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Caribbean Heritage Former Athlete Embraces Major  Corporate Role At Google

News Americas, New York, NY, Thurs. March 14, 2024: Jamaican-Canadian former professional ice hockey player, Chelsea Ziadie, who retired from the sport in 2020, is embracing the challenge of her major new role with corporate giant Google.

Ziadie, a Harvard graduate and daughter of former Jamaican soccer players Debbie Doyle Ziadie and the late Christopher Ziadie, was recently promoted to the position of Senior Account Manager, Google Customer Solutions.

Former Jamaican Canadian professional athlete and rising star, Chelsea Ziadie is now at Google. (PHOTO COURTESY OF ANTHONY LEGG)

 In her new capacity, Ziadie now works on developing and executing business strategies for nearly 60 small to medium sized Google business accounts.

“I specialize in growth in the retail and commerce sectors,” she says. “And in addition to my core role, I am also a Sales Inclusion Taskforce Ambassador as well as a Diversity, Equity, and Inclusion Pillar Lead- working with my colleagues to ensure that Google continues to prioritize and develop inclusivity and overall wellbeing for its employees across the organization.”

Prior to joining Google in 2021, Ziadie was also employed at Morgan Stanley as a Financial and Wealth Advisor Associate, managing accounts worth several million dollars.

Ziadie in her days as a hockey player ( PHOTO COURTESY OF SYDNEY CLAIRE)

Her latest professional accomplishment is a far cry from her days as a rising star in the fast paced world of women’s ice hockey, in which she was deeply immersed for much of her life until stepping away some four years ago. Yet according to Ziadie, “There’s no doubt in my mind that my ability to transfer many of the skills that I employed in my sport- leadership, tenacity, team building and empathy- assisted me in making the transition from the locker room to the boardroom. In many ways, being part of a professional sports team is the same as being part of a business organization- everyone has a role to play in helping the team to win.”

A career in professional sports- even temporarily- was perhaps always in the cards for Ziadie, considering her unique family background.

She was born in Montreal into a family of athletes. In addition to both her parents having represented Jamaica in soccer at the international level, her uncles Nicholas and Craig Ziadie and her grandfather the late Dennis Ziadie were all national soccer players for Jamaica also. Additionally, her older brother Ryan briefly pursued a pro career in ice hockey as well.

 After spending her early childhood years in Jamaica, she moved with her mother and brother back to Montreal. There, she played  soccer and ice hockey, ultimately going on to the prestigious Hotchkiss School in Connecticut where she represented the institution in both sports as well as in track and field.

As a teenager, Ziadie was a part of Team Quebec and Team Canada Under 18 Women’s Hockey, winning a bronze medal at the Canada Winter Games in 2011. Moving on to Harvard , she was part of the school’s Varsity Ice Hockey team, became an Ivy League Champion and was awarded several accolades during her four year college sojourn, including the 2018  MVP Award- all while pursuing her BA Degree in Sociology and Economics.

It was in 2018 after graduating from Harvard that she signed her first professional ice hockey contract with the Metropolitan Riveters in the National Women’s Hockey League (NWHL) and Professional Women’s Hockey Player Association (PWHPA).

She would remain with the league for two years, juggling her ice hockey career with her job at Morgan Stanley- a challenging experience but one that provided invaluable lessons in the art of multitasking.

“I would routinely wake up at 4am and leave my Manhattan apartment to travel to New Jersey for my 6:30am practice,” Ziadie recalls,  “And then return to the city to start my full day of work as a financial professional in the corporate world. My ability to balance both professions was due entirely to my  discipline and time management skills, which continue to serve me very well today.”

Ultimately, she elected to retire from the sport after two years in the league when the 2020 season was cancelled due to COVID. Having played for over twenty years she decided that amidst the uncertainty, the time had come to hang up her skates. However, she is happy to note the changes that have taken place in the sport in the years since her retirement.

