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The TCI Business Outlook by Philip C. Galanis

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CONSIDER THIS …

“Some people regard private enterprise as a predatory tiger to be shot. Others look on it as a cow they can milk. Not enough people see it as a healthy horse, pulling a sturdy wagon.” Winston Churchill

As published in the Nassau Guardian, June 10, 2024 – On Friday, June 7, 2024, Counsellors Limited staged the first-ever Turks and Caicos Islands (TCI) Business Outlook (the Business Outlook) at Beaches Resort, Villages, and Spa on Providenciales. By any objective measure, the event, which was attended by ninety participants, was an outstanding success. Drexwell Seymour, Managing Partner of HLB TCI Ltd., and Deandrea Hamilton, CEO and Consultant of Magnetic Media, moderated the historical event. The theme for the Outlook was “Opportunities for Growth and Inclusion for All TCI Stakeholders.”

Therefore, this week, we will Consider This … what were some of the highlights of the first TCI Business Outlook?

Keynote address

The Hon. Charles Washington Misick, MP, Premier of the TCI, delivered the keynote address. During his remarks, Premier Misick highlighted some of his government’s fiscal results over the past few years and the challenges that the jurisdiction faces in the years ahead.

The Premier observed that the TCI has been very successful, particularly in the management of its fiscal matters. He also shared that the TCI Government’s budgeted 2023-24 revenue was $415 million, a healthy budget surplus of $56 million, and the government had accumulated no national debt. He confirmed that his government had approved more than $1 billion in investment in the tourism sector. In addition, he stated that investments of another half a billion dollars were in the pipeline and that, over the next two years, the tourism plant would increase by at least 1,600 new hotel rooms. While most of those investments will be made in Providenciales, high-end brands such as Marriott will be developed on some of the other islands in the Turks and Caicos.

The Premier also noted that his social budget had increased from $3 million to $10 million since coming to office, recognizing that it was important that no Turks Islander be left behind. He also alluded to the need to rationalize taxes so that they are more equitably applied across disparate social groupings.

Tourism drives the TCI economy

The Hon. Josephine Connolly, MP, Minister of Tourism, Environment, Heritage, Maritime, Gaming, and Disaster Management, built on Premier Misick’s presentation regarding the role tourism plays in TCI economy.  Tourism drives the TCI economy, according to the Minister of Tourism, accounting for nearly 80% of the gross domestic product, most of which is centered in Providenciales.

In 2021, the United States was the main market for inbound tourism in the Turks and Caicos Islands, making up more than 80% of the nearly half a million stop-over visitor arrivals registered in that year.

This was confirmed by Stacey Cox, CEO of Turks & Caicos Hotel & Tourism Association, and Alvin Hegner, Chairman of Experience TCI, both of whom delivered presentations on tourism and its importance to the jurisdiction. The Turks and Caicos Hotel & Tourism Association is dedicated to fostering sustainable growth in tourism for the benefit of its members and the wider TCI community.

Experience TCI is the tourism authority responsible for promoting the Turks and Caicos Islands as a premier travel destination and boosting the number of visitors, enhancing their experience, and thereby driving economic growth and sustainability in the Turks and Caicos Islands through a thriving tourism sector.

Catalyst for growing business

Angela Musgrove, CEO of Invest TCI, and Paul Pirie, CEO of TCI Finance, delivered presentations on the Catalyst for Growing Business. Invest TCI was established to assist local and foreign investors in accessing government concessions for investing in the Turks and Caicos islands and to provide investors with introductions to local service providers/suppliers. On the other hand, TCI Finance has a mandate to grow the jurisdiction’s financial services sector in competition with other financial offshore centers such as The Bahamas, the British Virgin Islands, and the Cayman Islands. The presenters outlined their plans for achieving their objectives.

Mr. Pirie noted that financial services presently account for less than 10% of the island’s gross domestic product, which he hopes to grow to 30% in the years ahead, notwithstanding the sustained assaults that similar offshore financial sectors experience from the OECD and the Financial Action Task Force. Some participants questioned TCI Finance’s ability to achieve such an aggressive objective considering the existing regulatory framework in which the offshore financial sector currently operates.

The sessions on Access to Capital and The Future of Banking were presented by Kerryl Lyn King-Henry and Terrance Gibson, the Country Managers of the Royal Bank of Canada and CIBC, respectively. Both presenters addressed the challenges that its current and prospective customers face in accessing capital and the steps the banks are taking to address those challenges. In addition, Mr. Gibson addressed the challenges that some of the bank’s customers face regarding access to banking services on some of the smaller, more remote, and less populated islands in the Turks & Caicos Islands, similar challenges that Bahamians face on similarly placed islands within its archipelago.

