Monthly Archives: February 2020

February 21, 2020

NASSAU, Bahamas Annunciation Greek Orthodox Church in the Bahamas, together with the Greek Orthodox Archdiocese of America, hosted Feb. 20, the Executive Committee of the National Council of Churches USA (NCC) as well as local Christian leaders for prayer and fellowship. The gathering followed the sentiments of the late Ecumenical Patriarch Athenagoras, who promoted people of diverse backgrounds simply coming together to get to know one another.

The evening opened with the service of Compline, led by Rev. Irenaeus Cox, followed by a reception wherein the Parish Council President, George Maillis, welcomed the participants and spoke about the Orthodox Christian community in the Bahamas, including their ongoing hurricane relief efforts. John Dorhauer, Chair of the NCC, provided an overview of the mission and vision as well as programmatic work of the organization. Finally, participants spent time discussing ways the various Christian communities in the Bahamas might cooperate on social issues and outreach.

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Ecumenical Gathering with the NCC USA at Annunciation GOC in Bahamas - All Archdiocese News - Greek Orthodox Archdiocese of America

With the NBA at the All-Star break, several players around the league began their time off from basketball by taking a much-needed rest with friends and family on vacation.

Several players on the Boston Celtics got together for a trip to the Bahamas.

Celtics center Vincent Poirier posted a photo on Twitter Sunday night of the trip as rookie teammates Grant Williams and Carsen Edwards were among those that went.

Of course, the trio of players was not involved in the festivities of All-Star Weekend so they got a head start on their week off by having some fun in paradise.

Williams has emerged as a key player for the Celtics this season. Though he is only averaging 3.8 points and 2.7 rebounds per game, Williams often does the dirty work on the court and has given head coach Brad Stevens a solid defensive option against opposing big men.

As the trio of Celtics players return to their team this week, the group will be looking to secure its place among the top three in the Eastern Conference as they currently sit third with a 38-16 record.

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Grant Williams vacationed with Carsen Edwards, others in the Bahamas - The Rookie Wire

21 February 2020

Bahamas Financial Services Board

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BFSB and AIBT welcome the news of The European Union'sEconomic and Financial Affairs Council's complete removal ofThe Bahamas from its List of Non-Cooperative Jurisdictions for TaxPurposes, at their meeting in Brussels today. This was done inrecognition of The Bahamas having implemented all of the necessaryreforms to meet the EU criteria on tax governance and taxcooperation. The move by the EU underscores The Bahamas'commitment to adhere to global regulations and international bestpractices as a premiere international financial centre. Thedecision acknowledges that The Bahamas has implemented all thenecessary reform to address concerns regarding economic substance,removal of preferential exemptions and automatic exchange of taxinformation.

Industry stakeholders welcome today's decision and thepositive impact we anticipate that it will have on the financialservices sector and on investor confidence generally. We commendthe Bahamas government, in particular the team at The Ministry ofFinance, for its collaborative approach, steadfastness and ongoingdialogue with industry bodies such as BFSB and AIBT to ensure thatpractitioners understand the nature and reasoning for the variousreforms and have a say in the implementation process. Thisevidences commitment to public private sector partnership.

Throughout the entire process of reform, The Bahamas hasdemonstrated commitment at the highest political level to ensuringthat as jurisdiction we comply with international standards oninformation exchange, tackling harmful tax practices, dismantlingartificial tax structures and prevention of financial crime whichis critical to our value proposition as a well-regulatedinternational financial center. We look forward to continuedstakeholder engagement on these issues, the development of astrategic plan for the sector and other emerging internationalinitiatives to ensure that we persist in repositioning thefinancial services sector for long term viability.

The Bahamas was one of sixteen (16) jurisdictions that the EUdetermined had passed legislation to meet EU tax good governanceprinciples, while four (4) new jurisdictions were added to the listof non-cooperative tax jurisdictions.

