Connect with us

News

Prime Minister’s Liberalization Plan to Promote Greater Opportunities for Bahamian Investment

Published

on

#Bahamas, December 22, 2017 – Nassau – Prime Minister, Dr. the Hon. Hubert A. Minnis’ plans for the liberalization of the administration of the country’s exchange control regime is expected to promote greater opportunities for Bahamian investors and small and medium-sized businesses/enterprises (SMEs).

The Prime Minister announced (Wednesday, December 20, 217) that Bahamians and residents will be given approval to repatriate foreign currency deposits or investment assets currently held outside of The Bahamas, or repatriate the out-of-country facilities to The Bahamas, at the same foreign currency value upon application to the Central Bank of The Bahamas.   No penalties will be imposed on regularized accounts and investments.

Prime Minister Minnis said the owners of deposit facilities will be allowed to use those resources to finance domestic transactions without restriction.  (Prohibitions, Prime Minister Minnis said, will exist against either funding or augmenting these facilities with proceeds converted from Bahamian dollars.)

This reform accommodates Bahamian residents who have amassed deposits or investment assets abroad for which they should have obtained prior Exchange Control approval.   Administration officials say what this means is that, by example, Bahamian small and medium-sized businesses and Bahamian investors who currently have U.S. Dollar accounts, will be able to maintain those U.S. Dollar accounts in The Bahamas.   The same goes for accounts held in other jurisdictions.

Prime Minister Minnis also announced that the buying and selling rates for the Investment Currency Market (ICM) will be “significantly reduced” from 12.5 per cent and 10 per cent respectively, to 5 per cent and 2.5 per cent.   The Prime Minister further said Bahamians will be able to fund investments at the lower rate of B$1.050 (US$1.00) and to repatriate investment currency proceeds to The Bahamas at the rate of B$1.025 (US$1.00).

The two above-mentioned reforms are designed to reduce the costs of funding for capital market and related investments made outside of The Bahamas, with investment currency that is available at a premium.

The Prime Minister said as part of the relaxation protocol, Bahamian-owned businesses will be allowed to maintain operating deposit accounts of up to $100,000 in foreign currency at domestic, commercial banks, without prior reference to the Central Bank.  These accounts will have to be exclusively funded from revenues earned in foreign currency.   This reform provides access to foreign currency accounts for local businesses to cover international expenses in their operations.   Central Bank approval will continue to be required for accounts with balances of more than $100,000 in foreign currency.

The Minnis Administration will also relax Exchange Controls on capital transactions, namely on capital (investment) and current account (trade) transactions for small and medium-sized Bahamian businesses/enterprises (SMEs).   Central Bank officials also propose to delegate the operation of the ICM to Commercial Banks at a date to be arranged in 2018.

The changes, which will come into effect as of February 1, 2018, are expected to not only assist domestic, small, and medium sized Bahamian businesses and Bahamian investors by improving the ease of doing business for Bahamians and residents, but can also be considered part of the Minnis Administration’s new economic strategy to attract investments from the global Bahamian Diaspora in order to help create a global network of Bahamians and to help boost national development, on the road to creating a 21st Century Bahamas.

They follow the Prime Minister’s recent announcements in Washington, D.C., U.S.A. where Dr. Minnis addressed members of the Bahamian Diaspora residing in the Washington D.C., Maryland and Virginia areas, that his Administration has embarked upon a programme of reform and transformation that includes innovative thinking about the role of government in order to create new and innovative partnerships for national development.

Prime Minister Minnis encouraged the gathering to not only consider the new investment opportunities that will become available in The Bahamas as a result of his Administration’s new economic strategy, but to also “consider lending your talents and resources in areas such as youth development, volunteerism and community service.”

“The global Bahamian Diaspora is a major talent and investment pool the country must tap into.   Like other countries that have successfully done so, my Government will cultivate and utilize the energy of the Bahamian Diaspora,” Prime Minister Minnis added.

Prime Minister Minnis said the reforms were “long overdue” and comprise part of his Administration’s commitment to assisting small and medium-sized Bahamian businesses/enterprises, which the Prime Minister said, are a “critical part” of the Bahamian economic structure, employing thousands of Bahamians.

“It is a modernization reform that Bahamian businesspersons have been asking for, for a long time,” Prime Minister Minnis said during a press conference held to announce the liberalization of Exchange Control.

