02132018 business

business@tribunemedia.net

TUESDAY, FEBRUARY 13, 2018

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Eight-fold property tax hikes to ‘kill’ Exuma

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

R

ealtors yesterday warned that property tax valuations up to eight times’ greater than market value are threatening to “kill” Exuma’s growing second home economy.

They revealed that “at least 50 per cent” of foreign homeowners on the island were unhappy with their assessments and huge tax hikes, and criticised the Government for a “shortsighted” strategy that would ultimately yield less revenue if such investors were driven away.

Arguing that the Department of Inland Revenue needed to “get real”, the realtors said government officials appeared to be “pulling these valuations out of their heads”.

They added that there had not been a single week in 2018 where complaints over increased real property tax billings were

* Realtors call on Gov’t to ‘get real’ * Say valuations ‘being pulled out of heads’ * Foreign investor complaints ‘every week’ not received, and warned that the loss of potential buyers and market activity could stall continuation of a “phenomenal” revival experienced in 2017.

Collingwood ‘Woody’ Turnquest, an Exuma-based broker with Coldwell Banker Lightbourn Realty, told Tribune Business: “Just this week, in the last five days, I had two incidents. One of the properties was an inland lot worth a maximum of $10,000, but real property tax assessed it at $82,000-plus.

“Another lot I’m selling, I had it listed at $30,000, and they assessed it at $137,000. That pushes it up to the 10 per cent Stamp Tax bracket, and when you put 10 per cent on $137,000, that’s almost $14,000.

“When the guy who’s going to sell it has to pay my commission, almost $14,000 in Stamp Tax and legal fees, to him it’s almost worth nothing. He’s not going to sell it. By bumping the assessed value above $100,000, the Stamp Tax rate goes from 2.5 per cent to 10 per cent, and that blows the deal straight out of the water.”

Mr Turnquest argued that the Government was “being very short sighted” when it came to these inflated property tax valuations, as they would ultimately result in less economic activity and government revenues.

“If I could sell, the buyer can come and build a home, employ a lot of people architects, contractors, realtors and attorneys - the Government will earn taxes

and others will come to rent the home,” he explained.

“They’re being very short-sighted in the longterm. It’s going to hurt the future and the realtors.

Everyone who’s buying right now is buying on or across from the waterfront.

They’re looking to build.

Everyone wants to get in on the second home market and rentals.

“The Government is going to get 7.5 per cent VAT on those rentals, which is a lot of money over time. You’d rather get 7.5 per cent from vacation rental homes, and have people come and pay for food, entertainment and air fare. You’re losing revenues from 10 different places by killing them with real

SEE PAGE 8

Minister: Bahamasair’s Florida promo ‘may be a bit misguided’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A CABINET Minister yesterday admitted that Bahamasair’s ‘shop in Florida’ discounts may have been “a little misguided” by ignoring the impact on Bahamian retail merchants.

Dionisio D’Aguilar, minister of tourism and who has responsibility for the national flag carrier, agreed it should have been “more sensitive” to the consequences of incentivising Bahamians to shop abroad - especially since it is so heavily subsidised by Bahamian taxpayer.

He also acknowledged to Tribune Business that Bahamasair’s promotions ran counter to the Government’s push for economic growth by getting more Bahamians to spend money at home, thereby

* ‘Totally agrees; with Retail Federation * Airline could have been ‘more sensitive’ * But ‘can’t fault’ for loss minimise search increasing GDP activity and employment.

Mr D’Aguilar said the concerns, articulated by the Bahamas Federation of Retailers (BFR) on behalf of struggling apparel and fashion retailers, resulted from Bahamasair operating “in a silo” where its sole focus was to reduce dependence on the taxpayer.

Suggesting that the national flag carrier was “damned if you do, damned if you don’t” on its Florida promotions, the Minister expressed confidence they could be adjusted to account for the impact on Bahamian businesses and the Government’s economic objectives.

“I completely agree,” Mr D’Aguilar told Tribune Business in relation to the Federation’s concerns.

“Obviously it behooves the Government to get as many Bahamians to shop at home and to support our local businesses for the obvious reason it creates employment, drives GDP growth and creates wealth and opportunities for Bahamians. Shopping in Florida doesn’t do that.”

He was speaking out after the Federation accused Bahamasair’s ‘shop in Florida’ discounts of further undermining the competitiveness of local apparel,

SEE PAGE 4

DIONISIO D’AGUILAR

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THE LYNDEN Pindling International Airport.

NAD’s rating upgrade a ‘glimmer of change’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A Cabinet minister yesterday hailed the Nassau Airport Development Company’s (NAD) return to investment grade status as “a glimmer of change” in the Bahamas’ financial fortunes.

Dionisio D’Aguilar, minister of tourism and aviation, told Tribune Business that the Fitch rating agency’s upgrade of the Lynden Pindling International Airport (LPIA) operator should be viewed as a break from “the failed financial policies” of the former Christie administration.

He argued that, while it was not an upgrade of the Bahamas’ sovereign creditworthiness, it was “a boost for the country” and at least represented an end to the persistent rating downgrades suffered since the 2008-2009 recession.

Mr D’Aguilar said the return to ‘investment grade’ status meant NAD would no longer have to maintain the ‘doubled’ debt reserve it had to implement when downgraded, thereby freeing up capital for investment projects at LPIA. “We do have some positive news to report on NAD; the bond rating of NAD got upgraded,” the Minister disclosed to Tribune Business. “We were informed about that a week-and-a-half, two weeks ago. “Fitch reviewed the operations at the airport, and was excited to see there had been a financial turnaround in well-being at the airport. It was upbeat about the economy, the coming on stream of Baha

* MINISTER LAUDS LPIA OPERATOR’S INVESTMENT GRADE RETURN * TO FREE FUNDS FOR CAPITAL PROJECTS, NOT DEBT RESERVE RISE * SAYS BREAK FROM CHRISTIE GOV’TS ‘FAILED FISCAL POLICIES’ Mar, and the general interest in our tourism product.

“They saw fit to reverse the downgrade. It’s gone from a ‘BB+’ to a ‘BBB-’, which is an upgrade, and it has returned the debt of NAD back to investment grade,” Mr D’Aguilar continued.

