The Bahamas Investor

...tion that few have in this hemisphere is truly an honour and speaks to the commitment by our airport stakeholders to run a safe and efficient airport.” Walkine continued: “What we have built here, through a collaborative effort, is an airport that I believe Bahamians are proud of. We’ve invested in the systems to improve the overall function and continue to work towards improving customer service and making LPIA an airport that is not only a point......

...in Dallas, Texas, and their home in The Bahamas, where he is constantly lobbying for greater emphasis on the sport he loves. “It’s really important that we get some good programmes here because we definitely have the talent,” says Knowles. “The government has slowly but surely looked at tennis … and I would love nothing more than to see these young Bahamian tennis players come up through the ranks and leave me in the dust. There’s a huge opportuni......

...e country. Our industry partners [in The Bahamas] say they garner a lot of comfort from the fact that their minister is with them at these events.” Strachan does not take her role as ambassador lightly. She is well aware that she represents not only the financial services industry, but also the country saying: “You make the most of it; you try to be prepared when you go out and sell The Bahamas. You need to show your country’s wonderful attributes......

...Investment Board. This can be the most challenging part of the transaction for foreign investors; however, their legal counsel and/or real estate agent can guide them through the process. Additional costs The property purchase will also involve closing costs that are in addition to the purchase price. They traditionally consist primarily of legal fees, government stamp tax, recording fees, bank commitment fee and, in some cases, real estate commis......

...ensure proper revenues due the government are collected. As the government prepares for the 2012/2014 Budget, the Prime Minister foreshadowed a comprehensive review of policies to enhance revenue collection and government fees that would be due. “This should be done throughout all Ministry portfolios where revenue to the government can be more efficiently collected and otherwise adjusted to be more in line with either international or industry nor......

...xtremely exciting because it opens up The Bahamas,” she says. “When people come for arbitration, what do they need? They need local lawyers, restaurants, hotels, entertainment, court reporters, translators and many others in the service industry. It is going to be a huge leap forward for us. It is going to enhance any business sector and it will enhance our jurisdiction.” According to the AG, Grand Bahama is the ideal location for such a hub, with......

...aws and conventions countries require airlines and other aircraft to pay a fee for the right to overfly their airspace. The administration of these rights has been performed by the United States Government via the Federal Aviation Agency (“FAA”). Notwithstanding our Independence in 1973 Bahamasair and other carriers in The Bahamas have continued to pay the FAA for the right to fly within The Bahamas. The revenues earned to this point for all aircr......

...rd and Management continue to seek ways to deliver meaningful cost savings for the Company, and are more than ever personally committed to the success of the Company having agreed to take further fee reductions. Commitment to the project is such that I, along with key fellow executives will be deferring 90% of our salaries to be paid contingent on a farm out agreement. This further ensures we are working towards the same goal and are totally align......

...its fee deferral from 1 April 2016 to 50% of contracted entitlements, 90% for CEO Company has saved a total of $678k in cash fees / salary outgoings since the deferrals commenced in 4Q 2014 As at 30 June 2016 the Company had a total cash balance of approx. $2.5m Simon Potter, Chief Executive Officer of Bahamas Petroleum Company, said: “Significant “above ground” progress has been made this year with the passage of the Petroleum Act and implementa......

...hrough the licensing process, but will be exempt from the business license fee for 2018,” Prime Minister Minnis said. Prime Minister Minnis also announced that the Cabinet of The Bahamas has approved the launch of the Small Business Development Centre of The Bahamas, scheduled for this year. The initiative will be spearheaded by the government, in conjunction with the University of The Bahamas and The Bahamas Chamber of Commerce and Employers’ Con......

...egistered provider of the software in The Bahamas. “VMware is a no-brainer for companies,” says Xeroudakis. “It is the present market leader. It was important to us to associate ourselves with the proven success story.” In April 2012, the company attained VMware “enterprise” status, meaning that it has demonstrated a high level of expertise, and allowing it to access VMware products, licenses and support services. “It is very difficult to get ente......

...processing fee. The existing policy is that when the Bahamian spouse of a foreign national applies for a Resident Spousal Permit within the first five years of marriage, the Department acknowledges receipt of the application in writing and invites both husband and wife to visit the office for an interview. The application file is reviewed by the Director of Immigration and a decision is made to issue one of the following: Resident Spousal Permit......

...s may fall under the scope of the provisions. As part of its wider goal of comprehensive tax reform, the government will also establish a central revenue agency, eliminate certain customs duties and introduce excise stamps on tobacco products. According to the Minister, the annual revenue of the current tax system contributes around 17.5 per cent to 18 per cent to the country’s GDP. He estimates that this could rise to “well above 20 per cent” wit......

...ing in (or from) The Bahamas are required to register with, or be licensed by the commission. The statutory body is also empowered to regulate investment funds and to license their administrators. Heading the regulatory body is chairman Philip Stubbs, who was appointed in 2007. He also serves as acting executive director, an interim appointment that became effective September 1, 2010. Prior to his appointment as chairman of the commission, he serv......

...d have earned interest for a full year.” Amid an environment of high nonperforming loans, Commonwealth Bank continued to record low levels of impairment in its portfolio when compared to the industry averages. As a result the bank was able to reduce its loan impairment expenses by $3.4 million compared to 2013. Charged off loans declined by almost $6.5 million in 2014 to $28.4 million, while at the same time, balance sheet allowances for loan impa......