05302025 BUSINESS by tribune242

Charter crackdown places Bahamians ‘in the same boat’

Realtors ‘on the hook’ over VAT crackdown

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

By NEIL HARTNELL Tribune Business Editor

THE Association of Bahamas Marinas (ABM) president yesterday said the Government’s planned crackdown on soliciting charters locally will “put Bahamians in the same boat as everyone else”.

Peter Maury told Tribune Business that the industry has been “pushing” for reforms, unveiled in legislation accompanying the 20252026 Budget, that prevent foreign companies or individuals from negotiating yacht and boat charters once the vessel is in The Bahamas.

Proposed changes to the Boat Registration Act will now reserve this exclusively for Bahamian individuals and companies, with the ABM chief asserting that this amendment will also ensure the Public Treasury gains its fair share in tax revenue by blocking charter transactions handled overseas and where the funds never touch this nation.

“Right now you have foreign companies booking charters through some of the hotels and they are outside The Bahamas,” Mr Maury explained to this newspaper. “We’ve said this since 2014. In order to get Bahamians involved in this; it’s an $85bn industry, and when the boats sit here in The Bahamas they can get charters from wherever.

“An American can book a charter for Russians on a French boat. But the problem is there are companies that operate here in The Bahamas from outside The Bahamas, not paying for a Business Licence and other taxes, and they book charters through a hotel.

“If somebody approaches me in my marina, and says they want to do a charter, the money stays in The Bahamas and the Bahamian broker gets to solicit the charter. But, at the moment, it can be solicited outside the

Bahamian realtors yesterday voiced fears they are being placed “on the hook for something we have no control over” in the Government’s crackdown on suspected property sales VAT evasion.

Ryan Knowles, founder and chief executive of Maison Bahamas, told Tribune Business that the compliance burden should instead be placed on attorneys after the Davis administration unveiled VAT Act reforms that expose realtors to a ﬁne equal to 3 percent of the purchase price if they fail to declare a “newly-constructed dwelling’s” sale within 30 days of closing. Voicing hope that the proposed changes will be “revisited”, he argued that it was more appropriate to

impose the reporting duties on Bahamian attorneys as they are the professionals that draft the conveyancing documents, handle the purchase price exchange and ensure all real estate transactions close by executing the deeds and lodging them for recording in the Registry of Records.

The VAT (Amendment) Bill 2025, which was tabled in the House of Assembly amid the legislative package accompanying the 2025-2026

Budget, seeks to impose a further compliance, reporting and regulatory burden on Bahamian realtors in a bid to ensure the Public Treasury collects all due tax on the purchase of newly-built homes or land sold for such construction purposes. It seeks to create a new section in the VAT Act, section 47C, headlined: “Requirement to notify

Real estate deals ‘void’ until recording complete

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

ATTORNEYS yesterday warned of “multiple implications” from legislative reforms that will render “void” all real estate transactions unless they are recorded as part of the government’s VAT evasion crackdown.

The Bahamian legal profession was said to be “still digesting” proposed changes

to the Conveyancing and Law of Property Act that will treat all land and property deals since July 1, 2022, as of no effect if the deeds have not been brought forward for recording in the Registry of Records.

But several attorneys, speaking on condition of anonymity, argued that the reforms - if passed - could be extremely difﬁcult to implement in practice as they potentially impact the

security and rights of sellers, purchasers and mortgage lenders such as banks and other ﬁnancial institutions.

The Government’s move is being seen as an attempt to drive purchasers, and their attorneys, to ensure VAT due on real estate acquisitions is paid in a timely manner and in full because they will be unable to register the conveyance - and prevent it from being treated as “void” - without proof they paid the tax.

The Act’s new section 40, which will repeal and replace the existing one, stipulates that “all conveyances of land, or of any interest therein, are void for the purpose of conveying or creating a legal estate unless made by deed and duly registered”. However, attorneys yesterday voiced scepticism that the initiative will achieve the Government’s goal of

Cruise private islands tax crackdown ‘great ﬁrst step’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

BAHAMIAN hotels yesterday hailed the private cruise island tax compliance crackdown as “a great ﬁrst step” while urging that some of the funds generated be used to “ﬁx tourism product shortcomings”.

Kerry Fountain, the Bahama Out Islands Promotion Board’s executive director, told Tribune Business that creating a taxation ‘level playing ﬁeld’ between stopover (land-based) and cruise tourism was a move “in the right direction”.

However, he argued that The Bahamas needed to go further and “earmark” a portion of the revenues generated from the private islands to upgrading its visitor attractions and amenities.

By ANNELIA NIXON Tribune Business

LIQUOR stores proprietors yesterday said they saw no challenge in complying with the new licensing regime that requires new licence and renewal applications to undergo a public consultation. George Robinson Jr, owner of Base Road Wholesale Bar, said the amendments to the Business Licence Act tabled alongside Wednesday’s 2025-2026 Budget are nothing new and he questioned “why they discontinued that”.

Pointing to the most recent passenger survey commissioned by the Florida-Caribbean Cruise

The Business Licence (Amendment) Bill 2025, in its objects and reasons section, states: “This Bill seeks to amend the Business Licence Act 2023 to introduce a registration and fee requirement for liquor establishments, and the requirements that should be considered by the secretary prior to issuing the same.

“It also seeks to amend the time limit of the Secretary when considering a notice of objection and the extension of the time limit for an applicant to object an appeal.” The reforms stipulate that the Bahamian public are to be given two

PETER MAURY

KERRY FOUNTAIN

RYAN KNOWLES

MARIO CAREY

Eleuthera set for $2.4m water system upgrades

By ANNELIA NIXON Tribune Business Reporter

ELEUTHERA is set to enjoy a $2.4m water infrastructure upgrade via a partnership between the Bahamas Striping Group of Companies (BSGC) and Rowdy Boys Construction. The tie-up, which is linked to the private-public partnership (PPP) between BSGC’s Caribbean Pavement Solutions afﬁliate and the Bahamian government for road repairs and reconstruction, will also now result in south and central Eleuthera gaining around 63 miles of potable water pipelines.

With the project stretching from Hatchet Bay to Bannerman Town, water mains are set to be installed “and service connections and other distribution system appurtenances, including, but not limited to air lease ﬁles, ﬁre hydrants and washouts".

“The ﬁrst portion of this work to be undertaken is lot number 13 in the southern

district, and begins with the installation of water mains and laterals in the Queens Highway from Wemyss Bight proceeding south to, and ending at, Bannerman Town,” Melanie Roach, Caribbean Pavement Solutions general manager, said at yesterday's contract signing. "It also includes distribution lines and laterals to

service the John Millar's settlement. The works will be undertaken by the Water and Sewerage Corporation approved contractor, Rowdy Boys Construction, and it includes the installation of approximately 39,520 feet of six-inch water mains and 5,400 feet of four-inch water mains with 74 service connections.

“It is expected that the work will take four months to complete. A portion of the required materials are already in Eleuthera, and the balance of the materials are expected to be delivered within the next few weeks," she added.

"Once the contractor has received his mobilisation payment, he will transport his labour force and equipment to Eleuthera. We ask that the residents of Eleuthera exercise caution while driving in the area where water works are taking place, and all steps will be taken to ensure the safety of residents and minimal disruption to their daily lives.”