“The sport was -and still is- a growing one for women in North America, and at that time the financial support unfortunately wasn’t available to compensate players sufficiently for us to make it a full time profession. So I chose to step back to focus fully on my business career. But I’m happy to see that as the popularity of the sport has increased, so have the contracts that players can now negotiate.  And I’m hopeful that the trend continues so that ice hockey will become yet another sport that young girls can aspire to actually earn a living from.”

She remains grateful for the role that professional sports has played in enhancing her personal and professional lives, in much the same way it did for her parents.

“My parents have always been my greatest role models and I saw firsthand how they applied the lessons they learnt as sporting professionals to the careers they undertook afterwards.  They were my biggest motivators as I pursued my own athletic endeavors. My mom is still my number one cheerleader and although my dad passed away in late 2022, I still feel his presence encouraging me constantly, urging me to stay focused and to go for my goals.”

For now, her current goal is to apply her lifelong commitment to excellence to her new role at Google.

“Working at Google has been an incredible opportunity to collaborate with truly creative thinkers and growth oriented individuals,” said Ziadie. “One area that I will continue to focus on while here is the blending of my finance background with my new experience in tech, which I hope will ultimately lead to my working on the Google Growth fund.”

St Kitts and Nevis Paves the Way for its Global Citizens to “Connect, Collaborate and Celebrate” at the Investment Gateway Summit

News Americas, Basseterre, St. Kitts, Fri. March 08, 2024: The Government of St Kitts and Nevis have ushered in a new era of investing through the “Investment Gateway Summit”, calling for its economic citizens to visit their home. Global investors and high-net-worth individuals (HWNIs) can explore endless opportunities whilst being hosted by the Government. 

St. Kitts & Nevis

The Prime Minister of St Kitts and Nevis, Honourable Dr. Terrance Drew, along with his Government, extends a personal invitation to citizens and investors to attend the exclusive inaugural Investment Gateway Summit from 11 to 15 May 2024.  

This significant event is an opportunity for Kittian and Nevisian citizens around the world to return home to discover how the twin-island federation is utilising economic diversification to advance developments and our citizens. 

This personal invitation from Honourable Dr. Drew, is an experience not to be missed to learn about the Sustainable Island State Agenda from the Government and key speakers , while connecting and building with visionary leaders, global businesspeople, and economic citizens. 

During the five-day Summit, economic citizens can engage and interact with national leaders and global experts. They can also explore the natural wonders the islands have to offer, with unique premium experiences to share with the world. 

Please click here to secure your exclusive spot at the Investment Gateway Summit. 

What to Expect from the Summit?

As an economic citizen, this will be your opportunity to connect with like-minded individuals in various businesses and network with businesspeople. 

Economic Citizens will have the opportunity to experience firsthand what initiatives St Kitts and Nevis are engaging in and the progress of each development. 

Learn about St Kitts and Nevis’ economic outlook for 2024 and beyond in addition to understanding how economic diversification can inspire change. Investment-led projects in the twin-federation and how you can become part of these exciting developments will be presented. 

Gain insights into the Sustainable Island State Agenda and why it is an essential element in the “Investment Gateway Summit” in May 2024. 

The Sustainable Island State Agenda key focus is on seven pillars: 

1. Food security 

2. Green energy transition 

3. Economic diversification 

4. Developing the Creative Economy 

5. Post-pandemic recovery 

6. Attract and support sustainable organisations 

7. Extend social protection and safety for vulnerable individuals 

These seven pillars form part of the Sustainable Island State Contribution (SISC), which is an exciting new investment option under the Citizenship by Investment (CBI) Programme

The SISC is an opportunity to contribute to the development of a new nation. It’s a secure and sustainable option for savvy investors looking to make a strategic investment. 

Collaborative sustainable development initiatives will nurture economic and community development and extend shared values of excellence. 

“Connect, Collaborate and Celebrate” with Us

If you’re interested in promoting your brand, business services, or exploring sponsorship opportunities, feel free to leave a comment here along with your inquiry in the contact form. We’ll promptly respond with details on available packages. 

