Existing 2015 rates remain in effect following public pushback at town hall meeting

Turks and Caicos, May 12, 2026 – Businesses across the Turks and Caicos Islands now have until May 31, 2026, to complete payment of their business licence fees under the existing 2015 fee structure, after the government quietly stepped back from proposed increases which had triggered strong public concern earlier this year.

The clarification came in a March 30 notice issued by the Inland Revenue Department following a government town hall meeting held in Providenciales, where residents and business owners sharply questioned the scale of proposed fee hikes, particularly for smaller Family Island operators.

In the notice announcing the commencement of the 2026 business licence renewal period, government confirmed:

“The existing fee structure implemented in March 2015 will remain in effect.”

Businesses renewing during the April 1 to April 30 application period will therefore continue paying under the current rate schedule while government reviews broader proposed amendments to the licensing framework.

Under the renewal arrangement, businesses are expected to submit applications during April, with payments due by May 31.

The issue had become increasingly contentious after details surfaced of substantial proposed increases affecting several business categories.

During the Providenciales town hall meeting, North Caicos businesswoman Rosemary Jolly publicly challenged the proposed hikes, arguing they would disproportionately impact businesses in North and Middle Caicos where economic growth and infrastructure continue to lag behind Providenciales.

Jolly highlighted examples including:

• property management fees proposed to rise from $750 to $1,000,
• small auto dealership fees jumping from $1,350 to $5,000,
• and car wash licence fees increasing from $125 to $500.

At the same meeting, Premier and Finance Minister Charles Washington Misick defended the broader review process, noting that the business licence framework had not undergone comprehensive revision since 2015 and arguing the changes were intended to modernize the system and better align fees with current economic realities.

The Premier also pointed to the absence of direct taxation in the Turks and Caicos Islands, describing business licence fees as one of government’s primary mechanisms for collecting public revenue from commercial activity.

Still, the latest Inland Revenue Department notice strongly suggests stakeholder concerns influenced government’s approach.

“The Government continues to consider stakeholder feedback and is working on amendments to the Business Licensing framework,” the March 30 statement said.

Further details on future changes are expected following completion of the legislative process.

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

Territory to enter capital markets despite strong reserves and zero-debt reputation

Turks and Caicos, May 12, 2026 – The Turks and Caicos Islands is preparing to borrow approximately US$360 million through the global capital markets, a landmark financial move unveiled by Premier and Finance Minister Hon. Charles Washington Misick during a high-level investment address in London.

The borrowing programme — equal to more than half of the country’s recently approved roughly US$550 million national budget — signals one of the most consequential fiscal shifts in modern Turks and Caicos history.

The announcement came during the Caribbean Council Annual Reception at the House of Lords on May 6, where Misick addressed UK investors, diplomats and business leaders on the territory’s economic future and investment strategy.

The Premier described the borrowing as part of a “medium-term borrowing program – the first in over a decade” aimed at financing infrastructure, housing, healthcare, education and the digitisation of government services.

Importantly, this was not the first indication of government’s intentions.

In April, during debate in the House of Assembly ahead of the Easter holiday weekend, Misick unexpectedly signaled that the country was preparing to enter the capital markets and confirmed government had already begun seeking a debt advisor to structure the borrowing arrangements.

“We can’t have a platinum credit card… and have no debt,” the Premier told Parliament at the time, arguing that the country’s strong financial position should now be leveraged to address long-standing national needs.

That early disclosure came with little public consultation and immediately raised questions about the scale and timing of the proposed borrowing.

Now, in London, the Premier has put hard numbers behind the vision.

The US$360 million financing proposal comes despite Turks and Caicos continuing to boast one of the strongest fiscal positions in the Caribbean region, including no existing public debt, approximately US$430 million in reserves and an “A-minus” sovereign credit rating with a positive outlook.

“By selectively leveraging its stellar credit profile, TCI aims to optimize its balance sheet,” Misick said in the London address, while insisting the territory would remain within “strict fiscal guardrails.”