Reference:https://www.consilium.europa.eu/en/press/press-releases/2020/02/18/taxation-council-revises-its-eu-list-of-non-cooperative-jurisdictions/pdf

The content of this article is intended to provide a generalguide to the subject matter. Specialist advice should be soughtabout your specific circumstances.

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The Law on Reserved Alternative Investment Funds dated 23 July 2016 ("RAIF Law"), introducing a new type of Luxembourg investment vehicle named "Reserved Alternative ...

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AIBT & BFSB Joint Response The Bahamas Off The EU Blacklist - Mondaq News Alerts

Joe Giudice has been traveling since his release from ICE custody last October. While he's based in Italy amid his ongoing deportation case, he has managed to sneak away and enjoy a few other spots around the globe.

He's spent time in Mexico and Cuba, and he recently jetted off to the Bahamas, where he was spotted hanging out with some folks and having a dance party to his daughter Milania's unforgettable bop, "I Can't Wait To Grow Up" (which you can play for yourself in the video above). "Lol I love that big guy trying to kick his arm," Teresa commented on the moment on Instagram.

During a recent appearance on Watch What Happens Live with Andy Cohen, Teresa Giudice, months after they reportedly separated back in December, commented on photos of Joe ata resort in Mexico with other women. "I was happy for him," she said. "I was totally fine with it. I'm not jealous."

On his way back to Italy from this recent trip to the Bahamas, Joe made a stop in London to take in some of the sights.

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Joe Giudice Dances to Milania's Song While Partying in the Bahamas (VIDEO) - Bravo

NASSAU, BAHAMAS The Bahamas has already satisfied over 30 of the 40 Financial Action Task Force (FATF) recommendations and continues to take the appropriate measures to ensure that The Bahamas adheres to international best practices, Deputy Prime Minister and Minister of Finance K Peter Turnquest said yesterday.

Turnquest spoke at a Bahamas Financial Services Board (BFSB) Financial Crime and Tax Enforcement Seminar.

At every level, The Bahamas is doing its part in the global effort to tackle harmful tax practices and dismantle artificial tax practices, he said.

We have worked diligently to demonstrate our commitment at the highest political level. The same applies to our efforts with financial crimes such as tax evasion and money laundering. Just this week, the FATF Plenary is in session in Paris, and the Attorney General is leading a delegation to represent The Bahamas.

The FATF is considered the global standard-setter in combating money laundering and terrorism financing.

Turnquest stated that for better or better or worse, The Bahamas is part of a global multilateral process by which national governments collectively review, investigate and prosecute financial crimes and non-compliance matters.

It is incumbent upon us to be at the forefront of industry developments and proactive in our efforts to secure and strengthen our position as a global financial center, he said.

He noted that this week the European Union announced that The Bahamas was removed from its tax watch list, as itsEconomic and Financial Affairs Council completely removed The Bahamas from its List of Non-Cooperative Jurisdictions for Tax Purposes.

This is confirmation that The Bahamas has implemented the necessary reforms to meet the EU criteria on tax governance and cooperation on tax matters. It is confirmation that The Bahamas financial services industry is stable and governed by a sound regulatory regime.

The Bahamas was placed on the EUs Annex II greylist in March of last year.

While different from the more serious Annex I blacklist, The Bahamas was still subject to ongoing monitoring by the EU with respect to the implementation of economic substance requirements.

With the EUs decision this week, The Bahamas has addressed all of the concerns on economic substance, removal of preferential exemptions and automatic exchange of tax information, Turnquest continued.

The Government welcomes the decision and the positive impact it should have on growth to investor confidence in the industry.

He also noted that taxation of the digital economy is the next frontier for global regulatory reform.

In fact, at the G20 Riyadh Summit later this year, nations with some of the largest economies in the world are expected to vote in support of a new system of taxation rights allocation, Turnquest said.

The new system intends to prevent multinational companies from diverting taxable income to low tax jurisdictions by imposing minimum tax levels on their global income. There is no doubt, the introduction of a global minimum corporate tax rate will have an impact in the medium and long term on all countries, including The Bahamas. It will have future implications for our participation in the global economy.