Modern healthcare services

The session on Committed to Health and Innovation was extremely interesting in terms of both the content and the timeliness of the information imparted to Outlook’s participants. Mr. Dennis Deveaux, CFO of Doctors Hospital Health Systems in The Bahamas, and Dr. Denise Brathwaite-Tennant, CEO of TCI Hospitals, updated the audience on the latest offerings by both organizations, highlighting that world-class medical services are available at both institutions and that both organizations are constantly reviewing how they can improve their services locally in order to avoid patients from seeking modern medical treatment abroad.

Infrastructure

Honorable Jamell Robinson, MP, Deputy Premier, and the Minister of Physical Planning and Infrastructure Development, delivered a presentation on “Addressing Infrastructure and Housing Challenges.” The Minister informed the participants that the demand for residential housing will be between 8,500 and 13,000 new homes and apartments over the next few years. He advised us that most of this demand is being generated by the growth in the economy, principally in the tourism sector, and that affordable housing will continue to be a major challenge for his ministry for the foreseeable future.

The Minister also spoke about some of the infrastructural developments that will take place in the Turks and Caicos, with great emphasis on improving the Providenciales International Airport. That improvement has been pegged at approximately $400 million and is projected to begin later this year.

Minister Robinson also discussed the need for the government to address the congestion that has arisen on Providenciales and what his government intends to do to expand the road corridors throughout the island. He noted that his ministry will provide infrastructural development for airports on the neighboring islands of the TCI.

Mr. Devon Cox, Vice President of Operations at Fortis TCI, the electric company made a presentation on the country’s electricity infrastructural needs. He informed Outlook that in light of the anticipated increase in the number of hotel rooms and other ongoing development projects on the islands, the need for reliable, affordable electricity would increase exponentially and that Fortis has developed a master plan to address the demand. He also provided an analysis of the power infrastructural developments that will take place on the other islands of the archipelago.

Mr. Delano Arthur, Executive Director of the Energy and Utilities Commission, informed the audience about some of the plans to regulate the utilities industries in the TCI. The Energy and Utilities Commission plays a very similar role in the TCI to that of URCA in The Bahamas. Although it is not statutory, plans are being made to establish the Energy and Utilities Commission as a statutory body shortly.

The Bahamas diaspora

The day’s final session was entitled “The TCI-Bahamas Diaspora—Embracing a New Mindset of Collaboration.” Ms. Vernae Mills, Executive Director of the TCI Bahamas Diaspora office in Nassau, Bahamas, addressed the participants on the role that the office plays in assisting Turks Islanders who live in The Bahamas and encouraging and facilitating their return to take advantage of opportunities in the TCI.

Conclusion

As we indicated before, the first-ever TCI Business Outlook was a stunning success. This Business Outlook was historical because it was the first time that The Counsellors Limited has hosted this successful series outside The Bahamas. As Mrs. Joan Albury observed when she summarized the day’s event, “We hope that this will be an annual feature in the TCI business calendar, and we will make every attempt to host it early in the year, so then it becomes much more meaningful and effective for its participants.”

Our countries, The Bahamas and the Turks and Caicos Islands have been intertwined for centuries, two tiny specks of the giant British Empire, together in an azure sea. To continue our relationship in the 21st century, in this instance in the realm of business, has the potential to promote productivity for our two countries that share geography, climate, backgrounds, customs, and success stories. To, once again, using the effective TCI Business Outlook as the forum, come together to mutually benefit our countries is historically appropriate and very satisfying to those of us who live in this little corner of the diaspora

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Caribbean News

Beaches Turks and Caicos and Sandals Foundation share educational material with primary school in Providenciales

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PROVIDENCIALES, Turks & Caicos Islands: May 29, 2026 – Beaches Turks and Caicos Resort and the Sandals Foundation, recently brought smiles and inspiration to students at the Community Christian Academy through a meaningful Reading Road Trip and educational material donation initiative.

The outreach effort, which forms part of the Sandals Foundation’s ongoing commitment to education and community development across the Turks and Caicos Islands, saw team members and volunteers engaging directly with students while delivering a wide range of essential school supplies.

Among the donated items were books, footballs, volleyballs, pencils, rulers, sharpeners, Bibles, Christian literature, sun glasses, writing pads, educational cue cards, erasers, markers, crayons, glue, scissors, paper clips, coloured chalk, and pens. The contributions were carefully curated to support both academic learning and extracurricular development for students at the institution.

A highlight of the day’s activities was an interactive reading session with the kindergarten and grade one classes, where volunteers shared stories and encouraged early literacy in a fun and engaging environment. The young students responded with enthusiasm, creating a lively and memorable experience for all involved.

Travel Advisor Renee Rice, who participated in the initiative alongside her family, expressed heartfelt appreciation for the opportunity to give back. “We are happy for this experience as we partnered with the Sandals Foundation and Beaches Turks and Caicos Resort in sharing in the development of education in the Turks and Caicos Islands,” Rice said. Her family actively participated in reading sessions and interacting with the students, further enhancing the impact of the visit.

