Islandscene A Publication for The Islands of The Bahamas
Grand Bahama Island A Great Place for Business.
Why Smart Companies Choose The Bahamas.
contents Islandscene / 2011/2
4.
About This Issue
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By Rt. Hon. Hubert A. Ingraham, Prime Minister.
6.
Welcome Aboard
9.
Island Flavour
12.
Radisson Our Lucaya Resort
Grand Bahama Island lies fifty miles off the coast of Florida and north of Nassau, the capital of The Bahamas. Her climate is tropical, a warm eighty degrees throughout the year and cooled by billowy ocean breezes.
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The Radisson Our Lucaya Beach & Golf Resort may appear to be just another picturesque Caribbean destination offering powder fine white sand, crystal clear turquoise waters, breathtaking views, and golden sun, but the 519 room, AAA four-diamond resort offers so much more.
Why Smart Companies Choose Grand Bahama The landmark Hawksbill Creek Agreement that established Freeport not only gave GBPA administrative and regulatory powers, but granted investors a wide range of economic concessions and benefits.
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Grand Bahama Island
News Lines: 2011 / 2012 Budget
Doing Business: Bahamas Investment Guide Insert.
Communication “Budgets are about making choices and accepting responsibility.” By: Rt. Hon. Hubert A. Ingraham, Prime Minister and Minister of Finance.
The government’s commitment to growth is demonstrated by its business-friendly economic policy that promotes foreign direct investment and assures investors of an established legal framework in which to work.
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Islandscene We’re looking for people who love to write.
Islandscene magazine is published quarterly by Benchmark Publishing Co. Ltd. P.O. Box CB-12957, Nassau, Bahamas. Tel: 242.323.3398 - Fax: 242-326-2020. www.islandscenemagazine.com. and Email: islandscenemagazine@gmail.com
Publisher & Editor-In-Chief Aaron H. Knowles, Jr.
Business Editor Berencia Isaacs
Art Director Aaron H. Knowles, Jr.
Islandscene is seeking contributing writers You’re invited by the Editors to submit your manuscripts for possible publication and to accept occasional writing assignments on topics listed in our writers’ guidelines below: Writers’ Guidelines: Interesting and provocative articles on: Domestic and Foreign Travel, Business, Banking, Financial Services, Real Estate, Culture, The Arts, Music, Theatre, Entertainment, Film, Food, Dance, Festivals, Sports, General Human Interest Stories, Fiction, Book Reviews, Personalities, History, Government, Current Affairs, Politics, Law, Religion, Family Life, Health, Fashion. Articles, should be lively to a degree of sophistication and should air for literary excellence. Domestic travel and business features must have a specific story angle. First person approach is generally unacceptable. We are not opposed to controversial articles. We seek stories on relevant contemporary themes, but wish to explore all angles in controversies. For additional information and rates please contact us through:
The Editor Islandscene Magazine
Picture Editor Antoine Ferrier
Research Irwin McSweeney Ashley Knowles
Contributors Cordell Thompson Inderia Saunders Melissa Knowles Charles Huggins
Circulation Kevin A. Knowles
All rights reserved. Contents copyrighted, 2011 by Benchmark Publishing Co. Ltd. Nothing may be reproduced in whole or in part without written permission from the Publisher. Unless mutually specified all letters addressed to Islandscene, its Publishers and Editors, are assumed intended for publication. Every effort is made to ensure the accuracy of information and the Publisher is not responsible for errors or omissions that may occur. No responsibility accepted for unsolicited material.
P.O. Box CB 12957, Nassau, Bahamas - Tel: 242.323.3398 - Fax: 242.326-2020 Email:islandscenemagazine@gmail.com / www.benchmark@batelnet.bs IslandScene / 2011/2
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about thisISSUE
I
am pleased to provide a Foreword for this newest edition of IslandScene which highlights
Grand Bahama Island as an ideal location for increased investment in our country. Grand Bahama is unique in The Bahamas as the home to Freeport, The Bahamas’ second
city which operates under the Hawksbill Creek Agreement as a free trade zone exempting businesses from the payment of taxes on profits, capital gains, inheritance, income, earnings, distribution, or on exported goods. Grand Bahama Island has enjoyed a diversified economy for many years with tourism and industry as mainstays but with important agricultural and fisheries sectors. Today Freeport is a key maritime centre in our region. A modern privately-owned and operated international airport makes the island easily accessible for visitors and business persons. Its strategic location in the major shipping lanes and its excellent maritime framework - Freeport Harbour and Container Port is one of the largest man-made harbours in the world and the deepest harbour in the region - means that the island is able to support long-term growth and development in its maritime sector. Already wet docking and ship repair care businesses operate at the Harbour. Grand Bahama offers excellent opportunities for investment in a myriad of areas including tourism and resort development, vacation and second home developments, maritime industry, light industry and manufacturing, assembly operations, oil storage and transshipment and a wide range of offshore services including tertiary level education. We welcome and encourage investment in The Bahamas including Grand Bahama and look forward to welcoming proposals for new, well planned and environmentally sustainable projects able to benefit from all that we have to offer.
Hubert A. Ingraham July, 2011
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Prime Minister
welcomeABOARD
very year, millions of individuals find it necessary to travel to The Bahamas or within the country to visit friends or relatives, conduct business transactions or take that dream vacation. For many of these travelers, this experience begins with Bahamasair, our national airline, where customer care is personal. From reservations to baggage collection, we
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are driven by a personal desire to do everything to make Bahamasair your preferred airline. Bahamasair places steadfast focus on employee development and customer care. In this regard, we are committed to ensuring as far as possible that we consistently deliver an enjoyable travel experience at a competitive rate from Florida in the southern USA to Inagua in the southern Bahamas. If however, at any time you feel that as a customer, we have fallen short of our goal, we encourage you to take advantage of our customer feedback programme. We also invite your specific ideas for product improvement or commendation when a Bahamasair representative goes beyond the call of duty. We thank you for choosing Bahamasair, and we look forward to serving you today and in the future. Welcome aboard!
Sincerely, The. Hon. Neko C. Grant I, J.P., M.P. Minister of Public Works & Transport
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islandFLAVOUR
Come for the sun, stay for the
FOOD The Islands Of The Bahamas Presents Cuisine to Satisfy Any Palate
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eyond the sun, sand and surf, the 700 Islands Of The Bahamas are sure to delight with limitless dining options. From simple dishes to exotic Bahamian and International menus, the culinary scene in The Bahamas is exploding and is sure to tempt all taste buds.”
The cuisine of The Islands of The Bahamas is evolving into a definitive position in the region. It is an evolution with its genesis in bountiful marine ingredients and a new generation of Bahamian chefs who are reinterpreting traditional dishes and creating new ones. An additional factor is the growing number visitors who express genuine interest in and appreciation for the cuisines of the places they visit. When did people begin to be identified with the foods they eat? At what time in their history did it become
identified with them as opposed to others who may actually eat the same ingredients? Perhaps somewhere someone has studied this phenomenon and knows the answer. And undoubtedly they would know that Roti goes with Trinidad; Ackee and Saltfish are synonymous with Jamaica; Fish ‘N Chips are English as apple pie is American. While anyone who knows would immediately identify Conch Salad and Conch Fritters as Bahamian. From the time of the pre-Columbian people, the waters surrounding these islands have given of their bounty. Even though we have no written records, or cookbooks or recipes to tell us how they prepared their fish dishes, the evidence gathered suggests the pre-Columbian peoples were fond of scale and shell fish. Of course there are those who continue generationlong traditions of culinary expression. As if working from a genetic code for cooking, without help from written recipes, they create memorable dishes. Such are the dishes prepared throughout The Islands Of The Bahamas.
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islandFLAVOUR
Grand Bahama Island The fourth largest island in The Bahamas, Grand Bahama Island’s culinary offerings mirror its attractions – a blend of cosmopolitan possibilities sprinkled with natural and charming treasures.
Aqua Set in the epicenter of the renowned Old Bahama Bay resort, Aqua offers an innovative Bahamian fusion menu that blends classic Bahamian delicacies with fresh new dishes. The restaurant’s modern British West Indies décor is accented by extraordinary views of the ocean and marina. Visit
Churchill’s Chop House & Bar Old-World charm and elegance set the tone at this fine dining venue at The Westin Grand Bahama. Serving succulent steaks and local seafood, Churchill’s has become a popular favorite among travelers looking to start their vacation in style. Be sure to arrive early to enjoy a number of specialty cocktails at the bar.
to providing guests with only the highest standard of service and cuisine, it’s no wonder Luciano’s has catered to gourmet taste buds for more than 25 years.
Ferry House Diners are regularly captivated by this eatery touted as Lucaya’s most upscale restaurant. Boasting a menu of contemporary global cuisine fused with the unique flavors of The Bahamas and an elegant design featuring picture windows that look out on Bell Channel Bay, the Ferry House is a dining experience not to be missed.
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Luciano’s A staple in the Port Lucaya Marketplace, Luciano’s presents a menu of classical European entrees and favorite Island dishes. Dedicated
The Radisson
Our Lucaya Beach & Golf Resort
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he Radisson Our Lucaya Beach & Golf Resort may appear to be just another picturesque Caribbean destination offering powder fine white sand, crystal clear turquoise waters, breathtaking views, and golden sun, but the 519 room, AAA four-diamond resort offers so much more than what is expected of an island destination. The first indication that Our Lucaya is a bit special comes in the form of genuinely welcoming smiles and the warm greetings from the energetic, friendly and excited team that makes up the close knit Our Lucaya family.
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O
ur Lucaya’s island home, Grand Bahama, has a unique and distinct feel that offers guests all of the comforts of home, mixed with the laid back Bahamian lifestyle of hospitality, kindness, and a culture filled with unique food, flavors, music, art, and history. Taking pride in the Bahamian culture, Our Lucaya not only has the benefit of the natural beauty of the Bahamas, but the resort draws from the island for inspiration in creating a unique guest experience.
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Home to the largest fitness center of any hotel or resort on Grand Bahama, Our Lucaya’s Senses Spa has a number of authentic Bahamian Bush Medicine treatments which are not available at any other destination in the world. Passed down through generations, bush medicines have proven to be a truly hidden treasure that cure a number of ailments, fight toxins, and benefit the overall well being of its users. Dining at Our Lucaya also draws from the unique
flavours of the Bahamas. The conch, a sweet mollusk and Bahamian delicacy, can be found on almost every menu at the resort along with the fresh tastes of thyme, lime juice, goat peppers, tomatoes, onions, sweet peppers, plantains, guavas, avocados, and coconuts that are grown locally. From the fusion cuisine of China Beach Restaurant, to the traditional favorites of Willy Broadleaf, Our Lucaya need only look around the island
and play on Grand Bahama that bring life to Our Lucaya. To allow visitors from all over the world to experience the hospitality of The Radisson Our Lucaya, the resort is currently offering the Grand Bahama Getaway Package for only $99 per person, per night. This unbelievable rate includes full breakfast daily, beach & pool amenities, daily activities, taxes, service charge, and resort fees. To take advantage of the special package,
to take guest on a one of a kind taste experience. Not to be outdone, the resort also offers an array of activities that pay homage to its island home. A weekly Junkanoo street parade passes through the resort carrying the sweet sounds of goat skin drums, cowbells and horns, while holidays are recognised with themed buffets and ‘home grown’ rake and scrape music. Our Lucaya may offer great views, 24-hour room service, an array of bars, 90,000 square-feet of meeting space, a Championship Golf Course, 4 tennis courts, picture perfect weddings, a swim up bar, an infinity pool, world class dining, and all of the amenities of home, like many other resorts, but it is the enthusiasm and the genuine passion of the men and women who live, work
guests can book by July 31st, 2011 and stay at the resort up to August 31st, 2011. For more information or to make reservations, guest can visit www.ourlucaya.com or call 1-866-870-7148/1-242-373-1333.
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Budget
2011-2012
Communication
“Budgets are about making choices and accepting responsibility.� By: Rt. Hon. Hubert A. Ingraham Prime Minister and Minister of Finance
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n presenting the Budget Communication in May 25th I noted that Budgets are about making choices and accepting responsibility. During this fiscal year many persons were required to endure temporary sacrifices in order to preserve and sustain jobs in the public sector and to permit us to provide increased assistance to those most seriously impacted by the downturn in the economy, and take targeted action to stimulate job creation in the private sector through the acceleration of planned infrastructural developments and upgrades; which also has produced increased employment. As the global economy has begun to turn around, so also has the Bahamian economy. In this Budget we seek to relieve some of the burdensome sacrifices required over the past year, while remaining ever cautious to ensure the continued prudent management of our fiscal affairs.
Budget Allocations: There has been some commentary in the press that this Budget does not address the too high incidence of crime in our communities most especially here in New Providence. Of course nothing could be farther from the truth. It is simply wrong highly disingenuous for others to suggest that they have a higher interest and commitment to fighting crime than does my Government or indeed any Government of The Bahamas. Crime is an assault on us all and those who ignore it, tolerate it or indeed seek to benefit from it in any way are not friends of our people.
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y Government has sought to avoid knee-jerk reactions to crime and criminality in our country. Instead we recognize the necessity of a comprehensive approach to this very complex and vexing problem and so we have set out deliberately to address the factors responsible for the development of criminal behaviours and the criminal mind while modernizing and making more efficient the principal agencies responsible for the enforcement of the law, put extensive resources in place, developed new initiatives, fine-tuned existing anti-crime programmes and enacted legislation needed to more effectively prevent and combat crime. We are keenly aware that prevention and deterrence also includes efforts in social development as well as targeted social intervention.
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Community service programmes in all public schools with an enhanced service-learning, ethics and character development component;
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Community and youth development programmes geared towards providing young people positive and alternative life experiences and skills while preventing anti-social behaviour;
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Effective and creative alternative sentencing for juvenile offenders; and
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Restorative Justice initiatives
Urban Renewal initiatives: My Government has continued to fund, to the tune of $2.3 million in this Budget, and make more effective and efficient various Urban Renewal initiatives. This Budget provides funds to assist in the extension of various social intervention initiatives and the initiation of and expansion within existing institutions of innovative and effective programmes including for example, support for Marching Bands; after school programs; computer classes; sewing and handicraft programs for the elderly; summer programs for young people; boys and girls clubs; and backyard farming. Further, we continue to provide funding to facilitate Parenting and healthy-lifestyle seminars and programmes meant to support and encourage entrepreneurship. Presently, we have nine Urban Renewal Centres in New Providence and another seven in Grand Bahama. All of these measures are designed to carefully target certain behaviours in order to prevent criminal conduct and disrupt those who have are beginning to engage in criminal enterprise. Principally, the social interventions in which we will invest are meant to provide young people with positive and transformative life experiences, with lessons drawn from effective programmes with measurable results and success rates in various countries around the world including in North and South America as well as Australia and New Zealand.
‘Crime is an assault on us all and those who ignore it, tolerateit or indeed seek to benefit from it in any way are not friends of our people.” Over the past four years my Government has:
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promoted a new generation of leaders for the Royal Bahamas Police Force
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improved conditions of service of the Police Force.