Now is therefore the time to plan and prepare so that we can exercise influence, and better adapt to the new possible realities, he added.

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DPM: Bahamas has already satisfied over 30 of 40 FATF recommendations - EyeWitness News

By NEIL HARTNELL

Tribune Business Editor

nhartnell@tribunemedia.net

The Bahamas may devastate the economy if it surrenders too easily to demands from high-tax European nations for a corporate income tax, a former finance minister warned yesterday.

James Smith, who held the post during the first Christie administration, told Tribune Business that the continued pressure from the Organisation for Economic Co-Operation and Development (OECD) and its members was threatening to drive us right into the ground as a sovereign nation.

He argued that The Bahamas compliance with past OECD and European Union (EU) initiatives meant it was likely to resist the formers latest thrust, which is calling for all nations to impose some form of minimum level of taxation on the activities of multinational entities.

The OECD initiative, whose headline objective is to prevent tax evasion by multinationals who shift profits earned in higher-tax jurisdictions to those with lower tax rates, is calling for the introduction of a corporate income tax in all but name. OECD literature says its proposal would reduce the incentive for such profit-shifting by reducing the tax rate differentials between countries.

Mr Smith, though, urged The Bahamas not to capitulate to these demands without a thorough analysis of such a significant change to its taxation regime. He blasted the OECDs European members for seemingly seeking to recast our economy in their own image, adding that this nations economic model had worked well for 50 years without income and other direct forms of taxation.

Also an ex-Central Bank governor, Mr Smith warned that adopting a corporate income tax could have repercussions for both this nations fixed exchange rate regime, and one:one peg with the Bahamian dollar, and its investment incentives framework.

He acknowledged that the OECD may be drawing closer to the ultimate objective it had in mind when it launched its so-called harmful tax competition initiative some 24 years ago, which is to create a uniform, one-size-fits all global taxation system that eliminates the competitive advantage enjoyed by The Bahamas and other international financial centres (IFCs) with zero or low tax regimes.

My own point of view is that The Bahamas elected its own economic model more than 50 years ago, and that did not include income tax, Mr Smith told Tribune Business. It seems the Europeans want to remodel our economy in their own image.

It takes away from any form of sovereignty of any country or group of countries are imposing their system or an approach that threatens to deny you access to financial services. On principle we ought to look at it [income tax] very carefully. If a country can survive on taxation without taking directly from its citizens or corporate entities, so be it.

To pattern our tax system after theirs [the OECD states] needs a lot of thought rather than capitulation. If we thought it was the best alternative, yes, but it should not be imposed on us from outside to satisfy the demand for things such as double taxation treaties. Things are going too far, and they ought to be resisted.

Describing the OECD and EU pressures as a form of neo-colonialism, Mr Smith said The Bahamas shared few economic characteristics with their members. He pointed out that this nation was suffering from high unemployment and low wages for the majority of Bahamians.

Conceptually the take from an income tax may devastate the economy, he told Tribune Business, because we will be unable to capture the taxes we need to run the country through a direct form of taxation. They [the OECD] end up being appeased while we disrupt our own economy. We must change to meet their needs and our economy gets disrupted at what gain?

Another vulnerability we have is we may have to look at the fixed exchange rate regime. If the Government goes ahead without subjecting this to a rigorous analysis we may really end up in more trouble. Weve not recovered from the VAT rate increase yet.

Mr Smiths comments highlight the different views and opinions on how The Bahamas should respond by potentially reforming its tax system amid growing external pressures. There is an increasing call for the country to take a serious look at a low-rate corporate income tax as a means to reposition the financial services industry and shed the tax haven label.

Such pressures will only increase after the Netherlands yesterday revealed that The Bahamas will not escape its national tax blacklist unless it implements a corporate income tax of at least 9 percent. And there are suggestions that switching to an income tax regime will be more fair, equitable and progressive - especially for lower income Bahamians.

Persons would pay tax based on their ability to pay, whereas the existing VAT and import duties-dominated system is a a regressive tax on the cost of living that forces lower income classes to pay disproportionately more of their income in taxes.

