Deandrea Hamilton | Editor 

Turks and Caicos, June 28, 2025 – The Turks and Caicos Islands (TCI) has taken a bold step toward reimagining its economic future with the presentation of a Green Paper on independence, outlining an ambitious blueprint for diversification and self-sufficiency. The document, titled Economic Diversification and Self-Sufficiency, signals a major rethinking of the country’s development model—but it remains unclear who commissioned the paper and what, if anything, will become of its proposals.

At present, TCI relies heavily on tourism, its number one industry, followed by financial services and fisheries. While these sectors generate significant revenue, the country’s trade deficit is stark—TCI produces virtually nothing for export and remains deeply reliant on imports. The Green Paper argues that such a model is unsustainable for a country seeking political independence and national resilience.

Central to the paper is the goal of economic diversification. The first pillar is an expansion of financial services and offshore banking. It proposes positioning TCI as a regional hub for private banking, wealth management, and asset protection—while introducing strong financial regulations to avoid reputational damage. A citizenship-by-investment program, similar to those in St. Kitts and Dominica, is also suggested as a revenue stream.

Technology is another focal point. The paper envisions TCI as a digital-friendly jurisdiction through the creation of a Turks and Caicos Digital Nomad Visa, targeted at high-earning remote workers. Investment in fiber-optic infrastructure would help support fintech, offshore data centers, and the broader digital economy.

Food security and economic empowerment are addressed through support for local agriculture and aquaculture. The report calls for expanded hydroponic farming and sustainable fisheries, backed by government grants and training programs to reduce dependence on costly food imports and increase export potential.

Real estate and construction reform also feature prominently. The Green Paper recommends a government-backed homeownership program to help locals access property, along with stronger policies to prevent foreign monopolization of land and ensure local workers benefit from major development projects.

One of the more transformative ideas is a transition to renewable energy. By investing in solar, wind, and ocean power, TCI could reduce its dependency on imported fuel and eventually export clean energy to neighboring islands such as the Bahamas and the Dominican Republic.

To secure long-term economic stability, the creation of a Sovereign Wealth Fund is proposed. Modeled after Norway’s, the fund would be built from tourism taxes, real estate fees, and offshore sector contributions, then invested globally for future generations.

The plan emphasizes workforce development through vocational training and partnerships with international institutions. It also recommends enforcing local ownership quotas in key industries and boosting entrepreneurship with incubators and low-interest loans.

Finally, regional integration is a key part of the vision. TCI would deepen ties with CARICOM, the OECS, and major trade partners like the U.S. and Canada while developing its logistics infrastructure to become a trade hub.

Still, while the vision is expansive, the Green Paper’s authorship and political backing remain uncertain. With no clear indication of who requested the paper or how its recommendations will be adopted, the future of the plan remains as open-ended as the independence question itself.

Bridgetown, Barbados (June 23, 2025)– CIBC Caribbean and Mastercard have unveiled a third card, the JetBlue Business Credit Card, designed for business clients across four Caribbean markets where JetBlue operates: The Bahamas, Barbados, The Cayman Islands and Jamaica. Developed with customers in mind, the new JetBlue Business Card offers exclusive rewards, valuable travel benefits, and enhanced opportunities to earn and redeem TrueBlue points, underscoring JetBlue’s ongoing commitment to fostering loyalty by becoming an integral part of its customers’ daily business journeys.

“We are thrilled to expand our card offerings with the addition of the JetBlue Business Card by CIBC Caribbean which will offer a truly enhanced travel experience for the business traveler,” said Jennifer Fuller, Director Enterprise Payments, Cards and Merchant Services.

“As a leading airline in the Caribbean, JetBlue takes great pride in our continued commitment to delivering innovative programs and products to our loyal customers throughout the region,” said Edward Pouthier, Vice President of Loyalty and Personalization at JetBlue. “We’re excited to strengthen our partnership with CIBC Caribbean through the launch of the new JetBlue Business Card, an offering designed specifically for our business customers. This new card provides exclusive rewards and benefits, allowing cardmembers to earn and redeem TrueBlue points across JetBlue’s network of more than 100 destinations and partner airlines, bringing them one swipe closer to their next journey.”