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invested in new equipment, technology and crime fighting tools for the Police Force
Social Services
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Among the social intervention programmes we are investing in and expanding are:
implemented the electronic monitoring of accused and convicted persons released on bail
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introduced CCTV monitoring in various high-crime
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newsLINES areas of New Providence (played a role in the quick identification and arrest of suspects in the recent John Bull robbery)
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appointed additional Magistrates, Supreme Court Justices and Court of Appeal Judges to help facilitate speedier trials and reduce backload of cases
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engaged a new Director of Public Prosecutions mandated to reduce the backload of cases and streamline and improve the functions of that office
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introduced a new Magistrate’s Court to concentrate on gun crimes, and
Rt. Hon. Hubert A. Ingraham, Prime Minister, presenting his government’s 2011 / 2012 Budget Communication.
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engaged this year 60 new police recruits who will be joined by another 60 now in training; 30 of whom are being engaged specifically for posting in the Family Islands.
onies have been provided to accommodate the promotion of 135 police officers to complete the restructuring of the Force so that development is based on a structure. For example, if Bimini is to be headed by an Assistant Superintendent of Police (ASP), then there must be an Inspector, Sergeant(s) and Corporals and Constables. The introduction of CCTV surveillance in high crime areas and the introduction of ankle bracelets to monitor and track individuals charged before the Courts on serious offences but
freed on bail are both programmes specifically implemented to combat crime and to keep Bahamians and residents safe. We have inadvertently left off the list of new tariff reductions, surveillance cameras for business. I will table an Order so that surveillance cameras will be duty free in this new fiscal year. I reaffirm my Government’s commitment to the administration of justice. In order to bolster resources available to the Office of the Attorney General, this Budget contains funding in the amount of $549,000 to engage 9 Assistant Counsels, 3 Chief Counsels and one Senior Counsel. Financial provision has also been made to facilitate and accommodate promotions for legal officers in the Office of the Attorney General. Reform efforts underway at the Attorney General’s Office
Assistant Commissioner of Police for the Grand Bahama District, Quinn McCartney, visits the Police College for inspection of the new recruits.
are meant to further reduce the backlog of cases in the Courts. As regards the Department of Prosecutions: Ø Prosecutors are now being involved early in the investigative stage for serious and complex cases 1. Ø The OAG is establishing a prosecutor’s case management unit to ensure the readiness of cases that are fixed for trial. Prosecutors to be engaged are expected to be adequate to resource this effort. Ø The OAG has launched a witness care unit in
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February 2011 to provide appropriate support service to victims and witnesses (witnesses being critical components of the justice system and essential to the prosecution’s case). Even though, reasonably, time is required for the outcomes to be plainly manifested, there has been substantial progress in the justice system over the past several months. I note that: Ø The Magistrate Court hearing firearm offences have in the first 2 months since 07 Mar11 heard more than 180 cases (several of which are ongoing). Ø The increase from two (2) to four (4) criminal
CCTV surveillance camera mounted alongside traffic lights.
trial courts in New Providence and a criminal trial court running consistently in Freeport have made it possible to meaningfully attack the long existing backlog of cases in the Supreme Court and to prevent the accrual of new backlog. Ø New backlog is being prevented in the Supreme Court by the Chief Justice having assigned one (1) of the four (4) courts to hear current matters (offences committed in 2010 and 2011 to date). Upon arraignment of a new case in the Supreme Court, it is now fixed for trial for a specific date (no longer assigned sine die where they drift unmanaged in the system) and those trial dates have been less than eighteen (18) months.
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Ø
Another of the four courts is assigned to hear retrials ordered by the Court of Appeal or due to a hung jury.
Ø Two (2) courts are concentrating on older cases (offences committed in 2009 and prior). Moreover, the trial dates for current cases are now within a reasonable time, thereby preventing new backlog. This is a break-through of success compared with recent decades. Our collective efforts are ongoing and we expect more milestones that would deliver a better functioning criminal justice system. When my Government came to office in May, 2007 we found the infrastructure of the Supreme and Magistrates Court in a lamentable condition.
The Hansard Building.
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he Supreme Court operated from a principal building that was in dire need of refurbishment. The Hansard Building was such that the resident judge later refused to continue to work from it. And, work on the Magistrates Court Complex off Nassau Street had come to a complete halt. As I present this Budget, Members and the Bahamian public can see the Governments investment in improving infrastructure around the country and very dramatically in New Providence. As regards the physical condition of our Courts I note that the refurbishment of the Court in the Hansard Building, which was vacated when a Senior Justice found it impossible to sit there any further, will be completed by the end of June. It will become fully operational soon thereafter. That court will be able to accommodate both civil and criminal trials and
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will be equipped with a Judge’s Chambers, a secured jury room as well as witness rooms to insulate witnesses from interference from the public. The Government purchased Ansbacher House last year to accommodate additional courts for the Supreme Court. The work on the ground floor of Ansbacher House, to accommodate two courts capable of both criminal and civil trials is expected to be completed by the end of September of this year. After they are completed, the main Supreme Court and the rest of Ansbacher House will be vacated. Work will begin on those buildings for the creation of the other courts capable of criminal and civil trials only. When these works are completed the Supreme Court in New Providence will have eleven modernized courts six of which will be capable of the conduct of criminal trials and large enough to accommodate
Today the Court of Appeal has a full complement of 5 justices. In this Budget we have provided funding for an additional Justice of Appeal to permit the Court to sit in two panels at the same time, as well as to expand the number of justices from which a panel may be selected. s to the Magistrates Court, the work on the new Court Complex is nearing completion. That impressive edifice when completed will house twelve Magistrates courts. There are presently nine Magistrates Court that operate in New Providence, excluding the two night courts. This complex will enable us in time to have twelve courts operating in New Providence every day. When completed and operational before the end of this year, the Complex will house scores of full time staff and will no doubt help to revitalize the Nassau Street area providing opportunities for residents in the area to establish small
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Magistrates Court Complex off Nassau Street .
New Supreme Court at Ansbacher House complex.
those large civil litigation cases which our complex and sophisticated economy sometimes requires. Even with our inadequate facilities we have this year operated four courts (two more than previously) in New Providence and one court in Grand Bahama devoted primarily to the adjudication of criminal trials. The Supreme Court presently has a full complement of 12 justices and we have provided additional funding for the temporary appointment of an additional justice to deal primarily with criminal cases. When we came to office in May, 2007 there were only three justices on the Bahamas Court of Appeal. Two vacancies had been allowed to continue unfulfilled for months and in one case for more than a year.
businesses to meet the needs of those persons work in the complex or utilizing its services. This Budget also provides additional funding for another Magistrate in New Providence. Whilst it is a matter for the Chief Justice and the judiciary how Magistrates are deployed, we have made representation to them as to the need for an additional court dedicated as a priority to Voluntary Bills of Indictment and Extradition. There is also a need for additional magistraterial resources to address the growing demands of domestic disputes. The Budget provides additional funding for two new Magistrates to permanently reside in two of our major Family Islands. For too often the residents of family islands are short changed in their right to a fair trial within a reasonable time because of the absence of regular and consistent services of a Magistrate.
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resently resident Magistrates are only found in Nassau, Freeport, Eight Mile Rock, and in Abaco. In Abaco, two new Courts are located in the Administrative Building. We have provided additional funding in this budget to appoint two new Magistrates to reside in Eleuthera and Exuma. The appointment of these two new additional resident Family Island Magistrates will in our view significantly improve the provision of these services to the residents of these islands. I have finally been convinced that efficiencies to be derived from the establishment of a Remand Court on the grounds of Her Majesty’s Prison in Fox Hill outweighs my long held view that individuals held on remand ought to have their day in court in a place away from the place of their detention. Honourable Members are aware that the transportation, daily, of large number of prisoners from the prison in Fox
and facilitate Remand Continuance Hearing in the event that a Magistrate cannot attend in person. It is expected that the Remand Court will be completed by September of this year. I am pleased to advise Members that the Probate and Administration of Estates Act enacted by Parliament last year will come into effect this Wednesday, 1st June, 2011. And we will also further amendment to the Bail Act to reduce the number of violent offenders and accused persons out on bail who seek to do harm to others. And, in coordination with non-governmental organization we are actively reviewing the implementation of various alternative sentencing and restorative programmes to reduce crimes and repeat crimes by juvenile non-violent offenders. Crime and its causes are complex. The stark reality is that we did not reach the current level of crime overnight.
“I know in elections, everybody wants to win, but we ought to concsiously and deliberately disassociate ourselves from persons we know who are criminals.” Supreme Court, Bank Lane & Parliament St.
Hill to Courts located in the centre of the City of Nassau to have their Remand Continuance hearings occupies the time and attention of many Police and Prison Officers who might be more usefully and effectively assigned. Further, police escorted Prison Bus convoys are increasingly becoming not only an annoyance to neighbourhoods traversed by the convoys but also a danger to pedestrians and to regular vehicular traffic. The construction of a Remand Court at Fox Hill will eliminate the need for persons being held on remand to be transported. Instead only those persons whose trials are scheduled will be transported downtown. The court is being built adjacent to the Electronic Monitoring Tagging Centre. Remanded inmates will continue to have ‘their day in court’ before a Magistrate and in the presence of family members should they so choose. The Remand Court will have teleconferencing capacity to permit
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And, our attitude towards crime makes a difference. Complaining about crime yet aiding and abetting criminal behaviour hurts our shared fight against crime. The less tolerant and accommodating we are of criminal enterprise and behaviour, the more effective will be our fight against crime. The entire society has an obligation to assist the Police in doing their jobs. And I say to both political parties, both the FNM and the PLP, that we ought to consciously not associate ourselves with persons that we know to be criminals. You ought to concsciously disassociate ourselves from persons we know to be criminals. I know in elections, everybody wants to win, but we ought to concsiously and deliberately disassociate ourselves from persons we know who are criminals. I speak in my capacity as Prime Minister, with the knowledge I have from intelligence gathered in The Bahamas.
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As demonstrated by our actions, my Government’s anticrime programme is comprehensive, covering immediate-, medium- and long-term measures to address crime and its causes. We have invested heavily and without stinting in the police, courts and corrections. In the coming month I will make a national address on crime so as to keep the public informed on even more that will be done to ensure the peace and security of our persons and properties. The people of The Bahamas should have no doubt as to this Government’s commitment to cause a reduction in criminal activity and improving the administration of Justice. Even a cursory look at the 2011-2012 Budget estimates reveals that this Budget, consistent with each of the budgets introduced by my Government during this term in office, is committed to the immediate and long-term protection of
successful National Training and Retraining Programme in 2009 which trained 800 many or most of who whom were subsequently placed at various enterprises around our country, the 6 month Employment Programme which productively engaged 2,500 individuals and an electricity subsidy of $4 million for more than 6,000 household which permitted them to have their homes reconnected to the electricity supply. My Government’s social security and protection initiatives include the launch of the landmark unemployment benefits programme and the national prescription drugs benefits programme, which has now been extended to public officers. As crime cannot and will not be solved by Government alone, my Government continues to with and strengthen partnerships with civil society generally, and churches, civic groups and the business community to fund and manage
Remand Court at Fox Hill Prison.
Governor-General Sir Arthur Foulkes and Lady Foulkes visits COB’s new Library and Information Centre. Pictured third from left are: Dr. Betsy V. Boze, President and College Librarian Ms. Willamae Johnson.
Bahamian national interests and the security of the Bahamian people.
That protection includes:
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Economic Security inclusive of Job-Creation and Job Protection;
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National Security inclusive of Public Safety and Crime Prevention;
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Social Security and Protection inclusive of Social Assistance to our more vulnerable citizens.
My Government continues to pursue measures to enhance job and income security and social protection. These measures include the launch of an earlier very
targeted social intervention programmes to confront antisocial and criminal behaviour among various groups. Some of these organizations were required to accept a slightly reduced Government Grant last year. These are now being restored to the 2009/2010 level. Apart from Government’s considerable formal investment in education, training through the Ministry of Education, I also highlight a few key expenditures meant to provide targeted support for our youth and students for the information of Honourable Members: Government’s subvention to College of The Bahamas has been restored to its 2009/2010 level of $24.7 million; funding for Scholarships, which was increased from $400,000 in 2006/2007 to $1 million in 2007/2008; further increased
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to $6 million in 2009/10, increased again to $7million in 2010/11 and is now further increased to $7.750 million. And, an additional $1 million provided in this Budget to fund the interest subsidy for Education Guarantee Loans related to Government’s contribution to educational loans. was disappointed to know that the allocation of $2 million in each Education Budget meant for subsidies for education loan repayments were not being applied as I intended. Our predecessors in office stopped the payment of the one half of the interest cost of all student loan payments while the student was still attending college or university. We pledged to restore this. This will happen on July 1, 2011. Further, I will direct that a review be undertaken of all student loan repayment meeting this criterion so credit may be given in respect of all payments made since July 1, 2007.
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Phase II redevelopment of the old US Departure Terminal into a new International Departures Terminal.
Continuing with the list of some of the key expenditures meant to provide targeted support for our youth and students, I draw attention to the following:
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Government’s contributions to sports, civic and youth organizations are being increased
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Subventions to Family Island Regattas, the National Endowment for Sports, Aid to Athletes, and National Youth Leaders
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The Self-Starter Programme introduced in 2007/ 2008 will be funded at the level of $500,000 (up $50,000 over last year).
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And, the subvention to the Bahamas National Trust which was increased 9 fold to from $100,000 to $1 million in 2007/08 and reduced to $750,000 last year has been restored to its 2009/2010 level.
Today we have cautious optimism that the economy is rebounding. Our targeted infrastructural development projects are progressing well, some completed or nearing completion during the last budget period and others on their way to completion during this calendar year. I note in this regard: Ø Phase II redevelopment of the old US Departure Terminal into a new International Departures Terminal is underway following upon the
The new $70 million Port at Arawak Cay.
completion of Phase I. At present there are more than 100 Bahamians engaged on this project but as with Phase I, between 500 and 600 Bahamians will be engaged at the peak of the Phase II development of the new International Departure Terminal project. Ø The new $70 million Port at Arawak Cay. Some shipping operations have already commenced services. Bids are now in and a contract will soon be awarded for warehousing and customs facilities at Gladstone Road. Upon completion, now expected by year’s end, all international freight and the associated traffic congestion will finally be removed from Bay St.
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Ø The new $12 million Straw Market will become operational by August/September of this year; Ø The new multi-million dollar Government Administration complexes are nearing completion in Grand Bahama and Abaco; Ø Two Gymnasiums will be constructed in this Budget period – one in Central Abaco and the other in Central Eleuthera; Ø Additional classrooms are scheduled to be constructed at schools in Inagua, Mastic Point, Andros and Spanish Wells, a contract has been issued for work on classrooms at the Bight, as well as work on new classrooms at AF Adderely
The new $12 million Straw Market, Bay Street.
High School, CH Reeves Senior High School and an Administrative Block at RM Bailey Senior High School; Ø Finally, the TG Glover School will be completed and opened in September of this year; Ø Two small hospitals are to be constructed by NIB, one in Abaco and the second in Exuma
Ø And the extensive and continuing road, utility and other infrastructure work here on New Providence and on a number of the Family Islands: Ø new docking facilities will be built in Fresh Creek,
Andros; bids for this project are scheduled to be opened tomorrow – Tuesday
Ø two bridges in South Andros – at Little Creek and at Deep Creek are to be restored
Ø the Three Mile Island Dock in North Eleuthera is to be built at a cost of some $3 million
Ø the causeway connecting Little Abaco and North Abaco will be replaced; a new bridge will be constructed in its stead and the marine environmental degradation occasioned over the past 50 years will be remediated;
Ø new roads in Marsh Harbour, Dundas Town and
New Government Administration Complex, Freeport, G.B.