However, acknowledging that he initiated the studies that led to VATs introduction while minister of finance, Mr Smith questioned whether income taxes would generate sufficient revenues to meet the Governments needs given the relatively small 400,000 population size.

I called for the studies, analysis that looked at a whole range of taxes, and we decided that income tax wasnt the best fit for a number of reasons, including the historical aversion to paying income tax and the fact the base was not large enough, he recalled.

The second Christie administration also rejected income tax on the basis that it would be difficult to administer and involve high collection costs, while also being tough to enforce when it came to preventing tax evasion.

Mr Smith, though, agreed that the OECD and its members may be nearing their end game all along, the idea of a uniform corporate tax. He added: We seem to be in the mood to capitulate and take everything they say, and only find out later how disruptive a move that will be. These things are driving us right into the ground as a sovereign nation.

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OECD tax demands may 'devastate the economy' - Bahamas Tribune

21 February 2020

Bahamas Financial Services Board

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'The Bahamas' financial services industry isstable and governed by a sound regulatoryregime'

The European Union's Economic and Financial Affairs Councilcompletely removed The Bahamas from its List of Non-CooperativeJurisdictions for Tax Purposes, at their meeting in Brussels today.In a statement this morning, the EU confirmed that The Bahamas hasimplemented the necessary reforms to meet the EU criteria on taxgovernance and cooperation on tax matters. The Government welcomesthis decision and the positive impact it should have on growth toinvestor confidence in the industry.

In March 2019, The Bahamas was placed on the EU's Annex II"the greylist". While different from the more seriousAnnex I "the blacklist" of the EU List of Non-CooperativeJurisdiction for Tax Purposes, The Bahamas was still subject toongoing monitoring by the EU with respect to the implementation ofeconomic substance requirements. With today's move, The Bahamashas addressed all of the concerns on economic substance, removal ofpreferential exemptions and automatic exchange of taxinformation.

"This news of our removal from the EU list affirms that TheBahamas takes its position as a global financial center veryseriously. Coming off this list was not an easy process. We engagedmany stakeholders and executed a comprehensive strategy to not onlyaddress the EU's concerns but also to defend the jurisdictionagainst recent attacks on the legitimacy of our financial servicesbusiness," said Deputy Prime Minister and Minister of FinanceK. Peter Turnquest.

Over the past year, the Government's team of technicaladvisors has had several meetings with the EU's Code of ConductGroup to engage in dialogue on the integrity of The Bahamas'tax governance measures. Most of the discussions centered on theintroduction of economic substance requirements for InvestmentFunds.

"The Bahamas has worked diligently to demonstrate itscommitment at the highest political level to internationalstandards on information exchange, tackling harmful tax practicesand dismantling artificial tax structures. On behalf of theGovernment, I thank the staff, agencies and industry stakeholdersthat worked so hard to achieve this result. Your support,encouragement and technical skills have been invaluable in thisprocess and prove once again, we can rise to any challenge,"said Minister Turnquest.

"All of our critics should see that the EU's statementstoday clearly counters the view that The Bahamas is not doing itspart in the global effort to stop financial crimes such as taxevasion and money laundering," he said.

The positive evaluation of The Bahamas by the EU sends a strongsignal to the international community that The Bahamas'financial services industry is stable and governed by a soundregulatory regime. The Government will continue to promoteengagement with all stakeholders on these issues and will take theappropriate measures to ensure that The Bahamas adheres tointernational best practices and remains the preferred jurisdictionof choice for financial services in the region.

Source: Central Communications Unit, Ministry of FinanceDate: February 18, 2020Contact: MOFcomms@bahamas.gov.bs

The content of this article is intended to provide a generalguide to the subject matter. Specialist advice should be soughtabout your specific circumstances.

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ELVINGER HOSS PRUSSEN, socit anonyme

The Law on Reserved Alternative Investment Funds dated 23 July 2016 ("RAIF Law"), introducing a new type of Luxembourg investment vehicle named "Reserved Alternative ...