Leon Lundy, minister of state with responsibility for the Water & Sewerage Corporation, added that Waterford, Tarpum Bay, Spanish Wells and Harbour Island, plus other areas in Eleuthera, will see a difference with “more than $7m in new and upgraded water storage infrastructure” underway.

“In addition to the PPP, I am pleased to highlight that more than $7m in new and upgraded water storage infrastructure is currently underway across Eleuthera,” Mr Lundy said.

“This includes upgrades at Waterford, Tarpum Bay and the Naval Base, Spanish Wells and Harbour Island, strengthening the overall reliability and resilience of our water supply systems.

“To the residents of South Eleuthera, especially in the communities of John Millar's and Bannerman Town, who have long relied on water tanker deliveries, you've been patient, you've been resilient, and you've been more than deserving of real, lasting change.

"This project will bring direct piped, portable water from the desalination plant to the communities, eliminating the dependence on tanker trucks and delivering a reliable, modern water supply to meet both your current and future needs," Mr Lundy continued.

"And as these areas continue to see growth, particularly with housing developments related to the Disney project, it is essential that basic services like clean, uninterrupted water are in place to support that development and improve everyday life. Today is a win for South Eleuthera and a reﬂection of our belief that every island matters.”

Atario Mitchell, BSGC’s president, said the company is empowering

sub-contractors by “awarding them large portions of our work, making sure that they get a piece of the pie".

“I am proud to say that we are here to ofﬁcially sign a $2.4m contract with Rowdy Boys Construction for the installation of water main lines throughout south and central Eleuthera,” Mr Mitchell said. “This is what true empowerment looks like. We committed to these contractors; that they will share in a major part of our 3P project, and this contract signing today brings us one step closer to our promise's fulﬁllment.

"This project represents more than just pipes in the ground. It represents progress, partnership and a promise of a better tomorrow. This is the power of our company’s new mode of doing business through public-private partnerships, ensuring that Bahamian companies play a major part in our projects.

“When you look at our 3P model and how it works, we design the scope of works. We seek and secure the funding, we execute the work and agree with the Government on a repayment schedule over a multi-year period. This model gets Bahamian companies working right away, allowing for additional funds to be circulated within our economy," Mr Mitchell added.

"We have proven that this model works. On our Nassau Village Community Centre project, over 22 Bahamian sub-contractors were hired. We have continued the same on our Eleuthera project, where nearly 30 miles of roadworks have been completed so far.

"Scores of Bahamians hired, and not one penny of taxpayer money spent this year. And now Rowdy Boys is joining our team and working with us to deliver this project ahead of schedule. This is a new model and 3Ps at work.”

Jalen Knowles, newlyappointed chief ﬁnancial ofﬁcer at Rowdy Boys Construction, added:

“These kind of partnerships allow private companies like BSGC to bring capital, expertise and manpower to the table up front in order to deliver large-scale public infrastructure projects. And the beneﬁts of this model go beyond just concrete and pipelines.

"BSGC, though fully capable of completing this contract on their own, chose to share this opportunity with us, which is an example of corporate responsibility and community-minded thinking. By doing so, the beneﬁts of this project are being spread far and wide, including to communities and workers in Long Island, even though it's happening in Eleuthera. This is what progress looks like - collaboration, inclusion vision. “

LEON LUNDY

Exuma developer renews halt threat over rival hotel

By FAY SIMMONS

AN Exuma resort developer yesterday renewed calls that he will halt work on his $75m eco-friendly project unless environmental concerns about a neighbouring development are resolved.

Robert Coughlin, the Turtlegrass Resort and Island Club’s principal, said he is prepared to halt his Sampson Cay development if the adjacent $200m Rosewood Exuma project is allowed to dredge the North Bay to install an employee dock and seawall in front of his Exuma Cays property.

He added that although he has already invested $17m of the $25m ﬁrst phase, he is prepared to stop once this stage is completed if the nearby mega resort is allowed to signiﬁcantly alter the environment shared with his sustainable eco-property.

Aiming to offer a “high end experience” that could cost visitors $2,000 per night, due to the expense of installing infrastructure and operating a resort that will be powered by solar energy, Mr Coughlin said if Rosewood Exuma is allowed to transport employees and barge supplies his resort would lose its appeal.

“It’s a very tight environment, and you can’t reasonably put a resort there and be looking at somebody’s industrial dock and provide that kind of experience. And it’s a high-end experience when somebody comes to an island,; it’s not like just plumping a resort down on the beach,” he explained. “You’re trying to sell rooms for $2,000 a night because the infrastructure of an island and the cost of it is different when you have to boost your own power and have your engineers on-site, do all the stuff you need to do. There’s a scale you need to achieve in order to be successful. So we will cancel the resort, if

they dredge or whatever, the North Bay. We will do everything we can to stop that”

Mr Coughlin added that there is “no end” to what developers are willing to do to protect the North Bay as dredging in such a pristine environment “doesn’t make sense”. He said: “There’s no end to what we will do to try to stop that. Because even if we don’t build our resort, it just to our core is wrong, and to do it doesn’t make sense.”

Mr Coughlin disclosed that he applied for a seabed lease for the area in front of his property where guests will swim and snorkel. He added that although the application was made to protect the environment that hosts seagrass meadows, coral reefs and is home to many marine species, he has not received a response and speculated that Rosewood Exuma was granted the lease instead.

“It was to make sure that area isn’t damaged environmentally,; that somebody else didn’t have the right

PM: BAHAMAS TACKLED FTX WITH

By FAY SIMMONS

THE Prime Minister yesterday said The Bahamas handled the challenge posed by FTX's multibillion dollar collapse with “clear-eyed honesty and a commitment to governance that stands up under scrutiny".

Giving the keynote address at the 2025 Bahamas Business and Investment Forum in New York, Philip Davis KC said the way the country dealt with the crypto exchange's failure is evidence of the strength of its ﬁnancial sector and the Digital Assets and Registered Exchanges Act (DARE).

Mr Davis said the DARE Act is an enforceable legal framework that protects investors and strengthens conﬁdence, and when the framework was tested in front of the world “we did not ﬂinch”.

“When FTX collapsed, The Bahamas was at the centre of a global ﬁrestorm. But in the aftermath, something important happened:

Our institutions held. Our regulators acted swiftly. Our courts operated with transparency. And while some jurisdictions scrambled for answers, we were already implementing them. That moment became a global proof point - not of failure, but of resilience,” said Mr Davis.

“It showed that even in the face of unprecedented volatility, The Bahamas remained committed to the rule of law, to investor protection and to the highest standards of regulatory integrity. And we have since updated and strengthened DARE to ensure our jurisdiction remains bestin-class in this emerging sector.”

Mr Davis said The Bahamas offers stability in a time of global uncertainty with its stable government, ﬁnancial system and legal framework. He added that it is a safe jurisdiction for international investors who are reconsidering their current business strategy.

“Investors around the world are rethinking their strategies. The search is on for jurisdictions that are safe, transparent,

predictable and welcoming.

Places where capital is protected. Where the rule of law is not an aspiration, but a guarantee. Where leaders are accessible, and the path from proposal to progress is not mired in red tape,” said Mr Davis.