Murphy Towns, Abaco and in North Andros will be undertaken
Ø the Treasure Cay, Abaco airport runway will be resurfaced; it having not been repaved since its construction in 1982;
Ø works will be undertaken at the airport at Deadman’s Cay, Long Island; and
Ø Finally the terminal and control tower at the Marsh Harbour International Airport (the 3rd, and possibly the 2nd busiest airport in The Bahamas) will be constructed at a cost of in excess of $25 million and a contract will be awarded during the course of next month (June.)
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In the private sector multimillion dollar renovations and expansion were commenced at BORCO and Statoil in Grand Bahama. And, the luxury hotel and residential resort developments at Albany in New Providence and at Winding Bay and Baker’s Bay in the Abacos continue to enjoy robust sales. Some 500 Bahamians are engaged on the two Abaco projects. Some 321 Bahamians are now employed in the operation of Albany additional numbers of Bahamians continue to be engaged on construction works. The important ongoing $100M renovation and upgrade project at Kerzner International properties on Paradise Island continues with a completion date slated for December of this year. Further, Kerzner International expects to commence the development of its new Timeshare Resort and expansion of the Hurricane Hole Marina this year.
Wallace-Whitfield Centre to Baha Mar, the Government has contracted to acquire the S.G. Hambros Bank Building at Goodman’s Bay for the sum of $13 million net. The building will be renamed in honour of the late Sir Cecil Wallace Whitfield. The Ministry of Finance and the Office of the Prime Minister will relocate to those premises before the end of this calendar year. The New Providence Road and Utility Upgrade Programme will be completed during this fiscal period. Some 470 Bahamians are currently engaged on these works. Already the New Providence Highway, extending from the round about at Saunders Beach in the north to the Tonique Williams-Darling Highway in the south has been opened to vehicular traffic. This new highway connects with the Milo Butler Highway extending the thoroughfare to Carmichael Road in the far southern end of the island. It is envisaged that
S.G. Hambros Bank Building at Goodman’s Bay.
Baha Mar Commercial Village.
n February the $3 billion Baha Mar Resort redevelopment broke ground on Cable Beach. Work on the deviation of West Bay Street is already advanced. The new diverted West Bay Street will connect with JFK Drive via a new connector road extending to the intersection with Gladstone Road. Also, the replacement Cable Beach police and fire station and other replacement private office structures to form a nucleus of the planned Baha Mar commercial village are progressing well. I am advised that as many as 700 Bahamians are presently engaged in several of the Baha Mar related construction and road contracts. In the coming months hundreds more and eventually thousands more Bahamians will be engaged on this project. And Bahamian contractors will be awarded contracts of a value of not less than $400 million. I also advise that as a result of the sale of the Cecil
this highway will eventually extend further south to Cow Pen Road. Measureable improvement in south to north traffic flow is being achieved and the construction of the 6-legged roundabout at the intersection of the new highway with JFK Drive and Farrington Road has also significantly improved traffic flow into the Oakes Field area. Work is moving toward the completion of the following segments of large projects by end of this calendar year:
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1. Major road works, utility upgrades and installation of sidewalks and improved street lighting along Blue Hill Road south of the water tower on the hill, Blue Hill Road North, Market St. South, Abundant Life Road, Prince Charles Drive, Marathon Road and Wulff Road to the round about at the intersection with Village, Bernard and Soldier Roads.
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2. The installation of a new 24 inch water main is already completed along Robinson Road though road works continue in the area of the RM Bailey Sr. High School and Marathon Mall and is continuing along Prince Charles Drive up to the intersection with Fox Hill. The completed project will bring improved roadway with sidewalks and also improved water quality and pressure for residents at the eastern end of the island. 3. The installation of a new water main along Soldier Road will also improve water quality for communities along that corridor. The Soldier Road work is being undertaken in stages and at night and excluding weekends so as not to contribute to further congestion during high traffic periods.
the Tonique Williams-Darling Highway along an enhanced Yellow Elder Way;
Ø A new road extending from a new round about at the Government High School that will link the QE Sport Centre with the New Providence Highway. Ø An extension of Moss Road linking Thompson Blvd and Blue Hill Road, and a new connector road linking Moss Road to the round-about at the Government High School. Considerable new parking areas, drainage systems, and landscaping and open green spaces will be developed throughout the entire area.
The installation of a new water main along Soldier Road.
LPIA Gateway Project.
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So as not to increase the inconveniences being experienced along project routes the improvements to the road leading to the Government High School will not commence until after the end of the school year and it is expected that the works will be completed ahead of school opening in September. The second of these major road projects to be completed during this next fiscal period is the Airport Gateway Project. This project which involves the dualling of the exiting JFK Highway from the LPIA up to six legged roundabout will shortly be in execution. Also telecommunication and cable infrastructure will be relocated, together with other ancillary works including drainage, signage, road markings, street lighting, and extensive landscaping. Among the two most popular traditional beachrecreational spots for Bahamians on New Providence are Montagu Beach and Saunders Beach. This Budget makes provision for their restoration and expansion
he Bay Street Water and Sewer Rehabilitation Works are segmented beginning at Marlborough/Nassau Court and extending to Parliament Street, from Parliament St. to Victoria and finally, from Victoria Avenue to Mackey Street. Additional road and intersection improvement work is also scheduled for a number of street junctions along the East Bay Street corridor: East Bay/Village/ Shirley St; the East Bay/ Newgate; East Bay/Johnson Road; East Bay/Fox Hill Road; and also at the William/Shirley Street intersection. Two other major road and utility upgrade projects which have commenced will continue during this new Budget cycle. The first entails:
Ø An enhanced entrance to the Sports Centre from Thompson Blvd. This road way will be linked to
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Honourable Members will be aware that the 2003 Heads of Agreement concluded with Kerzner International included an option for the developer to construct a golf course on Athol Island. In consideration of that concession from the Government, Kerzner International undertook that if they were to proceed with the development on Athol Island, Kerzner would undertake extensive restoration works at the Montagu Beach, restoring the sandy beach destroyed over the years as a result of hurricanes and other undetermined natural and or manmade events. otwithstanding that the development at Athol Island did not proceed Kerzner International has agreed carry out, at its cost, the proposed restoration works at Montagu Beach. The necessary engineering and environmental studies have been completed and we expect restoration works to commence at Montagu in the very near future.
for Bahamians, recreational facilities of a standard deserved and indeed expected by Bahamians at this stage of our development. It is my expectation that we will provide such superior rest room facilities at other of our public parks. It has been my experience that when people are treated with respect they respond in kind. This Government will always treat the Bahamian people with respect. Honourable Members know that the beach at Saunders has suffered erosion over time particularly at its eastern end where a protruding rocky shoreline has long obtained. While the centre and western end of the beach appear to be enjoying considerable accretion following the year’s usual winter storm erosion, the eastern end of the beach remains bare with little promise of summer beach accretion. I am pleased therefore to advise that the same coastal
Saunders’s Beach is being transformed into a beautiful seaside recreational park.
Restoration works at Montagu Beach.
As the works are extensive, it is proposed that they be undertaken in stages resulting in only the partial closure of beach access throughout the life of the project. Other landside enhancements will also be undertaken in collaboration with intersection upgrades at Eastern Road and Shirley St. to better improve access and parking to the fish vendors at Montagu Beach. It is expected that this will finally address the congestion which has for so long inconvenienced beach-goers and Montagu and residents of the eastern end of New Providence Honourable Members know that Saunders’s Beach is being transformed into a beautiful seaside recreational park. While some have opined that the rest room facilities being constructed at Saunders Beach are “too expensive” and perhaps “too good” for Bahamian beach-goers as “a toilet is a toilet”, I wish to state that my Government is determined to provide
engineering expert who conducted the studies and prepared the working drawings for the beach restoration project at Montagu Beach, has, at no cost to the Government, provided similar studies and working drawings for beach restoration and expansion at Saunders Beach. The Government has now determined to engage the engineer on a consultancy basis for the Saunders Beach Project. This Budget makes provision for the cost of the works at Saunders Beach. I am pleased to advise that the Ministry of the Environment, and the Ministry of Public Works and Transport are scheduling two town meetings on June 6th and 7 th – one in the east and the other in the west, to inform residents and users of those two beaches of plans for restoration and expansion of the beaches. We expect shortly thereafter to commence work on both projects simultaneously.
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I note that this Budget makes provision for a number of specific Capital Works Projects to which I will draw attention as follows:
Glass Window Causeway. It is expected that one of these projects will commence within this calendar year and a second will within this fiscal period.
Head 21 – Reinstatement of Sundry Constituency Projects – each Member of Parliament entitled to $50,000
When my government left office in 2002, we had completed a review of the overall Health Sector Infrastructure Plant in The Bahamas. That study provided important information for setting the new strategic directions for our Healthcare System for the next decade. When my government returned to office in 2007, a deliberate focus was given to improving the quality of healthcare delivered by the Public Healthcare facilities in the Commonwealth of The Bahamas and specific attention was placed on the acute care facilities, the Princess Margaret Hospital, which is the nation’s largest healthcare facility, the Rand Memorial Hospital in Freeport Grand Bahama, and the Sandilands Rehabilitation Centre, the only facility dedicated to the treatment of mental disorders and geriatric care. My Government is continuing to demonstrate that healthcare is a basic human right. We believe that the healing process begins when healthcare services are provided in pleasant surroundings which are safe; built for and conducive to the delivery of efficient, effective and high quality healthcare, and staffed by committed, well-trained personnel. So, we shall continue our investment in the infrastructural enhancements and development of our public hospitals and community clinics so that all persons residing in and visiting our country can be assured that they will receive quality health care. n this regard, my Government began several major Capital Development Projects within the Public Hospitals Authority, at a total estimated construction cost of more than Sixty Million Dollars. The largest of these projects is the planning and construction of a world-class Critical Care Block at the Princess Margaret Hospital. The construction of this new facility will represent the single largest investment in healthcare in this country since the PMH was built nearly six decades ago. This New Wing of the hospital will entail a three (3) storey building consisting of approximately 70,000 square feet. It will house new suites of Intensive Care Units for both adults and children; six new Operating Theatres; new clinical Laboratory facilities, a modern sterile supplies division and other support services. This major capital investment is estimated to cost approximately 37 Million Dollars. The Functional Programming, Architectural and Master Planning will be completed within the next week and it will go out to Tender in June of this year, with construction scheduled to commence in September 2011. The target completion date is March 2013. I am also pleased to report that the first phase of the Expansion and Renovation of the Accident and Emergency Department at the Princess Margaret Hospital, has been completed. The second phase will begin later this year with
Head 31 – Ministry of Works and Transport - Provision of $1million for the construction of Grand Bahama Fire Station and $1 million for the fish and vegetable vendors in Eight Mile Rock, Grand Bahama. $10 million for the Construction of the Marsh Harbour Airport. I also draw to Honourable Members’ attention a number of other important infrastructural developments which my Government is completing and or undertaking during this Budget Period with the assistance of funding made available from the European Union and the China Export Import Bank as follows:
EU Funded Projects Ragged Island (Gun Point) Harbour: This project is being executed by Emile Knowles Construction and is valued at $7.08 million. The project along with the Ragged Island Roadway Construction and Airport Rehabilitation was started during the last fiscal period. The latter two projects are largely completed and the Harbour Project has an estimated completion of October 2012. North Acklins Road Rehabilitation: This $7.3 million project (50% funded by the EU) is largely complete with only remedial work being carried out. The contractor was Bethel Construction. I also advise that my Government has indicated to the EU that it would wish the 10th EDF funds (approx. $4.5 million) to be allocated to a water project in Long Island. This expenditure is not reflected in the Budget as the executing agency would be the Water and Sewerage Corporation.
Chinese EXIM Bank Funded Projects China Harbour Company is in discussions with Ministry of Public Works and Transport with respect to Abaco Port, North Abaco Port and Bridge and the
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the relocation of the General Practice Clinic to a new facility on 4 th Terrace. Members may be aware that the first phase of this project was designed to re-organize and renovate 2,500 square feet of existing public areas (including triage, waiting area, reception, holding room, bathroom and a new 900 sq feet for screening and security entrance) was completed in December 2010. The total budget for this project was $320,000. The second phase of the Accident and Emergency expansion involves the renovation and preparation of rented space on 4 th Terrace to accommodate the General Practice Clinic. It is anticipated that the relocation of the General Practice Clinic will reduce the number of patients seeking care at the Hospital as non-urgent cases, thereby reducing the waiting time in the A&E for urgent care. Emphasis will be placed on public education and all non-
relocation of the Accident and Emergency Department, were both effectively accomplished in this fiscal period. This paved the way for the commencement of the Renovation and Expansion of the main Accident & Emergency Department at that hospital. This construction is proceeding very well and completion is targeted for August 2011, at a cost of $2.1 million. When completed, it will be one of the most modern Accident and Emergency Departments in the region. dditionally, the residents of the Freeport, for the first time, will be provided with a state of the art community health center, offering the full range of primary health care services including those for Mothers and Children and for the prevention and control of Chronic NonCommunicable Diseases. The project leading to the construction of this new facility is presently underway with the development and fine-tuning of functional programming
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Artist rendering of the new Critical Care Block at the Princess Margaret Hospital, above left and the Sandilands Rehab Center, above right.
urgent care patients will be urged to utilize this new facility. When the General Practice Clinic is relocated, it will make available another 3,800 square feet of space allowing for the final upgrading and expansion of Accident and Emergency Department. The operating theatre renovation and expansion project at the Rand Memorial Hospital is advancing well. This project includes the construction of two operating theatres, One Endoscopy Procedure room, one induction room, Day Surgery Facilities, Central Sterile Supplies Department, Staff Lounge and Changing Rooms. This work is scheduled for completion in September 2011 at a cost of $3.5 million. I am also pleased to report that the projects for the relocation of the Rand’s Specialty Clinics, to the leased facility on Coral Road and for the subsequent temporary
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and master space plans. At the Sandilands Rehabilitation Center, two major infrastructural development projects are currently underway: the renovation and expansion of the Geriatrics Hospital, and the construction of a new building to accommodate the Child and Adolescent Unit and Robert Smith Ward. The contract for the phased redevelopment of the Geriatrics Hospital at Sandilands Rehabilitation Center includes: the expansion of the northwestern quadrants of the facility, providing for isolation rooms; staff lounges, mechanical/electrical rooms, visitors’ rooms; the relocation of the housekeeping closets and patients bathrooms, upgrading the life safety systems and installation of a conventional plumbing system. This work will greatly enhance the overall environment
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. target some 1000 participants for up of care for our geriatric patients; improving family and to 52 weeks provider satisfaction and direct patient-care. Several phases of this project are already completed with final works Ø Retraining Thrust scheduled for completion by the first week in June 2011, at a cost of $1.5 million. . skills development for mature The construction of the Child and Adolescent Unit and Robert Smith Ward, undertaken by the National Insurance persons; 1000 participants for up to Board, is now proceeding satisfactorily. This new inpatient 52 weeks upgrading skills for existing facility, (started under the administration of Members jobs or acquiring new skills for new jobs Opposite, is designed for children with special mental health, behavioral and developmental needs. Completion is scheduled Ø Apprenticeship Thrust for September 2011. It is important to note that components for management . acquisition of basic and advanced technical strengthening have been included in all of these infrastructural projects, in an effort to improve efficiency and quality in the skills; 1000 participants for up to 52 weeks delivery of services within the new and renovated areas. These components include staff training (250 of the National Jobs This Project also makes provision Training Initiative) and retraining; new and improved processes, procedures and proto-cols; and better management support systems. This Budget begins a shift in the role played by the Government at the height of the economic crisis of supporting jobs to a role of promoting job readiness, job training and new job creation. This Budget again reflects Government’s Artist rendering of the operating theatre renovation and expansion project at the Rand Memorial Hospital in Freeport. firm commitment to effective budget-making through decisiveness and responsibility in response to the evolving environment. for the following: Accordingly, the core Budget priority is action to enhance employment and training through a National Job Promotion . A Work Placement and Employment Strategy comprising a number of components. Exposure Programme Government is creating a $25 million National Job Readiness and Training Programme to be developed jointly to provide opportunities to gain work by public and private sectors and to target areas experience, as well as on-the-job training where shortages of workers exist; three major and skills toenhance employability; components: Government will offer a wage subsidy to private sector for every new employee Ø Service and Productivity Improvement Thrust .
focus on youth to enhance job readiness by addressing idleness, poor work attitudes and the lack of literacy and tradable skills.