The Premier told the London audience the borrowing would help fund:

• infrastructure expansion,
• housing access,
• healthcare,
• education,
• digitisation initiatives,
• fibre connectivity,
• national ID systems,
• and other major public investments.

The speech strongly suggests government is now transitioning from a conservative savings model toward a more aggressive development financing strategy designed to accelerate modernization and economic diversification.

Misick also emphasized that Turks and Caicos is now seeking more selective investment partnerships, stating:
“We are no longer simply welcoming capital; we are curating it.”

While no lender or financing institution was publicly identified, the London presentation appears aimed at positioning the territory before international financial markets and institutional investors as government prepares to formally pursue the borrowing initiative.

The World Bank is headquartered in Washington DC, not London, though London remains one of the world’s largest global financial centres and a key hub for sovereign financing, institutional investors and international banking.

The proposed borrowing plan is expected to spark significant national discussion, particularly as residents continue raising concerns over infrastructure delays, digitisation setbacks, cost-of-living pressures and government execution capacity.

Still, the Premier argued the country can no longer afford delay.

The message from London was clear:

Turks and Caicos intends to use its financial strength not simply to preserve stability — but to finance transformation.

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

Polls open nationwide as rallies, controversy and endorsements close heated campaign season

The Bahamas, May 11, 2026 – Temperatures across The Bahamas on Tuesday, May 12 are forecast to reach a high of 87 degrees Fahrenheit, with “feels like” temperatures expected to climb even higher — but the heat is not expected to disrupt the flow of voters to polling stations which open nationwide at 8 a.m.

More than 209,000 registered voters are expected to cast ballots in the country’s 2026 General Election, which will determine who forms the next government of the Commonwealth of The Bahamas.

Polling stations across New Providence, Grand Bahama and the Family Islands will remain open until 6 p.m., with all 41 House of Assembly seats being contested in what has become one of the country’s most energetic and closely watched election campaigns in recent years.

The governing Progressive Liberal Party and the opposition Free National Movement are fielding full slates of 41 candidates each, while the Coalition of Independents has emerged as a significant third-force movement with 40 candidates contesting seats nationwide.

Public schools throughout the country are closed Tuesday as many campuses are transformed into polling stations, while ballot boxes have already been dispatched to the Family Islands ahead of voting day.

The Parliamentary Registration Department has meanwhile reminded employers that registered voters are legally entitled to two hours off to vote in addition to their normal lunch break and has also issued guidance aimed at maintaining orderly conduct at polling locations.

The final days of campaigning transformed the country into a sea of rallies, motorcades, town halls and political events stretching from Exuma and Long Island to Abaco, Bimini, Eleuthera, Andros, Inagua and Grand Bahama.

The PLP closed its campaign with the message “Choose Progress,” arguing the Davis administration has strengthened the economy, expanded social support and advanced national development projects.

The FNM campaigned heavily on accountability, affordability and governance reform under the slogan “We Work for You,” while the Coalition of Independents sought to position itself as the country’s disruptive alternative with the declaration: “Change ain’t coming — change is here.”

The campaign season also drew international attention with former NBA player and businessman Rick Fox attracting celebrity endorsements from basketball legend Shaquille O’Neal, actress Vanessa Williams and reggae icon Buju Banton through widely circulated video messages.

Adding further unpredictability to the race are at least 13 independent candidates contesting seats across the country, including former Prime Minister Dr Hubert Minnis in New Providence’s Killarney constituency, former Cabinet Minister Frederick McAlpine in Grand Bahama’s Pineridge constituency and Leroy Major in Southern Shores on New Providence — all seeking to break through the dominance of the country’s traditional party structure.

Meanwhile, election officials faced controversy in the campaign’s final hours after confirming that fewer than 150 voters, around 1 percent of electors had been mistakenly omitted from the register but would still be allowed to vote Tuesday — a decision questioned publicly by FNM Leader Michael Pintard amid broader concerns over voter integrity and election procedures.

Despite the political tensions, election officials say preparations are complete.

By Tuesday night, Bahamians are expected to know whether the PLP secures a second consecutive term, whether the FNM returns to office, or whether independents reshape the country’s political landscape.

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