• TIN need, portal closure also ‘complicated operations’
• Marina chief: ‘Business not getting easier in Bahamas’
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
BAHAMIAN marinas face “a fight to get back market share” that will take years as a study revealed more than-tripling tax rates cost this nation $90m through a 40 percent slump in foreign yacht charters.
A just-released industry position paper, ‘Yachting in The Bahamas’, written by Marcel Amann, the founder of Yacht Services Bahamas, reiterated that recent tax hikes and regulatory interventions “have dampened activity” in a sector estimated to generate half
PM pledges full energy reform disclosure within three weeks
By FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net
THE Prime Minister yesterday pledged that all details on New Providence’s energy generation, grid and renewable reforms will be fully disclosed in Parliament within the next three weeks.
Philip Davis KC, speaking at the commissioning ceremony for two 31 mega watt (MW) engines supplied to Bahamas Power & Light (BPL) by Energy Bahamas Holding, a FOCOL Holdings subsidiary, confirmed that the Government has also finalised a power purchase agreement (PPA) for the 177 MW new power plant that the same company will construct at Blue Hills.
“Today, I am pleased to announce that the power purchase agreement between Bahamas Power & Light and Energy Bahamas Holding Ltd (Bahamas Utilities Holdings) has been finalised,” said Mr Davis.
“This is a significant step forward as we continue to implement the energy reforms necessary to secure
‘Last resort’:
a reliable and sustainable energy future for The Bahamas. This agreement ensures that we can immediately enhance our energy capacity while paving the way for cleaner fuels including liquefied natural gas (LNG).”
Mr Davis said the installation of the two 31 MW dual-fuel engines at BPL’s existing Clifton Pier power station is merely a “first phase” in expanding New Providence’s electricity generating capacity. “This is but the first phase in a step towards the transformation of our energy transition,” he added.
SEE PAGE A16
URCA licensees ‘flouting’ annual fee payment
By NEIL HARTNELL Tribune Business Editor
COMMUNICATIONS providers have been reassured by regulators that revoking their licence for non-payment of fees “is a penalty of last resort” given that “many have flouted the obligation” to pay what is due. The Utilities Competition and Regulation Authority (URCA), unveiling the results of its public consultation on planned changes to the terms of communications industry licences, yesterday argued it had been left with no choice but to “address this untenable situation” given that these fees represent the most important source of income for financing its work. No culprits were identified. However, the industry supervisor reassured that any licence suspension or revocation would only occur after “due process” and comply with “the principles of natural justice”,
a billion dollars annually for this country’s economy.
Citing recent data from Yachting Magazine, he singled out the imposition of 10 percent VAT on foreign yacht charter fees as especially harmful for The Bahamas’ competitiveness given that it tripled the overall tax rate to 14 percent when added to the already-existing 4 percent Port Department levy.
Asserting that this taxation burden was much higher than Caribbean rivals, although no comparative figures were provided, the report said the ease and convenience of conducting business in The Bahamas has also been made more costly, time-consuming
Graycliff targets visitor tripling to 5,000 daily
• Eyes expansion via Mountbatten House
• Set to likely invest ‘couple million bucks’
• That, moonshine venture to add 42 jobs
By FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net
GRAYCLIFF yesterday unveiled ambitions to triple its daily cruise ship visitors to 5,000 through expansion that involves “taking over” the nearby Mountbatten House and adding up to 42 new jobs.
Paolo Garzaroli, president of Graycliff Cigar Company, speaking at the opening of its new Moonshine store said the company’s latest amenity will offer blending classes and lead to the opening of more classrooms, a full distillery and bootlegging museum via its plans for Mountbatten House which is also located on West Hill Street across from the resort’s existing property.
“The very next step is we’re going to be doing blending classes, so you’ll
while also accounting for the impact on Bahamian consumers and industry competition following push back from Cable Bahamas and the Bahamas Telecommunications Company (BTC) as well as satellite service providers.
The two carriers are URCA’s largest communications fee licence payers, and Cable Bahamas, in particular “emphatically objected” to changes in the language of condition 5.4 (ii) in the standard operator licence giving the regulator the ability to revoke a company’s ability to operate where it “repeatedly contravenes or fails to cure” its failure to pay due fees in full and/or on time together with any penalty interest. The BISX-listed communications provider, warning that The Bahamas would suffer grave economic and reputational damage if a major carrier such as itself was forced to totally shut down its network, argued that the change was
and bureaucratic for visiting boaters through the introduction of requirements such as obtaining a VAT taxpayer identification (TIN) number.
“The yachting sector contributes about $500m annually to The Bahamas’ economy, though recent tax measures have dampened activity,” the industry position paper said. “The evolving regulatory landscape in The Bahamas has introduced both opportunities and challenges for the yachting industry.
“The implementation of a 10 percent VAT on yacht charters in 2022, and a 4 percent Port fee that was already previously implemented, aimed to boost government revenue but has led to concerns over its high 14 percent combined tax rate, especially compared to competitors like the Cayman Islands and US Virgin Islands.
“This policy shift contributed to a 40 percent decline in yacht charters, resulting
in a reported $90m revenue loss and affecting related sectors like provisioning and hospitality. Additionally, administrative requirements, such as obtaining a Taxpayer Identification Number (TIN) for VAT compliance, have complicated operations, pushing some yachts to consider alternative destinations like Puerto Rico or the Dominican Republic.”
