The government of The Bahamas sold the Grand Lucayan March 2, 2020 to a partnership between Royal Caribbean International and ITM (Bahamas Port Investments Ltd), which is expected to make a $250 million investment between the hotel and the redevelopment of the cruise port.

The Heads of Agreement signing ceremony was held on the Great Lawn of the property, some 11 months following the signing of the Letter of Intent March 27, 2019.

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The Central Bank of The Bahamas has released the complete monetary, financial, fiscal and economic statistics through December 2019.

The Statistical Digest is a quarterly publication of the Central Bank of The Bahamas, prepared by the Research Department for issue in February, May, August and November. For more information visit centralbankbahamas.com.

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The Central Bank of The Bahamas has published its list of Supervised Financial Institutions.

Compiled by the Bank Supervision Department which publishes on a quarterly basis, the SFI list includes banks, trust companies, co-operative credit unions and electronic money service providers active in The Bahamas.

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Prime Minister Dr Hubert Minnis presented his Mid-Year Budget Communication in the House of Assembly yesterday.

The Prime Minister shared details of the country’s ongoing recovery from Hurricane Dorian and the fiscal and economic policies his government has introduced to mitigate the long-term impact of the storm.

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Attorney General and Minister of Legal Affairs Carl Bethel led a Bahamian delegation to represent The Bahamas at the Financial Action Task Force (FATF) Plenary session in Paris last week, during which he addressed the task force.

The FATF has made the initial determination that The Bahamas has substantially completed its action plan, and merits an on-site assessment to verify strengthening of the effectiveness of its AML/CFT regime.

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Pictured: Hope Town Lighthouse. Abaco saw a dip following Hurricane Dorian, but Green Turtle Cay remains a real estate hotspot. (Photo courtesy The Bahamas Ministry of Tourism and Aviation)

The Bahamian real estate market has had a mixed year with subdued sales in hurricane-hit Abaco and Freeport but renewed interest in Nassau communities such as Cable Beach and Sandyport.

The total number of residences sold on The Bahamas Multiple Listing Service dropped around 20 per cent last year, according to the Engel & Volkers 2019 Real Estate Market Report which said the dip was due in part to Hurricane Dorian’s devastation of Abaco–traditionally a real estate hotspot.

While the total number of sales in the Abacos were almost half the volume sold the previous year, Green Turtle Cay managed to maintain its market with recorded sales the same as 2018 and an 8.6 per cent increase in prices.

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The newly founded Caribbean Chamber of Commerce in Europe (CCCE) is opening its doors soon, offering Caribbean-based companies an alternative gateway to the continent at a time the UK proceeds its exit from the European Union (EU).

CCCE will promote trade and commerce between the wider Caribbean region, the UK and Europe and attract European investment to strengthen the Caribbean economy.

Joining the cluster of chambers of commerce based at Brussels Enterprises Commerce and Industry (BECI) expands the scope of CCCE’s network and widens its base, enabling it to operate effectively from the capital of the EU.

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Hotel growth last year continued to stimulate regional economies and augurs well for a strong 2020, according to reports and forecasts given at recent Caribbean Hotel and Tourism Association (CHTA) meetings.

CHTA introduced a new companion event called Caribbean Tourism Pulse, held around the organization’s annual Caribbean Travel Marketplace at Baha Mar in The Bahamas last month.

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Speaking at an industry event earlier in the week, Acting Prime Minister and Minister of Finance Peter Turnquest said that the removal of The Bahamas from the European Union’s tax watch list is confirmation that The Bahamas has implemented the necessary reforms to meet criteria on tax governance and cooperation on tax matters.

He made the remarks at the Bahamas Financial Services Board (BFSB) Industry Development Series: ‘Financial Crimes Enforcement, Compliance and Risk Management’ at the British Colonial Hilton, February 19, 2020.

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The European Union’s Economic and Financial Affairs Council has removed The Bahamas from its List of Non-Cooperative Jurisdictions for Tax Purposes.

In a statement released yesterday, the EU confirmed that The Bahamas has implemented the necessary reforms to meet the EU criteria on tax governance and cooperation on tax matters.

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