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Ministry Of Finance Statement: European Union Removes The Bahamas From Tax Watchlist - Mondaq News Alerts

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FORT LAUDERDALE Linville Johnson, Bahamas Ministry of Tourism and Aviations Director of Multi-Cultural and Religious Markets, was recently recognized by the Religious Conference Management Association (RCMA) at their Annual EMERGE Conference, for his dedication to promoting faith-based meetings of excellence.

RCMA, which is a multifaith, international association that is exclusively for religious meeting planners, boasts a membership of hundreds of professionals. Its annual conference held this year in Irving (Dallas) TX, was well attended by planners and suppliers.

Johnson, a veteran Bahamas Tourism executive, has been a member of the faith-based organization for many years, using his attendance at the annual conference to promote The Islands Of The Bahamas and encourage religious organizations and associations to consider The Bahamas for their conferences, meetings and various types of group movements.

Dr. Harry Schmidt, the President/CEO of RCMA, who presented Johnson with the award said, It is with the deepest regard, that the Religious Conference Management Association has selected to honor Linville for his stalwart service in representing the great country of The Bahamas to the RCMA community.

Linvilles passion for linking great hospitality venues in his country with prime conference planners is renown, Dr. Schmidt said. He added, Linville cares! His ability to develop lasting relationships that have generated countless engagements and interest for The Bahamas is to be noted. The entire RCMA family salutes Linville for his many years of being the consummate face, heart and soul of his beloved country among our community of faith. He is simply the best.

The Recognition Award presented to Johnson by RCMA is an addition to the growing list of awards that he has received within recent months.

Other accolades recently bestowed on the veteran tourism executive include an award from the National Coalition of Black Meeting Professionals (NCBMP) and an Apex Award from Black Meetings and Tourism, during the National Association of Black Hotel Owners, Operators and Developers (NABHOOD) and the International Multicultural and Heritage Summit and Trade Show.

Johnsons career with the Bahamas Ministry of Tourism and Aviation spans a number of decades and over the years have included stints across the U.S. in major cities, including Chicago, Los Angeles and New York.

His career highlights include the creation and development of the Religious Market within the organization, which he did with the support of Bahamian religious leaders including Bishop Neil Ellis and the late Rev. Dr. Myles Munroe.

Johnsons leadership role in the Religious Market over the years has resulted in The Islands Of The Bahamas playing host to some of the most influential spiritual leaders in the Christian faith such as T.D. Jakes, Rod Parsley, Benny Hinn, Tony Evans, Paula White and Promise Keepers International.

We are proud of our Director of Multicultural Market, Mr. Linville Johnson, for the role he has played over the years within the Religious Market, said Deputy Director General, Bahamas Ministry of Tourism and Aviation, Mr. Ellison Tommy Thompson. We are also gratified that as our marketing ambassador, Mr. Johnson has been recognized by RCMA for his dedication to promoting and representing The Bahamas as the ideal destination for people of faith, who want to join millions who over the years have experienced our beautiful, sun kissed beaches, our delicious cuisine, our unique music and the warm laid back, friendly people of The Bahamas.

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Senior Bahamas Tourism Executive Receives Recognition Award from Premier Faith-Based Trade Association - South Florida Caribbean News

GO BAHAMAS: Shown (l-r) are mens national basketball team co-manager Rodney Wilson, BBF president Mario Bowleg and co-manager Elvardo Kemp.

By BRENT STUBBS

Senior Sports Reporter

bstubbs@tribunemedia.net

THE mens national basketball team will only have the service of 10 players for their FIBA AmeriCup 2021 qualifier against Mexico on Thursday night.

But according to Bahamas Basketball Federation president Mario Bowleg, who also serves as the head of delegation, the team should be okay.

He indicated that the two players will be available when the team returns home to play Mexico in their home game on Sunday in the Atlantis resorts ballroom.