“The Bahamas meets that moment. We are a stable democracy — the oldest in the region — with a legal system rooted in English common law and a ﬁnal court of appeal that remains the Judicial Committee of the Privy Council in England. We boast a robust ﬁnancial services sector, a business-friendly tax environment, and one of the most dynamic tourism economies in the hemisphere.

“But beyond the facts and ﬁgures, what we offer investors is something increasingly rare in today’s world: Clarity. We know who we are. We know what we offer. And we know where we’re going.”

Mr Davis said his administration has prioritised reforms that improve the ease of doing business, and is actively promoting investment in renewable energy,

Bahamian marine scientist speaks at IMO women's day

A BAHAMIAN marine scientist and environmental advocate has addressed the International Maritime Organisation's (IMO) 2025 International Day for Women in Maritime symposium in London. Held under the theme 'An ocean of opportunities', the event brought together women from across the maritime industry to champion diversity, sustainability and inclusion in the industry. Alannah Vellacott, from The Bahamas, spoke on ocean conservation, youth engagement and the need for meaningful climate action, especially from the perspective of small island developing states such as The Bahamas.

“Island nations are the most vulnerable to climate change,” she reminded the audience, calling for increased global responsibility and collaboration. Ms Vellacott delivered the message that the future of the oceans depends on urgent action, and on including more young people and indigenous voices in the conversation. She also issued a call for greater investment in under-represented communities, highlighting the lack of funding and opportunity faced by many aspiring maritime and environmental professionals from the southern hemisphere. “Our greatest resource,” she said, “is each other.”

The Bahamas Maritime Authority (BMA), in a statement, said it supports the IMO’s continued efforts to create a more inclusive and forward-thinking maritime sector. It added that Ms Vellacott's participation reﬂects the values at the heart of The Bahamas’ maritime identity: Leadership, sustainability and opportunity for all.

Pictured L to R are Peter John Goulandris, BMA deputy chairman; Jacqueline M. Simmons, BMA chairman; Alannah Vellacott; Captain Dwain E. Hutchinson, BMA managing director and chief executive.

to build structures directly in front of us,” said Mr Coughlin. “They, according to their documents, potentially have been given that sea bed lease after we signed our agreement.”

He said allowing Rosewood Exuma to dredge the North Bay would deal a blow to his planned resort and his investment, as the location would be less desirable on resale due to the barge activity.

“If you dredge this bay and you put an industrial dock in front of us, and I have a resort called Turtlegrass that’s designed to use the waters in front of me, and those barges are coming in so close I can hit them with a baseball, I’d have to say ‘guests get out of the water until they’re done unloading a couple hours from now, and come back out’,” said Mr Coughlin.

“They’re going to destroy the bay. It’s no longer going to be what it is. And our investment, I can tell you right now, if I tried to sell the property I couldn’t sell

blue economy industries, digital innovation, logistics and climate-resilient infrastructure.

“We are modernising infrastructure, digitising services, upgrading energy systems and removing outdated bureaucratic hurdles all to ensure that your investments in The Bahamas are not only secure, but positioned to grow,” said Mr Davis.

He added that although traditional markets are experiencing policy unpredictability and conﬂict, The Bahamas will provide an environment for investments to “thrive” through political and economic stability.

“We live in a time when once-reliable markets are being tested by conﬂict, supply chain disruptions, rising interest rates and policy unpredictability. In many countries, investors are facing reversals in regulation, abrupt currency shifts and political systems too fractured to provide a clear road-map forward,” said Mr Davis.

“The result is a climate of hesitation, where capital is sitting on the sidelines, not

it because of the threat of what [Rosewood Exuma] might do this bay on both sides.”

Mr Coughlin said he “doesn’t trust the situation” as the Yntegra Group also signed an agreement to develop a Bvlgari-branded project for Cave Cay that has yet to begin, while it was also awarded a Crown Land lease and 150 foreign work permits.

“This is the same group that, the same month we signed our Heads of Agreement, they signed a Heads of Agreement to develop Cave Cay. And you can go back in the ﬁles. They said by now they’d have 150 employees and they’d be done with their ﬁrst phase.

And they haven’t broke ground yet. Yet they were given that thing,” said Mr Coughlin

“So I don’t trust the situation right now because the fact they were given Crown Land, and a lot of foreign work permits along with it, makes me believe they’re going to come in and kind of scrape the place.”

because of a lack of opportunity but because of a lack of conﬁdence in the terrain.

That’s where The Bahamas stands apart. We understand that for investment to thrive, stability must be more than a talking point — it must be delivered in practice. That’s why we have worked diligently to maintain political continuity, policy coherence and economic prudence.”

Mr Davis said The Bahamas is not “pitching a product” but, rather, offering an opportunity to establish a relationship rooted in mutual respect and a commitment to success.

“So while many countries are competing on cost, we are competing on value — on the quality of our

Felipe MacLean, founder of the Yntegra Group, has told Tribune Business that the two resorts can co-exist, which Mr Coughlin agrees with as long as their plans to place an industrial dock in the North Bay change.

“This is not an equal. Why can’t you two just get along? The question should be: Why is he infringing on us?” he added. A petition that has garnered over 2,000 signatures was launched by Save Exuma Alliance (SEA), an alliance of businesses, neighbouring islands and residents that have joined forces to protect the North Bay.

Amongst SEA’s members are Staniel Cay Yacht Club, Makers Air, Embrace Resorts, Hattie Cay, Over Yonder Cay, Little Major’s Spot, Staniel Cay Adventures, Turtlegrass Resort & Island Club, Wild Tamarind Cay, Bahama Boyzz Adventurezz, and Flying Pig Cafe.

governance, the responsiveness of our systems, the strength of our institutions, and the opportunities we offer to build something meaningful and enduring,” said Mr Davis.

“We’re not pitching a product. We’re offering a relationship built on mutual respect, aligned interests and a shared commitment to success. If your goal is to invest in a place where ideas are taken seriously, where government is a partner, and where opportunity is matched by reliability, then I invite you to look seriously at The Bahamas. This is a nation ready to grow with you and because of you.”

Legal Notice NOTICE Sea Sail Investments Limited

NOTICE IS HEREBY GIVEN as follows:

(a) Sea Sail Investments Limited is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

(b) The dissolution of the said Company commenced on the 29th day of May 2025.

(c) The Liquidator of the said Company is Baird One Limited of Deltec House, Lyford Cay, P.O. Box N-3229, Nassau, Bahamas.

Dated this 30th day of May A.D., 2025

Baird One Limited Liquidator

PICTURED L-R are Peter John Goulandris, BMA Deputy Chairman; Jacqueline M. Simmons, BMA Chairman; Alannah Vellacott; Capt. Dwain E. Hutchinson, BMA Managing Director and CEO.

Realtors ‘on the hook’ over VAT crackdown

[VAT] comptroller of sale of newly-constructed dwelling’. This disclosure requirement applies not only to actual “dwellings” but “vacant real property intended to be used for the construction of a dwelling”. This disclosure must be ﬁled within 30 days of a sales agreement, or transaction, closing. “Where a real estate agent has been hired in respect of a sale, the real estate agent shall ﬁle the prescribed declaration with the Comptroller within 30 days of the date of closing,” the proposed reforms state.