Tickets are limited – make sure to get your early bird tickets! 

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St Kitts and Nevis

Seven Canadian Trailblazers To Be Honored at the 15th Annual University of West Indies Toronto Benefit Awards

NEWS AMERICAS, Toronto, ON, March 7, 2024 (Toronto, ON) – The 15th Annual University of West Indies (UWI) Toronto Benefit Awards celebrates the 2024 Honorees of its fundraiser in support of scholarships for Caribbean students on Saturday April 20th, 2024 at the prestigious Ritz-Carlton Hotel, 181 Wellington Street, Toronto at 5:30pm EST.  The sold-out gala affair is hosted by The University of the West Indies (UWI), top ranked among the world’s best universities, with Scotiabank as Lead Sponsor for the 15th consecutive year.

“The UWI Toronto Benefit Awards has provided 850 scholarships and bursaries to Caribbean students over the years” exclaimed Elizabeth Buchanan-Hind, Executive Director of University’s Institutional Advancement Division. “We know that education is the pathway to success as is evident with those who graduated and have gone onto great careers because they were able to attend The University of West Indies and get a world class education.”

Primary sponsors for this year’s event include Dr. Donette Chin-Loy Chang, Sprott Inc., The Hibbert Family Foundation, and BDO.

Under this year’s theme, Lighting the Way Together, this not-to-be missed night on the Toronto social calendar cultivates a high-profile guest list of corporate executives, public personalities and  community members committed to giving back to the Caribbean diaspora.

The distinguished 2024 Honourees are:

Luminary Award: The Honourable Mr. Justice Hugh L. Fraser, O.C., FCIArb., CollArb, OLY – Mediator, Arbitrator and Human Rights Activist

G. Raymond Chang Award: Mr. Raj Kothari, FCPA, FCA, MBA – Business Leader and Humanitarian

Chancellor’s Award: Air Canada – Global Organization serving the Caribbean

Vice Chancellor’s Award: Dr. Pamela Appelt, OD – Court of Canadian Citizenship Justice (Ret.), Humanitarian; Mr. Stanley J. Julien – Head, Special Accounts Management Unit – Canada, BMO Bank of Montreal, Business and Diversity, Equity and Inclusion Leader; Mr. Deland Kamanga, CFA – Group Head, BMO Wealth Management, Financial Specialist and Philanthropist; Dr. Claudette McGowan – Chief Executive Officer, Protexxa, Global Cybersecurity Leader and Human Rights Activist, Business Leader and Philanthropist

Left to Right (Top): Deland Kamanga, Dr. Pamela Appelt, Raj Kothari,
Left to Right (Middle): Stanley Julien, Dr. Claudette McGowan, Hon. Hugh L. Fraser
Bottom: Air Canada

The Patrons of the UWI Toronto Benefit Awards are Dr. Donette Chin-Loy Chang, Mr. Andrew Chang, Ms. Brigette Chang, and joining them this year are Mr. Kevin Hibbert and Mrs. Ann-Marie Hibbert, both passionate supporters of higher education and the UWI Student Scholarship Fund. Mr. Hibbert was a recipient of the 2023 Vice Chancellor’s Award. 

Lighting the Way Together demonstrates how together, community donations, financial support and inspiration provides a lifeline to students eager to fulfill their educational dreams.

Red Carpet Cocktail Hour – 5:30pm – 7:00pm – 2nd Floor

Dinner, Awards Program, Entertainment – 7:00pm – 10:00pm – 2nd Floor

Air Canada Lyme (After Party) – 10:00pm – Midnight

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Gordon Brothers Offering for Sale by Private Treaty Royal Falcon One Superyacht

News Americas, London, England, Monday, March 04, 2024: Gordon Brothers, the global asset experts, is exclusively offering for sale by private treaty the Royal Falcon One superyacht.