The report, drawing on submissions from the ABM, added that “over a few hundred yachts and boats left” The Bahamas’ Port Department and flag registry in 2023 due to what were described as “regulatory challenges”. It said: “To regain competitiveness, revisiting tax policies, streamlining compliance and ensuring reinvestment in the sector are essential steps.”
Peter Maury, the Association of Bahamas Marinas (ABM) president, whose
be able to come in and blend your own moonshine with your own different flavours,” said Mr Garzaroli said of Graycliff’s new offering.
“Then we’re taking over the old Mountbatten House, and we’re going to create a full distillery there, and also a bigger classroom, a couple of different classrooms, and incorporate the museum. We’re going to turn it into sort of like a bootlegging type of museum, so that’s all part of the experience.” Mountbatten House, built in the 1950s, houses the Heritage Museum of The Bahamas.
Mr Garzaroli, meanwhile, said Graycliff has spent $400,000 to $500,000 on its moonshine expansion and will further invest a “couple million bucks” on the Mountbatten House venture. Some 12 staff have been hired to work in the moonshine
shop and a further 30 will be needed for the new facility.
“Right now, we’re probably at about $400,000 to $500,000, and when we go into that other facility we’ll probably go into a couple million bucks. Basically, we’re kind of doing it as we move along,” said Mr Garzaroli. “We’ve added about 12 [employees], and then when everything is fully staffed out in the new facility, probably another 30.”
Mr Garzaroli said Graycliff’s next venture will most likely involve producing cheese, which will be used to create pizzas and served in platters at the winery. He added that the resort’s plans may have to be expanded as the volume of guests per day has increased significantly
PM: Talks ongoing over who builds LNG pipeline
By FAY SIMMONS Tribune Business
Reporter jsimmons@ tribunemedia.net
THE Prime Minister yesterday said talks are continuing over who will construct the pipeline to transport liquefied natural gas (LNG) to the new Blue Hills power plant as he denied the energy sector is being “divested”.
When questioned about the pipeline’s installation and which party will be responsible for its construction, Philip Davis KC replied: “We are now discussing that”. As to who will own it, Mr Davis maintained that his administration “is not divesting anything” when it comes to energy reform.
“The Government is not divesting anything,” said Mr Davis. “What the Government is really doing is finding capital to put in this infrastructure and working on an arrangement for that capital
provider where they can recoup their investment through a partnership arrangement.”
A pipeline will be required to safely transport LNG from Clifton Pier, the most likely location where it will be brought to shore, to the new 177 MW power plant that Bahamas Utilities Holdings, a FOCOL Holdings subsidiary, is to construct at Blue Hills as part of the Government’s energy generation reforms for New Providence.
The pipeline’s construction will likely require an investment in the tens of millions of dollars, and private sector observers have said a key - but until now unanswered - question is who will own it and whether the Government or the BISX-listed entity and its subsidiaries will be responsible for building it.
Some will also likely dispute the Prime Minister’s assertion that the Government is “not divesting anything” with its planned
GRAYCLIFF RESORT
PHILIP DAVIS KC
PM: LUCAYAN BUYER MUST ‘MEET OUR REQUIREMENTS’
By FAY SIMMONS Tribune Business
THE Prime Minister yesterday said talks with the Grand Lucayan’s potential purchaser have been “fruitful and progressive”, but added that the Government’s “requirements” must be met to seal a deal.
“We are still awaiting the potential purchaser to meet our requirements, and once they meet our requirements, we will go ahead,” said Philip Davis KC.
Responding to criticism by Opposition Leader, Michael Pintard, about the resort’s sale failing to materialise after he himself said
on September 20 it would be completed “within the next two weeks or so”, he described the FNM as the “inferior negotiator”.
Asserting that the former Minnis administration agreed a “bad deal” when it acquired the property for $65m from Hutchison Whampoa’s real estate arm in September 2018, Mr Davis argued that the Opposition is in no position to “lecture” his administration on its handling of the sale.
“Don’t forget, first of all, they’re the one who made the bad deal to buy it; and buy it in circumstances that they clearly were the inferior negotiator, and they should be the last to speak about that,” said Mr Davis.
“What did they do when they had it? They bought it right at a price that we don’t think it was worth, and bought it with less assets than it really had. And I don’t want to speak on it because that’s looking backwards.
“They cannot lecture us on what we are doing. What did they do? Question asked. If we are failing, let them just wait and see. We could say they have failed. They have failed. We are still working. We still here.”
Mr Pintard had voiced frustration over what he described as the Government’s pattern of missed deadlines to sell Freeport’s largest resort property, arguing that the prolonged process has left
Grand Bahama residents disappointed. “Seemingly taking over from his deputy prime minister who could not close the deal, the Prime Minister three weeks ago assured the Bahamian people that the Grand Lucayan would finally, this time for sure, be sold within two weeks,” the Opposition leader added.
“That pledge followed more than two years of similar idle promises from this rudderless PLP regime. Yet to the surprise of no one, his earnest deadline has come and gone and still the people of Grand Bahama are left disappointed once again. The Grand Lucayan remains unsold.”
In August, Tribune Business reported that the hotel’s
potential buyer plans to demolish all its existing properties to make way for three new hotel towers and two casinos as part of an investment that could hit $2bn.
Multiple sources, speaking on condition of anonymity, said the prospective purchaser is a US-based investor/developer with strong and already-existing casino industry links. “It’s a little vague, but it’s a USbased company with casino connections,” one contact said. “They’re apparently going to knock all the hotels down and put up three towers and two casinos. If it’s true, it’s encouraging.