The JetBlue Business Credit Card offers TrueBlue points based on eligible spend, and clients with frequent travel to North America and beyond, will also benefit from using the business credit card for purchases instead of using their personal cards.

The new business card will allow holders in The Bahamas, Barbados, The Cayman Islands and Jamaica to enjoy Group A priority boarding on select flights, the first checked bag free for up to three eligible travel companions in the same reservation, earn 4X points on eligible JetBlue purchases and get 10,000 TrueBlue points annually.

The new JetBlue Business Credit Card by CIBC Caribbean is the latest offering following the launch of the JetBlue Mastercard and JetBlue Select Mastercard by CIBC FirstCaribbean which were introduced in November 2023 in The Bahamas, Barbados, The Cayman Islands, Jamaica and Trinidad and Tobago. These cards provide cardmembers exclusive rewards, benefits, and an opportunity to earn TrueBlue® points that can be used to travel to more than 100 destinations in JetBlue’s network.

PHOTO CAPTION: 

HEADER: L-R Head of Country – Gemel Sobers, Deborah Mercer, Director, Strategic Business Units, CIBC Caribbean, Mr. and Mrs. Rodriguez, Samuel McField Morgan, and Chris Morgan.

1ST INSERT:  L-R Grand Prize winner Susan Boyko congratulated by Donna Wellington, Chief Country Management Officer, CIBC Caribbean.

2ND INSERT: L_R Jose Vargas, Vice President, Head of Sales and Account Management, Mastercard Direct Services, Edward Pouthier, Vice President Loyalty and Personalisation, JetBlue, Pim van der Burg ,Chief Commercial Officer, CIBC Caribbean, Danielle Dumas, Director, Business Development Mastercard, Jennifer Fuller, Director, Enterprise Payments, Cards & Merchant Services, CIBC Caribbean, Lucia Bastidas, Manager, Intl. Co-brand and Loyalty, JetBlue.

Nassau, Bahamas – Scotiabank, in partnership with Mastercard, hosted an informative Digital Edge seminar recently held at the Margaritaville Beach Resort, bringing together local business leaders and international fintech experts to explore the future of digital payments in The Bahamas.

The event, designed to empower Bahamian business banking clients with the latest innovations in merchant payment solutions, featured experts including Gail Wylie, Senior Manager, Scotiabank’s North & Central Global Transaction Banking; Gustavo Wickavitch of YCS Electronic Transactions; Eldred Garcia of Powertranz and Mastercard executives Jorge Romero, Senior Vice President, Caribbean Division and Ricardo Pelaez, Director, Product Management, Merchant Solutions – Latin America & Caribbean.

“Scotiabank has been a leader in the merchant payments space in the Bahamas for several years,” said Roger Archer, Vice President and Country Head, Scotiabank Bahamas. “Digital Edge reflects our continued commitment to driving innovation and helping businesses across all sectors to harness the power of electronic payment platforms. Our goal is to ensure that our clients are equipped to compete and thrive in an increasingly digital economy.”

A key highlight of the event was a live demonstration of Powertranz’s Pay-at-the-Table device, a transformative solution that enables seamless payment directly from the customer’s table. This technology is setting a new standard in hospitality by improving service efficiency, reducing wait times, and enhancing the overall guest experience — a major leap forward for restaurants and hotels ready to lead in the digital era.

In addition, YCS Electronic Transactions showcased its Integrated Payment Solutions, which enable businesses of all sizes to streamline operations, reduce costs, and gain deeper insights into customer behavior through real-time payment data.

“In the corporate sector, we have seen remarkable strides in making it easier for clients to do business with us through electronic means,” said Gregory Stuart, Director of Corporate and Commercial Banking at Scotiabank. “These advancements have reduced costs, simplified processes, and created seamless ways to facilitate payments.”

Scotiabank’s digital platforms continue to empower small, medium, and large enterprises to expand their reach, tap into broader customer bases, and drive faster growth through secure and efficient payment solutions.

“At Scotiabank, we are proud to be on the cutting edge of this evolution,” added Stuart.

As businesses across the Caribbean and around the world embrace digital transformation, Scotiabank and Mastercard remain committed to fostering innovation, building strategic partnerships, and supporting clients with tools that enable long-term success in a fast-evolving payments landscape.