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$1.5 million Jump Start Programme to encourage job creation through grants of up to $7500 for persons over 30 years starting new small businesses; focus on start-ups
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creating attractions or amenities for tourism sector, particularly the cruise sector 1000 of these jobs will be identified specifically for Freeport, Grand Bahama.
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A Public Service Employment and Training Initiative to recruit into the Public Service 100 college/university graduates, 50 High School graduates with BGCSEs and 50 with only BJCs; focus on practical work experience and training and preparing for senior positions in Government.
major refurbishments; matched by five-year customsduty exemption for PHA and NIB for similar programmes. In our continuing programme of modernization and administrative reform, this Budget provides for the continued implementation of my Governments plans to increase efficiencies throughout the Government system. In this regard I again draw attention to the following:
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Business Licence tax holiday extended through 2012 for small and medium size businesses with turnover up to $500,000
e-Government Initiative ongoing with launch of initial components in July with creation of Department of Information Technology and seven government services going online; aim to transform Public Service by improving efficiency and productivity and improve our ranking in respect of
Mr. Atario Mitchell, President of Bahamas Striping, the recipient of a Government Jump Start Programme Grant. is pictured above with the Hon. Charles Maynard, Minister of Youth & Sports and the Hon. Brent Symonette, Minister fo Foreign Affairs.
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An SME Development Act is being prepared to establish the basis for effectively providing financial and non-financial services to SMEs through a new SME Development Agency; will administer financial and nonfinancial instruments according to the diverse needs of SMEs and in regard to their sector and location Medical Care Improvement Act will encourage, through duty-free entry of building materials and medical equipment, improvement of medical care under agreements with entrepreneurs for investment in new medical care facilities or
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he ease of doing business; and
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Modernizing and improving revenue administration through creation in July of new Tax Administration Division in Ministry of Finance with responsibility for integrated collection of several taxes and ensuring compliance with tax legislation; discussions of tax reform to figure prominently in public discourse in period ahead.
Teachers note that the number of public officers retiring over the past 12 month period ending 30 June, 2011 amounted to some 258 persons with a total annual salary bill of $ $8.5 million. The
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majority of these would have held posts which were not filled subsequent to their retirement. These officers will receive some $10.1 million in gratuities and enjoy annual pensions totaling some $3.7million. This Budget provides for the engagement of 200 new appointments including high school graduates with the requisite BJC or BGCSE certificates (50 each) and college and university graduates (another 100). The Budget also makes provision for some 417 new appointments throughout the public service providing for key new appointments the Department of Public Works, Department of Education (40 new teachers, 83 security assistants, 25 security officers and 50 janitresses/janitors), Department of Social Services (10 case aids and 10 social workers), the Department of Public Health (7 medical officers) and (35 nurses and 20 doctors) at the Public Hospitals Authority, the Prison Department (50 officers at a cost of $900,000) and the Defence Force (62 officers presently in training and another 60 will be engaged in November, 2011 and March 2012. I note that this impacts a considerable number of public officers will benefit from the payment of the increment and the expansion of salary scales as reflected in the long list of officers provided to me by the Department of Public Service. The record shows that it has been my Government’s policy to share the gains of good economic times with the Bahamian people through: (1) reduction in the rates of duty on many items;
lowest levels of GFS deficits on a sustained basis in our history. This Budget, even in these tenuous economic times, continues in that tradition:
Key Revenue Measures My Government is again introducing a number of measures to further rationalize tariff and excise rates, encourage energy efficiency and provide relief to consumers. Among others, duty rates are reduced on:
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fresh fruits including avocadoes, cantaloupes, honeydew melons, papayas (papaws), figs, apricots, cherries, nectarines, raspberries, blackberries, mulberries and tangelos;
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turkey/ham/beef sandwich meats,
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chicken,
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yogurt,
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jams, jellies and marmalades,
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instant coffee,
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tomato ketchup,
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black pepper, nutmeg, and salad dressings,
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detergents, including dish washing detergents,
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Hydraulic brake fluids and other prepared liquids,
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electric cars,
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biodegradable Styrofoam boxes, plates, cups and cutlery,
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insulated concrete forms, insulated steel walls, s pay-on thermal foam insulation,
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solar air conditioners, and
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kidney machines and parts (See full list at Annex III.)
(2) public offering of government owned entities like the Bank of The Bahamas, bridge bonds and now BTC and Arawak Port; and encouraging the private sector to make shares available to Bahamians (Cable Bahamas, CIBC, Freeport (nor Grand Bahama) Power and now Commonwealth Brewery) (3) improvements in fiscal incentives to businesses; (4) the establishment of minimum wage; (5) improvements in the terms and conditions for civil service employees; (6) improvements in social services through improved pensions; (7) dramatic upgrade of the country’s infrastructure; and (8) through a level of fiscal spending that saw the
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I acknowledge Mr. Speaker, that some concern has been expressed by producers of fresh fruit who fear their inability to compete with some large foreign producers of fruit. In this regard, I wish to remind that the Ministry of Finance upon the recommendation of the Minister Responsible for Agriculture, has the authority to impose a prohibitive tariff of up to $300% when circumstances warrant – for example, when the Minister is satisfied that the supply of a locally produced fruit (avocado, watermelon, mango) is adequate to meet market demand.
Other adjustments to tax and fees include: Ø Current $7 air ticket tax applicable on tickets sold in The Bahamas for travel outside The Bahamas is being eliminated and merged with $20 air departure tax; effective October 1, 2011, combined air departure tax to be levied at $25 per ticket Ø Stamp Act amended to clarify that exemption for mortgage transfers between lending institutions applies to all such transfers and not only for firsttime homeowners. Ø To encourage payment of commercial property tax arrears, a 100 per cent waiver of the applicable surcharge will be offered for a period of six months Ø Fourth Schedule of Tariff Act amended to provide exemption for purchase of classroom supplies by teachers with confirmation letter from their school Ø Tariff Act amended to provide for tariff rates agreed under the Economic Partnership Agreement with the European Union Reactions to this Budget, as might be expected, have been varied. I am heartened by the response of many in our society who demonstrate support and appreciation for what we seek to do. They understand the circumstances in which we find ourselves and understand the need for budgetary restraint. As I have said we believe that the provision of grant funding – seed money – to micro-business start-ups, is well placed to support the entrepreneurial interests of many small business persons. Our jobs training and job-readiness programmes promise to significantly enhance the employability of as many as 3,000 persons – a significant number in every sense of the term. I do so earnestly wish that I were able to benefit from the considerable advice of my many armchair economists and fiscal advisers. The trouble is, although the advice is so 34 IslandScene / 2011/2
fervently given, it is so contradictory. Considering that it comes from people I regard as reasonable intelligent I am baffled at how widely their views could differ – a fact from which I get some sense of comfort. Our editorial writer graciously incorporates the contradictions in one editorial – noting that the jobs promotion initiative is indeed a step in the right direction, but having regard to the increase in unemployment since 2006, doubted that the $25 million allocated for the purpose was enough. Not surprisingly, that he has suggested that Bahamians may not have sufficient money to purchase 9% of the BTC shares that are to be made available to the public, this notwithstanding his earlier position that 51% of the shares of BTC ought to have been sold to Bahamians! He then goes on to worry about the difficulty of achieving a revenue proportion of higher growth than the economy (here he makes a similar mistake to a related party in failing to distinguish between growth in constant prices and growth in current prices. And without missing a beat he goes on to worry about the management of the debt and even manages to cast doubt on our measurement of debt ratios on account of GDP revisions by the Department of Statistics. It cannot be that Government assistance in stimulating growth, improving employee skills and labour efficiency and providing jobs by the injection of $25 million directly into the economy through a National Job Readiness and Training Initiative is both too little and too much. How could it be that a $7,500 grant for the launch of one’s own micro-enterprise without the worry of debt-servicing is a waste of time? How many mini-enterprises have been launched with less, and how many have missed an opportunity because it was not available? This kind of cynicism does a grave disservice to the spirit of entrepreneurship. Clearly, what these critics have in mind is something quite different from a micro-enterprise that converts an employee to a selfemployed person in a mini operation for which he has the skills and which has the potential to generate a living wage with an opportunity for growth and expansion. What these professionals who rush to judgment should be doing is identifying the opportunities for one or two man operations that offer the potential for engaging this programme and benefitting from the grant-funding available. Sometimes our rejection of an initiative seems too much a knee-jerk reaction. “It is a good idea, but not enough” seems entirely insensitive to the reality of limited national resources. Or “good idea but wrong approach” is really selfcontradictory. If it’s a good idea, see it through – make it work – give it a chance. Engage it until the perfect solution presents itself, although one suspects it does not exist. One hopes when the initial responses are over and the benefits inherent in these initiatives come more clearly into
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view that the professionals who are able to do so will assist others in identifying opportunities that will enable them to become self-employed entrepreneurs. And that others will embrace the national Job Readiness and Training Initiative, willing to give their assistance to the effort.
Government Borrowings and the Government Debt A fiscal commentator has asserted that by the end of fiscal 2011/12 the Government will have borrowed $1.7 billion during its term in office, with the majority of the money borrowed being spent paying for deficits such as civil servant salaries, rents and other charges. In point of fact estimated Government borrowings during the five year period to end Fiscal 2011/12 is $1.69 billion. Of this $360 million will be applied to debt so that the net borrowing will be $1.33 billion, $900 million of which represents payment on Capital deficits and the balance of roughly $400 million will be in respect of salaries, rents and other charges. Government debt at the end of the period is expected to be about $3.78 billion, an increase of $1.34 million over the level of Government debt at the beginning of the period of $2.44 billion. Of the net increase of $1.3 million in Government debt, slightly more than 2/3rds is in respect of the capital account and less that 1/3 rd is in respect of current account charges.
Recurrent Revenue Projected to Grow Faster than the Economy
I expected this response from the political realm, it was a little curious coming from a professional. When I learned that the Department of Statistics had revised upward the GDP, I fully anticipated the political cynicism that would greet this revision. It was rather curious that a professional was thrown by it, especially one who would be aware from experience that GDP is an estimate and that the Department of Statistics has been continuously upgrading its estimating methodology and continuously revising the published date, and doing so without reference to the political directorate. What is particularly confusing is the notion that improved estimates of GDP which revised downward the debt to GDP rations should itself lead to a “false” sense of comfort. One would normally think that the more accurate the statistics, the greater the benefit to those relying upon it. If it is more reliable what makes the comfort false? This self-condemning psychology which seems to suggest that the lower the GDP is inherently more helpful in inducing the right frame of mind in policymakers is nonsense. Competent fiscal management suggests that the more reliable the data, the more informed the analysis and policymaking. Preference for a lower GDP even if it is less reliable is a peculiar curiosity. Finally, I must mention the fiscal advisor who noted that we are not yet at pre-recession debt to GDP levels. I must ask where he has been. Certainly he would not have checked his home country or most other countries in the world for that matter – in a very long time. ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○
One fiscal critic asserts that recurrent revenue is projected to grow faster than the economy but this is not correct. The projections for recurrent revenue are for the growth of 3.7%, from $1.460 billion to $1.514 billion in current prices. The projection for GDP growth in current prices is from $7.856 billion to $8.182 billion for an increase of 4.1%. The projected GDP growth of 2.4 % for 2011/12 is in constant prices. Recurrent revenue, shown in current prices, is estimated to grow more slowly than the economy – 3.7% to 4.1% in current prices.
False Sense of Comfort from the GDP Revision I was amused to learn of the “false sense of comfort” concerns that arose from an improvement in the estimation of the country’s GDP by the Department of Statistics. Although
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Grand Bahama Island G
rand Bahama Island lies fifty-five miles off the coast of Florida and north of Nassau, the capital of The Bahamas. Her climate is tropical, a warm eighty degrees throughout the year and cooled by billowy ocean breezes. Major areas are the more metropolitan town of Freeport and the contrastingly quiet bay of Port Lucaya. At West End, the island’s oldest settlement, you’ll find local fishermen pulling in their catch in much the same manner as their ancestors did centuries ago. Above and below her 51-mile shoreline, this glorious island has it all. Shallow, sea-green waters as clear as glass. Championship-rated golf courses. Sea dives with dolphins. Fabulous multi-million dollar resorts. Junkanoo Festivals. Haute cuisine. Pink flamingos. The best bargain-buys anywhere (worldly and Bahamian). Tamarind forests. And of course, all those exquisite miles of serene, powder-soft beaches. Divers come here to hunt ancient shipwrecks (some recovered coins are valued in the millions) and to try the “The Dolphin Experience” first hand. An equally exhilarating dive which can be arranged through UNEXSO is in the “blue holes” of Lucayan National Park; openings in the land which lead to the largest explored underwater cave system in the world.
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Grand Bahama Island
B
ack on terra firma, duty-free shopping is another
heady sport. Strike out for the fascinating International Bazaar where imports from four continents are priced as much as 40% below retail (luxuries like South African emeralds, French perfumes, Irish linens). Hit the malls at the Regent Centre downtown or the eighty-five waterfront shops at Port Lucaya. And be sure not to miss the big local Straw Market, where bartering for island-made curios is loads of fun. Speaking of hits and misses, few islands compete with
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Grand Bahama’s exceptionally well-designed golf courses. Packed with water, bunker and prevailing-wind hazards, her 18-hole, 12-par championship courses have tested the skill (and patience) of some of the game’s best players. So grab your sunglasses, bathing-suit and an empty carry-back bag or two. Pack your goggles, snorkels, tennis racquet and camera, your most trusted golf clubs and putter. Grand Bahama Island is waiting to welcome you to her shores!
Grand Bahama Island City/Settlement:
Freeport/Lucaya
Location:
55 miles east of the Florida coast
Size:
96 miles long from east to west; 17 miles across at its widest point
Population:
Approximately 50,000
sport-fishing, kayaking, parasailing and boating. Tennis, volleyball, horseback riding and cricket are popular on the island, which is furthermore known as the “golf capital of the Caribbean.”