“It’s this big company, and they have big plans with the three towers. I don’t know
‘Innovation’ need for peak traffic at LPIA
By ANNELIA NIXON anixon@tribunemedia.net
THE Government’s aviation chief yesterday said traffic congestion at peak arrival/departure times is creating a “misconception” The Bahamas has outgrown its main airport gateway ahead of a $200m upgrade.
Dr Kenneth Romer, director of aviation and deputy director-general of tourism, told the Rotary Club of Nassau that “innovation” in traffic management and working with the airlines to stagger arrival and departure times outside peak travel hours is critical to eliminating traffic “bottlenecks” at Lynden Pindling International Airport (LPIA). Pointing out that The Bahamas’ busiest airport is a “ghost town” from late afternoon, he did not provide any specifics on the planned LPIA improvements other than to say these will be disclosed by Vernice Walkine, president of Nassau Airport Development Company (NAD), the airport operator.
Apart from saying she has “an exciting announcement about the ongoing improvements for the LPIA”, Dr Romer did not say when this would be forthcoming while confirming that existing LPIA upgrades are focused “on the air side” with improvements to the aircraft aprons.
Two attendees at the Rotary meeting said traffic management at LPIA needs improvement. One, a taxi driver, added that there were times she has lost business due to planes that were unable to offload passengers in a timely manner after landing.
“The plane would be on the runway,” she said. “Just park on the side and you will be standing up just waiting for your arrivals, for your guests, and sometimes in conflict with another pickup time that you have. You end up losing a job because you have to give it away as the two flights are coming in at the same time.”
Dr Romer said one gate at LPIA is temporarily out of use, but acknowledged the concerns over traffic
management especially during peak travel hours.
“There is this misconception that we have outgrown LPIA because a lot of what we see is traffic during the peak times,” he said.
“So a lot of our traffic is channelling between 11am, 12pm until 3pm. If you go there at 5pm or 6pm, the airport is a ghost town. You go there in the night, it’s a ghost town. A lot of our concerns over the perception of LPIA outgrowing its existing facilities has to do with how we manage the peak arrival times and the departure times of our airlines.
“So it takes some innovation. It takes us down to attracting airlines arriving outside of the peak time. How do we spread out the arrivals and departure times working in tandem with our hotel properties, with our airlines, to ensure that we don’t have this bottleneck approach between the peak arrival time, which is good again for business and for commerce.”
Dr Romer added: “A lot of the immediate plans for LPIA, however, really speak
about traffic management. How do we work with our airlines and our air traffic controllers under the Airport Authority and the US Customs and Border Protection and, of course, NAD to ensure that during the peak time the visitor experience is better managed.
“LPIA is the leading airport in this region. I commend them again for the amount of time they are putting into managing not just domestic traffic, but also international, the US and international traffic. But the immediate plan, again, is to work on managing the peak arrivals, the visitor experience and to give some immediate relief again to the arrival gates.
“Some of the gates were down. Their plans right now are to ensure that they return again to full usage. We’re working again with our airlines. We will increase, again, baggage belts for bags that are coming in. So now there’s a plan and I’m certain that Vernice will be more excited to share the long-term and the immediate plans with
you beyond what I just would have shared with you this afternoon.”
As for the Family Island airport upgrades, Dr Romer reaffirmed that $18m will be invested in the new airport for Deadman’s Cay, Long Island, including “additional plans to extend their runway”. He added that new construction “is in the pipeline for Mayaguana and Inagua with a combined capital expenditure of about $10m.” Treasure Cay, Marsh Harbour and Andros will see new and upgraded airports.
“On July 1, as we speak about the evolution of aviation, we launched for the first time a national aviation strategic plan for our country,” Dr Romer said. “This comprehensive plan positions The Bahamas to be the regional leader in aviation through industry inclusivity, innovation, systematic execution and stakeholder engagement.
why they would knock down the big hotel in the middle, which is the only one that has value.” Another source said of the buyer: “These aren’t people looking to try and find a demand. They have that demand. They are building a supply for that demand. These are real investors, real developers and people who have real money.”
Only one of the Grand Lucayan’s three resort properties, Lighthouse Point, is presently open to guests. Both Breaker’s Cay and the former Memories property have been closed for numerous years –– the latter ever since Hurricane Matthew struck the island in October 2016.
“With the launch of the first-ever Bahamas Aeronautical Academy we’re launching our aeronautical cadet programme. We’re working again to ensure that all of our frontline workers at Bahamasair, inclusive of our cabin attendants, are having first-line customer service training that has been leading the way for the industry,” Dr Romer continued.
“All of our frontline workers will be trained in customer service and in understanding the Bahamian culture. We’re improving operational efficiency, financial resilience and revenue optimisation for all of our nine aviation agencies. We’re strengthening safety security systems. We’re positioning The Bahamas as a regional leader in sustainable aviation and air transport services, and we’re improving innovation and technology. That is our strategic plan for aviation.”
“Our plan focuses on several pillars inclusive of, first of all, improving airport infrastructure and development, enhancing strategic partnerships and engagement. We’re hosting unprecedented numbers of conferences in our shores for Latin America and other regions. Third, we focus on increasing airlift and improving air connectivity. We focus on enhancing human capital development.
“unwarranted” as URCA already possessed sufficient powers to address nonpayment while the language seemingly allowed it to act “arbitrarily”.