“Where a real estate agent fails to ﬁle the prescribed declaration, the real estate agent shall be jointly and severally liable with the person who sold the dwelling to a penalty equal to 3 percent of the amount paid for the dwelling or vacant land.” That 3 percent could equal $30,000 on a newly-built home, rising to $300,000 if the “dwelling” is worth $10m.

To ensure there is no room for doubt, the Bill’s ‘objects and reasons’ section states: “Clause nine of the Bill requires declaration of newly-constructed dwelling homes to be submitted to the Comptroller by a real

estate agent hired in respect of the sale. “The real estate agent is required to ﬁle the prescribed declaration within 30 days of the date of closing or risk joint and several liability with the seller to a penalty equal to 3 percent of the amount paid for the dwelling or vacant land.”

Realtors were yesterday caught by surprise, and taken aback, by the Government’s move. Carla Sweeting, the Bahamas Real Estate Association’s (BREA) president, who was attending the Bahamas Business and Investment Forum in New York where Prime Minister Philip Davis KC was the keynote speaker, initially said “this has to be a typo” and added that she would look into the matter.

And Mike Lightbourn, Coldwell Banker Lightbourn Realty’s president, described the proposed new VAT Act section as “unbelievable”. He added: “How do we know someone is going to build? It’s just more paperwork and utter confusion.”

Meanwhile Mr Knowles, the Maison Bahamas chief, told Tribune Business: “It really should be the attorney who is responsible for that [the declaration].

Ultimately, in our system, the attorneys are the ones that complete the documents, and ensure all the document adjustments get done properly, and are executed, signed and they lodge the conveyances for recording.

“On the face of it, it would seem to me that the attorneys would be the appropriate person in that scenario. They are the ones handling the paperwork, lodging the documents to be recorded in the Registry of Records. It’s not making sense to me. I don’t know what mechanism they’re proposing to notify the VAT comptroller.

“It seems to be well-intentioned, and I understand the intent behind it, but I don’t know how that would work in practice. The realtors are the ones that get the deal together, and we help to move it forward to closing on the property, but the paperwork is handled by the legal profession. They draft the conveyance, make sure it’s executed and it goes for recording. It doesn’t really pass through us at all.”

Suggesting that the Government is imposing an extra compliance burden on the wrong profession, Mr Knowles added: “Maybe

Cruise private islands tax crackdown ‘great ﬁrst step’

FROM PAGE B1

Association (FCCA), where six out of every ten interviewed wanted to return to The Bahamas for a landbased vacation, he added that the “cruise conversion conversation” will be elevated to a new level if this nation has a funding source to invest in improving Bay Street and locations such as New Providence’s forts.

Mr Fountain told this newspaper it was “so very important to get it right on Nassau/Paradise Island”, which he described as this nation’s “ﬂagship” destination visited by many of the 9.4m cruise passengers attracted to The Bahamas in 2024, as exceeding their expectations would entice many to return for a hotelbased vacation on other islands.

Speaking after Philip Davis KC, in unveiling the 2025-2026 Budget, asserted that the Government has been in talks with the cruise industry to ensure its private islands are paying their

fair share and all sums due to the Public Treasury, Mr Fountain said: “Kudos to the Prime Minister and it’s deﬁnitely a ﬁrst step in the right direction.

“As you’ve heard me say on numerous occasions, every time the Government looks at how to increase its revenue intake as far as tourism is concerned, it’s always our airline partners and hotels that are inevitably being asked to lift the tax burden.

“I think it’s only fair that the cruise lines which leave the largest tourism footprint in the country, with 9.4m passengers, it’s only fair that they now be asked to help the Government with its revenue intake. Having said that, I think there are further opportunities.”

Mr Davis said tax compliance discussions with the cruise lines are focusing on the payment of VAT on all imports to their Bahamian private islands; the levying of VAT on “all services offered for value” to guests; Customs duty enforcement;

the payment of work permit fees for expatriate employees. But Mr Fountain urged that a portion of the funds collected be dedicated to improving the tourism offering.

Noting that The Bahamas on average ranked around 22nd-23rd, out of 33 Caribbean nations, for the overall cruise visitor experience, the Promotion Board chief added: “I bring that up simply to say I would like to see some of the revenues the Government collects from these private islands... earmarked to address the cruise visitor experience.

“When I say cruise visitor experience, I’m talking about the cruise visitor product experience. It doesn’t necessarily mean Junkanoo Beach, although we want to improve that experience, but improving the experience at Potter’s Cay, the experience at Arawak Cay, the experience on downtown Bay Street. It’s about sprucing up other direct attractions such as Fort Charlotte and Fort Montagu.

more thought needs to go into that. It may be wellintentioned, but in practice I can see this becoming a real issue.

“You may have a situation where the transaction is closed and the realtor is not notiﬁed. It’s nothing unusual but you never know. The attorneys, they’re the ones dealing with it in real time, and as realtors we get notiﬁed after the fact. It’s out of our hands at a certain point.

“It’s good that the Government wants to be progressive and improve the legislation. That’s a good thing. But, in this particular circumstance, they may need to revisit that because it’s going to be a challenge in practice to execute for all concerned,” Mr Knowles continued.

“It’s good to have an idea, but what are the implications? You are potentially going to have realtors on the hook for something they have no control over. I’m sure it’s going to be looked at and, hopefully, amended as needed.” He agreed that “the devil is in the details” when it comes to the Government’s annual Budget.

Mario Carey, principal of MCR Better Homes and Gardens Real Estate

“I hope some of those funds are earmarked for product development and improvement.” While the $2 tourism enhancement levy, which is imposed on all travellers, is dedicated to funding the Tourism Development Corporation, Mr Fountain said this agency was more focused on developing Bahamian tourism entrepreneurs and start-ups as opposed to upgrading the overall tourism product.

“I’m talking the physical plant,” he added. “It’s so very important to get it right on Nassau/Paradise Island, which is our ﬂagship tourism destination. That’s where most of the cruise visitors are going, and if they go to Nassau/Paradise Island and have a good old time, they will ask: ‘What is beyond this?’ and they will want to come back and visit some of our other islands.

“I think it’s very important, yes, to approach the cruise lines to share in the tax burden, but say at the same time we are going to use some of the funds and earmark some of them to upgrade some of the product experiences. We shouldn’t stop there [Nassau/Paradise Island]. Some of those dollars should also be invested in ﬁxing shortcomings in Grand Bahama and the Family Islands.

“Then, when we start to have the conversation

Bahamas, echoed Mr Knowles’ concerns in telling Tribune Business: “I don’t know how we would be responsible for what people do after they buy a property. Would they not be able to trace that through a building permit number? Why would it be for the realtors?

“We don’t handle any money. The only thing we do is negotiate the deal. We don’t handle anything else.... The question is how are they putting that burden on the real estate community. It’s crazy. If I sell you a lot and, three months down the road, you hire someone to build something on it, what does that mean?

“It doesn’t make any sense. You need timelines, you need relationships. I don’t know what all that means. There’s too much room for interpretation. Why would they not go after Town Planning or Building Control who issued the permit? It’s too much,” he added.