Royal Falcon One was built in 2019 and is the world’s only luxury catamaran superyacht created by Studio F.A. Porsche. The vessel is a generous four-deck, 10-berth catamaran benefiting from best-in-class design and artisanry.

The superyacht has a range of 1,200 nautical miles and boasts onboard facilities including five VIP suites, four crew cabins, 10-seat dining table, three bars and a relaxing sundeck featuring a lounge area and jacuzzi. A shallow draft enables the yacht to access and anchor in the most secluded coves.

“Royal Falcon One presents a unique opportunity for the discerning buyer to acquire a one-of-a-kind catamaran under 500 gross tons,” said Oliver Veart, Director, Marine & Valuations at Gordon Brothers. “The vessel is berthed in Genoa, Italy and available for prompt delivery in time for the Mediterranean summer season.”

For further details, please contact Oliver Veart at ov****@go************.com. For vessel specifications, please visit our website.

Gordon Brothers has established a dedicated marine services and valuations practice that leverages decades of experience buying, selling and valuing assets in the commercial and industrial economy across Australia, Brazil, Canada, the U.K., Europe, Japan and the U.S. The firm provides advisory services including fleet and vessel renewal analysis, disposition and investment strategies.

About Gordon Brothers

Since 1903, Gordon Brothers (www.gordonbrothers.com) has helped lenders, management teams, advisors and investors move forward through change. The firm brings a powerful combination of expertise and capital to clients, developing customized solutions on an integrated or standalone basis across four services areas: valuations, dispositions, financing and investment. Whether to fuel growth or facilitate strategic consolidation, Gordon Brothers partners with companies in the retail, commercial and industrial sectors to provide maximum liquidity, put assets to their highest and best use and mitigate liabilities. The firm conducts more than $100 billion worth of dispositions and appraisals annually and provides both short- and long-term capital to clients undergoing transformation. Gordon Brothers lends against and invests in brands, real estate, inventory, receivables, machinery, equipment and other assets, both together and individually, to provide clients liquidity solutions beyond its market-leading disposition and appraisal services. The firm is headquartered in Boston, with over 30 offices across five continents.

St Kitts And Nevis Unveils the Investment Gateway Summit

News Americas, Basseterre, St. Kitts Feb. 29, 2024: The Government of St Kitts and Nevis proudly announces a landmark achievement in its ongoing commitment to realizing the Sustainable Island State Agenda. In a ground-breaking move, the nation unveils an unprecedented initiative aimed at fostering collaboration and investment to propel the twin-federation into a prosperous future. 

This pivotal moment not only signifies a significant stride towards sustainability but also underscores the Government’s visionary approach to uniting its global citizens. In an extraordinary display of inclusivity, St Kitts and Nevis extends its arms to every citizen worldwide, ushering them to partake in shaping the nation’s trajectory. 

The Government will host their inaugural event, “The Investment Gateway Summit” in May, marking a historical moment in the country’s journey towards fulfilling the Sustainable Island State Agenda. This momentous event presents an unparalleled opportunity to collaborate and invest in shaping the future of the twin-federation. It’s a personal invitation from the Prime Minister of St Kitts and Nevis, Honourable Dr. Terrance Drew, and his Government to engage citizens and investors to come to the country for this exclusive inaugural Investment Gateway Summit taking place from 11 to 15 May 2024! 

Through this forward-thinking endeavor, the Government unites individuals under a common banner – that of being a proud citizen of St Kitts and Nevis, while fostering opportunities for success as entrepreneurs, investors, and innovators. 

Each day of the five-day Summit promises unique events and interactions with the leaders of the country and global experts to ensure an engaging and interactive experience in the twin-island federation.  

Who will attend the Summit? 

This Summit is all about the St Kitts and Nevis citizens. The event also promises a mix of discerning investors, and high-net-worth individuals (HNWIs) seeking prospects; prospective Citizenship by Investment (CBI) applicants and entrepreneurs, CEOs and C-Suite businesspeople and the wider investor immigration community.  