Airline Service: History: The earliest settlers on Grand Bahama Island were possibly the Siboney Indians, a Stone Age culture which arrived in the Caribbean about 4,000 years ago but subsequently disappeared. The next to settle were the Lucayans, of whom there were an estimated 4,000 living on Grand Bahama Island at the time of Christopher Columbus’s sighting of San Salvador. Great Britain claimed The Islands Of The Bahamas in 1670, after British colonists left Bermuda for the island of Eleuthera, where they sought religious independence. The island experienced an economic boom during the Civil War, as smugglers profited from the Union blockade on the Confederate states, and again during Prohibition. The island changed forever in the 1950s with the dawn of tourism, largely initiated by Wallace Groves, an American financier living on the island. He approached the Bahamian government in 1955 with the idea to build a town that catered to both industry and tourists. The result was economic success and a community now ideal for tourism, vacationing and investing.
Shopping: Grand Bahama Island offers an exciting array of crafts, souvenirs, and other items to the interested shopper. Port Lucaya Marketplace & Marina, another shopping destination, is a complex on the harbour filled with shops, restaurants and bars, as well as nightly live entertainment. Named after the famous jazz entertainer, Count Basie Square lies in the center of Port Lucaya’s entertainment district. At any time of day, tropical beats pulse from this popular gathering spot. The square’s busy event calendar includes parades, festivals, calypso and limbo dancing. Additionally, The Bahamas Arts & Crafts Straw Market sells locally made jewelry, paintings and colorful handicrafts constructed from straw and wood.
Activities: Vacationers to Grand Bahama Island experience world-class water sports including snorkeling, scuba diving, bonefishing,
Only 55 miles east of the coast of Florida, Grand Bahama Island is a convenient and accessible place to visit. The following airlines provide service to Grand Bahama Island: American Eagle (800-433-7300), Bahamasair (800-222-4262), Continental/Gulfstream International Airlines (800-231-0856), Delta Airlines (800-241-4141), Spirit Airlines (800-772-7117) and US Airways (800-622-1015)
Attractions: The Heritage Trail: A stretch of the road near Freetown, this has become one of the island’s chief nature walks. Along the easy, five-mile trek are over 30 species of plants, 18 types of birds, seven species of butterfly, and what remains of “The Hermitage,” the oldest intact building on Grand Bahama, dating back to 1901.
Lucayan National Park: Established in 1982, Lucayan National Park contains upland forests, rare flower species, mangrove creeks, and Gold Rock Beach, a magnificent beach providing an unparalleled glimpse into the complexities of the Grand Bahamian environment. It is the only place where you can see all six of the islands’ ecosystems. It is also home to one of the world’s longest underwater systems of limestone caves, which served as a burial place for the Lucayan people.
UNEXSO: Located on the Port Lucaya Marina, UNEXSO, the Underwater Explorers Society, offers a wide variety of diving and dolphin experiences, including the popular Dolphin Swims, where travelers can interact with the dolphins in a protected lagoon.
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Grand Bahama Island Pinetree Stables:
Bishop’s Bonefish Resort
As the biggest stable in The Bahamas, Pinetree Stables has more than 50 horses ready to jaunt down the beach. The two-hour, guided horseback trail rides take visitors through endangered pine forests, past orange groves, along the beach and into the ocean. Riding experience not required.
High Rock, P.O. Box F-42029, Grand Bahama Phone: 242-353-4515 /Fax: 242-353-4417 Website: www.gbweekly.com/bishopbonefish Located on the beach, the resort’s luxurious rooms Include two double beds, air conditioning, and refrigerator satellite TV and coffee pots. Activities available include snorkeling, volleyball and bone fishing. Dining next door at Bishop’s Beach Club features all native dishes and specializes in cracked conch.
Grand Bahama Nature Tours: As a leading eco-tour operator on Grand Bahama Island for the past 15 years, Grand Bahama Nature Tours offers guided kayaking, snorkeling, biking, hiking, jeep and bird watching tours. All tours involve light to moderate activity and are fully guided by friendly, highly trained, professional personnel. Most guides are natives of The Bahamas, and they take pleasure in acquainting visitors with the flora, fauna, history and culture of the islands.
Other Information: U.S. currency is accepted and is interchangeable with the Bahamian dollar. In September through May, the temperature on the Island averages 70 to 75 degrees Fahrenheit; the rest of the year is warmer, with temperatures between 80 and 85 degrees. Nighttime temperatures are generally cooler by 5-7 degrees. The entry requirement for U.S. and Canadian residents is proof of citizenship, in the form of either a passport or an original, raisedseal birth certificate and a photo ID (e.g. a valid driver’s license). All U.S. citizens and foreign nationals traveling to the United States from The Bahamas are required to present a valid passport or another secure, accepted document to enter the United States.
Channel House Resort P.O. Box F40567, Freeport, Grand Bahama Phone: 242-373-5405 Fax: 242-351-3546
Coral Beach Hotel P.O. Box F42468, Freeport, Grand Bahama Phone: 242-373-2468/9 Fax: 242-373-5140 E-mail: cbeach2@hotmail.com Website: www.bahamasvg.com/coralbeach Offers peace and tranquility for the visitor looking to relax and enjoy the simplicity and beauty of a tropical paradise. Oceanside pool, lounge chairs and beach umbrellas, poolside snack bar, and convenience store, air conditioning, golf nearby (short drive), kitchen, ceiling fans, casino, exercise facilities, sailing, waterskiing, laundry facilities, TV, snorkeling and fishing.
Deep Water Cay Club P.O. Box F40039, Freeport, Grand Bahama Phone: 242-353-3073 Fax: 242-353-3095 E-mail: bahamabones@batelnet.bs Website: www.deepwatercay.com
Flamingo Bay Yacht Club & Marina Hotel Accommodations> Grand Bahama Island Bell Channel Inn King’s Road, P.O. Box F43817, Freeport, Grand Bahama Phone: 242-373-1053 Fax: 242-373-2886 Website: www.bellchannelinn.com
Best Western Castaways Resort & Suites P.O. Box F 42629, Freeport, Grand Bahama. Phone: 242-352-6682 Fax: 242-352-5087. E-mail: castaway@batelnet.bs Website: www.bestwestern.com/ bs/castawaysresortandsuites The ideal getaway for everyone. From the sports enthusiast, to the business person, for families, honeymooners or those who simply want to relax. With 118 Caribbean-styled, fully renovated, beautifully appointed rooms and suites, Castaways Resort & Suites will delight all.
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Jolly Roger Drive, P.O. Box F43819, Freeport, Grand Bahama Phone: 242-373-4682/5640. Fax: 242-373-4421 E-mail: taino@batelnet.bs Website: www.flamingobayhotel.com Located on canal, 200 yards from our beautiful beach. Adjoining rooms are available; microwave, telephone, satellite TV, more. Enjoy our Pirates Theme Park, mini-golf, water-park, gift shop, tennis, 3 restaurants, fishing, ferry service to Port Lucama, Water-sports, volleyball, basketball, more.
Freeport Resort & Club Rum Cay Drive, P.O. Box 1"42514, Freeport, Grand Bahama Phone: 242-352-5371 Fax: 242-352-8425 E-mail: jgrobowsky@batelnet.bs. Website: www.freeportresort.com
Grand Bahama Island Island Palm Resort P.O. Box F44881, Freeport, Grand Bahama Phone: 242-352-6648 Fax: 242-352-6640 E-mail: ispalm@batelnet.bs Website: www.bahamasvg.com/islandsisters.html Located minutes from the International Bazaar and walking distance from downtown shopping, this 150-room resort offers a restaurant. poolside snack bar and complimentary beach shuttle.
Island Seas Resort Silver Point, P.O. Box F44735, Freeport, Grand Bahama Phone: 242-373-1271 Fax: 242-373-1275 E-mail: iseasa@batelnet.bs
New Victoria Inn Hotel Midshipman Road/Victoria Place, P.O. Box F-41261, Freeport, Grand Bahama Phone: 242-373-3040 Fax: 242-373-3874 Website: www.hotelguide.com
Ocean Reef Yacht Club Resort
Radisson Our Lucaya Resort and Our Lucaya Reef Village P.O. Box F-42500, Freeport, Grand Bahama Phone: 242-350-5000 or 877-0UR-LUCAYA (687-5822) / Fax: 242-373-8804. Website: www.ourlucaya.com Unwind at Grand Bahama’s newest beachfront resort. Choose to relax in the peace and tranquility of Lighthouse Pointe or our family-friendly Reef Village, or stay in the heart of everything in Breakers Cay. With 7 1/2 acres of beach, 4 pools, 2 golf courses, the Butch Hannon School of Golf, 14 restaurants and lounges, relaxing spa and fitness center, a complimentary children’s camp and much more, there is something for everyone.
Paradise Cove Beach Resort P.O. Box F-42771, Freeport, Grand Bahama Phone: 242-349-2677 Fax: 242-352-5471 E-mail: pcove@batelnet.bs Website: www.deadmansreef.com Paradise Cove offers The Bahamas like no one else can. Our secluded beach offers a day of relaxation without the crowds or vendors. Come and enjoy the snorkeling, swimming, kayaking or doing nothing at all. Accommodations include 2-bedroom villas, I-bedroom units and a 2-bedroom cottage.
48-60 Bahama Reef Blvd., P.O. Box F-42695, Freeport, Grand Bahama Phone: 242-373-4661/2 Fax: 242-373-8261 E-mail: oceanreef@coralwave.com. Website: www.oryc.com
Pelican Bay at Lucaya
Situated on a lovely marina, the resort offers 63 luxury 1, 2 & 3-bedroom villas and suites, some with their own Jacuzzi. Dockage is also available. All units are fully equipped with mini or full kitchens, microwave, toaster, coffee maker, TV, air conditioning and some with washer and dryer and dishwasher. Activities ,on-site, include complimentary cocktail party on Mondays, shuttle service on scheduled days, 2 pool snack bars, tennis courts and kids’ playground.
P.O. Box F-42654, Freeport, Grand Bahama Phone: 242-373-9550 Fax: 242-373-9551 E-mail: pelicanb@batelnet.bs Pelican Bay at Lucaya, a boutique hotel with distinctive European architecture, offers spectacular views of Lucayan Bay. Ninety rooms, 48 suites. Guests have full access to Our Lucaya facilitiy.
Old Bahama Bay P.O. Box F-42546, West End, Grand Bahama Phone: 242-350-6500; 800-572-5711 Fax: 242-346-6546 E-mail: info@olclbahamabay.com Website: www.olclbahamabay.com Old Bahama Bay is a new, luxury, boutique-style hotel set in West End on the tip of Grand Bahama Island. In addition to all oceanfront suites, the resort offers a number of dining options, a full-service marina and exceptional activities including bone and deep-sea fishing, freshwater pool, snorkel trails, massage services, sailing and much more.
Pelican Bay at Lucaya As Grand Bahama Island’s most hospitable hotel, Pelican Bay at Lucaya is a joyful mix of colorful Bahamian architecture and the finest guest service in the Caribbean. One hundred and eighty six unique waterside rooms and waterside state rooms enfold you in comfort, while offering special guest touches. Renowned standards of hospitality and attention to guest happiness assure you of a memorable stay in the Bahamas. Part of the Pelican Bay experience is located within steps of your room. In addition to our waterfront Sabor Restaurant and Bar, more than 30 restaurants, bars, shops, live entertainment, the Dolphin Experience, scuba diving, snorkeling, and deep-sea fishing trips are a short stroll away. Pelican Bay has invested over $9 million in the development of The Canal House, a five story building offering a total of 30,680
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Grand Bahama Island square feet (2,850 square meters) of highly flexible meeting, function space and a breakfast restaurant. Our Canal House is designed to cater to small corporate meetings and conferences, as well as destination and local weddings and other social functions, where attendees can conduct or attend a meeting in a fun, tropical, authentically Bahamian atmosphere, including four acres of colorful, lush tropical gardens. Ideal for board meetings and corporate retreats, The Canal House enhances the hotel’s reputation of a quiet, waterfront refuge in the heart of all that Grand Bahama has to offer. Visit our website at www.pelicanbayhotel.com
Port Lucaya Resort & Yacht Club P.O. Box F42452, Freeport, Grand Bahama Phone: 800-582-2921; 242-373-6618. Fax: 242-373-6652 E-mail:vacation@coralwave.com.Website: www.portlucayaresort.com Grand Bahama Islands most relaxing 160-room resort is situated on a five-acre peninsula surrounded by a multi-million-dollar marina. Located in the heart of the Lucaya resort area.
(The) Redwood Inn
St. Tropez Marina 20 Dundee Bay Drive, P.O. Box F-40587. Freeport, Grand Bahama Phone: 242-352-9225, Fax: 242-352-8128
Viva Fortuna Beach P.O. Box F-42398, Freeport, Grand Bahama Phone: 800-398-9968, 242-373-4000. Fax: 242-373-5555 E-mail:vivafortuna@vivaresorts.com.Website: www.vivaresorts.com We are Grand Bahama’s premier all-inclusive resort with 276 tropically decorated rooms, sitting on 26 acres of prime beachfront property with 1200 feet of sandy white beaches, offering an extensive selection of land & water sport activities & entertainment.
Xanadu Beach Resort & Marina Sunken Treasure Drive, P.O. Box F42438, Freeport, Grand Bahama Phone: 242-352-6782 Fax: 242-352-6299 E-mail: xanadu@batelnet.bs Website: www.bahamasvg.com/xanaduhotel.html
Jolly Rodger Drive, P.O. Box F-43819. Freeport, Grand Bahama Phone: 242-373-4682, Fax: 242-373-4424. E-mail: taino@batelnet.bs
Resources>
Ritz Beach Resort
Airport Freeport International Airport - (Freeport) 242-352-6020
Jolly Rodger Drive, P.O. Box F43819. Freeport, Grand Bahama Phone: 242-33-4682 Fax: 242-3734424 E-mail: taino@batelnet.bs Website: www.ritzbeach.com
The Royal Islander P.O. Box F-42549, Freeport, Grand Bahama Phone: 242-352-6000, Fax: 242-351-3546 Email: royalisland@hotmail.com Website: www.bahamasvg.com/royalisLander.html Across the street from the International Bazaar, the Royal Islander offers pool, snack bar, restaurant, live entertainment, children’s playground, jacuzzi, changing rooms and a complimentary shuttle to Xanadu Beach.
Royal Palm Resort East Mall/Settler’s Way, P.O. Box F-44900, Freeport, Grand Bahamas Phone: 242-352-3428, Fax: 242-352-5759. E-mail:royalpalre@batelnet.bs
Airlines American Eagle – 1-800-433-7300 Bahamasair – 242-352-8341 Continental Connection- 1-800-231-0856 Delta Airlines – 1-800-221-1212 Sky Bahamas - 1-242-351-5614 Regional Air -242-352-7121 Western Air -242-351-3804
Attractions / Water sports Dolphin Experience - (Lucaya) 242-373-1250 / 373-3943 East End Adventures - (East End) 242-373-1652/340-6662/359-4210 Kayak Nature Tours - (East End) 242-373-2485 Paradise Cove - (Deadpan’s Reef) 242-349-2677/348-2677 Paraise Water sports (Xanadu Beach & Marina Resort) 242-352-2887 Parrot Jungle’s Galden of the Groves (Lucaya) 242-373-5668 Smiling Pat’s Adventures -242-373-6395 Sweeting’s Cay Bone fishing - (East End) Phone: 242-353-3960 Underwater Explorers Society - (Adjacent to Port Lucaya Marketplace) 242-373-1244 / Superior Water-Sports. 242-373-7863
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Grand Bahama Island Tour Operators / Ground Handlers Best Island Travel & Tour – Freeport 242-352-4811 Executive Tours, Port Lucaya Marketplace 242-352-8858 Expert Travel & Tours Lid. - (Freeport) 242-351-4004 H. Forbes Charters Service - (Freeport) 242-352-9311 Kayak Nature Tours, Freeport – 242-373-2485 Sunny Isles Vacations -242-351-5778
Restaurants / Nightclubs China Beach, Our Lucaya – 242-373-1444: Superb Asian Cuisine, prepared in an atmosphere of elegance. Sorba’s, Port Lucaya Marketplace – 242-373-6137: Authentic Greek Cuisine, served in a relaxing casual setting.