Everything is going quite well, Bowleg said. Weve had about three practices since weve been here and we had a scrimmage game against one of the professional teams here and we fared pretty well against them, winning by double figures.

We have a lot of things to iron out before we play on Thursday, but we used that scrimmage to see where we are and what we need to work on before Thursday.

We have 10 players here who will be playing. We dont have Tavario Miller and Shaq (Shaquille Cleare) here due to the late release from their teams in Europe.

Bowleg said the rest of the squad, comprising of Jaron Cornish, Dominic Bridgewater, Michael Ferly Bain Jr, Michael Carey Jr, DShon Showtime Taylor, Michael Thompson Jr, David Nesbitt, Willis Mackey, Jaraun Keno Burrows and Travis Munnings are ready to go.

Grand Bahamian Norris Bain also didnt make the trip, but is expected to coach the team when they return home to play Mexico on Sunday. Instead, Steve Barnes, Perry Thompson Jr and Moses Johnson, along with Bowleg, are handling the chores.

The team will be managed by Rodney Kripy Wilson and Elvardo Kemp. Eugene Patton will be the teams therapist and John Marc Nutt will provide media coverage.

Were not that big, but we will use our quickness, Bowleg said. We have some guys averaging 6-6 and 6-7, so we feel we will be able to defend the ball and play as well as we can against Mexico as we play our style of basketball.

Having had a chance to watch the Mexican team work out as they both practice in the same gym, Bowleg said hes not too concern about whether or not the Bahamas can play against them.

We hope to force the ball up the court with our uptempo play and try to control the boards, Bowleg said. We believe if we can play well against them with players like Keno Burrows and Michael Thompson Jr, Travis Munnings and Willis Mackey, all stand around 6-6, 6-7 and Burrows 6-9, I think if we can control the boards are chances would be great.

We have a lot of shooters, so offensively, I think we will do very well. We just have to limit our turnovers.

Bowleg said everybody is in high spirits, working out together and just waiting on Thursday to play their skills.

It was a good thing or us to come here a few days early to relax and enjoy ourselves after a hard days practice, he lamented. I think this has put our players in a good frame of mind for game time on Thursday.

Hopefully the team will be successful as they prepare to host Mexico on Sunday at 8 pm at Atlantis.

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FIBA qualifier: Bahamas will have 10 players against Mexico - Bahamas Tribune

DISNEY are to begin work on their new private island in the Bahamas for Disney cruise passengers with plans for nature trails, beachfront restaurants and spa centres.

Lighthouse Point will be the second private island for Disney, following the success of Castaway Cay.

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The new island will be exclusively for Disney cruise passengers when it opens in 2023.

It was first announced in 2019, with $400m (309m) of work on the island of Eleuthera in the Bahamas to start this year.

The island will be "inspired by the natural environment and celebrate the culture and spirit of The Bahamas" according to their website, with new images showing the plans for the resort.

In the images, restaurants and entertainment venues with curved roofs are surrounded by palm trees and vegetation, with many leading out onto the family beach.

A water play area connected by wooden boardwalks is spotted behind the huts, with plans for spas and conservation facilities on the island as well.

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An art and culture centre as well as public cabanas will be built on island the with two family beaches and nature trails.

Imagineer Joe Rhode explained: "To make this authentic we have to do this together with Bahamian artists and Bahamian thinkers and people from the Bahamian country.

"There are storytelling experiences, they'll be musical experiences, they'll all come together to make this very unique vibrant, colourful art."

Disney's first private island Castaway Cay first opened in 1998, and was the first private island in the cruise industry.

There is even a 5k Disney race on the island, as well as an adults-only beach called Serenity Bay.

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Disney announced plans of their new Disney Wish ship last year with Princess Rapunzel featuring on the stern.

Cinderella's Castle at Disney World is also getting a makeover this year, with pink turrets and gold accents.

You can also stay at a 17-bedroom Disney-themed mansion just 15 minutes from Disney World for 47pp per night.

Link:

First look at Disneys new private island Lighthouse Point in the Bahamas - The Irish Sun