BTC, too, asserted that licensees should receive a “warning” if they fail to meet their fee obligations and be allowed to work out a payment plan with URCA. It also argued that operators should be allowed to pay their licence fees in quarterly installments, rather than as a “lump sum annual payment”, as this would give them “more predictable cash flow control”.
And the Global Satellite Operators Association (GSOA), representing companies such as multibillionaire Elon Musk’s Starlink, which is already providing services in The Bahamas, also voiced fears about the disruption to its members’ services from licence suspensions or revocations. It joined Cable Bahamas in calling for condition 5.4 (ii) to be revised.
The licence consultation was released as Nicole Watkins, BTC’s former in-house attorney, Board secretary and head of legal and regulatory, started in the post of URCA’s director of electronic communications to replace Rupert Pinder. Juan McCartney, URCA’s corporate and consumer relations manager, confirmed both Ms
Watkins’ appointment and that she started in the post yesterday.
URCA, justifying its tougher approach to licence fee defaulters, stated in the consultation results: “It has been URCA’s experience, since the inception of the Communications Act licensing regime, that many licensees have flouted the obligation to pay licence fees resulting in the accrual of significant outstanding licence fees.
“URCA must take the appropriate regulatory action that will effectively address this untenable situation going forward. URCA has also implemented payment plans for licensees to settle payment of outstanding licence fees over a reasonable period.
“As such, licence revocation is a penalty of last resort and URCA’s decision to suspend or revoke a licence has particular regard to ensuring sustainable competition in the electronic communications sector and the likely adverse impact such decision may have on consumers.”
Turning specifically to Cable Bahamas’ concerns, it added: “URCA notes the Cable Bahamas group’s objection to the addition of condition 5.4 (ii) in the individual operator licence (IOL) without reference to a proviso, due process and natural justice.
“URCA considers it sufficient to state and assures the
Cable Bahamas group that, while the proposed condition allows for the possibility of suspension or revocation of the licence in the event of non-payment, any such action will be taken strictly in accordance with due process.
“This means that URCA will adhere to the principles of natural justice, including providing licensees with a reasonable opportunity to address or make submissions on any issues of suspected non-compliance before deciding to suspend or revoke a licence,” URCA continued.
“URCA clarifies that the intent of this proposed condition is to ensure that there is a clear mechanism for addressing repeated defaults in payment of outstanding licence fees, which is critical to URCA being able to perform its statutory functions and mandate effectively and efficiently under the Communications Act.”
No figures were given for how much URCA is owed, or has been owed, in outstanding and past due licence fees but this can be gauged from its most recent 2023 annual report and financial statements. They show that, at end-December 2023, the regulator had some $1.637m in accounts receivables due from the communications sector - a modest decline on the prior year’s $1.647m.
Of that $1.637m, some $1.097m or 67 percent
- two-thirds - had been provided for as “doubtful accounts”, with the latter dollar sum representing a 50 percent increase on the prior year’s $731,187. Cable Bahamas, though, warned that the revised language gave URCA too much discretion to suspend or revoke an operator’s licence given that there were too few checks and balances on such action being taken.
“The Cable Bahamas group stated that a suspension of an IOL of a major licensee effectively shuts down a significant portion of the entire communications network of the country, and is not limited to the licensee but to other providers both within the country and transiting in and out of the country,” URCA said of the company’s feedback.
“It noted that, in an economy whose first two pillars are tourism and finance, such an arbitrary suspension could be an international embarrassment, and any shut down of an IOL licensee is a drastic and detrimental action to take with dire consequences for the commercial well-being of that licensee and the challenges of any subsequent restoration of services.”
Cable Bahamas said its research had shown licence revocations in other countries were limited to radio broadcasting and only used for “major unresolved
breaches” including the nonpayment of fees.
“The Cable Bahamas group considers that should URCA proceed with this provision minus due process and ‘immediately’, notwithstanding the possibility of obtaining an injunction, such injunction would be after the fact and the damage will have been irretrievably done,” URCA added of the BISX-listed communications provider’s feedback.
“The Cable Bahamas group questioned how does one suspend a licence and how does a licensee recover from the suspension of its licence which, by every scenario, is a catastrophic event? The Cable Bahamas group is of the view that the ultimate effect of the suspension of an IOL licensee will result in lost revenue, reputational harm, loss of subscribers’ confidence and resulting churn to another and extending to an impact on the socio-economic standards of the country itself.
“The Cable Bahamas group stated that a suspension is not a discretionary power to be wielded lightly or at all, and the inclusion of due process, regulatory procedure, provisos and caveats are essential. The Cable Bahamas group noted the statutory mandate for regulatory measures to be proportionate to their purpose and transparent, and the possibility of URCA being held liable for damages in such an event.”
Cable Bahamas argued that the ministers
responsible for URCA and electronic communications should have the final say in approving the suspension of a licensee, meaning itself or BTC, and argued that there should be “lesser penalties on an escalating scale which do not disrupt services prior to initiating revocation or suspension”.
The Global Satellite Operators Association, meanwhile, “expressed that URCA’s proposed system of penalties for non-compliance around fee payments could have significant operational impacts on satellite operators.
“Suspension or revocation of licences could disrupt essential satellite services, including those serving critical sectors such as transportation, maritime and emergency communications,” it warned. “GSOA suggested that URCA implement reasonable grace periods before imposing penalties, as well as transparent dispute resolution mechanisms to address any disagreements over fee payments or compliance issues.