Why is this Summit not to be missed? This is an opportunity to connect with like-minded global citizens, investors, HNWIs and special guests, as well as identify potential new business opportunities in the idyllic twin-island federation. This unique platform will unlock new ventures for growth throughout various sectors of the country’s economy, including agriculture, information technology, renewable energy and tourism. From diverse panel discussions and networking opportunities to exclusive investment highlights and site visits, the Summit is crafted to connect, collaborate and celebrate the country and its global citizens. 

Investment Opportunities in St Kitts and Nevis To showcase St Kitts and Nevis’ commitment to the Sustainable Island State Agenda, the Summit will highlight initiatives that global investors can participate in to nurture community development, empower businesses and foster growth and development. The Government of St Kitts and Nevis together with the Citizenship by Investment Unit (CIU) look forward to hosting this riveting event and opening their nation‘s doors to explore the twin federation’s active investment projects, spectacular beaches, distinct tourism amenities and luxury accommodation. Please click here to secure your exclusive spot at the Investment Gateway Summit. This is not just a unique investment opportunity in a tropical Caribbean country, it is a meeting of minds to form meaningful connections, through engaging workshops and insightful panel discussions. Additionally, the Government aims to build strong communities with shared values of excellence. 

Get Involved Should you like to promote your brand, business services or enquire about sponsorship opportunities, you can leave your comment here with your interest in the contact form, and you will receive a response with available packages. 

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St Kitts and Nevis

These Caribbean Countries Are Now Off The EU’s Blacklist

News Americas, NEW YORK, NY, Mon. Feb. 26, 2024: The European Union has updated its list of non-cooperative jurisdictions for tax purposes, removing several Caribbean nations from its so-called Blacklist.

TCI is now off the EU’s blacklist.

The European blacklist, created in 2017 in the wake of scandals such as the Panama Papers and LuxLeaks, is meant to encourage other countries and jurisdictions to “adopt fair tax policies” and “increase tax transparency.”

The EU announced that these three Caribbean countries are now off its “Blacklist.” They are:

1: The Bahamas

2: Belize

3: The Turks and Caicos Islands.

Those still under scrutiny for their tax governance practices are:

1: Anguilla

2: Antigua and Barbuda

3: Trinidad and Tobago

4: US Virgin Islands

The EU encourages these jurisdictions to amend their legal frameworks to address identified tax governance shortcomings. Included in the list are countries that have either not participated in constructive dialogue with the EU regarding tax governance or have not fulfilled their commitments to enact necessary reforms. These reforms are expected to align with the EU’s objective criteria for tax governance, which emphasize tax transparency, fair taxation, and the prevention of tax base erosion and profit shifting.

The list is revised biannually, in February and October, to reflect changes and is overseen by EU finance ministers. Notably, recent assessments by the Organisation for Economic Co-operation and Development (OECD) Forum of Harmful Tax Practices (FHTP) identified issues in the Bahamas and Turks and Caicos Islands related to enforcing economic substance requirements. However, subsequent recommendations were softened, leading to their compliance with standards for jurisdictions with minimal corporate income tax.

Additionally, Belize and Seychelles were previously flagged by the OECD Global Forum for deficiencies in information exchange but have since implemented rule changes that warrant further review. Meanwhile, Botswana and Dominica received positive evaluations for their information exchange practices, leading to their removal from the list.

Aspirational 100-Million CARICOM Fund Announced

News Americas, NEW YORK, NY, Fri. Feb. 24, 2024:

News Americas, NEW YORK, NY, Fri. Feb. 24, 2024: An aspirational USD 100 million CARICOM Development Fund (CDF) has been launched in Barbados, with Jamaican-owned company, Sygnus Capital, announced as the fund raiser and manager. So far, the fund has only raised US 15 million of its 100 million goal.