“That’s very important. When NAD was downgraded it lost its ‘investment grade’ status, and was forced to out aside funds that instead would have gone to capital projects. It had to put that aside to go to the debt reserve; funds set aside for debt servicing.

“Once downgraded below investment grade, the debt covenants kick in and and required NAD to set aside double the size of its debt reserve fund - the money it has to set aside to give lenders additional coverage for their debt.”

Mr D’Aguilar last year revealed that NAD had to double its debt reserve fund from $19 million to $38 million as a result of Fitch’s downgrade, which stemmed from Standard & Poor’s (S&P) decision to cut the Bahamas’ sovereign creditworthiness to

SEE PAGE 5

MINISTER PLEDGES ‘NO RETREAT’ SOUTHERN ISLAND AIRLIFT PARTNER NOW ‘PENDING’ OVER BREADBASKET REFORMS

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Minister of Health has pledged to stand firm on the proposed ‘breadbasket’ food reforms, ruling out a similar retreat to that made a year ago over “sugary sweet drinks”.

Dr Duane Sands, minister of health, told Tribune Business that the Government backed away from policies designed to steer Bahamians away from such products after “a blistering assault” from their producers.

Promising that the Government was unlikely to “capitulate” over its ‘breadbasket’ reforms, which will remove ‘staples’ such as corn beef and sugar from the price-controlled items in a bid to encourage healthier eating, Dr Sands said discussions with the private

* NO REPEAT OF SUGARY DRINKS ‘BACK OFF’ * CAME AFTER ‘BLISTERING ASSAULT’

BY PRODUCERS * SANDS GETS ‘NEW PERSPECTIVE’ ON PRICE CONTROL sector had also given him a “different perspective” on such restrictions.

The Minister did not commit to eliminating price controls, which many in the retail/wholesale community have called for, but indicated he was more alive to their distortionary impact and the disincentive for merchants to stock products upon which they made a loss. Disclosing that there had been intensive,

SEE PAGE 7

By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net THE Bahamas Out Island Promotion Board (BOIPB) is eyeing an airline partner to address the “terrible” connectivity undermining tourism in the southern Bahamas, its director revealed yesterday.

Kerry Fountain revealed to Tribune Business: “We do have a partner in mind and their application is pending, and if we can get that to happen, while it is not going to be the full solution it is certainly going to be a very important part of the solution in terms of developing a proper airlift strategy for the Out Islands.”

Mr Fountain refused to identify the airline, adding: “I don’t want to divulge that right now, but

it would be a major cog to help put the whole airlift strategy in the right direction. The application for that airline to operate as a domestic air carrier in the Bahamas is pending.”

He stressed that the service, if approved, would not be a “100 per cent solution”, adding that it was imperative for Bahamian airlines to develop a code sharing partnership with Bahamasair.

“Our airlift strategy does not involve any one airline.

It’s not just them; we will need to look at how we can bring all of our domestic carriers around the table,” said Mr Fountain.

“Until we fix making it more convenient and affordable to get to the islands in the south, we will continue to be challenged.

Bahamasair goes to Acklins

SEE PAGE 3

PAGE 2, Tuesday, February 13, 2018

THE TRIBUNE

Choose the best coverage for life

By Ramon Simms LIFE insurance used to be big business, sold doorto-door with thousands of representatives covering a vast geographical territory.

Even though such sales are not as visible as they once were, the product still exists and thrives in the digital world and over the telephone. And, despite changing sales tactics by insurance companies, which you may or may not approve of, life insurance remains a valuable option you should consider when putting together a complete financial portfolio.

Life insurance is simply morbid. There is no getting around it. Unlike most other financial products, at its core it is a product built upon a scenario in which you no longer exist but which, ironically, you have paid for. But if you are concerned about your family’s ability to survive and thrive without you, and after you have taken a moment to reflect on that, it is time to press on.

As with any financial product, the most important consideration is whether or not it is the right fit for you. The best description of life insurance is that it provides financial support to your dependents in the event of your passing.

However, this presupposes that you will have people depending on your income after you pass away. In addition, it assumes you will not have saved enough assets for your dependents to support themselves after you die. Technically, it takes your death for granted, but for us humans that is unfortunately a mathematical certainty.

The point is that if you do not have any dependents that rely on you, or you do not expect them to need more than your savings after you are gone, you probably do not need

life insurance. This is often the case with relatively young, single persons with no children and decades of earning potential, but is not actually a direct factor of age, children or spouses.

Life insurance is dependent on what any beneficiaries you have might need, and the extent to which your savings can cover those needs. A dependent can be anyone who relies on your financial resources for any reason. How much you save for retirement depends largely on how much money you earn over time, and your ability to control the expenses associated with your lifestyle.

In the event you actually need it, life insurance can be a great tool that acts as a safety net for your beneficiaries in the event of your untimely departure. Life insurance can give a partner who was a full-time caregiver critical time to adjust before they have to return to the workforce. It can provide a wife struggling to pay all the bills with a replacement source of income to help her cover the house or car payments. It can be a secondary pool of funds that your children can use to financially support their college education.

The basic components of a life insurance policy include the benefit, the premiums and, in the case of permanent life insurance (coverage that lasts a lifetime), a cash value account.

The benefit is the agreed amount that your beneficiaries will receive from the insurer in the event of your death. The premium is what the insurer requires the insured to pay monthly in order to make his or her obligation to pay the benefit worthwhile. Premiums for life insurance with limited coverage periods are priced for the cost of that coverage, while premiums for life insurance policies that offer lifetime coverage

MONEY

MATTERS also include an additional amount for deposit into a cash value account. A cash value account is the vehicle in which that additional amount accumulates and earns interest or investment income over time.

There are an abundance of life insurance products on the market, but the most popular options are term life insurance; whole life insurance; and universal life insurance. Term life insurance offers financial protection for a set period of time. It has fixed premiums and a fixed benefit. The upside of a term life policy is that it is the simplest of the three, and often the least expensive. The main downside is you might outlive the policy and still need more insurance afterwards.

Whole life insurance differs in that it is designed to provide lifetime protection (permanent life insurance).

Unlike term insurance, it includes a cash value account and an option that allows the insured to potentially borrow against this accumulated amount. The main advantage of whole life insurance is stability.