“It noted that, before imposing a sanction, a warning should be considered, and a period of time should be granted to regularise the non-compliance. Regarding circumstances where penalties must be imposed, GSOA stated that satellite operators should have sufficient time to mitigate the impact on their services to prevent disruption of critical communication links.”
PM: Talks ongoing over who builds LNG pipeline
energy reforms as it is transferring New Providence’s energy grid to the control of Bahamas Grid Company, which is 60 percent owned by private investors, for a minimum 25-year period with the option to renew for a further ten.
Meanwhile, JoBeth Coleby-Davis, minister of energy and transport, said the addition of two dual-fuel turbine engines supplied by a FOCOL Holdings affiliate to Bahamas Power & Light’s (BPL) existing Clifton Pier facility will increase New Providence’s present generation capacity to 318 mega watts (MW).
Speaking at the commissioning ceremony for the two 31 MW dual fuel turbine engines capable of running on either diesel or LNG, Mrs Coleby-Davis said by 2025 they will be operating fully on LNG provided by Shell North America.
Currently, the available electricity capacity on New Providence is 256 MW, and the 62 MW added by these these engines will increase that by 24.2 percent. “The engines allow for dual fuel technology, which will enhance operational flexibility. However, by June 2025 the engines will run fully on LNG. The LNG fuel will be provided by Shell North America,” said Mrs Coleby-Davis.
“Shell is one of the world’s largest, leading LNG suppliers, trading 67 million tons of LNG in 2023; around 16 percent of the global LNG market.” The minister said the engines were acquired through a private-public partnership (PPP) between BPL and Bahamas Utilities Holdings (BUH) and represent a “strategic solution” to transforming the energy sector.
“The partnership between BPL and BUH is representative of a strategic solution that has proven to be effective and successful in transforming the energy market as a small island developing nation,” said Mrs Coleby-Davis. Mr Davis confirmed to reporters the engines at both Clifton Pier and the Blue Hills power station will run on LNG by 2025.
Mrs Coleby-Davis previously told Tribune Business that the Government’s decision to act as LNG middleman will drive lower fuel and energy costs through leveraging economies of scale. The Government’s plans to create a fullyowned special purpose vehicle (SPV) to acquire LNG from Shell will result in lower energy prices for Bahamian electricity consumers rather than raising them through inserting another entity into the supply chain.
She explained that the SPV will not only be selling the LNG on to Bahamas Utilities Company but also BPL as well as independent power producers (IPPs) based in the Family Islands. Sourcing LNG for all these customers via one entity, the minister said, will leverage economies of scale for better fuel prices.
“The structure actually does quite the opposite; it is to control the cost,” Mrs Coleby-Davis said, when asked why the Government plans to take an active role in the electricity fuel supply chain by creating another entity - its SPV - that seemingly will add another layer of cost in the supply chain.
“Although Bahamas Utilities Company (BUC) will consume LNG, Bahamas Power and Light (BPL) will also convert engines in its generation fleet to LNG. In addition, our Family Island IPPs will also use LNG and purchase from the 100 percent SPV,” the minister added.
“By consolidating the purchase of LNG through a single entity, we leverage economies of scale, which will result in a more favourable pricing structure. Bulk purchasing in this sector yields significant cost savings compared to smaller, individual purchases.
“In summary, the Government’s decision to use a 100 percent-owned SPV for LNG purchases from Shell North America is driven by a comprehensive strategy to achieve cost savings, ensure energy security and streamline operations. This approach will ultimately benefit all, contributing to a more stable, affordable and efficient energy sector for The Bahamas.”
PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL
The Public is hereby advised that I, CYRIL ROLLE, of Steventon, Exuma, The Bahamas, intend to change my name to CYRIL EDWARD ROLLE If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Offcer, P.O.Box N-742, Nassau, The Bahamas no later than thirty (30) days after the date of publication of this notice.
NOTICE
NOTICE is hereby given that MARC HENRY JEAN , New Providence, Bahamas applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 16th day of October, 2024 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
NOTICE
NOTICE is hereby given that COSTA PIERRE #6 Grove Street, New Providence, Bahamas applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 9th day of October, 2024 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
‘MADE IN BAHAMAS’ TRADEMARK UNVEILED
By ANNELIA NIXON anixon@tribunemedia.net
THE ‘Made in The Bahamas’ trademark certification was launched yesterday in a bid to “drive and promote” local goods and services both domestically and in overseas markets.
The Bahamas Bureau of Standards and Quality unveiled the certification during a panel discussion on developing a framework to safely and efficiently implement artificial intelligence (AI). “It’s a wonderful initiative to really drive and promote Bahamian businesses, products, services, small and medium-sized enterprises (SMEs) and even the micros,” said Dr Renae Ferguson-Bufford, the Bureau’s director.
“So the job here is to promote quality. Quality of our
goods and services. And we know that we are actually creating them every day, manufacturing them. So this is a way to showcase and highlight the work that we are actually doing in this country with our SMEs.
“There are some businesses that actually are being driven by AI. And so the World Standards Day theme was innovation, industry, etc through artificial intelligence. So many of our companies and many Bahamians may not even know of the products and services that actually Bahamians are producing. So, yes, all of it ties into one another,” she added.