Principal Krystal Vincent welcomed the initiative and emphasized the importance of such partnerships in advancing the school’s mission. “These educational materials will go a far way, and we are happy for this relationship that we have established with the Sandals Foundation and Beaches Turks and Caicos Resort in helping to support the growth of the students and the institution,” Vincent noted.

Chairman of the School Board, Pastor Bradley Handfield, also expressed gratitude during the presentation of the items. He commended the donors for their continued investment in the community and their willingness to support the nation’s youth. Pastor Handfield highlighted the significance of corporate and philanthropic partnerships in strengthening educational foundations across the islands.

The Reading Road Trip initiative is part of a broader effort by the Sandals Foundation to promote literacy and provide access to educational resources for children throughout the Caribbean.

Beaches Turks and Caicos Resort has long been an active partner in community outreach, consistently supporting initiatives that uplift local communities and empower young people. Through collaborations such as this, the resort continues to demonstrate its commitment to social responsibility and sustainable development.

The visit to Community Christian Academy stands as a testament to the power of partnership and the positive impact that can be achieved when organizations and individuals come together with a shared purpose. For the students, the day was not only about receiving supplies but also about feeling encouraged, valued, and inspired to pursue their educational journeys with confidence.

As the Sandals Foundation and Beaches Turks and Caicos Resort continue to expand their outreach efforts, initiatives like the Reading Road Trip remain vital in shaping the future of education in the Turks and Caicos Islands—one child, one book, and one meaningful connection at a time.

Photo Caption:

The Sandals foundation is a registered charity in Jamaica with the Department of Co-operatives and Friendly Societies, a CRA registered charity in Canada, a 501(c)(3) nonprofit organization in the United States and a registered charity with the Charity Commission for England & Wales that was created in March 2009 to continue and expand upon the philanthropic work that Sandals Resorts International has undertaken.  It is the culmination of over four decades of dedication to playing a meaningful role in the lives of the communities where we operate across the Caribbean. The Sandals Foundation funds projects in three core areas: education, community and the environment. One hundred percent of the monies contributed by the general public to the Sandals Foundation go directly to programs benefiting the Caribbean community. To learn more about the Sandals Foundation, visit online at www.sandalsfoundation.org or follow us on Facebook, and Instagram.

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Bahamas News

Gardiner Transferred to New York; Mystery of Missed Hearing Now Explained

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The Bahamas, May 29, 2026 – One of the biggest questions surrounding the Jonathan Gardiner case appears to have been answered.

Weeks after reports surfaced that the Bahamian businessman failed to appear for an expected court hearing in Orlando, newly disclosed court records show the hearing never took place because Gardiner elected to have the matter heard in New York, where federal prosecutors are pursuing the case against him.

According to reporting by the Nassau Guardian, U.S. Magistrate Judge Nathan Hill ruled on May 19 that Gardiner was the person named in the federal arrest warrant and ordered that he be transferred to the Southern District of New York.

“…I find that Jonathan Eric Gardiner is the person named in the warrant for arrest…,” Hill wrote.

The judge noted that no preliminary hearing was conducted in Florida because Gardiner chose to have that hearing held in the district where the prosecution is pending.

That district is New York.

Hill ordered that Gardiner “be held to answer in the district court in which the prosecution is pending” and directed the U.S. Marshal’s Office to transport him to the Southern District of New York.

No date for a New York court appearance was disclosed in the order.

The development helps explain confusion that followed reports of a missed Orlando court date and marks the latest chapter in a case that has captured public attention in both The Bahamas and the United States.

Gardiner first came to the attention of U.S. authorities after surviving an Election Day plane crash off the Florida coast. Federal prosecutors have accused him of participating in a cocaine trafficking conspiracy, allegations he is expected to contest in court.

The matter has attracted even greater scrutiny because federal court documents reference an unnamed “Politician 1”, fueling widespread public speculation about the identity of the individual and whether additional disclosures could emerge as the case progresses.

Meanwhile, a separate investigation has uncovered troubling findings about the aircraft involved in the crash.

According to reporting by The Tribune, investigators say the Panamanian-registered aircraft that ditched into waters off Florida on May 12 did not possess a valid certificate of airworthiness and should not have been operating at the time of the flight.

That revelation has added another layer of intrigue to an already extraordinary case involving a dramatic ocean rescue, a federal drug conspiracy prosecution, political speculation and now questions about how an allegedly unairworthy aircraft was carrying passengers between Bahamian islands.

For now, attention shifts to New York, where Gardiner’s next court appearance is expected to provide the first substantive hearing in a case many continue to watch closely.

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

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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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