The fund’s aim is to be a finance vehicle focused on climate resilience and economic sustainability. The CARICOM Resilience Fund has been under design and development since January 2023, with support from USAID. The Fund will make investments in resilience-focused small and medium enterprises (SMEs) and critical infrastructure projects through flexible debt and equity investments. It will target six key sectors: renewable energy, clean transport, blue economy, sustainable agriculture, ICT, and financial services. The CDF is helping launch the fundraising as an anchor investor by contributing $15 million and technical assistance to help foster meaningful collaboration with the private sector.

Rodinald Soomer, CEO of the CARICOM Development Fund (CDF), noted that the fund’s aim is “to help operationalise the CARICOM Resilience Fund, I am happy to announce that the CDF has appointed Sygnus Capital as Fund Manager. It was very important for us to appoint a manager from this region, as a fund of this nature must be built around solutions that are sensitive and tailored to the needs of our community, taking into consideration our geography, socio-economic dynamics and cultural and political nuances.”

Sygnus Capital will partner with the Rocky Mountain Institute Island Energy Programme to source and evaluate energy and climate projects in the region.

Berisford Grey, President and CEO of Sygnus Capital noted, “Shaping a more resilient and sustainable future for the Caribbean through strategic investments in critical sectors is at the core of Sygnus’ mission. We are honoured to have been entrusted as the fund manager for the CARICOM Resilience Fund (CRF), a groundbreaking initiative that aligns seamlessly with our commitment to fostering regional development.”

Describing the fund as a vital facility, Barbados Prime Minister Mia Mottley during her keynote address explained, “We will now go to heads of Government and to the broader region to encourage others to invest in this vital facility that is being established to help finance adaptation and mitigation projects in the eastern and southern Caribbean, and hopefully there will be interest in the entire Caribbean. Because if we do not have multiple sources of funding up to scale, we simply will not meet the race to be viable, insurable and liveable.”

Strategic Capital Raising Guidance For Caribbean Developers

News Americas, NEW YORK, NY, Tues. Feb. 20, 2024: As US and global financiers recalibrate their investment strategies, moving away from the Caribbean’s once-favored sectors, local project developers find themselves at a critical juncture. The shift has placed a premium on innovation and distinctiveness in project proposals, pushing Caribbean entrepreneurs to refine their approaches to secure vital capital.

The current investment climate underscores the need for projects not just to appeal but to resonate with potential financiers through a combination of strategic planning and storytelling. Here are the pivotal strategies that experts believe can make the difference:

1. A Story Worth Telling: Successful projects hinge on a compelling narrative. An engaging pitch deck that succinctly tells a project’s story, its impact, and potential return on investment stands out in a crowded marketplace.

2. A Plan That Shines: A robust, detailed business plan with an attractive design ensures that key information catches an investor’s eye. Clarity and aesthetics go hand in hand in making a project memorable.

3. The Right Team for the Job: Demonstrating a project’s credibility through the expertise and track record of its team is non-negotiable. Investors invest in people as much as in ideas.

4. Commitment Is Key: A tangible investment from project developers—commonly expected to be around 10% of the total sought capital—signals commitment and confidence in a project’s success.

5. Equity Before Debt: Securing equity partners before approaching debt financing provides a solid foundation, reducing perceived risk and enhancing project attractiveness.

6. Strategic Funding Phases: Articulating a clear, phased approach to funding not only helps in managing resources but also in building investor trust through demonstrated milestones.

7. Transparent Costs: Including broker fees and other costs upfront in financial projections eliminates surprises and fosters trust between developers and financiers.

The consensus is clear: the path to securing investment in the Caribbean’s evolving landscape is paved with transparency, preparation, and strategic partnerships. As the region adapts to these changing dynamics, the role of specialized agencies like Invest Caribbean becomes increasingly crucial. Offering expertise in crafting pitch decks, financial modeling, and investor matchmaking, Invest Caribbean positions Caribbean projects for success on the global stage.