As long as you make the premiums, you are covered. Like term insurance, the premiums and benefits are fixed. In addition, the interest you earn on your cash value account is fixed and guaranteed by the insurer. The disadvantage is

SEE PAGE 6

THE TRIBUNE

Tuesday, February 13, 2018, PAGE 3

Airline chief: Bahamasair taking spend from nation

By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net BAHAMASAIR should not be used as a tool to undermine Bahamian businesses, a local airline executive warned yesterday, arguing that it should be playing a greater role in national development.

Sky Bahamas chief executive, Captain Randy Butler, echoed concerns voiced by the Bahamas Federation of Retailers (BFR), while adding that the national flag carrier was undermining other domestic carriers. The

BFR, in a recent statement, calling for the Government to make local apparel, shoes and fashion retailers price competitive through duty elimination, arguing that Bahamasair was undermining local retailers through its ‘shop in Florida’ specials with discounted rates on the number of bags Bahamians can bring back.

Mr Butler agreed, telling Tribune Business that Bahamasair has a greater role to play in national development and should be looking to bring more visitors/spend to the Bahamas rather than aiding shopping excursions and

steering money out of the country.

“Bahamasair should be the tool to build up our tourism industry, but instead they have chosen to go and kill the industry that other private airlines have built over the years by competing with us. We are obviously at a disadvantage there because we don’t get the kinds of subsidies that Bahamasair does. Profit is not a major concern for them,” said Mr Butler.

“A lot of people have the belief that private domestic airlines got into business to compete with Bahamasair, but that is far from the case.

REGIONAL ACCOUNTANTS EVENT TO AID TOURISM

By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net THE Institute of Chartered Accountants of the Caribbean (ICAC), which represents some 4,000 professionals across the region,will host its 36th annual conference in the Bahamas this summer.

The conference, themed ‘Regional & Global Opportunities, Preparing for Success’, is expected to attract some 400 delegates from the Caribbean, UK, US and Canada. The event is being hosted by the

Bahamas Institute of Chartered Accountants (BICA), and will be held at the Atlantis resort from June 21-23. Gowon Bowe, BICA president’s, said: “We will be looking at the trends taking place in the global and regional environment, what are the technical matters that we as accountants have to keep abreast of but, most importantly, how do we look at leveraging our expertise, our training and backgrounds to not only help our profession develop but our countries and overall the actual trust in financial systems around the world.”

Anthony Pierre, ICAC’s president, added: “This conference is really an opportunity for accountants around the region to network with each other and enhance our technical skills, and the things we are required to do in order to remain on the cutting edge in terms of technology in particular.”

Ellison ‘Tommy’ Thompson, the Ministry of Tourism’s deputy directorgenera, said groups and conferences were big business for the Bahamas, with the ICAC conference expected to bring numerous visitors.

SOUTHERN ISLAND AIRLIFT PARTNER NOW ‘PENDING’ FROM PAGE 1 and Crooked Island on Wednesday and Saturday, but we need to figure out a way to provide daily service and use the right equipment. The 60-70 seaters are too much capacity for those islands.”

Sky Bahamas chief executive, Randy Butler, suggested that all stakeholders - including the Ministry of Tourism, the Promotion Board and airlines - work together to develop a strategy for addressing the connectivity issues plaguing the southern islands.

He added that while he had had discussions on the

possibility of surviving on those routes, there simply was not enough business to make a daily service viable for Sky Bahamas.

The Promotion Board recently revealed that hotels under 50 rooms in the southern Bahamas said a 5.2 per cent decline in room nights sold in 2017 compared to 2016.

Hotels in the under 50 room category in the central Bahamas saw a 7.8 per cent increase, but hotels under 50 rooms in the northern Bahamas saw a 19.3 per cent increase.

The Board’s January to March 2018 forecast is projecting a 6.6 per cent increase in room nights sold for properties under

50 rooms in the southern Bahamas, with hotels under 50 rooms in the central Bahamas projecting a 9.3 per cent increase in room nights sold compared to the same period in 2017.

Hotels under 50 rooms in the northern Bahamas are projecting a 24.8 per cent increase in room nights sold, while hotels over 50 rooms are projecting an 8.1 per cent improvement “Room nights sold in the case of this report have been steadily improving.

Growth has not been consistent across the board, and there is still a lot of room for improvement – especially in the southern Bahamas,” the Promotion Board said.

When the Free National Movement (FNM) won in 1992 they appealed to businessmen to get into the sector. Bahamasair is now

a tool which the people’s tax dollars is being spent to support to take you out of business. I’ve spoken about this, the retailers are

speaking out, and you will hear others saying the same thing. It makes no sense.

There must be a strategic plan for Bahamasair.”

PAGE 4, Tuesday, February 13, 2018

THE TRIBUNE

Minister: Bahamasair’s Florida promo ‘may be a bit misguided’ FROM PAGE 1 shoe and fashion retailers, which were already being placed at a disadvantage by this nation’s high duty rates - a 20 per cent tariff being levied on clothing imports, for instance.

“The Bahamas faces a unique predicament in retail based on its proximity to the US,” the Federation said in a statement. “Unlike other Caribbean islands and destinations with more challenging logistics, the US

is a mere 30-minute flight away, and shipping from online or a Florida based store is relatively cheap for the individual end consumer.

“Additionally, smuggling is rampant whether via a cargo vessel, private yacht, commercial or private airplane, or corrupt freight forwarders, as has been the case in recent times. Bahamasair, our national airline that uses millions of our tax dollars yearly, advertises ‘shop in Florida’ specials with discounted rates on

N O T I C E EXXONMOBIL EXPLORATION AND PRODUCTION KENAY (VENTURES) LIMITED ________________________________________________ N O T I C E IS HEREBY GIVEN as follows: (a) EXXONMOBIL EXPLORATION AND PRODUCTION KENYA (VENTURES) LIMITED is in dissolution under the provisions of the International Business Companies Act 2000. (b) The dissolution of the said Company commenced on the 9th day of February 2018 when its Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said Company is R.W. Rice, of 22777 Springwoods Village Parkway, Spring, Texas 77389, U.S.A. Dated the 13th day of February, 2018

HARRY B. SANDS, LOBOSKY MANAGEMENT CO. LTD. Registered Agent for the above-named Company

N O T I C E

EXXONMOBIL EXPLORATION AND PRODUCTION BENIN LIMITED _____________________________________

N O T I C E IS HEREBY GIVEN as follows: (a) EXXONMOBIL EXPLORATION AND PRODUCTION BENIN LIMITED is in dissolution under the provisions of the International Business Companies Act 2000. (b) The dissolution of the said Company commenced on the 9th day of February2018 when its Articles of Dissolution were submitted to and registered by the Registrar General.

the number of bags Bahamians can bring back.