“It just doesn’t make any sense. We’re not in the construction business, we’re not in the legal business. We’re in the sales business. The attorney drafts the contract; a realtor doesn’t draft the contract. If I sell a lot in a location where there’s no

about cruise conversion, it becomes more realistic. We will have addressed the shortcomings, and the FCCA survey says as many as six out of ten passengers wants to come back for a land vacation. If these things are fixed we’re talking about low-hanging fruit. That’s why it’s so important we fix the product the way it should be fixed,” Mr Fountain said.

“In summary, kudos to the Prime Minister. It’s a great ﬁrst step. One step at a time but, at the same time, let’s use some of the funds to ﬁx the product shortcomings in Nassau/Paradise Island and then move to Grand Bahama and the Family Islands.”

Robert Sands, Baha Mar’s senior vice-president of government and external affairs, backed the Government’s stance as outlined by Mr Davis. “I think that’s a positive indicator that the Government is committed to levelling the playing ﬁeld. I believe it’s one of the ﬁrst steps they are taking, and the hotel industry is certainly encouraged by that and we look forward to other measures they plan to take in the not too distant future.

“I think that whenever anyone beneﬁts from tourism through the offerings of a destination then all parties should contribute to the beneﬁt of the Bahamian people through some form of taxation so that the country grows, prospers and improves, and makes the environment even better for all participants in this industry.

“When The Bahamas is good to companies, then I think companies in turn should be prepared to pay their share of taxes and contribute to the overall development of the country from a humanitarian point of view as well.”

compulsion, requirement or timeline to build on a lot, how do we monitor that? It’s too much, too vague. It’s sad, unfortunate.”

Prime Minister Philip Davis KC, in his Budget address, asserted that the Government believes it is not collecting its fair share, and there is too much VAT due and outstanding, from the sliding rate scale that is levied on property sales. He pledged that further measures would be unveiled to address this, but did not specify what they would be. The Government had collected around $163.5m in real estate-related VAT during the nine months to end-March 2025, having forecast that it would receive more than $294.3m for the full 2024-2025 fiscal year. The near-$131m gap between them during the fiscal year’s final quarter is unlikely to be completely bridged, with the Government on pace to collect around $218m.

As a result, it appears to have adjusted the 20252026 real estate-related VAT target downwards to around $237m.

The cruise industry’s Bahamian private islands have been a focus for the Ministry of Finance, and Department of Inland Revenue, for some months. Tribune Business revealed in February 2024 how the Government was planning to end these destinations’ then-nine year tax-free status by levying VAT on all goods and services supplied to millions of tourists who visit these locations annually. Among the transactions set to attract VAT were the provision of food and beverage; recreational activities; equipment rentals; and spa services on cruise lines’ private islands. Lease agreements for the rental of space, or right to use a private island, would also attract the tax, as would goods and services provided to a cruise line where the location is operated by a separate corporate entity. Cabana rentals, shore excursions or charging cruise companies for passengers’ access to on-island services would be caught by this, as would “the purchase of on-island recreational activities such as tours, excursions and other attractions from Bahamian suppliers. The resale of these recreational activities to passengers is also subject to VAT at the standard rate as the services are being rendered in The Bahamas”. Among the private islands that stood to be impacted were Royal Caribbean’s Perfect Day destination at Coco Cay in the Berry Islands, its global showpiece attraction; plus Mediterranean Shipping Company’s Ocean Cay location; Disney Cruise Line’s Castaway Cay and Lighthouse Point; and Holland America’s Half Moon Cay. Carnival’s $600m Celebration Key would also be caught in the net.

ROBERT SANDS

Liquor stores: No challenge with revised licence regime

weeks’ notice prior to a consultation being held on a liquor licence registration application.

Consultation also has to take place over a licence renewal, with key considerations including whether “the community is already adequately serviced by liquor stores, bars or restaurants” and if the business is “in too close proximity to a school or place of worship”. The condition of the premises is also another factor. Bars and restaurants, as well as hotels, will likely be caught by this.

“That’s nothing new,” Mr Robinson said. “One time ago, when you applied for your licence, it used to be published. If you wanted to

get a new licence, you have to publish it, and you put it in the papers, and people who had an objection were able to object to it. I don’t know why they discontinued that. That is nothing new.

“I know back in the days when we applied for our licence, we had to do it and if somebody applied for a licence right up the street from us, we would know because it had been published. I know back then, I stopped someone from obtaining a licence because we saw it in the newspaper, and they were opening up right up the road from us, and it was one of our suppliers. “So we were able to launch our objection. We went to certain people in

the area, too, where they was opening it up, and they objected to it and it wasn’t approved. So that’s not nothing new.”

Mr Robinson said with so many liquor stores in close proximity, competition becomes a problem because all liquor establishments are selling the same product. He added that public consultation can cut down on the amount of liquor stores located in one area.

“When it comes to food, you could compete because everybody could sell something different,” Mr Robinson said. “You see, with food and clothing, yes, that could happen. But in the liquor business, beer is beer. Everybody is selling the same product. So you don’t need 50 liquor stores

on the same street. Everybody’s selling the same thing. Nobody’s making money.”

Brent “Bookie” Ferguson, owner of BookieBren Wholesale & Retail Liquor Store, said he stands by the Bill’s requirement to have a public consultation adding that he has faced objections before and accepts it.

“A few years ago, I tried opening a liquor store on Prince Charles,” Mr Ferguson said. “There was a liquor store there sometime before. The thing about it, there was a liquor store across the road before… It got challenged, not from the public. The persons within the department said: ‘No, the school and the church are right next door.’

CHARTER CRACKDOWN PLACES BAHAMIANS ‘IN THE SAME BOAT’

FROM PAGE B1

country. The person outside the country sends in a concierge, gets a commission, brokers the charter and there is no record of it.”

The Boat Registration (Amendment) Bill, tabled in the House of Assembly on Wednesday, aims to halt this practice through the insertion of the new section ‘4A’. Entitled ‘Restrictions for charter originating within The Bahamas’, it states:

“No person shall negotiate, or permit the negotiation, of a charter-party.... for a charter within The Bahamas that originates when the vessel is located in The Bahamas unless the charter is negotiated and contracted by a citizen of The Bahamas.”

If a corporate entity is involved, then the reforms stipulate that it must have a valid Business Licence and be approved by the Port Authority. Further restrictions mandate that the charter of a vessel less than 55 feet in length cannot be less than 48 hours, while the person involved in broking the contract must collect and remit all due taxes to the Government.

Breaches will result in a ﬁne of between $5,000 to $25,000 on conviction. Mr Maury, meanwhile, told Tribune Business that the ABM had created the Bahamas Yacht Brokers and Agents Association speciﬁcally to get more Bahamians involved in the brokering and chartering business.

“What we’re saying as Bahamians is that we would promote Bahamian companies operating in The Bahamas within the guidelines they have to be a Bahamian company, be a VAT registrant, be insured and properly licensed and insured boats. We’ve been pushing for this. I see no problem with that,” the ABM president revealed of the charter restriction.

“This is our effort to try to prove to the Government that this is a vibrant industry and it’s prudent for Bahamians to be involved; no just as brokers, but as agents. These are companies with Business Licences and persons employed. It’s putting Bahamians in the same boat that everyone else is allowed to do.

