The Bahamas Investor

...ted with sun, sand and sea, and then the people. We believe that over the years we’ve understood the importance of tourism to the building of our economy and the Bahamian people have been major players, and so today we are continuing to develop the product. “Heritage tourism is working for us, religious tourism also because we do have a spiritual component in our country. Then there’s sports tourism because of the fact that people can have their p......

...spent $250,000 on radio advertising, which is due to air in the Miami and Fort Lauderdale area by the end of the year, and hopes to branch out into television commercials in the future. In addition, the GBITB, in partnership with the Ministry of Tourism, will be extending the Instant Air Credit (IAC) programme, which allows visitors to earn credit on their airfare and runs over the summer months. The Board also intends to invest $50,000 on updati......

...e will be spending a lot of time educating business [and] getting business comfortable with the process.” Wayne Lovell, senior director of tax for KPMG Barbados , also spoke at the event, which took place in the British Colonial Hilton . He warned businesses to ensure their staff were adequately trained and advised them to invest in consultancy services if necessary. “Make sure you have at least two people that are familiar with the filling of the......

...eve greater results.” “The expansion of choice for funding and access to capital is necessary to provide sustainable means of creating commerce and expanding opportunities not only for SMEs, but also for all business.” “It is important that smaller business continues to aspire to be big business.” cmorris@dupuch.com......

...resent an opportunity–not just for the financial services sector, but also for the Bahamas’ tourism industry, according to Julius Baer chief economist Janwillem Acket. The Swiss economist predicts that the fastest growing economies in 2013 will be those in Asia, Latin America and Africa and says targeting wealthy tourists from these areas could significantly boost the Bahamian tourism sector. According to Acket, Asia has a high concentration of hi......

...through a National Resort Development Initiative. Meantime, promotional efforts will explore opportunities for tourism growth in niche markets including film, entertainment, sports, health and religious tourism, as well as medical, heritage and eco-tourism. The cultivation of new markets in Asia and Latin Amercia is also expected to form a key part of the national tourism promotion plan. In other tourism-related developments the government intend......

The Bahamas “has made significant strides” in preparing for the US Foreign Account Tax Compliance Act (FATCA) , which comes into force in January 2013, according to accounting firm Deloitte ‘s lead partner for the FATCA initiative, Lawrence Lewis. “Financial institutions [in The Bahamas] have been pressing forward, identifying what they need to do. Vis-a-vis the world stage, we have not been that far behind,” he says. FATCA requires all Foreign F......

...eight Terminal. Construction at the port is expected to be “substantially” completed by April 15, according to Maura, who says that all container vessels will then be relocated to Arawak Cay. The Freight Terminal on Gladstone Road will become operational on May 15 to coincide with the revocation of transit shed privileges on Bay Street wharfs. Both the new port and Gladstone Road terminal are expected to be fully completed by the end of the year.......

...vide information on FATCA, which was enacted in January this year and will come into full force from next year. Under FATCA every foreign financial institution (FFI) with US accounts will be forced to disclose information on those accounts to the US Treasury. The Prime Minister said the new regulations were indicative of the global trend towards greater transparency, telling the audience: “We meet today in The Bahamas to discuss a subject that is......

...vestment into the region to be able to expand our tourism product and therefore maintain our global competitive position as the world’s leading warm weather destination,” says Josef Forstmayr, president of the Caribbean Hotel & Tourism Association (CHTA). “This year’s investment conference programme will be geared to jump start the investment opportunities in the tourism industry and will feature a varied programme geared towards developing the ne......

...e highest-quality flight experiences by delivering premium service and the comfort and convenience they value and deserve.” Silver Airways has secured agreements with Saab Aircraft Leasing to purchase 12 Saab 340Bplus aircraft. The airline has accepted delivery of the first three to date, with the remaining aircraft expected to complete integration into the Silver Airways fleet by September this year. Each aircraft is subject to a period of inspec......

...o take advantage of the wealth of technical and financial support provided by Compete Caribbean. “We would like to be a resource for you,” she told the audience at the event held at the Sheraton, Nassau. “We would like you to take advantage of the resources that are available.” Executive director of Compete Caribbean Jose Jorge Saavedra echoed this message calling the $40 million programme, which is funded by the IDB, the UK Department of Internat......

...as used as a training vessel in Germany and will now be operated and owned by Grand Bahama Nature Tours . It will be used as a tourist attraction, for hosting cocktail receptions and functions, and to train Bahamian sailors. According to Grand Bahama Nature Tours owner Erika Gates, the ship has already attracted a lot of interest with Carnival Cruise Line signing on for twice daily coastal cruises. Gates expects the ship to bring in an extra 500 t......

...RCA continues to shape its leadership and staffing resources based on the regulatory demands for specialised professional needs in economics, finance, communications, law and telecommunications engineering.” cmorris@dupuch.com......

...high unemployment rates and geopolitical upheavals. According to long-term forecasts conducted by UNWTO, global growth in international tourism will continue, but at a much more moderate rate in comparison to its 4.2 per cent growth per annum during 1980-2010. Global tourism is expected to grow some 3.3 per cent per annum to reach 3.3 billion arrivals by 2030. The Caribbean, however, is projected to grow beneath that average, with a two per cent a......