“And we are just actually going on November 14 [to hold a Town Meeting] so that we can actually showcase and highlight those Bahamian products, those
Bahamian businesses that many may not even know. It’s just the beginning. So it’s a Town Hall meeting where we’re coming together. We’re going to talk about what we’re getting ready to do in promoting Bahamians. And we want Bahamians to come out and give their input.
“So it’s stakeholder consultation. It’s an engagement with the minister. Hopefully the Prime Minister can be there, council would be there and all of the stakeholders, all the manufacturers that actually do the work. We’re just there to actually promote it. And the key word is quality. Showcasing the quality of the work they’re doing and ensuring that the specifications, the raw materials, etc, the handicraft of stuff that goes into it.”
GRAYCLIFF TARGETS VISITOR TRIPLING TO 5,000 DAILY
FROM PAGE A20
since the addition of the chocolate factory and winery.
“Once we opened our new facility for the chocolate factory last year in November, our volume of traffic went from about 400 or 500 people a day to today, on a four-ship day, we’ll probably do about 1,200 people,” said Mr Garzaroli.
“Tomorrow, on a six-ship day, we’ll probably end up doing between 1,500 and 1,600. When we planned the expansion at the winery, we had no idea that was going to happen. What’s happened was we had to not just do an expansion but sort of blow that up by ten-fold.
“And if this is as successful as it looks like, the plan that I have to do that is probably going to have to get changed and expanded even more, just simply to handle the volume of traffic.” Mr Garzaroli said the majority of Graycliff’s visitors are cruise ship passengers, and he credited the resort’s recent success
to the taxi drivers and tour operators that transport guests to the property from Nassau Cruise Port.
“Our number one client at all the factories are the cruise ship clients,” said Mr Garzaroli. “We depend on our taxi drivers, our tour operators. I can tell you they are stars, and spectacular guys and ladies. They are the heartbeat of our operation, and without them we couldn’t exist.
“A real huge thank you to them, because we owe our success 100 percent to them. Our team does a great job, but if it wasn’t for them bringing people here. It’s bus loads of people, and it’s just a whole machine.” Mr Garzaroli said it is humbling to see so many guests traverse his property daily and, with current expansion plans, he aims to facilitate up to 5,000 visitors daily.
“To sit here on a six-ship day, and you just look at and reflect back to when we first started. We’d have 10 or 15 people on property. On a busy day, you’d have like 20 or 25,” said Mr Garzaroli.
“We’ve had to expand. We have a parking facility at the end of the street, and it’s a matter of just the sheer volume. Some days it’s so many people that are here and my lofty goal is to have 5,000 people a day here. With all the stuff that we have planned here, and all the future projects that we’re looking at doing here, I’m just so proud, because it is an authentic Bahamian experience, and that’s what we’re going for.”
Mr Garzaroli added that Bahamians have been a major source of support by participating in classes
The Town Hall meeting will be held on 5.30 pm on November 14 at the Holy Trinity Anglican Church Activities Centre. The Bureau said the meeting will provide an opportunity to connect with and support Bahamian entrepreneurs, and attendees can learn how the certification “can boost our economy”. The certification was unveiled during a panel discussion involving Duran Humes, chief executive of Plato Alpha Design; Onasis Nottage, co-founder and managing director of RSLT Lab; and Hussain Hadi, head of publishing at the International Organisation for Standardisation. All spoke on innovative ways AI could be used and how dangerous it can be.
and recommending Graycliff to visiting friends.
“The local population has really embraced us, and it is unbelievable the amount of locals that are doing all of our classes and come to do blending,” he added.
“Any time they have people in town, they bring them here. As a Bahamian, if I wasn’t the owner, I’d be proud to bring my friends here, because it is a world-class facility. It is accessible to everybody. We have everything from really the inexpensive things to super-expensive. There’s the whole gamut of everything.”
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‘Market share fight’ as yacht charters fall 40%
organisation supported and contributed to Mr Amann’s report, told Tribune Business yesterday the industry was “eager” for the study’s release in the hope it might help persuade the Government to alter policy towards the sector ahead of the upcoming Fort Lauderdale Boat Show at month’s end.
Reiterating the study’s call for greater collaboration between the Government and industry stakeholders, he emphasised that the ABM is not calling for taxes and fees to be eliminated but, rather, set at a level visiting boats, yachts and charters “can live with” such as the 4 percent Port Department levy.
With a replacement online portal for visiting boaters to clear into The Bahamas, and pay the necessary taxes and fees, yet to emerge, Mr Maury said this - together with new regulatory processes and interventions such as the Immigration Department’s $200 per person processing fee to extend visitor stays - is making it harder for vessels, crews and passengers to conduct business in this nation.
And, with the advantage of being one of the first jurisdictions to open to visiting boaters post-COVID now eliminated, the ABM chief said “our competition has got stiffer and we are not the only place to go” while warning The Bahamas must now battle to regain the foreign charter and other business it has lost.
“The biggest takeaway is let’s get the whole process streamlined with one
portal like we had before, and maybe more people will start coming back,” Mr Maury told this newspaper of the study’s main message. “These other jurisdictions have opened up and that’s not helping us either. “We’re going to have to fight to get our market share back, and with the difficulties we’ve made, forget it. It would take us years for us to get it back. We now have many more slips to fill.
After COVID had gone, The Bahamas opened up and we were successful in getting a big market share of what existed at the time because we were ahead of everyone else.
“Now, that’s gone away. Cruise ships, resorts, all sorts of things are around now. Our competition has got stiffer, and other jurisdictions have opened up and built marinas. For businesses to make money and the Government get taxes out of this, we have got to get competitive with the rest of the world. We are not the only place to go. We are not the only destination any more. It’s got way more competitive.”