“It’s expanding the industry instead of killing it. We’re a destination. Let’s have offerings to keep business in the country instead of outside the country.” Mr Maury, though, was less impressed by the Budget plans to make it easier for regular private boat visitors to enter this nation.

“The Bahamas has long been a haven for private yachts and aircrafts. But our administrative systems have not kept pace with this reality. That changes now,” the Prime Minister said on Wednesday. “We will introduce the Frequent Visitors Digital Card to make entry smoother, and compliance simpler, for private vessels and aircraft that visit our shores regularly.

“For private boats, each vessel will be required to have its own card, linked directly to its registration number. This card will be valid for two years and is intended exclusively for cruising, not for ﬁshing or anchoring.”

Mr Maury, though, argued that this was merely replacing a similar scheme that was facilitated by the marina industry’s former SeaZPass portal that was ordered to close by the Government in fall 2022. He argued that the Davis administration is repackaging an initiative, and seeking to take credit for it, despite being responsible for shutting down a previous version.

“It’s unreal. We already had this,” the ABM chief argued. “You could enter

your details on our portal and, if you entered so many times in a couple of months, you would gain free entry. They took that down, closed it for four years, and repackaged it and sent it back out. It’s embarrassing. I had to report it to the yachts and marinas, and they said: ‘We already did it’.”

Elsewhere, in further maritime legislative reforms, the Government is seeking to crack down on foreign ownership, and the practice of Bahamians ‘fronting’ for expatriates, in a tour and excursion industry supposedly reserved exclusively for 100 percent local ownership.

The Commercial Watercraft (Amendment) Bill 2025 is seeking to insert a new section ‘21A’, which aims to combat “foreign ownership concealment arrangements”.

It stipulates: “No person shall, whether by trust, nominee, contract or any other arrangement, engage in or facilitate any foreign ownership concealment arrangement that has the purpose or effect of permitting a foreign person or entity to beneﬁcially own, control or operate a commercial recreational craft in contravention of this Act or any regulations made under this Act.

“Any such arrangement shall be deemed void for the purposes of this Act, and each person involved shall be liable to a ﬁne not exceeding $20,000 or imprisonment for a term not exceeding 12 months, or both.”

Andoni Lisgaris, the Bahamas Excursion Operators Association’s (BEOA) president, in a messaged reply to Tribune Business inquiries argued that “the Government just simply needs to enforce its own laws”.

“But I said this was a liquor store before. But you know what? I tried my best, and guess what? I accepted the fact that that’s what they said. ‘Hey, it can’t happen.’ And I didn’t get that licence. Now, you know, what unfortunately happened a few years later?

Someone right there now in that location selling liquor.

That’s the problem. “There’s nothing wrong with it. It happened to me and I didn’t report it to anybody. I accepted what they said.” Both Mr Ferguson and Mr Robinson agree that public consultation would also help in enforcing the policy that restricts the approval of liquor licences within 700 feet of schools, churches or other licensed liquor establishments.

Revenue Unit within the Ministry of Finance.

He added: “We have the laws in place to protect Bahamian businesses and help them thrive but, unfortunately, we get very little support from our own government. Nothing will ever be resolved unless the law is enforced.

“It was stated in the Budget communication yesterday that ‘jet ski and motorboat operators will now face ﬁnes and ﬁxed penalties for violations of the laws and regulations governing their operations. To strengthen enforcement, we will create a Maritime

‘In addition, members of the Royal Bahamas Police Force, the Royal Bahamas Defence Force, Port ofﬁcers and other designated authorities will be empowered to issue notices, impound non-compliant vessels and, where necessary, dispose of such vessels at the owner’s expense.’

Mr Lisgaris added: “Again, these are laws that we already had in place but hardly get enforced. They just need to increase enforcement efforts.

“Unfortunately, there are too many people who get away with for whatever reason” Mr Ferguson said. “if you go and you drive around, there are some people who may have been there a long time ago, but I’m talking about new licences still being issued, and you have the rule sitting right in place.

“Someone isn’t doing their job. But public consultation does a whole lot more because maybe it eliminates a one-on-one with potential liquor licence holders, and the person who maybe have some issue with that licence. Public consultation helps to keep everything in place.”

“In a nutshell, in order to be a compliant commercial vessel operator, you must be fully licensed - which also includes being STCW certiﬁed - and the vessel be inspected for seaworthiness and to ensure it is fully equipped with life saving equipment; clear of any criminal history; obtain a health certiﬁcate; be fully insured, which includes liability coverage along with a valid Business Licence.

Pointing out that the latter “has its own list of requirements, including being up to date with your NIB contributions and so on”, he said: “If they check vessels for valid licences and registration we will be miles ahead in a positive way. I am, however, hopeful that they will follow through with this promise this time.”

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Real estate deals ‘void’ until recording complete

preventing real estaterelated VAT evasion and avoidance.

“It deﬁnitely is a challenge in the country,” one attorney said, “but the problem is no one knows how they’re evading the tax. They’re [the Government] shooting in the dark.” They suggested that much of the avoidance and evasion stems from shifting ownership involving parent companies and corporate entities that are domiciled outside The Bahamas but sit atop structures that hold real estate in this nation.

Ownership and control changes involving this real estate are accomplished via share sale and other exchanges that take place offshore away from the

Bahamian tax authorities.

“Until they understand what is happening, it’s foolhardy,” one attorney said of the proposed reforms. “It’s deﬁnitely not done by conveyance. Designing a scheme to capture trust conveyances is not going to capture it.”

They explained that, by treating a real estate transaction as “void” until the deeds are recorded, the proposed Conveyancing and Law of Property Act reforms expose mortgage lenders such as banks to a period of time where they will have no security collateral for their loan.

Multiple attorneys said that, once a transaction is ready to close, the conveyance and other necessary documents have

$14 billion in clean energy projects have been canceled in the US this year, analysis says

By ALEXA ST. JOHN and ISABELLA O'MALLEY Associated Press

MORE than $14 billion in clean energy investments in the U.S. have been canceled or delayed this year, according to an analysis released Thursday, as President Donald Trump's pending megabill has raised fears over the future of domestic battery, electric vehicle and solar and wind energy development.

Many companies are concerned that investments will be in jeopardy amid House Republicans' passage of a tax bill that would gut clean energy credits, nonpartisan group E2 said in its analysis of projects that it and consultancy Atlas Public Policy tracked.

The groups estimate the losses since January have also cost 10,000 new clean energy jobs.

The tax credits, bolstered in the landmark climate bill passed under former President Joe Biden in 2022, are crucial for boosting renewable technologies key to the clean energy transition. E2 estimates that $132 billion in plans have been announced since the so-called Inﬂation Reduction Act passed, not counting the cancellations.

Last week's House bill effectively renders moot many of the law's incentives. Advocacy groups decried the potential impact that could have on the industry after the multitrillion-dollar tax breaks package passed.

"The House's plan coupled with the administration's focus on stomping out clean energy and returning us to a country powered by coal and gas guzzlers is causing businesses to cancel plans, delay their plans and take their money and jobs to other countries instead," E2 executive director Bob Keefe said.

The Senate is now reviewing the bill with an informal July 4 deadline to get it to the president's desk. Some of the most recent cancellations include the Kore Power battery factory in Arizona and BorgWarner's closure of two EV manufacturing sites in Michigan. Bosch suspended a $200 million investment in a hydrogen fuel cell factory in South Carolina, citing changes within the market over the past year in a statement to The Associated Press.