“When those purchases in those bags are apparel, fashion accessories, shoes or other small and easily portable gift items, much of what is brought in from these ‘shop in Florida’ trips are claimed as ‘personal effects’ at the border and, understandably, it is almost impossible for Customs to police. In addition to the airline, Bahamian-based banks regularly advertise loans and credit cards for ‘shopping abroad’. That is how entrenched this mentality is in our culture.”

Mr D’Aguilar, while agreeing that “this is a case of Bahamasair operating in a silo”, defended the airline’s management and Board by pointing out that they had been “charged” by the Minnis administration with reducing the annual $15-$20 million taxpayer subsidy.

With loss minimisation the primary goal, the Minister said they could not be blamed for “looking for every mechanism and way to minimise the subvention from the Public Treasury”.

This inevitably involved seeking out new business, such as increasing Floridabound load factors, and Mr D’Aguilar added: “When you operate in that silo it seems fairly reasonable.

“I’m sure that’s what’s happening. They’re not

BAHAMASAIR - national flag carrier. taking into consideration the bigger picture. It’s almost damned if you do, and damned if you don’t.

If you don’t find ways to minimise the losses, the taxpayer will have to pay more to fund the subsidies.

“But that pales into comparison with the drain on the economy if everyone is going to Florida to shop.

Maybe the marketing campaign was a little misguided and should have been more sensitive to the factors identified by the statement and should support local businesses,” he continued.

“These things happen when you put in place mechanisms to minimise

EXXONMOBIL EXPLORATION AND PRODUCTION KENYA (VENTURES) LIMITED ________________________________________________ Creditors having debts or claims against the above-named Company are required to send particulars thereof to the undersigned c/o P.O. Box N-624, Nassau, Bahamas on or before 12th day of March, A.D., 2018. In default thereof they will be excluded from the benefit of any distribution made by the Liquidator.

Dated the 13th day of February, A.D., 2018.

(c) The Liquidator of the said Company is R.W. Rice, of 22777 Springwoods Village Parkway, Spring, Texas 77389, U.S.A. Dated the 13th day of February, 2018 HARRY B. SANDS, LOBOSKY MANAGEMENT CO. LTD. Registered Agent for the above-named Company

the losses. I don’t fault them for trying to find ways to minimise the losses, but in this case it doesn’t play well with the business community; it seems as if Bahamasair is encouraging Bahamians to go overseas to shop.”

Mr D’Aguilar added that he was interested to see “the incremental effects” of Bahamasair’s Florida promotion.

And he explained that he was alive to the impact it could also have on rival Bahamian-owned carriers if the national flag carrier was able to exploit its government subsidy to sell tickets ‘below cost’.

And, while agreeing that Florida shopping does not help struggling Bahamian retailers, the Minister argued that online competition posed a greater threat to local firms and was worthy of “more focus” than a “one-off campaign

by Bahamasair”.

Mr D’Aguilar said it was not a case for ministerial intervention, expressing confidence that Bahamasair’s Board and management were “not oblivious to the noise in the marketplace”, and would adjust future marketing campaigns accordingly to account for local private sector sensitivities.

NOTICE

EXXONMOBIL EXPLORATION AND PRODUCTION BENIN LIMITED

_______________________________________________________

Creditors having debts or claims against the above-named Company are required to send particulars thereof to the undersigned c/o P.O. Box N-624, Nassau, Bahamas on or before 12th day of March, A.D., 2018. In default thereof they will be excluded from the benefit of any distribution made by the Liquidator.

Dated the 13th day of February, A.D., 2018.

R.W. Rice Liquidator 22777 Springwoods Village Parkway Spring, Texas 77389 U.S.A.

R.W. Rice Liquidator 22777 Springwoods Village Parkway Spring, Texas 77389 U.S.A.

N O T I C E

NOTICE

EXXONMOBIL EXPLORATION AND PRODUCTION EQUATORIAL GUINEA (VENTURES) LIMITED ________________________________________________ N O T I C E IS HEREBY GIVEN as follows: (a) EXXONMOBIL EXPLORATION AND PRODUCTION EQUATORIAL GUINEA (VENTURES) LIMITED is in dissolution under the provisions of the International Business Companies Act 2000. (b) The dissolution of the said Company commenced on the 9th day of February 2018 when its Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said Company is R.W. Rice, of 22777 Springwoods Village Parkway, Spring, Texas 77389, U.S.A. Dated the 13th day of February, 2018 HARRY B. SANDS, LOBOSKY MANAGEMENT CO. LTD. Registered Agent for the above-named Company

EXXONMOBIL EXPLORATION AND PRODUCTION EQUATORIAL GUINEA (VENTURES) LIMITED ________________________________________________ Creditors having debts or claims against the above-named Company are required to send particulars thereof to the undersigned c/o P.O. Box N-624, Nassau, Bahamas on or before 12th day of March, A.D., 2018. In default thereof they will be excluded from the benefit of any distribution made by the Liquidator.

Dated the 13th day of February, A.D., 2018.

R.W. Rice Liquidator 22777 Springwoods Village Parkway Spring, Texas 77389 U.S.A.

THE TRIBUNE

Tuesday, February 13, 2018, PAGE 5

NAD’s rating upgrade a ‘glimmer of change’ FROM PAGE 1 ‘junk’ status at Christmas 2016. This had a direct knock-on effect for the LPIA operator, given that it operates solely in an economy that had lost ‘investment’ grade status. “Their [NAD’s] debt got downgraded because Fitch said there’s additional sovereign risk,” the Minister told Tribune Business in June 2017. “They went to downgrade NAD one rating below investment grade, and one effect of that was they needed to increase the bond reserve fund from $19 million to $38 million.

The debt financing for LPIA’s $409.5 million redevelopment requires that NAD maintain “a restricted debt service reserve account” with Citibank in New York, which contains a balance equal to six months’ worth of principal and interest due on the senior notes (bonds).