Mr Maury said the western coast of South America was emerging as a major boating competitor due to the ability of large vessels to transport high-end yachts to this region via the Panama Canal. “Our biggest competitor is not the Caribbean any more,” he added. “Now, with the larger vessels, they are shipping yachts right through the Panama Canal and dropping them off in the Pacific at a higher rate than I’ve seen.
“We need to be mindful of that. It just seems that
nobody in our government understands what is going on in the industry but they make policy. We definitely need greater government and private sector collaboration because we are making simple processes way too confusing.
“We’re trying to get the word out. We need some help so they [the Government] can bring some good news to the Boat Show. They can sure fix this quickly. We’re eager for some kind of change before the Boat Show on the 28th.”
The Davis administration, though, has sought to justify the boating-related fee increases by accusing many foreign yacht charters of evading and avoiding the 4 percent Port Department fee that had been in place for years. As a result, these vessels - and their owners and operators - were enjoying a ‘free ride’ by using The Bahamas maritime environment, in particular, for their business will contributing nothing to its upkeep.
Michael Halkitis, minister of economic affairs, argued in the wake of VAT’s introduction in the 2022-2023 Budget that the foreign yacht charter industry had for years “enjoyed a windfall at The Bahamas’ expense” by using this country’s marine environment and natural resources to earn millions of dollars without paying its fair share to the Public Treasury.
And Dexter Fernander, the Department of Inland Revenue’s operations chief, told Tribune Business recently he is “baffled” at assertions that yacht and boat charters are facing significant delays in obtaining
TINs because there is a “fast track process” for their issuance given that this represents “easy money” for the Government.
A key feature of the administration’s tax policy, in its search for greater revenues for the cash-strapped Public Treasury, has been to raise fees on foreigners - primarily tourists - while being careful to avoid increases that would turn off the voting Bahamian public.
This has led to the increase in cruise passenger departure taxes, as well as the imposition of tourism and ‘environmental’ levies, as well as the hikes levied on both the boating/yachting and private aviation industries. The last two, in particular, appear to have been singled out because their customers are perceived as wealthy and therefore able to easily absorb and afford the increases.
There are also solid arguments for some of the increases. Certain fees have not been raised for years, thus failing to keep pace with inflation, while the environmental impact from the cruise industry needs to be offset. Bahamian tour and excursion operators have hailed the VAT on foreign yacht charters as helping to create a more level playing field for them by evening out the taxation burden.
Mr Maury, though, said yesterday that the Government needs to look at the wider picture. He argued that the fee increases have coincided with more cumbersome and bureaucratic processes, with visiting boats now needing to often
PM PLEDGES FULL ENERGY REFORM DISCLOSURE WITHIN
“This 62 MW that has now been commissioned today is part of 177 MW that we are going to see to happen very soon. We will be adding solar microgrids to the mix, as well. We have already awarded 75 MW of solar installation to three different providers.
I’m advised that, within the next month, you should be seeing those contracts being concluded.
physically visit agencies such as the Port Department and Immigration to obtain all the approvals they require and pay the associated fees. This has also combined with the post-COVID cost of living crisis, which has made food, electricity and other supplies that visiting boats obtain in The Bahamas far more expensive. “We’re not growing the business for Bahamian companies,” the ABM president added. “There’s no communication with the industry, stakeholders. Everybody throws in what they think is best.
“We’re seeing it in aviation, seeing it in other industries, where people say it’s not getting easier to do business in The Bahamas and cost is a big part of it. ...A lot of us know these captains personally and individually, and they’re telling us we love coming to The Bahamas but it’s become [cost] prohibitive.
“Over-bureaucratising it is not going to get the business back. I’m not saying to go to zero [on taxes] but let’s make it something they can live with. The Port’s 4 percent, nobody couldn’t live with that.” Mr Maury again lamented that the promised replacement for the marina industry’s SeaZPass portal, which was ordered closed by the Ministry of Finance, has yet to materialise two-three years later.
That portal enabled incoming boats to clear into The Bahamas online and pay their 4 percent Port Department charter fee. Mr Maury said it collected $4.5m in revenue but, despite the 2024-2025
THREE WEEKS
Budget allocating financing for DigieSoft Technologies to develop the $3.355m replacement, this has yet to occur. The ‘Yachting in The Bahamas’ paper added: “Demand is increasingly shifting towards multidestination trips across the Caribbean, as yacht owners seek longer stays, privacy and unique cultural experiences. To remain competitive, countries like The Bahamas must improve marina services, streamline regulations and collaborate regionally to retain their status as a premier yachting destination....
“The yachting industry is a key contributor to The Bahamas’ economy, driving tourism, job creation and tax revenue. While the sector faces challenges, including increased taxes and regulatory hurdles, there remains significant potential for growth. Strategic investments in infrastructure and reforms to simplify the regulatory environment will help The Bahamas maintain its competitive edge as a top yachting destination in the Caribbean.
“Collaboration between government and industry players is vital to ensure tax policies remain attractive to yacht owners and charters. By focusing on sustainable growth, supporting local businesses,= and enhancing infrastructure, The Bahamas can harness the full potential of its yachting industry, ensuring long-term economic benefits and stability.”
between BPL and Bahamas Utilities Holdings,” said Mrs Coleby-Davis.