Tariffs, inﬂationary pressures, nascent company struggles and low adoption rates for some technologies may also have been reasons for these companies' plans changing. For instance, the battery storage and electric vehicle sectors have seen the most impact in 2025, with the latter especially having had had a difﬁcult past few years. Several projects spurred by the IRA were also canceled prior to 2025.

Of the projects canceled this year, most — more than $12 billion worth — came in Republican-led states and congressional districts, the analysis said. Red districts have beneﬁted more than blue ones from an inﬂux of clean energy development and jobs, experts say.

Georgia and Tennessee are particularly at risk because they are highly invested in EV and battery production, said Marilyn Brown, an energy policy professor at the Georgia Institute of Technology who was not involved in the analysis.

"If all of a sudden these tax credits are removed, I'm not sure how these ongoing projects are going to continue," said Fengqi You, an engineering professor at Cornell University who also was not involved.

NOTICE is hereby given that TONI AMANDA CHUNG COOPER of Shrimp Road, Carmichael Road, 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 twenty-eight days from the 23rd day of May, 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

to be uploaded into the Department of Inland Revenue’s system so that the correct VAT can be assessed and paid. However, in a “best case scenario”, it takes at least two weeks for those documents to come back stamped prior to being recorded.

This means purchaser and lender will have no security for at least several weeks. “There’s a lot of questions about how this works in reality,” one attorney said. “We don’t have control over much of this. We don’t have control over how long it takes to get the conveyance back from the Department of Inland Revenue. Sometimes it can take one month.

“When do you actually close? Are you expected to

register before you close? How do you protect the parties? If you are a mortgage lender, in the interim period what do you have? How is your capital protected? Its very well-intentioned, but there are issues. I’m assuming some clariﬁcation will be given as to how it will be implemented, particularly to avoid mischief.

“If it’s a foreign purchaser, it cannot be recorded until you get a certiﬁcate of registration” from the Investments Board and Central Bank exchange control approval. “You have to be aware of multiple implications on the domestic side,” the attorney added.

“There are lots of Bahamians who have done transactions where

they paid to have their documents stamped and recorded, and the lawyers for whatever reason didn’t record their deeds. What happens to that person?

That person is out in the cold.”

The Government has also sought to tighten penalties for under-reporting property transaction values so as to evade a portion of the tax due. Amendments to the VAT Act “introduce penalties for making false VAT declarations in property transfers. Where a person makes a false VAT declaration, a tiered penalty is imposed based off the percentage of the underreported amount,” the Bill states.

“Where the tax payable was underreported by an

amount that is greater than 50 percent, the comptroller may, having regard to the amount underreported and the circumstances, assess a penalty equal to the value of the real property and apply to the Supreme Court for an order for forfeiture of the real property,” the Bill to amend the VAT Act stipulates. If VAT is under-reported by 50 percent or more, the Bill says the ﬁne will be 100 percent of the under-reported sum. If the under-reporting is between 25 percent to 50 percent of the sum due, the penalty is ﬁxed at half the avoided amount, and if the underreporting is equal to 25 percent or less then the penalty will be 25 percent of the under-reported sum.

Already numb to tariff twists, US importers see legal decisions as another price of doing business

By MAE ANDERSON and ANNE D'INNOCENZIO AP Business Writers

BUSINESSES rattled by President Donald Trump's on again, off again tariffs absorbed more jolts on Thursday after a U.S. appeals court temporarily blocked a federal court order that would have halted most of his taxes on foreign imports.

A three-judge panel of the U.S. Court of International Trade ruled late Wednesday that Trump overstepped his authority when he invoked the 1977 International Emergency Economic Powers Act to declare a national emergency as justiﬁcation for his wide-ranging tariffs.

But a federal appeals court on Thursday afternoon granted a motion allowing the government to continue collecting tariffs under the emergency powers law while the Trump administration challenges the trade court's decision.

Even before the Court of Appeals for the Federal Circuit stepped in, business owners and the National Retail Federation had said that without a deﬁnitive word in the case, the Wednesday ruling only created more uncertainty and made it harder to budget and plan.

"The ruling by the U.S. Court of International Trade blocking most of President Trump's tariffs is just another chapter in this difﬁcult journey toward a clear, consistent and strategic trade policy," Jonathan Gold, the trade group's vice president of supply chain and customs policy, said in an emailed statement. "We urge rapid resolution as this process continues in the courts."

The president invoked the emergency powers law in early April when he imposed varying import tax rates on products from dozens of countries, including the biggest trading partners of the U.S. After ﬁnancial markets showed signs of panic, Trump lowered the rate to 10% for every country except China,

whose goods were taxed at 145%.

Jonathan Silva, the owner of WS Game Company, said he did not intend to change his plans based on the ruling. He has the board games his company sells made in China, "We know that this will take time for the appeals process to take place and a ﬁnal ruling to be instituted," Silva said. "But we are hopeful that this will be the beginning of a more academic use of tariffs in the coming months and years. All we want to do is have certainty in the environment that we are operating in, as the day-today retaliations and pauses are not conducive to business operations."

The CEO of electronics retailer Best Buy, Corie Barry, told reporters on Thursday that the legal news did not make her more or less optimistic but rather underscored the importance of continuing to remain agile while not changing course in response to near-daily tariff developments.

"I don't think there's anything we would do differently based on the news overnight," Barry said. "What I really tried to work with the team on is to not actually overreact to any given moment in time, but

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL

The Public is hereby advised that I, MICHAELA SMITH, of Harmony Street, Carmichael Road, Nassau, The Bahamas. intend to change my name to MICHAELA SAMANTHA PRATT If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Offcer, P.O.Box N-742, Nassau, The Bahamas no later than thirty (30) days after the date of publication of this notice.

NOTICE

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 23rd day of May, 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

instead to stay maniacally focused on our customers and ensure we are bringing the right assortment, price, and (promotions) to them, whatever the backdrop."

Barry told analysts that Best Buy has taken a variety of steps to offset higher tariff costs, including pushing vendors to spread out where they do manufacturing. The company is increasing some prices to absorb tariff-related costs, she said, calling the move "a last resort." She declined to be speciﬁc given the ﬂuid situation. Jim Umlauf, whose business, 4Knines, based in Oklahoma City, makes vehicle seat covers and cargo liners for dog owners and others, said the court ruling did not offer reassurance but only further complicated his decision-making.

"At this point, we don't know whether the decision will hold, whether it applies to (Trump's) original 2018 tariffs, or how it will be enforced," he said. "Without clarity, we're left planning around a moving target. Like many others, we've already locked in quotes and made purchasing decisions assuming tariffs would remain in place. This development, rather than offering relief, introduces new logistical

complications at the worst possible time."

Kelsey O'Callaghan, the founder of a Salt Lake City kitchen and bathroom accessories company called Dorai Home, said she expected the trade war to continue. The constant ﬂux since Trump's return to ofﬁce has made her "numb," but O'Callaghan said she has tried to make educated decisions.