This facility is designed to give NAD’s lenders extra security, and comfort, that the airport manager will continue to make debt payments as they come due - especially since the funds cannot be used for anything

else. Its last financials, to end-June 2016, show that the debt reserve account contained $18.735 million at that point.

Mr D’Aguilar last year added that the increased debt reserve requirements could only be financed by NAD increasing its total per passenger costs by $8, or 4.7 per cent, from $175 to $183 by December 1.

This sparked concerns over LPIA’s price competitiveness, and possible repercussions for the Bahamian tourism product.

The Minister of Tourism, though, was much more upbeat yesterday, interpreting the NAD rating upgrade as an early sign of market confidence in the Government’s economic and fiscal policies, and efforts to turn the Bahamas around.

“I think it’s a boost for the country,” he told Tribune Business. “It demonstrates, at least, the confidence of the rating agency, Fitch, in our economy. People are complaining bitterly about our strict and stringent spending requirements, and this is beginning to bear fruit in terms of the improvement and rising confidence in the

management of the fiscal affairs of the country.”

Mr D’Aguilar said NAD’s management will now be able to recover the extra funds applied to the ‘debt reserve’, and added: “It will allow NAD to look at expansion and think again about capital projects; resurfacing a second runway or building of a new one.

“All those things come back on the table. NAD was not downgraded because of its own financial performance. It was downgraded because of the four sovereign downgrades in five

Function: Job Title: Level: Reports to:

years. Fitch was concerned that NAD operated in the Commonwealth of the Bahamas, and if the country was downgraded it only made sense to downgrade an entity operating in it.”

Unable to resist taking a swipe at the Christie administration, Mr D’Aguilar added: “This shows the failed financial policies of the former government led to the downgrade.

“This is a testament to the fiscal discipline that the Minnis administration operates in and, at least for Fitch, the positive outlook for the economy and

growing tourism numbers.

“When the persons doing the review came to Nassau, they were impressed by what they saw; the renewed investment in hotel infrastructure, the focus by the Government on returning some fiscal discipline to the Treasury, and all that registered in their minds and caused them to say there should be an upgrade,” he continued.

“At least there’s a glimmer of a change from the previous administration, which always talked about downgrades. At least we got an upgrade, albeit it’s

not the national debt, but it was for a company that operates in the Commonwealth of the Bahamas and is rated by Fitch.”

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Responsibilities

Responsibilities include but are not limited to the following: • Provides employee support as a Talent Advisor to staff across all levels of the organization delivering on the Deloitte Global Talent Experience.

• Responsible for advising the Partnership on Talent related matters in conjunction with applicable local laws as well as Global and CBC Talent strategy, policies and procedures.

• Manages and owns full life-cycle recruitment from sourcing to offer, employment contracts and onboarding of top talent across all levels and departments from entry level to management.

• Responsible for developing and delivering on the retention strategy based on exit data and other engagement survey data.

• Responsible for compensation and benefits including conducting salary surveys to ensure compensation remains competitive within the local market and providing guidance and support to the partnership on local and global trends.

• Responsible for developing a strong local brand and eminence by attending career fairs, delivering presentations to local schools or other external bodies about careers at Deloitte, managing student programs, i.e. the internship program and exam support for students.

• Works closely with the CBC Learning and Development Manager to execute on the CBC Learning Strategy.

Coordinates local training events, identifies learning needs outside of the CBC learning strategy and facilitates training to staff across all levels.

• Responsible for driving all aspects of the Global Talent Performance Experience within the local office.

Identifies local performance management challenges and opportunities and provides consultative coaching.

• Responsible for all Talent related administration needs from tracking and maintaining employee related data,

analyzing employee data and presenting trends and recommendation to the Partnership based on data.

Qualifications & Experience • • •

•

The successful candidate will have the following: Bachelor degree or above with strong academic credentials in Human Resources, Business Management or related disciplines required.

Internationally recognized HR qualification considered an asset (i.e. PHR, PHRi, etc.).

Minimum 5 years of relevant Human Resources or Talent Management experience with at least 2 years of relevant experience at a Senior Consultant or equivalent level.

Experience in the professional services industry is preferred.

Additional Experience & Attributes • • • • • • • •

• • • • • •

Strong commitment to professional client service excellence, building strong client relationships and seeing tasks through to completion.

Excellent communication skills, both verbal and written, and a proven ability to interact with staff of various levels.

Excellent listening and interpersonal skills.

Proven ability to deliver the full cycle of project management accountabilities.

Computer literacy is essential with intermediate Microsoft Office applications skills.

Comfortable with technology and learning new technology tools.

Strong analytical capabilities with an ability to review, analyze and resolve most complex technical issues with attention to detail.

Excellent planning and organizational skills with the ability to thrive in an environment of pressing deadlines, changing priorities, and work well under pressure, ambiguity, and multi-task on a daily basis.

Requires a high level of maturity, professionalism, initiative, integrity and confidentiality.

Knowledge and commercial awareness of current economic and market trends.

Ability to consistently deliver high quality customer service in a professional manner.

Strong leadership skills and ability to create a learning environment for Team Members.

Ability to work well in a culturally diverse and global / remote team-oriented environment and independently on own initiative.

Flexibility to altered hours of work to accommodate supporting people across time zones.

Please note that Deloitte will not accept any applications received from agencies and only candidates selected for an interview will be contacted. As part of the recruitment process those selected will be required to provide employment references and complete a background check which includes a criminal check. Applications from suitably candidates should be submitted through our careers website at: https://jobs2.deloitte.com/bs/en/ by Friday 23 February, 2018.

About Deloitte Deloitte provides audit, tax, consulting, and financial advisory services to public and private clients spanning multiple industries. With a globally connected network of member firms in more than 150 countries and territories, Deloitte brings world-class capabilities and high-quality service to clients, delivering the insights they need to address their most complex business challenges. Deloitte’s more than 200,000 professionals are committed to becoming the standard of excellence.

Deloitte has a strong presence in the countries of the Caribbean and Bermuda marketplace, with more than 500 professionals dedicated to bringing their talents to bear on our clients’ unique issues. The Deloitte Caribbean and Bermuda Cluster has six practices located in Bahamas, Barbados, Bermuda, British and United States Virgin Islands, Cayman Islands, and Trinidad & Tobago covering the English-speaking Caribbean. Though we operate in multiple countries, our professionals have a single focus: to help clients navigate their business challenges and achieve success.