The three renewable providers referred to by Mr Davis are Compass Power, Inti Corporation and Eco Energy.
Cameron Symonette, head of the Symonette Group, is a principal of Compass. Inti Corporation, whose head is Owen Bethel, the former Bahamian financial services executive, has played a key role in developing the first two renewable energy projects that are supplying Grand Bahama Power Company.
Mr Davis declined to give any details about the terms of the generation PPA that has been agreed with
“We’re ensuring that we add at least solar to the mix so this is the beginning of what is to come. Hopefully by the end of 2025 it will all be in place and the Bahamian people will recognise the transformation that we have done to our electricity landscape.”
Bahamas Utilities Holdings, another subsidiary of BISXlisted FOCOL Holdings. A PPA sets out the cost/price at which its 177 MW plant will supply energy to BPL, as well as the duration of the arrangement. Such PPAs typically last for between 20-30 years to allow private investors to make a return on their investment.
“I don’t intend to give any details at this time, but we’ll be laying it and we’ll be making it public in due course in Parliament. So, within the next three weeks, we’ll be laying it,” said Mr Davis.
He also confirmed that the separate contract with Bahamas Grid Company
and its manager, Island Grid, plus Pike Electrical to upgrade New Providence’s transmission and distribution electrical grid has been finalised and will be tabled in Parliament at the same time along with the three renewable energy deals.
Promising that there will not be a “piecemeal laying of these documents”, Mr Davis said: “As I indicated earlier, all the documents related to our energy reform will all be laid one time.
“That includes all of the solar grids, utility solar provider agreements. They’re all under negotiations right now. We don’t want to have piecemeal laying of these documents, because it’s a
NOTICE
Incorporated under the International Business Companies Act, 2000 of the Commonwealth of The Bahamas registered in the Register of Companies under the registration number 206114 B.
(In Voluntary Liquidation)
Notice is hereby given that the liquidation and the winding up of the Company is complete and the Company has been struck off the Register of Companies maintained by the Registrar General.
Dated this 11th day of October A.D. 2024
DANIEL GIRARDO DE BRITO LIQUIDATOR
Incorporated under the International Business Companies Act, 2000 of the Commonwealth of The Bahamas registered in the Register of Companies under the registration number 205051 B.
(In Voluntary Liquidation)
Notice is hereby given that the liquidation and the winding up of the Company is complete and the Company has been struck off the Register of Companies maintained by the Registrar General.
Dated this 11th day of October A.D. 2024
BARBARA ELISABETH LAFRANCHI LIQUIDATOR
International Business Companies Act No.45 of 2000 Andremi Holdings Ltd (the “Company”)
NOTICE
International Business Companies Act No.45 of 2000
Andremi Holdings Ltd (the “Company”)
Notice is hereby given that, in accordance with Section 138 (8) of the International Business Companies Act, No.45 of 2000, the Dissolution of Andremi Holdings Ltd has been completed, a Certifcate of Dissolution has been issued and the Company has therefore been struck off the Register. The date of completion of the dissolution was the 1st October 2024.
big picture. We don’t want pieces left out. So, when you have all of them signed, they’ll all be laid and you’ll see them at that time.”
JoBeth Coleby-Davis, minister of energy and transport, said the PPA between BPL and Bahamas Utilities Holdings includes performance benchmarks and penalties for non-performance. She added that it also includes provisions to lock down rates governing the cost at which power is generated to protect businesses and residents from energy price fluctuations.
“Today, we are commissioning two dual fuel turbine engines because of a public-private partnership
“The partnership is guided by a power purchase agreement. PPAs are standard practice in the energy field. The PPA for this project includes clearly defined key performance indicators and penalties for non-performance. Provisions have also been included to lock down rates, which will protect Bahamian households and businesses from large cost fluctuations.
“The partnership with Bahamas Utilities Holdings will allow for BPL to increase its generation capacity, with direct benefits for households and businesses in New Providence, such as improved reliability and electricity service.”
NOTICE
International Business Companies Act No.45 of 2000
Balance Commercial Corp. (the “Company”)
Notice is hereby given that, in accordance with Section 138 (8) of the International Business Companies Act, No.45 of 2000, the Dissolution of Balance Commercial Corp. has been completed, a Certifcate of Dissolution has been issued and the Company has therefore been struck off the Register. The date of completion of the dissolution was the 1st October 2024.
Notice is hereby given that, in accordance with Section 138 (8) of the International Business Companies Act, No.45 of 2000, the Dissolution Andremi Holdings Ltd has been completed, a Certificate of Dissolution has been issued and the Company has therefore been struck off the Register. The date of completion of the dissolution was the
CONTINENTAL LIQUIDATORS INC. Liquidator
NOTICE
CATALAVISA LTD.
Incorporated under the International Business Companies Act, 2000 of the Commonwealth of The Bahamas registered in the Register of Companies under the registration number 207157 B.
(In Voluntary Liquidation)
Notice is hereby given that the liquidation and the winding up of the Company is complete and the Company has been struck off the Register of Companies maintained by the Registrar General.
Dated this 11th day of October A.D. 2024
Fernando Vieira Santos Filho LIQUIDATOR
Notice is hereby given that the liquidation and the winding up of the Company is complete and the Company has been struck off the Register of Companies maintained by the Registrar General. NOTICE
Incorporated under the International Business Companies Act, 2000 of the Commonwealth of The Bahamas registered in the Register of Companies under the registration number 207133 B.