“The Government is committed to targeted, ambitious and sustainable liberalization of the capital account.   I note that the Government will continue to review further, gradual adjustments in the Exchange Control Regime,” Prime Minister Minnis said.

By: Matt Maura (BIS)

 

Continue Reading

News

The Cassandra I remember: A fighting spirit, now elected to serve

Published

on

By Deandrea Hamilton

 

The Cassandra I remember never backed down from a fight.

She had an effervescent personality and was fiercely committed to her family—and that included her church and her friends. She deeply appreciated the people God had given her, drawing on their love and support to push through circumstances no child, no teenager, should have to face.

Today, voters in a country far from where she grew up have trusted her to champion more accessible communities and better responses to people facing mental health and developmental challenges.

It speaks volumes about what happens when we believe in our children. When we refuse to set limits on who they can become, regardless of how they started. When we recognize God’s hand on their lives and support their ability to contribute and make an impact, wherever He places them.

Cassandra Toussaint is now councilwoman-elect for Ward 1 in Avon, Indiana, after defeating Republican Doug Elmore in the November 3 election. She ran as a Democrat. (youarecurrent.com)

Of Haitian heritage, she grew up in Turks and Caicos, attending Oseta Jolly, briefly Maranatha, and then TCIPS.

Her connections remain strong: friends, family and Lady Turks Gift Shop, a boutique venture she created with her best friend, Novie, from an idea they shared as teenagers.

Her family includes her father, Eliezer Toussaint, and her brother, Stoycov Toussaint, who graduated from Indiana University. Stephane Ambroise is playing basketball in Canada. Her mother, Ertha Etienne, died when Cassandra and her siblings were children.

In Turks and Caicos, her cousins Brenda, Steven, Lendcy and Sarah Cenary are, she says, successful and passionate about helping young people and giving back to their community.  Their mother, her aunt Rose Philomene Cenary, has worked in the Islands’ hotel industry for years and holds a special place in Cassandra’s heart.

“My aunt is the glue of my family,” Cassandra said, describing her love for the family and how she has always done her best to support them all.

A registered behavior technician, Toussaint says her childhood experiences inspired her to advocate for children who feel misunderstood.

Her campaign priorities included improved roads, accessible parks and facilities, and police training to better recognize and respond to autism and intellectual disabilities.

With limited money and little preparation time, she took her campaign directly to residents, knocking on doors and connecting at community events.

“Every resident deserves to be met with understanding,” she wrote.

The young woman I remember is preparing to bring that conviction into public office.

Continue Reading

News

Porter Airlines Begins Nonstop Service to Turks and Caicos Islands with Toronto to PLS route  

Published

on

Providenciales, Turks and Caicos Islands (November 6th, 2026) – The Turks and Caicos Islands welcomes Porter Airlines as it begins its service to the destination with its inaugural Toronto (YYZ) to Providenciales (PLS) route on Friday, November 6th.  The airline will service the route five times weekly from the Toronto Pearson International Airport.

On December 17th, Porter will launch its Ottawa to PLS flight, a new route for the Turks and Caicos Islands. That route will be serviced twice weekly from Ottawa International Airport (YOW).

Minister of Tourism, Hon. Zhavargo Jolly said the expansion of air service from Canada reflects the growing strength of that market to the Turks and Caicos Islands.

“Canada is showing strong and growing interest in the Turks and Caicos Islands, and we are pleased to see that reflected in the expansion of air service from the market. Porter Airlines’ new nonstop flights from Toronto and Ottawa strengthen our connectivity with Canada and give travellers more convenient options for reaching our islands. Canadians have always shown a genuine appreciation for the culture, heritage, natural beauty and, of course, the people of the Turks and Caicos Islands. Perhaps it is that shared warmth and friendliness that keeps bringing them back, and our partnership with Porter will simply make it easier for Canadians to continue showing their love for our Beautiful by Nature islands. Toronto builds on an important existing market for us, while Ottawa opens an entirely new gateway to the Turks and Caicos Islands. This increased access will make it easier for more Canadians to discover and enjoy our destination, while supporting the continued growth of this important market.”

Hon. Arlington Musgrove, minister responsible for aviation, Turks and Caicos commended his team at the Turks and Caicos Islands Airports Authority (TCIAA) for developing this relationship with Porter.