PAGE 6, Tuesday, February 13, 2018

THE TRIBUNE

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NB: Ramon Simms is a management professional with more than 10 years experience at the intersection of finance, operations and technology. He holds a BA in Financial Economics and an MBA in Entrepreneurship. He is a managing director at IFF Lts (www.iffpros.com) Bahamas, and you can reach him at ramon@iffpros.com

THE TRIBUNE

Tuesday, February 13, 2018, PAGE 7

Minister pledges ‘no retreat’ over breadbasket reforms FROM PAGE 1

wide-ranging consultation with retailers and wholesalers over the proposed ‘breadbasket’ reforms, Dr Sands said: “Let’s just say we’ve had a spirited discussion that ultimately led to a meeting of the minds, and I believe we benefited tremendously from a constructive process with them. “I believe they [the private sector] understand this is not a hostile takeover of their industry.

We are genuinely interested in partnership, working together in the public interest while being mindful of the potential impact.

“I was very impressed with the depth of understanding from a nutritional point of view from the players in that industry. It’s easy to imagine someone has one eye, three eyes until you sit down to talk with them, and we came to terms on shared and mutual goals.”

Dr Sands said the Government was unlikely to be deterred this time from reforms that are intended to benefit the quality of Bahamians’ lives and health, while also boosting workforce productivity and reducing the drag on the economy and healthcare system caused by the prevalence of chronic noncommunicable diseases (NCDs).

“Last year we took a stab on sugary sweet drinks, and we backed off because of a blistering assault by the producers,” he told Tribune Business. “I don’t think we’re going to be singularly

minded to capitulate this time.

“This time we have a year with the industry, a year with the producers, under our belt and I think we’re going to stand firm on this matter, particularly with sugar, high fructose corn syrup and other things creating these really bad problems.”

Dr Sands described sugar as “the most dangerous drug in the Bahamas” in terms of the number of deaths it caused.

The Minister conceded that the private sector had also made “a reasonable case” for the elimination or easing of price controls, which “has to be considered in the way forward on what is the most effective way to achieve the ends we are trying to get to”.

Many in the business community view price controls as an obsolete, unnecessary regulatory restriction that fails in its objective to protect low income Bahamians by giving them purchasing power. By forcing merchants to sell a significant portion of their inventory at a loss, they also raise the cost of nonprice controlled items, while discouraging retailers from stocking them.

“While we don’t agree on all points, we had regular dialogue, sat down, exchanged a ton of e-mails and so forth, and I am pleased to say their contribution has given me a different perspective on what I thought was a pretty simple issue,” Dr Sands revealed of his talks with the private sector on ‘breadbasket’ reforms and price controls.

“Things you think are simple, it’s not simple, particularly since we’re in a

world economy that has market forces independent of what’s happening in the Bahamas.”

Dr Sands acknowledged that price control meant “coming up with a price point below the cost of providing the product that eliminates the incentive to even stock or carry the product”.

“It proves a real challenge to the bigger picture of economic growth,” he added. “Being mindful that you can cost shift, but only to a limited degree, any decision we make has to consider the planned results and unintended consequences.

“That discussion was very helpful, and caused us to step back, look at it critically, listen to the criticism. I’m sure that as the public weighs in they will add further clarity to this.

Hopefully, when we’re done with this process, it will pass the sniff test and actually be beneficial.”

Dion Foulkes, minister of labour, who is working with Dr Sands on the ‘breadbasket’ food reforms, told Tribune Business he had received no representations from the private sector - especially retailers and wholesalers - to eliminate or amend price controls and their mark-ups.

Backing them as a a tool to protect lower income Bahamians, Mr Foulkes said: “We live in a free market economy, and wanted to get the private sector to buy in to what we’re doing, and so far we’ve got a very positive response.

“It’s [price controls] really something that was put in place to help assist and protect persons in the very low income bracket,

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PAGE 8, Tuesday, February 13, 2018

THE TRIBUNE

Eight-fold property tax hikes to ‘kill’ Exuma FROM PAGE 1

property tax. At least 50 per cent of people are not happy with their real property tax.”

Mr Turnquest’s concerns are eerily similar to the recent criticisms voiced by his realtor colleagues in Abaco, who last month warned that “crazy” real property tax valuations and bills were threatening “to tear apart” that island’s real estate market which is heavily reliant on second homeowners.

The complaints ultimately resulted in a meeting where Department of Inland Revenue officials pledged to address the situation, but Mr Turnquest’s comments indicate that the problem of excessive and questionable real property tax billings extends far beyond Abaco and has

already spread to other Family Islands where foreign homeowners are a key economic driver.

“Just about every week I get e-mails asking what’s happening with real property tax,” the Exuma-based realtor disclosed, “and ‘can you give me contacts for the Tax Office?’ This has been going on since the New Year began; ever since the second week in January.

“The other realtors on the island have been calling me, asking whether I got complaints. It’s like a domino effect straight across the board. It’s going to kill us. If someone has to pay that much in taxes every year, it’s not worth it.”

As with Abaco, the sudden, unexplained increase in real property tax valuations and associated billings has unnerved

many foreign homeowners and potential buyers, causing them to question the value of Bahamas-based real estate investments and potentially undermining a key industry - especially in the Family Islands.

Mr Turnquest said he and other Exuma-based realtors had no option but to disclose the Government’s inflated assessments to potential buyers, otherwise they would “get a bad reputation and everything will go sour from there” in the age of social media and the Internet.

“The buyers will ask what the assessment value is, and you have to be honest with them,” he told Tribune Business. “They’ll say it’s too much, they’re not going to buy, and you lose sales. It’s also going to cause people to want to sell because they don’t want to pay increased taxes, but they can’t sell because there are no buyers. It’s a stalemate.”

Mr Turnquest’s concerns were backed by fellow Exuma realtor, Judy Hurlock at Seahorse Realty, who described the situation was “pretty bad” based on her own experiences and reports received from others.

One property, which she sold for $167,000 towards the end of 2017, had a market value of $267,000.

Yet the Department of Inland Revenue subsequently valued it at more than $500,000 after the deal had closed.