Grace Church of the Nazarene - 242-34·8-3638 Jehovah’s Witness Kingdom Hall - 242-351-6711 Mary Star of the Sea Catholic Church - 242-373-3300 Our Savior Lutheran Church -242-373-3500 Presbyterian Kirk -242-373-4961 SI. Paul’s Methodist Church -242-373-5752
Car Rental Avis Car Rental-242-352-7666 Bahama Buggies - (Forest Ave.) 242-352-8750 Cartwright’s Auto (Grand Bahama Intl. Airport) 242-351-3002 Dollar Rent-A-Car (Airport Road) 242-352-9325 Econo Car & Bike Rental – Old Airport Road: 242-351-6700 Hertz- Rent-A-Car, Old Airport Road
Shopping
Outriggers Restaurant - (Smith’s Point) 242-373-4811: Authentic Native Bahamian dishes, superbly prepared in a relaxing beach-front atmosphere. Luciano’s Restaurant (Lucaya Marketplace) 242-373-9100: Located in Port Lucaya Marketplace, we serve the finest French and Continental cuisine, served in an atmosphere of sophisticated elegance. Hong Kong Cuisine, International Bazaar – 242-352-7661: Specializing in world-famous Cantonese dishes. Magnolia Café – 242-351-7947: Fine Bistro dining in a casually elegant setting. Agave, Port Lucaya Marketplace – 242-373-8446:
Colombian Emeralds Int’l.-(Port Lucaya Marketplace/Int’l Bazaar) 242-352-5464 Port Lucaya Marketplace - (Lucaya) 242-373-8446/373-9091
Travel Destinations – 242-351-9230 Gateway Travel Services – 242-351-9651 Global Express Travel – 242-352-4885 Travel Network Vacation Central – 2432-351-7433 Wide World Travel - (Freeport) 242-352-6253
Latin Fusion Cuisine. Cappuccino’s, Port Lucaya Marketplace – 242-373-8446:
Golf Courses
The finest Italian Cuisine, elegantly prepared.
Dive Operations Underwater Explorers Society - 242-373-1244
Our Lucaya Reef Course -242-373-1066 The Emerald Golf Course -242-352-9661 The Ruby Golf Course -242-352-9661
Churches Assembly of Brethren Freeport Gospel -242-373-5600 Anglican Episcopal Church of Christ The King -242-352-5255 Calvary Temple Assembly of God - 242-352-7578 Central Church of God -242-373-3464 Church of Christ -242-373-1082 Freeport Seventh-Day Adventist Church - 242-373-3349 First Baptist Church -242-352-9224
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Grand Bahama Island
The Most Advantageous Location! N
owhere, in the region, will you find a better centre for business, with luxury communities, state of the art telecommunications capabilities or a comparable quality of life. In Freeport, development is the mandate of a private corporation, The Grand Bahama Port Authority which understands and delivers to your needs. Grand Bahama Island is the most northerly island in The Bahamas, an archipelago of sub-tropical islands covering some 100,000 square miles of open sea. Grand Bahama is a dynamic and stable economic powerhouse located just 50 miles from the coast of North America. It has achieved this enviable state thanks to one man’s vision, just over half a century ago, that led to the deepwater harbour and planned city of Freeport. Its many competitive advantages, including tax-free status, have transformed Freeport into a major investment centre with an exceptionally high standard of living. It is an idyllic destination with a balmy climate, perfect beaches and a welcoming population.
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Grand Bahama Island
The Freeport Container Port.
Why Smart Companies Choose Grand Bahama
•
Facilitation of construction, environmental and other regulatory permits.
The landmark Hawksbill Creek Agreement that established Freeport not only gave GBPA administrative and regulatory powers, but granted investors a wide range of economic concessions and benefits including:
•
Municipal support for long-term development and operations.
•
Immediate access to required services infrastructure.
•
Provision of social infrastructure as may be required for operations.Further advantages include:
•
The deepest, largest and most strategically located international shipping port in the region.
•
Fifty years of industrial development.
•
Structured exemption from taxes on real and personal property, capital gains and earnings,
•
Stamp duty, excise and export taxes.
•
Duty exemptions for all capital development and supplies for business operations.
•
Duty free housing for Business Licensees and their employees.
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Grand Bahama Island
Freeport Shipyard.
•
Highly skilled labour force.
• Cendant
• First Caribbean Intl. Bank
•
Advanced telecoms, utilities and support services.
• Harcourt International
• Hutchison Whampoa Limited
• Innotech Ltd.
• Martin Marietta Aggregates
•
An excellent mix of international businesses.
• Motherwell Bridge
• Mirant
• Oceanic Bank & Trust
• Pharmachem Technologies
• Polymers International Ltd.
• Royal Caribbean Cruise Lines
• Scotiabank
• Steel HQ Bahamas
Many international corporations have already recognized the broad range of investment and growth opportunities and have laid a foundation of success that makes Freeport an attractive base of operations for companies from virtually any business sector. The growing list of companies and contemporary entrepreneurs that have made Freeport their preferred location for business include: • Allied Signal Ltd.
• Associated Grocers Inc.
• Bradford Marine Led.
• Carnival Cruise Lines
• Caribbean Crossings
• Cable Bahamas
• The Royal Bank of Canada • Veolia Environmental Services
Grand Bahama has first class amenities and infrastructure. With a high standard of infrastructure including wide open streets, a lack of congestion, well planned communities, separate commercial and residential zones, well maintained pathways and miles of waterside locations. The city has an infrastructure to maintain a population of 200,000 additional residents.
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Grand Bahama Island Cable Network
Education
Cable Bahamas Ltd. is a major telecommunications provider on the island of Grand Bahama. The company supplies more than 100 cable television channels, digital music services and its Coral Wave broadband Internet access to thousands of residences and businesses on Grand Bahama Island. With options ranging from 512Kb/s to over 1Gb/s the company delivers commercial Internet service to every major hotel, international and national banks, legal and accounting offices, retail companies as well as government agencies. For more information please visit
On Grand Bahama Island there are 13 high schools and 27 primary schools. The Bahamas offers postsecondary education through college and vocational education; other post-secondary options are readily accessible in the U.S., Canada and the U.K.There are four major educational institutions on the island of
www.cablebahamas.com
The Grand Bahama Port Authority Corporate Offices.
Health The Community Health Services in Grand Bahama, together with the Rand Memorial Hospital, form a Local Health System, which is called the Grand Bahama Health System. The Rand Memorial Hospital, located in Freeport, Grand Bahama, was originally opened in 1969 as a private facility known as the Grand Bahama Clinic. This facility became a public hospital in 1971. There are also private
medical clinics.
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Grand Bahama: •
The College of the Bahamas offers Associates and Bachelors, programs, as well as a variety of Certificate programs.
Bahamas Oil Refining Company (BORCO)
• Success Training College offers Associates and Bachelors programs • Ross University is a leader in international medical education. Since 1978, more than 9,000 students have obtained their M.D. and D.V.M. degrees from Ross. • Nova Southeastern University is the largest independent institution of higher education in the Southeast United States, and it is the 6th largest independent institution nationally. NSU awards associate’s, bachelor’s, and master’s, at their satellite campus in Grand Bahama.
Grand Bahama Island Postal Service The National Postal service offers air and surface mail services for inter-island and to all foreign countries. There is one central delivery service from which boxes are rented at inexpensive rates. There are also a number of worldwide courier services available including FEDEX and UPS & DHL.
250,000, almost the entire population of The Bahamas. Rainfall averages 58 inches per year, replenishing the natural ground aquifer, a vast lens of fresh water located under the island.
Radio and Television
The Grand Bahama Power Company is an integrated utility that generates, transmits, distributes, and sells electricity on the island. The Company supplies electric
The Bahamas Broadcasting Corporation, a public corporation, provides radio and television services throughout the Bahamas. The main station, Radio Bahamas (ZNS-1), has been operating since May 1936 and has a frequency of 1540 kHz. It operates 24 hours a day and serves the entire country. Private radio has been approved by government, 100 JAMZ, COOL96 and 102.1 are three
Port Lucaya features eighty-five waterfront shops and restaurants.
Freeport Golf Course.
Power
power to Grand Bahama Island’s approximately 18,000 residential, commercial, and industrial customers. Grand Bahama Power’s transmission and distribution assets include over 800 miles of lines.For more information please contact www.gb-power.com.
Water Grand Bahamas’ abundant fresh water is a natural resource unmatched in the Caribbean area. The Grand Bahama Utility Company, Ltd. pumps 7 million gallons daily of fresh, pure water, via state-of-the-art pipe networks. The system is adequate for a modern city of
local private radio stations broadcasting from Grand Bahama. Other National Fm Radio Stations are MORE FM and LOVE 97.
Telecommunications The Bahamas Telecommunications Company Ltd (BTC) has been the regulator and provider of telecommunication services in the Bahamas for 100 years. Today the Company offers modern, fully digital switching networks providing high-speed communications services to residential and business consumers throughout The Bahamas. These services are transmitted via fiber optics, copper, coaxial, satellite and wireless media. For more information please visit BTC’s website @ http://www.btcbahamas.com
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Grand Bahama Island Professional Assistance For any Professional Services needed on the island of Grand Bahama please use the directory search engine located at www.gbpa.com/licensee.php
Establishing a Business Establishing a business in the Bahamas involves approvals by several governmental or regulatory agencies depending on the type of business being established and the industry in which the business will operate. Below is a general outline of this process. For more specific inquiries, please contact the Grand Bahama Port Authority.
Becoming a Licensee The Grand Bahama Port Authority, Limited [GBPA] is responsible for licensing all businesses within the ‘Port Area’ of Grand Bahama Island, and has an efficient process for approving new investment. Potential investors can expect to receive helpful guidance from GBPA’s Licensing Department every step of the way to make the process as straightforward and effortless as possible. There is a huge scope for future investment across a range of sectors including trade, industry, real estate, tourism, financial services and technology. And no other location in the region can offer the diversity of land that is available on Grand Bahama Island. For investors of all kinds, the excellent transport and communications infrastructure and the wonderful, almost carefree way of life, have proved an irresistible combination.
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The documents required for applying for a License are: • Application form completed and submitted Appendix “A” and Affidavit of Character Forms completed and submitted (In the event of partnership, these Forms must be completed by each Shareholder) • Non-refundable processing fee • Submission of Business and Bank References • Submission of Financial, Business and Personal References for each Shareholder, with personal identity data to enable independent background search and verification. • Any other pertinent information that may support the application, including Business Plan and explanation on goods / services to be produced / provided. The majority of companies formed in the Bahamas for offshore purposes are incorporated under the International Business Companies Act 1989. However this law did not supersede the existing companies law, most recently restated in the Companies Act 1992, which is based on English law and is used to form various types of companies used by businesses trading in the Bahamas, and also for certain other special purposes. Companies formed under the Companies Act 1992 can be private companies limited by shares or by guarantee, or can be public companies. For all these types of companies, Memorandum and Articles of Association must be filed at the Companies Registry, there need to be a minimum of two members, and there must be a registered office in the Bahamas. If a company is going to trade locally, it will need an appropriate business license.
THE BAHAMAS
A PARADISE FOR MANY REASONS
trade winds blow across The Bahamas
COMMONWEALTH OF THE BAHAMAS
COMMONWEALTH OF THE BAHAMAS A MESSAGE FROM THE PRIME MINISTER We welcome your interest in The Bahamas. Our island nation is known for its natural beauty, vibrant tourism industry with a burgeoning vacation/ second-home market. The Bahamas has a mature, sophisticated financial services sector. It is an important international business and financial centre. Our country has a long and distinguished history of political and economic stability - as evidenced by a Parliamentary democracy of over 282 years and a continued and increasing inflow of international investment. My government’s commitment to growth is demonstrated by our business-friendly economic policy that promotes foreign direct investment and assures investors of an established legal framework in which to work. Our business strategy is embodied in the National Investment Policy. The Bahamas of today is a prime investment jurisdiction characterized by: •
A clearly defined, investor friendly National Investment Policy;
•
Sound fiscal economic and monetary policy;
•
Low taxation;
•
A modern financial services sector supervised by independent regulatory Authorities;
•
A world class open-ship registry regulated by The Bahamas Maritime Authority; and
•
Targeted investment incentives to promote development in Tourism, Manufacturing, Agriculture, Light Industries, and Information Technology and Specialized Offshore Services.
HUBERT A. INGRAHAM PRIME MINISTER
Page 3
THE BAHAMAS
STRATEGICALLY LOCATED in the WESTERN HEMISPHERE AT CROSSROADS OF THE AMERICAS The Bahamas enjoys an ideal location at the crossroads of the Americas. It consists of a string of 700 islands and cays extending across an area of about 80,000 square miles in the Atlantic Ocean. The northernmost island, Grand Bahama, lies only 50 miles from the coast of Florida and the coral archipelago stretches south to the doorstep of the Caribbean sea. This location offers easy access to the huge consumer markets of North, Central and South America, some 800 million strong. The capital city of Nassau is on the island of New Providence. Freeport, the second largest city is situated on Grand Bahama. Islands in the archipelago other than New Providence and Grand Bahama are known as the Family Islands.E Lagoons punctuate the jagged, rocky coastline of The Bahamas and provide much of the beauty that attracts millions of visitors every year. Such ocean coastlines contrast with the white and pink powdery sand beaches for which The Bahamas is world renowned. Located along the Tropic of Cancer, it is washed by warm waters from the Gulf Stream and
The Bahamas
cooled by northerly trade winds. Often called The Isles of June, here is one of the finest tropical climates in the world.
offers easy access to the huge consumer markets on the North and South American continents, some 800 million strong. Page 5
THE BAHAMAS
A strong tradition of
D EMOCRACYand A SAFE AND STABLE LOCATION FOR INVESTMENTS
Parliamentary democracy was intro-
and maturity as an independent state makes The
duced to The Bahamas in 1729 and has been sustained uninterrupted for 282 years,
Bahamas one of the safest and most stable international locations for investments.
making it one of the most stable countries in the world. The Bahamas has been a fully
The Bahamian political system is based on the British parliamentary system. The Parliament
independent nation since 1973 and holds membership in the Commonwealth, the
consists of the House of Assembly and the Senate. Members of the House of Assembly, numbering 41,
United Nations and the Organization of American States.
are directly elected every five years, while the 16 members of the Senate are appointed by the Governor
This longstanding democratic heritage
Page 6
General. Nine (9) senators are appointed
P OLITICAL S TABILITY on the advice of the Prime Minister, four (4) on the advice of the Leader of the Opposition and three (3) on the advice of the Prime Minister after consultation with the Leader of the Opposition. Elections are competitive, with wide public participation, and always peaceful. The Executive Branch comprises a Cabinet headed by the Prime Minister and includes a minimum of eight (8) other Ministers, one of whom must be the Attorney General. Two major political parties, the Free National Movement (FNM) and the Progressive Liberal Party (PLP) have led successive Governments in The Bahamas since Independence
Parliamentary democracy has been sustained uninterrupted for more than 282 years.
was achieved in 1973. The PLP having been elected on four (4) occasions and the FNM on three (3) occasions, most recently in 2007. The Bahamian judiciary is a well established and fully independent branch of government. English Common Law
Court lies to The Bahamas Court of Appeal consisting of five jurists who previously held high judicial office. The highest Court, the Privy Council, sits in London. Appeals from The Bahamas Court of Appeal lie with the Privy Council.
is the basis of the judicial system, although there is a large body of Bahamian statutory law. The Supreme Court is a court of unlimited jurisdiction in civil and criminal matters. An appeal from the Supreme Page 7
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Atlantis, Paradise Island. ○
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Club Med, San Salvador. ○
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Quaint cottage accomodations, Harbour Island, Eleuthera. ○
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Our Lucaya, Grand Bahama.