For project developers looking to navigate this challenging environment, the message is to adapt, innovate, and partner strategically. With the right approach, the Caribbean’s rich potential can be fully realized, attracting the investment needed to drive sustainable development and economic growth.

As ICN’s Mastering the Art of Raising Capital podcast guest Jay Dickieson says, a project developer’s job is to chip away at the 100 percent risk factor for any investor by giving them confidence in what you are doing and the more ammunition you can assemble through your team, traction etc.

For further assistance and to explore how Invest Caribbean can help bring your project to fruition, contact us today.

USVI Population Numbers Revealed: Key Demographic Insights

News Americas, Washington, D.C., Thurs. Feb. 15, 2024: The latest U.S. Census Bureau data today unveiled that the population of the US Virgin Islands, (USVI), stands at 87,146, marking a significant demographic snapshot from the 2020 Census.

Here’s a breakdown of the key findings:

Median Age and Gender Distribution: The median age of the total population is reported at 45.9 years, with males comprising 48.6% and females 51.4%.

Ethnic Composition: The majority of the population, accounting for 71.4%, identifies as Black, while the White alone population stands at 13.3%. Additionally, the Hispanic or Latino population accounts for 18.4%.

Household Dynamics: A notable statistic reveals that over two-thirds of grandparents (68.5%) live with grandchildren under the age of 18 in households predominantly led by women.

Educational Attainment: Approximately 22.3% of individuals aged 25 and over hold a bachelor’s degree or higher, indicating varying levels of educational achievement within the population.

Language Demographics: English remains the primary language, with 69.8% of those aged 5 and over speaking English only.

Poverty Rates: The data highlights that 22.8% of all people in households are below the poverty line, indicating socio-economic challenges within the community.

Unemployment: Within the civilian labor force, the unemployment rate stands at 9.7%, with a slightly higher rate among women at 10.1%.

Housing Landscape: Nearly 70% of all housing units are occupied, with 47.8% by owners and 52.2% by renters, providing insights into housing dynamics and occupancy rates.

Bahamian Government Plans Tax Reforms Affecting Cruise Lines’ Private Islands

News Americas, NASSAU, Bahamas, Fri. Feb. 9, 2024: The Government of The Bahamas has announced plans for tax reforms that will impact the Bahamian private islands owned by cruise lines, ending their nine-year value-added tax (VAT) free status. This confirmation comes amidst a reveal of a Department of Inland Revenue “guidance document” from Simon Wilson, the Ministry of Finance’s financial secretary obtained by the local Tribune newspaper.

An aerial view of Coco Cay, the private island for Royal Caribbean International cruise line, in the Bahamas. (Joe Burbank/Orlando Sentinel/Tribune News Service via Getty Images)

According to the document, tax authorities intend to change the tax treatment of goods and services supplied to millions of tourists visiting these locations annually by imposing VAT on all such transactions at the standard 10.0% rate within the upcoming weeks.

Wilson emphasized the government’s disagreement with the International Monetary Fund’s (IMF) suggestion of introducing a personal income tax targeting the top 10.0% of earners, among other reforms, to achieve its 25% revenue-to-GDP goal. He argued that the current tax system possesses adequate “buoyancy” to meet revenue ratio ambitions.

However, the IMF’s proposed reforms, including the implementation of corporate and personal income tax regimes, might face resistance in The Bahamas due to the absence of historical taxation of such kinds. Additionally, their execution would necessitate substantial investment in training personnel and technology for administration.

The Davis administration has set a target for government revenues to equal 25.0% of GDP by the 2025-2026 fiscal year. Yet, without the outlined reform package, the IMF projections indicate that this ratio would persistently remain just below 22.0% through 2032-2033.

These proposed changes, notably the new VAT and discussions regarding a corporate income tax, could signify a positive step for The Bahamas, whose revenues have historically relied heavily on tourism. This dependence renders its economic activity and fiscal position susceptible to industry-related adversities, including climate-related and economic shocks. However, the extent and impact of these tax restructuring measures remain to be seen.