“That doesn’t make sense,” Ms Hurlock said.

“If it was on the waterfront, you might have a case, but it would have to be prime waterfront.” When the $500,000 valuation was queried by an attorney, government officials seemingly sought to justify it on the basis that the living area was upstairs and it had a sea view.

Ms Hurlock also recalled the case of a lot in the

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, KALIN MAKAI HIELD of Sentinal Bay, Freeport, Grand Bahama, Bahamas, intend to change my name to KALIN MAKAI FYNE.If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O.Box N-742 Nassau Bahamas no later than thirty (30) days after the date of the publication of this notice.

NOTICE

NOTICE is hereby given that YOUSELINE BELLEVUE of Jackfish Drive, Carmichael Rd., New Providence, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twentyeight days from the 6th day of February, 2018 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, Bahamas.

MARKET REPORT MONDAY, 12 FEBRUARY 2018

t. 242.323.2330 | f. 242.323.2320 | www.bisxbahamas.com

BISX ALL SHARE INDEX: CLOSE 2,051.91 | CHG -0.31 | %CHG -0.02 | YTD -11.66 | YTD% -0.57 BISX LISTED & TRADED SECURITIES 52WK HI 4.38 19.17 9.09 3.76 1.64 0.18 4.60 8.70 6.30 5.30 11.93 2.59 1.56 9.70 6.01 10.55 10.95 4.50 12.51 11.00

52WK LOW 3.50 17.43 8.19 3.32 0.90 0.12 3.50 8.40 5.83 3.15 9.00 2.18 1.40 8.21 5.82 8.78 5.67 3.35 12.01 10.00

SECURITY AML Foods Limited APD Limited Bahamas Property Fund Bahamas Waste Bank of Bahamas Benchmark Cable Bahamas CIBC FirstCaribbean Bank Colina Holdings Commonwealth Bank Commonwealth Brewery Consolidated Water BDRs Doctor's Hospital Emera Incorporated Famguard Fidelity Bank Finco Focol J. S. Johnson Premier Real Estate

1050.00 1000.00 1000.00 1000.00

1000.00 1000.00 1000.00 1000.00

Cable Bahamas Series 6 Cable Bahamas Series 8 Cable Bahamas Series 9 Cable Bahamas Series 10 Colina Holdings Class A Commonwealth Bank Class Commonwealth Bank Class Commonwealth Bank Class Commonwealth Bank Class Commonwealth Bank Class Commonwealth Bank Class Fidelity Bank Class A Focol Class B

PREFERENCE SHARES

1.00 103.00 100.00 106.00 105.00 103.00 100.00 10.00 1.01

1.00 100.00 100.00 100.00 105.00 100.00 100.00 10.00 1.00

SYMBOL AML APD BPF BWL BOB BBL CAB CIB CHL CBL CBB CWCB DHS EMAB FAM FBB FIN FCL JSJ PRE

E J K L M N

CORPORATE DEBT - (percentage pricing) 52WK HI 100.00 100.00

52WK LOW 100.00 100.00

CAB6 CAB8 CAB9 CAB10 CHLA CBLE CBLJ CBLK CBLL CBLM CBLN FBBA FCLB

SECURITY Fidelity Bank Note 18 (Series E) + Fidelity Bank Note 22 (Series B) +

SYMBOL FBB18 FBB22

Bahamas Note 6.95 (2029) BGS: 2015-1-3Y BGS: 2014-12-5Y BGS: 2015-1-5Y BGS: 2014-12-7Y BGS: 2015-1-7Y BGS: 2014-12-30Y BGS: 2015-1-30Y BGS: 2015-6-3Y BGS: 2015-6-5Y BGS: 2015-6-7Y BGS: 2015-6-30Y BGS: 2015-10-3Y BGS: 2015-10-5Y BGS: 2015-10-7Y

BAH29 BG0203 BG0105 BG0205 BG0107 BG0207 BG0130 BG0230 BG0303 BG0305 BG0307 BG0330 BG0403 BG0405 BG0407

BAHAMAS GOVERNMENT STOCK - (percentage pricing) 115.92 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

104.79 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

MUTUAL FUNDS 52WK HI 2.12 4.14 1.98 178.69 153.40 1.53 1.70 1.62 1.10 6.99 8.54 6.15 10.52 11.46 10.46

52WK LOW 1.67 3.04 1.68 164.74 116.70 1.47 1.62 1.56 1.04 6.41 7.62 5.66 8.65 10.54 9.57

LAST CLOSE 3.90 17.43 9.09 3.34 1.00 0.18 3.68 8.70 6.10 4.80 9.01 2.51 1.50 8.41 6.00 10.45 6.24 4.47 12.51 10.00

CLOSE 3.90 17.43 9.09 3.34 1.00 0.18 3.60 8.70 6.10 4.80 9.01 2.46 1.50 8.07 6.00 10.48 6.24 4.47 12.51 10.00

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 -0.08 0.00 0.00 0.00 0.00 -0.05 0.00 -0.34 0.00 0.03 0.00 0.00 0.00 0.00

1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.40 100.00 100.00 100.00 10.00 1.00

1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.40 100.00 100.00 100.00 10.00 1.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

LAST SALE 100.00 100.00

CLOSE 100.00 100.00

CHANGE 0.00 0.00

110.01 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

0.69 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

109.32 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

FUND CFAL Bond Fund CFAL Balanced Fund CFAL Money Market Fund CFAL Global Bond Fund CFAL Global Equity Fund FG Financial Preferred Income Fund FG Financial Growth Fund FG Financial Diversified Fund FG Financial Global USD Bond Fund Royal Fidelity Bahamas Opportunities Fund - Secured Balanced Fund Royal Fidelity Bahamas Opportunities Fund - Targeted Equity Fund Royal Fidelity Bahamas Opportunities Fund - Prime Income Fund Royal Fidelity Int'l Fund - Equities Sub Fund Royal Fidelity Int'l Fund - High Yield Fund Royal Fidelity Int'l Fund - Alternative Strategies Fund

VOLUME

23,060 2,000

42,952 5,394

VOLUME

NAV 2.12 4.14 1.98 178.69 153.40 1.53 1.70 1.62 1.10 7.16 8.40 6.29 11.28 11.60 10.21

EPS$ 0.475 0.932 -0.508 0.540 -1.220 0.000 -1.462 0.638 0.583 0.171 0.631 0.102 0.330 2.670 1.129 0.729 0.484 0.298 0.543 0.000