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THE BAHAMAS
Investment factors: a climate for B U S I N E S S LOW TA X AT I O N
There are no taxes levied on capital gains, corporate earnings, personal income, sales, inheritance, or dividends. Benefits are available to all resident corporations, partnerships, individuals and trusts.
ECONOMIC AND MONETARY STABILITY Investors are also attracted to the stability of the economy which is steadied by the solid value of the Bahamian dollar. This currency is pegged to the U.S. dollar on a 1:1 ratio. U.S. dollars and Bahamian dollars are used interchangeably throughout the island chain.
A W E A LT H O F I N V E S T M E N T I N C E N T I V E S The attractiveness of a low-tax environment and a stable currency are enhanced by a series of investment incentives that provide relief from customs duties on approved raw materials, equipment and building supplies, as well as allowing exemptions from real property taxes for up to 20 years.
♦ ♦ ♦
The Hotels Encouragement Act The Industries Encouragement Act The Export Manufacturing Industries Encouragement Act The Agricultural Manufactories Act
♦ ♦ The Hawksbill Creek Agreement Act ♦ The Spirits and Beer Manufacture Act ♦ The Bahamas Vacation Plan and TimeSharing Act
Page 9
NEW LEGISLATION / STRICT CONFIDENTIALITY E A S Y R E PAT R I AT I O N O F P R O F I T S In accordance with terms of the International Monetary Fund Agreement, The Bahamas has no restrictions
on current account transactions. Additionally, there are no restrictions on the repatriation of profits.
THE BAHAMAS INVESTMENT AUTHORITY (BIA) AN INVESTOR-FRIENDLY AGENCY
The Government’s proactive economic growth and development
The Bahamas
policies are guided by The Bahamas Investment Authority (BIA), established to reduce bureaucratic delays for investors. Operating from
Investment Authority
the Office of the Prime Minister, the BIA has been designated a “onestop shop” designed to simplify investing in The Bahamas. The agency has a four-fold mandate to:
(BIA) was established to reduce bureaucratic delays for investors.
♦ promote investment; ♦ evaluate project proposals; ♦ monitor and co-ordinate project implementation ♦ develop investment policies. Proposals to establish foreign-owned businesses are submitted to the BIA and approvals come through this agency, which coordinates with other arms of Government regarding investment matters.
Opening of Legal Year. Page 10
THE BAHAMAS ACCESSIBLE INTERNATIONAL FINANCING The Bahamas is associated with organizations that ease access to financing and provide important safeguards for investors. The U.S. Government’s Overseas Private Investment Corporation (OPIC), for example makes direct financing and loan guarantees available to foreign investors. The Multilateral Investment Guarantee Agency is a World Bank unit and parent of the Multilateral Investment Guarantee which provides protections similar to those of OPIC’s. The Bahamas also recently became a party to the Convention on the Settlement of Investment Disputes.
FLEXIBLE IMMIGRATION POLICY
Necessary work permits for key personnel are readily granted. Businesses requiring work permits for other than key personnel are encouraged to advise of their needs at an early stage of their discussions with The Bahamas Investment Authority. International persons who own a residence in The Bahamas may apply and be considered for Permanent Residence in The Bahamas. Qualifying major investors and owners of residences valued in excess of $1.5 million receive accelerated consideration for permanent residence status. All international persons owning residences in The Bahamas are eligible to receive, upon application to the Director of Immigration, an annual “Home Owners Card”. This card facilitates entry into The Bahamas and entitles the owner, his/her spouse and minor children to multiple entries to The Bahamas and the ability to remain in The Bahamas for the duration of the validity of the card.
Goodman’s Bay Corporate Centre. Page 11
otia Bank. Citi Bank & Sc
F ir st C ar ib b ea n In ternatio nal F in an ci al C en tr e.
P I C T E T B ank.
UBS Ho us e.
Over 250 banks and trust companies from 25 countries are currently licensed to do business within or from The Bahamas. The Royal Bank of Canada.
THE BAHAMAS
tradition of EXCELLENCE in OFFSHORE BANKING NEW LEGISLATION / STRICT CONFIDENTIALITY
The Bahamas is an international financial centre. Many of the world’s largest and most prestigious financial institutions have set up branch or subsidiary operations in The Bahamas, taking advantage of the country’s stable political system, modern and accommodating business legislation and skilled workforce. Over two hundred and fifty banks and trust companies from twenty-five different countries are currently licensed to do business within or from The Bahamas. The Central Bank of The Bahamas supervises all bank and trust companies, and is responsible for licensing and compliance. The Bahamas is a low-tax jurisdiction with no taxes on personal or corporate incomes, capital gains, gifts, wealth or inheritance, and a regulatory regime which adheres to
♦ ♦ ♦ ♦
Limited Duration Companies Companies Limited by Guarantee Exempted Limited Partnerships Foundations
The Bahamas is committed to the evolving global standards that preserve the integrity of its financial services industry. Having regard to and structured upon the accepted international standards of transparency and tax information exchange, the Government has brought into force the International Tax Cooperation Act, 2010, and concluded twenty-four (24) tax information exchange agreements.
best international practices and which is risk-based in its approach to supervision. The legislative framework governing the activities of the financial services industry is modern and accommodating. Bahamian law protects the right to confidentiality. Continuous review and update aims to keep business and financial services legislation abreast of changing investor requirements. Innovative instruments and legislation provide for: ♦ Private, Purpose and Charitable Trusts ♦
Professional, SMART and Standard Funds
♦ ♦
Captive, Life and (Re) Insurance Segregated Accounts Companies
The Bahamas is an international financial centre.
Page 13
The Bahamas has one of the world’s leading registers.
THE BAHAMAS
flying the BAHAMIAN FLAG A WORLD LEADER IN MARITIME AFFAIRS With over 52 million in gross tonnage The Bahamas Ship Registry has one of the largest fleets in the world. Our long history of political stability, our strategic location in the Western Hemisphere and our favourable business climate have all contributed to this success. We are proud to be on the White Lists of all of the world’s Port State Control regimes. Many of the most respected international shipowning companies fly the Bahamian flag, including: Exxon International, MSC, Maersk Line, Cunard Lines, The East Asiatic Company, Teekay Shipping, Chevron, Disney Cruise Line and Holland-America Cruises. Ship-owners enjoy freedom from taxation, flexibility in crewing, ease of safety and tonnage certification and world-class banking services.
Companies flying the Bahamian flag include:
♦ Exxon International ♦ Maersk Line
The Bahamas Maritime Authority (BMA), established in 1995, is an
♦ The East Asiatic Company
autonomous,government-owned corporation specifically created to be responsive to the
♦ Holland-America Cruises
needs of the maritime marketplace. The BMA maintains offices in London, New York and
♦ Teekay Shipping ♦ Chevron
Hong Kong. The BMA is committed to excellence and maintaining the highest
♦ Disney Cruise Line
international standards. Page 15
visitors to The Bahamas spend an average of $2 billion annually in the islands
Our Lucaya.
THE BAHAMAS
A PARADISE for the A M E R I C A S ○
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A STRATEGIC LOCATION / UNIQUE ECOTOURISM OPPORTUNITIES Tourism counts in The Bahamas. It is the engine of our economy, the chief employer and principal foreign currency earner. In 2010 The Bahamas welcomed some 5.25 million visitors including some 3.80 million cruise passengers. Tourism contributes nearly 40% to the country’s total gross domestic product. Just over US$2 billion is spent annually by our more than 5 million visitors. Based on its growing capacity to create jobs, earn foreign exchange and generate income, tourism is expected to remain the dominant industry of The Bahamas for the foreseeable future. Under the Hotels Encouragement Act, hotel developers and developers of restaurants, shops and other amenities catering to the tourism sector are exempted from customs duties on construction material and furnishings. Exemption from real property tax is also available. The rapidly growing time share, vacation and fractional ownership sector is also afforded development incentives under the Vacation Plan and Time-Sharing Act. The 700 Bahamian islands have retained their unspoiled and incomparable natural beauty. Offering unused beaches, rich tropical scenery and wildlife, and azure seas, eco-friendly hotel development in the Family Islands represents one of the most promising sectors for investment. Our principal tourism destinations are located on Nassau/Paradise Island, and Freeport/Grand Bahama Island. Other important resort developments exist on the Abacos, the Exumas, Eleuthera, Long Island and San Salvador.
The Bahamas is host to fourteen 18-hole golf courses located at Nassau, Paradise Island, Grand Bahama, the Abacos, Eleuthera, and the Exumas. Especially popular with second home owners are Grand Bahama, Abaco, Eleuthera, Harbour Island, Exuma and Long Island as well as New Providence. The tourism industry also benefits from a modern and improved infrastructure. ♦ In New Providence, improvements to Nassau
Harbour, the expansion and upgrade of the Lynden Pindling International Airport and a major roadway and public utility upgrade including the development of new ecreational parks are meant to improve the general environment for residents and visitors alike. ♦ The country maintains some 25 international air and
sea ports. Significant upgrades are underway or scheduled for airports, docks, roadways and utility services around the Family Islands. ♦ A modern communication system connects the islands
of The Bahamas via land and cellular telephone and internet. The privatization of the government-owned Bahamas Telecommunication Company (BTC) in April, 2011, promises to improve and expand the gamut of ICT services available and to reduce costs to internationally competitive rates. ♦ Cable television services are available to over 95% of
households located in The Bahamas. Page 17
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Cruise ships in Nassau’s Harbour.
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World-class Freeport Harbour & Container Port. ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○
THE BAHAMAS
TRADE WINDS blow through THE BAHAMAS EASY ACCESS TO MAJOR MARKETS
The manufacturing sector of the economy is maturing into a major contributor to growth and progress in The
The Bahamas is strategically located 50 miles off the U.S. coast. Additionally, it is a party to the Caribbean
Bahamas. Today, manufacturing contributes some $205 million in value added to the economy annually, some 3.1%
Basin Initiative, CARIBCAN and the Economic Partnership Agreement which allow most Bahamian
of total GDP. Manufacturers enjoy a variety of tax breaks and
products to enter the U.S., Canada, and Europe duty free – a market of close to 600 million people.
attractive incentives by locating a business in The Bahamas. Companies pay no taxes on personal or
The Bahamas’ largest industrial centre is Freeport on the island of Grand Bahama. Freeport is a 200 square
corporate income, capital gains or dividends. Investors benefit from concessions available under the provisions
mile free trade zone and tax free zone whose focal point is the world class Freeport Harbour and Container Port, able
of the Industries Encouragement Act which exempts manufacturers from import duties on equipment and real
to accommodate the world’s largest ocean going vessels. Businesses at the harbour include wet docking and ship
property tax.
repair/care.
MANUFACTURING
OPPORTUNITIES
♦ Fisheries and Mariculture
♦ Personal Care and Cosmetic Products
♦ Electronics Manufacturing
♦ Shoe and Garment Manufacturing
♦ Pharmaceuticals Manufacturing
♦ Tools Assembly and Manufacturing
♦ Computer Assembly
♦ Light Plastics Products
♦ Jewelry Manufacturing
♦ Furniture Manufacturing
Page 19
THE BAHAMAS
It is easy to own a second home in The Bahamas.
AN ISLAND HOME
International persons are encouraged to acquire residential properties in The Bahamas. The International Persons Landholding Act, 1993 was designed to reduce the bureaucracy associated with acquisition of real estate by non-Bahamians. Prior Government approval is not required for nonBahamians to purchase an owner occupied property or to purchase vacant property of less than two acres for the construction of a residence. Such acquisitions are, however, required to be registered with the Investments Board and the Central Bank. The Bahamas has an active second home market making the assets of The Bahamas more easily accessible Page 20
to those who enjoy living and/or doing business in paradise. The Bahamas Immigration Policy admits the grant of residency permits to non-Bahamian investors and homeowners. A homeowner’s card is available to all non-Bahamian owners of residences. The card facilitates immigration formalities at all Bahamian ports of entry and entitles the homeowner, his/her spouse and minor children to enter and remain in The Bahamas for the duration of the validity of the card.
OWNING a piece of PARADISE
Major international investors and owners of residences valued at $1.5 million or more are accorded accelerated consideration of applications for permanent residence. Page 21
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New U.S. Departure Terminal at the Lynden Pindling International Airport (LPIA) ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○
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LPIA Stores
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THE BAHAMAS
a modern INFRASTRUCTURE for E C O N O M I C PROGRESS The Bahamas has launched the most comprehensive
The LPIA will be linked to downtown Nassau by a
and ambitious infrastructural investment programme in Bahamian history so as to enhance the quality of life for
new four-lane Gateway Highway now under construction. The Gateway Highway will connect with other extensive
Bahamians and residents and the visitor experience of guests to our country.
road works under way around New Providence Island, the site of the capital Nassau.
The first phase new Lynden Pindling International Airport (LPIA) in Nassau– the US Departure Terminal -
Dredging of Nassau Harbour completed in December, 2009 now permits calls by the largest cruise ships in the world.
opened for business on 16 March, 2011. This new facility offers world-class customer service and meets all international safety standards.
Interior of LPIA’s new U.S. Departure Terminal. ○
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Nassau Harbour Dredging. ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○
Bahamasair, the national airline.
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THE BAHAMAS The construction of a new port just outside of the City at Arawak Cay will permit removal of cargo shipping from downtown Nassau beginning in December, 2011. The reconstruction of the historic Nassau Straw Market, destroyed by fire in 2001 and scheduled for completion in 2011 will enhance the old charm of historic City of Nassau. A new National Stadium at the Queen Elizabeth Sports Centre is nearing completion. When opened in the second half of 2011 it will be one of the best athletic and sporting complexes in the Caribbean. One of the many cruise ships calling on Nassau.
E X T E N S I V E I N T E R N AT I O N A L A I R L I N K S
Six major airports in The Bahamas are served by various international airlines, including Delta, Air Canada, Jet Blue, West Jet, Spirit, American Eagle, US Airways, Gulf Stream/Continental, Cubana and British Airways that fly to key destinations in the United States of America, Canada, South America, the United Kingdom and the Caribbean with connections around the globe. Scheduled domestic services by the national airline, Bahamasair and other scheduled carriers, Sky Unlimited, Western Air and Flamingo Air link the island chain, while also providing scheduled service to Florida and Turks & Caicos. Islands. Charter services are available to all parts of the archipelago.
