Bahamas’ efforts to develop a centre for trade in Chinese currency and the announcement of a new restaurant to open at Atlantis Paradise Island in the autumn top the business news at the end of the week.
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Featuring a new family-sized pool, two completely re-built docks at the 75-slip marina, and several improvements to the boutique resorts’ 51-rooms, the Bimini Big Game Club Resort & Marina is preparing for a busy summer season.

Phase I of the renovation programme entailed demolition of the existing pool and rebuilding a new, larger pool (44 ft by 60 ft), updating for the 75-slip marina, and several other capital improvements to the property, including landscaping, painting interiors and exteriors, and new windows, sliding glass doors and ceiling tiles.

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Prime Minister Perry Christie was in Belgium this week for high-level climate change talks, as he completes his term as CARICOM chairman.
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When President of the People’s Republic of China Xi Jinping met with Prime Minister Perry Christie last year they announced an agreement in principle that would allow The Bahamas to trade in Chinese currency.

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Atlantis Paradise Island has announced the opening of Estiatorio Milos restaurant in the fall of 2015.

Milos, a Greek-influenced Mediterranean seafood restaurant, has six locations worldwide.

“Milos is known for its simple yet inspiring presentation of seafood, and there is no better home than Atlantis for this very unique and fresh dining experience,” commented Paul Burke, president and managing director of Atlantis.

“Atlantis continues to stay innovative with its cuisine options in an ever-changing landscape in order to appeal to all guests’ culinary desires.”

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The Foreign Account Tax Compliance Act (FATCA) was added to the United States’ Internal Revenue Code and signed into law on March 2010 as a part of the US Hiring Initiatives to Restore Employment Act. The goal of FATCA is to deter tax evasion by imposing information reporting requirements on financial institutions throughout the world with respect to U.S persons with accounts at those institutions. Financial institutions that do not comply with the FATCA requirements will be deemed “non-Participating Foreign Financial Institutions” and will face a 30% withholding tax on all of their U.S source payments.

In order to facilitate the reporting requirements, the Government of The Bahamas entered into an inter-governmental agreement (IGA) with the United States that details what, when and how information is to be exchanged.

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This is an excerpt from About FATCA as it appeared on June 10, 2015. For updates or to read the current version of this post in its entirety, please click here.

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June 09, 2015 ATLANTA (Business Wire) – Popeyes® Louisiana Kitchen today announced another perfect pairing, spicing up The Bahamas with two big announcements – the extension of its title sponsorship of the Popeyes® Bahamas Bowl and the signing of a new multi-restaurant development agreement in The Bahamas.

“This news signifies the reach and power of the Popeyes brand,” said Hector A. Muñoz, Chief Marketing Officer – U.S. for Popeyes. “We have established a new tradition with the Popeyes Bahamas Bowl that will allow us to connect with fans in a forum they love—college football. If that isn’t enough, we will be bringing the flavors of Louisiana to The Bahamas as it becomes our newest area for development. Big brands do big things and we cannot think of a better demonstration of Popeyes growth and success. We are pleased to make these announcements!”

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The Melia Nassau Resort on Cable Beach is partway through a multimillion dollar upgrade, which includes refurbished restaurants, lobby, bars and front desk.
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NEW YORK June 2015 (Marketwired) – The Honorable Obie H. Wilchcombe, Minister of Tourism, The Islands Of The Bahamas, spoke on a panel, joined by other Caribbean Tourism Ministers to discuss the significant Caribbean diaspora in the US, particularly the New York region, during Caribbean Week, hosted by the Caribbean Tourism Organization (CTO) on June 2nd, 2015. The panel, titled, “Bringing Home the Business – Tourism Investment Opportunities at Home,” was one of the headlining events of week-long Caribbean Week was held at Wyndam New Yorker Hotel in New York, New York.

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May 2015 (State.gov) – The Bahamas maintains a relatively stable environment for investment and demonstrates a long tradition of parliamentary democracy, respect for the rule of law and a well-developed legal system, and security of life and personal property. It aggressively promotes its liberal tax environment and freedom from many types of taxes, including capital gains, inheritance, and corporate or personal income taxes. U.S. companies find that The Bahamas’ proximity to the United States, common English language, and the exposure to U.S. media and culture contribute to Bahamian consumers having general familiarity and positive attitudes towards U.S. products. The Bahamas conducts approximately 80% of its international trade with the United States.

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