DIV$ 0.080 1.130 0.000 0.230 0.000 0.000 0.000 0.300 0.220 0.120 0.690 0.060 0.050 0.565 0.290 0.500 0.150 0.120 0.580 0.000

P/E 8.2 18.7 N/M 6.2 N/M N/M -2.5 13.6 10.5 28.1 14.3 24.1 4.5 3.0 5.3 14.4 12.9 15.0 23.0 0.0

YIELD 2.05% 6.48% 0.00% 6.89% 0.00% 0.00% 0.00% 3.45% 3.61% 2.50% 7.66% 2.44% 3.33% 7.00% 4.83% 4.77% 2.40% 2.68% 4.64% 0.00%

0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000

0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000

0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

0.00% 0.00% 0.00% 0.00% 6.25% 6.25% 6.25% 6.25% 6.25% 6.25% 6.25% 7.00% 6.50%

INTEREST 6.00% Prime + 1.75%

MATURITY 31-May-2018 19-Oct-2022

6.95% 4.00% 4.25% 4.25% 4.50% 4.50% 6.25% 6.25% 4.00% 4.25% 4.50% 6.25% 3.50% 3.88% 4.25%

20-Nov-2029 30-Jul-2018 16-Dec-2019 30-Jul-2020 15-Dec-2021 30-Jul-2022 15-Dec-2044 30-Jul-2045 26-Jun-2018 26-Jun-2020 26-Jun-2022 26-Jun-2045 15-Oct-2018 15-Oct-2020 15-Oct-2022

YTD% 12 MTH% 4.00% 4.39% 5.57% 5.69% 2.14% 2.44% 4.66% 3.89% 5.58% 6.65% 4.34% 4.34% 1.83% 1.83% 3.30% 3.30% 4.03% 4.03% -1.08% 1.77% -5.96% -3.05% 1.90% 4.59% 7.24% 11.96% 2.77% 3.88% 3.94% 4.69%

NAV Date 31-Dec-2017 31-Dec-2017 31-Dec-2017 31-Dec-2017 31-Dec-2017 31-Dec-2017 31-Dec-2017 31-Dec-2017 31-Dec-2017 30-Nov-2017 30-Nov-2017 30-Nov-2017 30-Nov-2017 30-Nov-2017 30-Nov-2017

MARKET TERMS BISX ALL SHARE INDEX - 19 Dec 02 = 1,000.00 52wk-Hi - Highest closing price in last 52 weeks 52wk-Low - Lowest closing price in last 52 weeks Previous Close - Previous day's weighted price for daily volume Today's Close - Current day's weighted price for daily volume Change - Change in closing price from day to day Daily Vol. - Number of total shares traded today DIV $ - Dividends per share paid in the last 12 months P/E - Closing price divided by the last 12 month earnings

YIELD - last 12 month dividends divided by closing price Bid $ - Buying price of Colina and Fidelity Ask $ - Selling price of Colina and fidelity Last Price - Last traded over-the-counter price Weekly Vol. - Trading volume of the prior week EPS $ - A company's reported earnings per share for the last 12 mths NAV - Net Asset Value N/M - Not Meaningful

TO TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | FG CAPITAL MARKETS 242-396-4000 | COLONIAL 242-502-7525 | LENO 242-396-3225

Bahama Sound subdivision in 2015, where the vendor ultimately reduced the price to $112,000 to ensure it sold. “The vendor’s attorney, when they went to the Tax Office to ask what was due, they insisted on valuing it for $300,000,” she added.

The Seahorse Realty principal said Exuma real estate prices had dropped by between 40-60 per cent since the 2008-2009 downturn, highlighting one of the problems likely influencing the huge jump in real property tax billings - that the Government has failed to align assessments with today’s market value, and is still using pre-recession figures. “There’s this big discrepancy between the crazy prices of 2004-2006 and what they’ve come down to now,” Ms Hurlock told Tribune Business. “The Tax Office needs to get real, and forcing every buyer and seller to get an appraisal done before closing to satisfy it, they shouldn’t have to do that. It’s just adding aggravation and stress.”

Revealing that there were “bigger horror stories” than transactions she had been involved with, the Seahorse Realty principal added: “It’s going to stop real estate if this goes on. People are going to be afraid to buy. It has to kill it.

It’s ridiculous. They’re just pulling these values out of their heads.

“The lawyers and realtors are pulling their hair out, and the buyers and sellers are asking what is the point of this. If you kill the market, you’re not going to get taxes. Bahamians don’t pay real property tax in the Family Islands. They’re [the Government] very dependent on the people they’re attacking.”

Warning that the increased billings could

threaten Exuma’s real estate revival, Ms Hurlock said: “Last year was the best year since 2008. It was fantastic. A lot of property moved, but values were falling to find buyers.

“We are gradually getting into, I think, a good market.

For me I did exceptionally well. My sales volumes were up a couple hundred per cent. It was phenomenal last year, but this year has picked up as hard.”

Ms Hurlock refused to blame the increased tax bills for this, and expressed optimism that 2019 would bring a recovery in Exuma’s real estate prices.

Coldwell Banker’s Mr Turnquest, meanwhile, called for immediate government and Bahamas Real Estate Action (BREA) to address the matter. He also urged the Government to appoint licensed, experienced appraisers to conduct valuations on each Family Island.

“In the world we’re living in, once one or two people put it on Facebook or Twitter, it will get out there that the Bahamas is too expensive to live in,” Mr Turnquest told Tribune Business.

“In these islands, once one person gets hit hard, everybody knows everybody and winter residents have nothing to do but gossip.

“Once the conversation starts about taxation it will go straight down the line, and then we’re going to have problems.”

K P Turnquest, Deputy Prime Minister and minister of finance, could not be reached for comment before press time last night.

Tribune Business did speak briefly with Marlon Johnson, the financial secretary, who said he would call back, but no return call was received.

NOTICE

NOTICE is hereby given that ZEKI ANTONESE KERSAINT of Farm Road, Treasure Cay, P.O. Box General Delivery, Abaco, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 6th day of February, 2018 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, Bahamas.