Straw Market, Bay Stret, Nassau. (Under construction)
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Nassau’s New Six-legged Round-about..
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Princess Margaret Hospital. ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○
THE BAHAMAS
A CROSSROADS FOR INTERNATIONAL SHIPPING
Tw e n t y - T h r e e s e a p o r t s d o t T h e B a h a m a s , allowing for regular shipping connections to the
centres servicing both tourism and commerce. The Freeport Harbour, a focal point of the 200 square mile
Americas and Europe. The ports in Nassau and Freeport are major international transshipment
Freeport free trade zone makes Freeport a state-ofthe-art container transshipment terminal.
M O D E R N T E L E C O M M U N I C AT I O N S
Instantaneous direct international links are provided through a 100 percent digital switching system. International cellular telephone, facsimile, internet access, automatic radio paging and private
line services are all available. The privatization of the Government-owned Bahamas Telecommunications Company (BTC) in April, 2011 promises to expand the range and quality of all ICT services.
MODERN AND EXTENSIVE MEDICAL FACILITIES
In New Providence, The Princess Margaret Hospital provides a wide range of specialist facilities.
Recently, Doctors Hospital has become engaged in health tourism initiatives.
There are two smaller private hospitals, Doctors Hospital and Lyford Cay Hospital which offer
In addition, community health clinics are located throughout the archipelago. Resident medical
specialized state-of-the-art medical treatment.
doctors provide health care in the Family Islands.
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NEW LEGISLATION / STRICT CONFIDENTIALITY The infrastructure in the Bahamas is modern and well-suited to accommodate commerce. International air service is available throughout the islands and the telecommunications are modern and efficient. THE BAHAMAS
THE BAHAMAS
A FRIENDLY and HARDWORKING PEOPLE AN ABUNDANCE OF SKILLED LABOUR The Bahamas was first colonized by the British beginning in 1648. A small population subsisted on the islands and was subsequently joined by British loyalists and their slaves who left the United States during the American Revolution. A majority of the proud, hard working people of The Bahamas are of African descent. A substantial minority consists of Caucasians from the United Kingdom, Europe and the United States. Smaller populations of Chinese and Indian immigrants have settled in The Bahamas during the past 50 years, as have immigrants from several Caribbean countries. The Bahamian “melting pot” thus created, finds expression in its love of pageantry and tradition inherited from the British, but also in its preparedness for the 21st century so closely
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associated with the modern business style of North America. The population of The Bahamas is approximately 350,000, with an annual growth rate of about 1.6 percent. Nearly 60 percent of the people live in New Providence, 15 percent reside in Grand Bahama and the remainder make their homes on the various Family Islands. The Bahamas has an abundance of
The Bahamas is 21st century ready.
skilled labour and an educated population. The nation enjoys an adult literacy rate of above 95 percent. Approximately half of the workforce is employed in tourism or tourism related jobs. The offshore financial services sector, the second largest sector in the economy, employs close to 4,000 people. The remainder of the workforce is employed by the wholesale and retail, construction, manufacturing, agriculture, fisheries and government sectors. Page 29
THE BAHAMAS
A PARADISE for many REASONS LIVE AND WORK IN THE BAHAMAS
The sheer beauty of The Bahamas with its spectacular beaches, turquoise seas and friendly people are wonders that have been drawing visitors for centuries. Today, the islands beckon with these attractions and more. Economic incentives compel the wise investor to consider the advantages of the favourable tax status, the noted political stability, the modern infrastructure, the educated workforce, the ideal location and the commitment of the Government to providing the most accommodating environment for investment. Indeed, there are many reasons to enjoy paradise.
Page 30
T HE B AHAMAS N ATIONAL I NVESTMENT P OLICY
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The Investment Environment
International Financial Centre
An atmosphere where investments are safe and the expropriation of investment capital is not a considered option;
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A politically stable environment conducive to private investment;
The Government is committed to enhancing the image of The Bahamas as an international financial centre. To this end, the Government will use international best practices as it:
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Supports the Central Bank of The Bahamas in its commitment to bank supervision and promoting high standards of conduct and sound banking practices; and
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Supports the self-regulatory measures of the Association of International Bank and Trust Companies (AIBT), particularly, the established code of conduct for bank and trust companies.
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Essential public infrastructure such as roads, ports and airports.
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Dependable public utilities; and
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Essential public services, an adequately equipped police constabulary, modern health and education facilities and other social services;
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Ensures the operation of a clean financial centre with specific rules and regulation to prevent the laundering of criminally derived assets;
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An environment in whichfreedom from Capital Gains, Inheritance, Withholding, Profit Remittance, Corporate, Royalties, Personal Income, Dividends, Payrolls and Interest taxes is ensured;
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Monitors all developments in the international financial markets and amend any rules, regulations or legislation that would preserve and enhance the competitiveness of the financial services sector of the Bahamian economy;
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A stable macroeconomic environment bolstered by prudent fiscal management, a stable exchange rate, flexible exchange control rules and free trade;
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Maintains The Bahamas as a leading financial services centre;
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A legal environment based on a long tradition of parliamentary democracy, the rule of constitutional and statute laws and where security of life and personal property are guaranteed;
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To undergird the National Investment Policy, the Government will provide:
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The Government of the Commonwealth of The Bahamas is committed to building an economic environment in which free enterprise can flourish; where the Government assumes its proper role as regulator and facilitator of economic development; where the ideals of transparency, fair play and equality of treatment are paramount; and a policy that maintains a stable society in which all people are afforded the opportunity to realize their maximum potential. In this regard, the National Investment Policy is designed to support an investment friendly climate. It guarantees the complementarity of Bahamian and overseas investments; fosters appropriate linkages with all sectors of the economy, in particular the tourism and financial services sectors; encourages the exploitation of our natural resources in an environmentally sound, safe and sustainable manner; provides for the maximum level of employment; guarantees an acceptable level of economic security; and generally fosters the economic growth and development of The Bahamas.
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Economic Policy
Caribbean Basin Initiative
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It is important to state where in The Bahamas the project is to be located.
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If a request is being made for publicly- owned land, please state the acreage and location. Applicants who wish to acquire privately held land must also apply for a permit to do so.
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Land Requirements
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Proposed Start Up Date
Management/Personnel Requirements
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Please indicate the maximum time for the commencement, and if possible completion of the project.
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Please state the number of work permits that may be required for key personnel for administration and financial management.
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Capital Investment (Minimum US$500,000.00)
Employment Projection
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Please indicate the total capital investment to be made in the project and provide a breakdown of the items involved and an estimate for start up costs.
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Please indicate the number of Bahamians to be employed in construction and / or operation of the project in the first year.
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Financial Arrangement
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Please list all of the principals in the venture (major beneficial owners) along with identifying particulars such as place and date of birth and passport or social security number for each one.
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CARIBCAN
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Principals
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Economic Partnership Agreement (EPA)
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Businesses located in The Bahamas may benefit from the following preferential trade arrangements:
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Please provide a conprehensive executive summary of projects.
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Description of Proposal
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Preferential Trade Incentives
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Address
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Note: Custom duty exemptions do not apply to consumables.
Please give the name of applicant , whether corporate. For a corporate entity it could be a proposed or reserved name.
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♦ The Bahamas Vacation Plan and Time-Sharing Act
Name
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♦ The Spirits and Beer Manufacturers Act
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♦ The Family Islands Development Encouragement Act
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Project Proposal Guideline
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♦ The Hotels Encouragement Act
An international investor seeking to do business in The Bahamas should submit to BIA a project proposal, along with supporting documents. The proposal should provide the information indicated in the following Project Proposal Guideline.
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♦ The City of Nassau Revitalization Act
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Establishing a Business in The Bahamas
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♦ The Industries Encouragement Act
Proposed Location
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Executive Management of the Investment Policy is resident in the National Economic Council (NEC), headed by the Prime Minister. The Bahamas Investment Authority (BIA) or the Investor’s “One-Stop-Shop” serves as the secretariat of the NEC and the Investments Board.
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♦ The Export Manufacturing Industries Encouragement Act
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The Government provides meaningful investment incentives, including exemption from the payment of customs duties on building materials, equipment and real property taxes for periods up to twenty years, under the following legislation:
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Administration of the Investment Policy
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Investment Incentives
Please provide proof of financial capability.
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Areas Reserved for Bahamians
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• Wholesale and Retail Operations;
• Real estate and domestic propertymanagement agencies;
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• Commissionagencies engaged in the import/ export/trade;
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• Security services;
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• Mari-culture
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• Captive Insurance
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• Food Processing
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• Light Manufacturing for export
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• Ship Repair and other services
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Overseas Investors may acquire residential properties in The Bahamas of up to two acres without prior Government approval. Such acquisitions are required to be registered in accordance with the International Persons Landholding Act. Second Home Owners are eligible for a Home Owners Residence Card, renewable annually. This card facilitates entry into The Bahamas and entitles the owner, his or her spouse and minor children to enter and remain in The Bahamas or the duration of the validity of the card. Application may be made to the Director of Immigration. Persons applying for land for commercial use are required to obtain a permit.
N.B. This list is not exhaustive and investors interested in areas not included above are encouraged to bring their interest to the attention of BIA.
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• Information and Data Processing Services
• Aircraft Services
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• Condominium, Timeshare and Second Home Development
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Necessary work permits will be granted for key personnel. Approved investors in major development projects which investment creates employment and business opportunities for Bahamian citizens and who own or acquire a residence in The Bahamas, may be granted Permanent Residency status with the right to work in their own business.
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Areas Especially Targeted for Overseas Investors
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• Off-shore Medical Centres
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fit and proper owners of a residence valued at $1,500,000 or more.
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To ensure the maximum benefit to The Bahamas from the National Investment Policy, certain immigration provisions will apply:
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Accelerated consideration of applications for permanent residence will be given to:
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Please indicate any harmful environmental effect and list the mitigating measures that would be employed to deal with them.
• Pharmaceutical manufacture
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Permanent Residence
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Environmental Impact
International Investors may engage in the wholesale distribution of any product they produce locally.
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BAHAMAS MARITIME AUTHORITY
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3rd Fl. Manx Corporate Centre P. O. Box N-4679 Nassau, The Bahamas Tel.: (242) 356-2037 Fax (242) 356-5889
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BAHAMAS OVERSEAS MISSIONS
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ATLANTA Consul General Bahamas Consulate General 2970 Clairmont Road, Suite 690 Atlanta, GA 30329, U.S.A. Tel.: (404) 214-0492
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CANADA Bahamas High Commissioner Bahamas High Commission Metropolitan Life Centre 50 O’Connor Street, Suite 1313 Ottawa, Ontario K1P 6L2, Canada Tel.: (613) 232-1724
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East Mall Drive & Pioneer’s Way P.O. Box F-42666 Freeport, Grand Bahama, The Bahamas Tel.: (242) 352-6711 Fax: (242) 352-8310
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GRAND BAHAMA PORT AUTHORITY
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Royal Palm Mall, Mackey Street P.O. Box N-7880 Nassau, The Bahamas Tel.: (242) 394-6755 Fax: (242) 394-3503
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Lighthouse Building, Bay Street P.O. Box N-7147 Nassau, The Bahamas Tel.: 322-2410 Fax: (242) 328-8294
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ASSOCIATION OF INTERNATIONAL BANKS & TRUST COMPANIES
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GOVERNMENT PUBLICATIONS OFFICE
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Charlotte House, 3rd floor Frederick Street P.O. Box N-7770 Nassau, The Bahamas Tel.: (242) 328-1068 Fax: (242) 328-1070
P.O. Box N-1764 – Nassau, The Bahamas Tel.: (242) 326-7001 Fax: (242) 326-7007 Web-site: www.bfsb/bahamas.com E-mail: bfsb@bahamas.net.bs
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Shirley Street & Collins Avenue P.O. Box N-8860 Nassau, The Bahamas Tel.: (242) 325-4942 Fax: (242) 322-4649
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INSURANCE COMMISSION OF THE BAHAMAS
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Shirley Street P.O. Box-665 Nassau, The Bahamas Tel.: (242) 322-2145/ (242) 322-3320 Fax: (242) 322-2649
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BAHAMAS REAL ESTATE ASSOCIATION
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BAHAMAS CHAMBER OF COMMERCE
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Frederick Street P.O. Box N-4868 Nassau, The Bahamas Tel.: (242) 302-2600 / (242) 322-2193/6 Fax: (242) 356-4307 E-mail: centralbankbah@mail.batelnet.bs
Charlotte House, Charlotte Street P.O. Box N-8347 Nassau, The Bahamas Tel.: (242) 356-6291 Fax: (242) 356-7530 E-mail: secbd@batelnet.bs
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CENTRAL BANK OF THE BAHAMAS
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Office of the Prime Minister Cecil V. Wallace-Whitfield Centre Cable Beach P.O. Box CB-10980 Nassau, The Bahamas Tel.: (242) 327-5826/9 Fax: (242) 327-5806/327-5639 Web Site: www.bahamas.gov.bs/bia
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BAHAMAS INVESTMENT AUTHORITY
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SECURITIES COMMISSION OF THE BAHAMAS
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Important Addresses
BAHAMAS FINANCIAL SERVICES BOARD
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Charlotte & Shirley Street P.O. Box N-532 Nassau, The Bahamas Tel.: (242) 323-0594/6 Fax: (242) 322-5553
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International investors are encouraged to establish joint ventures with Bahamian partners. The choice of such Bahamian partners is at the absolute discretion of the investor.
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OFFICE OF THE REGISTRAR GENERAL
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Local Partners in Joint Ventures
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Fax: (613) 232-0097 E-Mail: Ottawa.mission@bahighco.com
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Bahamas Consulate General Bahamas House 231 East 46th Street New York, NY 10017, U.S.A.
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Consul General
Tel.: (212) 421-6420
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Fax: (212) 688-5926 WASHINGTON
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Telex: 203-807-849
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Fax: (305) 373-6312
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Tel.: (305) 373-6295
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Miami, FL 33131, U.S.A.
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Ingraham Building, Suite 818
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25 S.E. 2nd Avenue
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Bahamas Consulate General
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Consul General
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MIAMI
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E-mail: info@bahamashclondon.net
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Fax: + 44-207-499-9937
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Tel.: + 44-207-408-4488
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London W1J 5JL, England
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No. 10 Chesterfield Street
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Bahamas High Commission
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Bahamas High Commissioner
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LONDON
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HAITI Charge d’Affaires a.i. Embassy of The Bahamas 12 Rue Goulard Place Boyer, Petion-Ville, Haiti Tel.: (509) 578-782 Fax: (001) 509-578-782
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Bahamas Embassy Building 3006 5th Avenue e/30 y 32 Miramar, Playa Havana, Republic of Cuba Tel: 011-537-206-9918; Fax: 011-537-206-9921
NEW YORK
Ambassador / Permanent Representative Embassy of The Bahamas 2220 Massachusets Aveenue, N.W. Washington, D.C. 2008
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CUBA
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CHINA Ambassador Embassy of The Bahamas 4th Floor, Tayuan Diplomatic Office Building 14 Liangmahe Nan Lu, Chaoyang District Beijing, 100600, People’s Republic of China Tel.: 011-86-10-6532-2922 Fax: 011-86-10-6532-2304
Tel:(202) 319-2660/7; Fax: (202) 319-2668