The US Internal Revenue Service (IRS) yesterday released a fact sheet on the last substantial package of regulations necessary for the implementation of the Foreign Account Tax Compliance Act (FATCA).

FATCA was enacted in 2010 by Congress to target non-compliance by US taxpayers using foreign accounts. FATCA requires foreign financial institutions (FFIs) to report to the IRS information about financial accounts held by US taxpayers, or by foreign entities in which US taxpayers hold a substantial ownership interest.

Download or view the IRS FATCA fact sheet here.

The Bahamas is realizing the trickle down benefits of its growing tourism industry, according to Minister of Tourism Obie Wilchcombe, who said that the economic benefits are being felt in all aspects of the community from healthcare to education and are a driver for development across the board.

“The Bahamas offers a unique model of how tourism can work. We have been able to provide for sustained growth,” he said, addressing the Small Island Developing States (SIDS) conference in Nassau earlier this week. “We have a tremendous amount of opportunities. We can use tourism to alleviate poverty. We have been able to grow our nation and we are continuing to do so.”

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The government of The Bahamas is to sign an extended Heads of Agreement for a major expansion of the Albany luxury residential development on New Providence. Watch a ZNS Network news report here.
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Rt. Hon. Perry Christie, Prime Minister, Commonwealth of The Bahamas speaking at the Small Island Developing States Conference on 19 Feb 2014. (Photo Harry Cutting/©Dupuch)

Prime Minister Perry Christie has said that he wants to diversify the Bahamian tourism product to reflect the country’s unique history and culture, and has spoken of plans to develop a museum and historical attraction in San Salvador to capitalize on that island’s connection to Christopher Columbus.

San Salvador is believed to be the first land Christopher Columbus discovered on his landmark 1492 voyage to the New World. The government want to mark his landing site with a museum featuring replica ships from the era. The Prime Minister also said he wanted to establish a model Lucayan Village and turn the ruins of the early 19th century Farquharson plantation into a tourist attraction.

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Hugh Riley, Secretary General, Caribbean Tourism Organization speaks at the Small Island Developing States Conference on 19 Feb 2014. (Photo Harry Cutting/©Dupuch)

In 2013 the Caribbean welcomed over 25 million visitors and this number is expected to climb to 33 million by 2015, according to figures from the United Nations World Tourism Organization.

“In the midst of the hardships of 2013, the Caribbean passed that 25 million person mark and was able to welcome more visitors to the region than ever before in our history,” said Hugh Riley, secretary general of the Caribbean Tourism Organization (CTO), quoting the figures during his address at the Small Island Developing States conference in Nassau yesterday.

Riley said the CTO was focused on promoting the region as a year-round choice to avoid any slumps during the traditional off-peak seasons.

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Obie Wilchcombe, Minister of Tourism, speaks at the Small Island Developing States Conference on 19 Feb 2014. (Photo Harry Cutting/©Dupuch)

Leaders from across the Caribbean converged in Nassau today to discuss challenges facing the region’s tourism industry and how to overcome them to deliver sustainable growth.

Welcoming visitors to the Small Island Developing States (SIDS) conference held at the Melia Resort on Cable Beach, Minister of Tourism Obie Wilchcombe said: “Tourism is the most resilient economic engine the world has ever known. We must have the courage and the will to discuss what we can do to lift our industry.”

The Minister spoke of his pride at how far The Bahamas’ tourism industry has advanced in the last few decades saying: “We celebrate all that we have done and the journey we have travelled.”

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The “16 Weddings, 16 Islands, One Priceless Day” marketing campaign was launched in New York City recently, with the Ministry of Tourism hosting a lunch event for travel journalists.
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Minister of Tourism Obie Wilchcombe says that The Bahamas has secured future services from international airlines and is looking to increase airlift to the Family Islands. Watch a ZNS Network news.
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A Family Island resort has reopened following a major refurbishment. Watch a ZNS Network news report here.
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High-speed mobile data services are to be implemented across the archipelago by the end of the year, according to BTC senior manager of public relations Jerome Sawyer.
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