“The launch of Porter Airlines’ new services from Toronto and Ottawa to the Turks and Caicos Islands is another important milestone in strengthening our connectivity with the Canadian market. Canada remains an important source market for our tourism industry, and these new routes will give Canadians more choice and easier access to the warmth, beauty, and hospitality of the Turks and Caicos Islands. I commend the Turks and Caicos Islands Airports Authority for leading this initiative and for its continued efforts to develop air service and build strong relationships with our airline partners. I also extend our sincere appreciation to Porter Airlines for its confidence in the Turks and Caicos Islands and for choosing our destination as part of its growing network of sun destinations. We warmly welcome Porter, its passengers and crew to our shores and look forward to a successful and lasting partnership,” he said.

To celebrate and promote the new flights, Experience Turks and Caicos hosted a reception in Ottawa for travel advisors and media. Organised by VoX International, our marketing agency in Canada, the event featured remarks by Market Intelligence Manager, Sharissa Lightbourne and Chairman of the TCIAA, Dwayne Gardiner. Nikeva Ariza, Director of Corporate Affairs, Communications and Public Engagement was also in attendance.

The new flights are operated by Porter’s 132-seat Embraer E195-E2. The aircraft features a two-by-two seating configuration, meaning no middle seats for any passenger. Porter’s elevated onboard experience includes complimentary beer and wine served in glassware, premium Canadian snacks, and free, fast WiFi for every passenger.

To book your flight, visit www.flyporter.com.

Continue Reading

News

Turks and Caicos Islands Records Highest Third-Quarter Stayover Arrivals  

Published

on

Providenciales, Turks and Caicos Islands (November 4th, 2026) – The Turks and Caicos Islands recorded its highest number of stayover arrivals for the third quarter of the year, with approximately 130,000 visitors welcomed between July and September, representing a three percent increase over the same period in 2025.

Preliminary figures from Experience Turks and Caicos show that the destination recorded 514,670 stayover arrivals for the first nine months of 2026, an increase of 25,048 visitors, or five percent, compared with the same period last year. Growth was recorded in every month from January through September, underscoring the destination’s continued appeal among travellers and the sustained demand for its tourism product.

 

Stay Over Arrivals by Quarter (2025/2026)

September closed the quarter on a positive note, with 20,204 stayover arrivals, seven percent more than the 18,795 recorded in September 2025. The year-to-date total of 514,670 is the highest number of stayover arrivals ever recorded for the January-to-September period.

Commenting on the record stayover arrivals, Minister of Tourism, Hon. Zhavargo Jolly said: “These record arrivals are an encouraging achievement for the Turks and Caicos Islands and a reflection of the continued confidence visitors have in our destination. However, I’ve always maintained that the true measure of tourism’s success cannot simply be the number of visitors arriving on our shores. It must also be measured by the opportunities we create for our people.”

“Our vision is to build a stronger, higher-value tourism industry where Turks and Caicos Islanders are not simply employees, but entrepreneurs, business owners and active participants in the economic opportunities tourism creates. This is why our recent Community Connect meetings across the sister islands were so important. We want to engage directly with our communities, understand their challenges and ensure that as our tourism industry grows, the opportunities for our people grow alongside it. Ultimately, tourism must do more than bring people to our shores. It must improve the lives of the people who call these islands home.”

Cruise arrivals reflect return to regular itineraries

Cruise passenger arrivals at the Grand Turk Cruise Port followed a different trend during the first nine months of 2026, with figures reflecting a return to more typical cruise itineraries following an unusually strong period in 2025.

Last year, cruise lines added Grand Turk to their itineraries, resulting in exceptionally high passenger volumes and cruise calls. With itineraries returning to more regular patterns this year, cruise passenger arrivals declined year over year throughout the first nine months.

The destination received 62,095 cruise passengers in September, a 22 percent decrease from the 79,341 recorded in September 2025. From January through September, total cruise passenger arrivals stood at 838,533, compared with 1,016,532 during the same period last year, representing an 18 percent decline.

Cruise Arrivals by Quarter (2025/2026)

While the cruise figures reflect a normalisation from last year’s elevated numbers, the continued growth in stayover arrivals provides a positive indicator of the destination’s performance in its overnight visitor market.

It is projected that the month-on-month increases in stayover arrivals will continue into the upcoming winter season, especially with the additional airlift expected from new and existing gateways in Canada and the US.

 

Continue Reading

FIND US ON FACEBOOK

TRENDING