landmark corruption case, attention is turning to a significant distinction made by Justice Rajendra Narine during sentencing.

In imposing prison terms on May 29, the judge agreed that corruption is a serious offence capable of causing profound societal harm. Yet he also found that there was no evidence the three convicted men caused the sweeping consequences described in one of the world’s most famous condemnations of corruption.

The quotation came from former United Nations Secretary-General Kofi Annan, who famously wrote:

“Corruption is an insidious plague that has a wide range of corrosive effects on societies. It undermines democracy and the rule of law, leads to violations of human rights, distorts markets, erodes the quality of life and allows organized crime, terrorism and other threats to human security to flourish.”

Annan further observed:

“This evil phenomenon is found in all countries — big and small, rich and poor — but it is in the developing world that its effects are most destructive.”

Justice Narine acknowledged the quotation but drew an important distinction between the broad consequences of corruption described by Annan and the evidence presented during the trial.

“The court agrees that there is no evidence in this case that the offending parties actually caused or contributed to any of the harmful consequences described in the quotation,” Narine said.

The finding did not spare the defendants from prison.

The judge made clear that the offences remained serious enough to warrant immediate custodial sentences.

“This case was about an abuse of public trust for the sake of personal gain,” Narine stated.

“The conduct of the defendants caused a constitutional crisis and reputational harm to the territory.”

He added that the public interest demanded punishment and deterrence.

“The public interest requires that the sentence must reflect society’s abhorrence of the criminal conduct and the sentence should be such that like-minded potential offenders would be deterred from similar conduct.”

Narine also rejected suggestions that the absence of direct victims diminished the seriousness of the offences, noting that corruption often harms institutions and public confidence rather than identifiable individuals.

At the same time, the court accepted several mitigating factors advanced by the defence.

“The court is aware of the age, middle age of the offenders, that the immediate custodial sentences would have a traumatic effect on the families, understanding the emotional distress involved,” Narine said.

He also agreed that rehabilitation was not a major concern.

“The court agrees with the defence counsel that there is a low risk of reoffending and that the objective of rehabilitation is not a significant factor in this case.”

Those considerations, combined with the extraordinary delay in bringing the matter to conclusion and the defendants’ previous good character, contributed to substantial reductions from the starting points the judge initially considered.

Michael Misick ultimately received an effective sentence of four years and 26 days on three bribery convictions. Hanchell was sentenced to three years on two bribery counts, while Chal Misick received four years on four money laundering convictions.

The legal saga, however, is far from over.

All three men remain in custody while awaiting a June 17 hearing on applications for bail pending appeal. In addition, confiscation proceedings — which could determine what assets or funds may be recoverable by the Crown — are still to come.

For now, the court’s message appears clear: while the conduct warranted prison and public condemnation, Justice Narine was not prepared to conclude that the defendants’ actions produced the full range of societal devastation described in Annan’s warning about corruption.

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

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