The company already postponed the launch of several new products, laid off the CEO and some other key employees. It paused order shipments from China in early April but resumed some on a staggered basis when the president Trump lowered the rate for Chinese goods to 30% for 90 days. Now, Dorai Home plans to test price increases to see if shoppers will still buy its products.

"In a business sense, you have to try to create as much certainty and stability as you can with the variables you can control," O'Callaghan said.

But some businesses were more optimistic. Burlington Coat Factory CEO Michael B. O'Sullivan said Thursday that the tariff pause might help discount retailers like his that buy excess inventory from other retail companies.

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL

The Public is hereby advised that I, MONNALISA ROLLE, of P.O.Box SB 51215 Sea Breeze Estate, Nassau, The Bahamas. intend to change my name to MONNALISA SHANEL ROLLE If there are any objections to this change of name by Deed Poll, you may write such objections to the h ef Pass ort Offcer, P.O.Box N-742, Nassau, The Bahamas no later than thirty (30) days after the date of publication of this notice.

NOTICE

NOTICE is hereby given that KATRINA PIERRE PAUL of George Town, Exuma, 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 23rd day of May 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

SHOPPERS walks past a Calvin Klein store at Citadel Outlets in Commerce, Calif., April 14, 2025.

Photo:Damian Dovarganes/AP

Ex-Goldman Sachs banker gets 2 years in prison for plot to ﬂeece billions from Malaysia’s 1MDB fund

By PHILIP MARCELO Associated Press

A FORMER Goldman Sachs banker was sentenced Thursday to two years in federal prison for his role in a $4.5 billion scheme to ransack a Malaysian state investment fund.

Tim Leissner, at his sentencing in Brooklyn federal court, apologized to the people of Malaysia, who he called the "real victims" of the scheme.

"The funds raised more than a decade ago could have profoundly beneﬁted the nation and its citizens," he said in a statement read in court and provided by his lawyers. "Instead, due to my greed — and the greed of those involved

alongside me — they were misappropriated."

Prosecutors said Leissner and other Goldman Sachs bankers helped the Malaysian investment fund known as 1MBD, or the 1Malaysia Development Berhad state fund, raise $6.5 billion through bond sales.

But they say more than $4.5 billion of the funds were stolen and laundered through bribes and kickbacks.

The spoils bankrolled extravagant purchases, from wild parties to lavish spending on jewels, art, a superyacht and luxury real estate, prosecutors have said. They also helped ﬁnance the 2013 Martin Scorsese ﬁlm "The Wolf of Wall Street" that starred Leonardo DiCaprio.

The scandal led to the fall of Malaysian Prime Minister Najib Razak's government in 2018. Najib was later convicted by a Malaysian court of abuse of power and other crimes related to the scandal and sentenced to 12 years in prison.

"What we did was unequivocally wrong, and I take full responsibility for my role," Leissner said Thursday. "I deeply regret my actions, and if I could turn back time, I would undo them without hesitation."

Leissner had pleaded guilty in 2018 to bribing government ofﬁcials in Malaysia and Abu Dhabi.

He served as a key government witness in the trial of Roger Ng, a fellow former Goldman Sachs

banker who was sentenced in 2023 to 10 years in federal prison.

Ng's lawyers described the looting of 1MDB as "perhaps the single largest heist in the history of the world," but maintained prosecutors scapegoated him for crimes committed by others, including the higher-ranking Leissner.

Opinion

the Audit of the Consolidated Financial Statements

We have audited the consolidated financial statements of Credit Suisse Trust Limited (the Company ) and its subsidiaries (together, the “Group”), which comprise the consolidated statement of financial position as at December 31, 2024, and the consolidated statement of comprehensive loss, consolidated statement of changes in shareholder’s equity and consolidated statement of cash flows for the year then ended, and notes to the consolidated financial statements, including material accounting policy information

In our opinion, the accompanying consolidated financial statements present fairly, in all material respects, the consolidated financial position of the Group as at December 31, 2024, and its consolidated financial performance and its consolidated cash flows for the year then ended in accordance with IFRS Accounting Standards

Basis for Opinion

We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the consolidated financial statements section of our report. We are independent of the Group in accordance with the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (including International Independence Standards) (IESBA Code) and we have fulfilled our other ethical responsibilities in accordance with the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Material Uncertainty Related to Going Concern

We draw your attention to Note 1 to the consolidated financial statements, which describes the Company’s plans to wind-down its remaining business Further, the Group incurred a net loss of US$ 2.1M during the year ended December 31, 2024 (2023: US$ 4.7M). These events or conditions indicate that a material uncertainty exists that may cast significant doubt on the Group’s ability to continue as a going concern. Our opinion is not modified in respect of this matter.

Other Matters

The consolidated financial statements of the Group for the year ended December 31, 2023, were audited by another auditor who expressed an unmodified opinion on those statements on April 29, 2024.

Responsibilities of Management and the Board of Directors for the Consolidated Financial Statements

Management is responsible for the preparation and fair presentation of the consolidated financial statements in accordance with IFRS Accounting Standards, and for such internal control as management determines is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the consolidated financial statements, management is responsible for assessing the Group’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Group or to cease operations, or has no realistic alternative but to do so.

The Board of Directors is responsible for overseeing the Group’s financial reporting process.

Auditor’s Responsibilities for the Audit of the Consolidated Financial Statements

This report is made solely to the Board of Directors, as a body. Our audit work has been undertaken so that we might state to the Board of Directors those matters we are required to state to them in an auditor’s report and no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Group and the Board of Directors as a body, for our audit work, for this report, or for the opinions we have formed.

Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial statements.

As part of an audit in accordance with ISAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the consolidated financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group’s internal control.

As part of an audit in accordance with ISAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

Prosecutors declined to comment on Thursday's sentence. They had not sought a speciﬁc prison term in ﬁlings ahead of sentencing while lawyers for Leissner had sought a sentence of time already served.

Leissner is due to report to prison Sept. 15 and his lawyers have requested that he be sent to the federal prison in Otisville, New York, according to the prosecutors. Henry Mazurek, Leissner's lawyer, said his client is prepared to serve his sentence. It includes two years of supervised release after prison and a forfeiture totaling $43.7 million, which already has been paid to Malaysia, he said.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.

Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the consolidated financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Group to cease to continue as a going concern.

Evaluate the overall presentation, structure and content of the consolidated financial statements, including the disclosures, and whether the consolidated financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with the Board of Directors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Extract of Note 1 to the consolidated financial statements

On September 5, 2022 the Credit Suisse Group signed a Sale and Purchase Agreement to transfer the Company’s assets to Butterfield Trust (Bahamas) Limited (“Butterfield”). Upon completion of the transaction, the Company intends ultimately to conduct an orderly winding down of the residual business and voluntarily proceed with the liquidation of the Company. The winding down of the residual business is not expected to happen in the next 12 months.

On March 19, 2023, Credit Suisse Group AG and UBS Group AG entered into an agreement of merger (“the merger”) which was completed on June 12, 2023. Post the merger, the Company is an indirect subsidiary of UBS Group AG, and as such the future operations and financial performance of the Company as well as its future strategic alignment with subsidiaries of UBS Group AG may be impacted as a result of the merger.

Whilst the Company obtained funding from Credit Suisse Trust Holdings Limited, the directors do not have full sight over the

LIGHTS are on at the world headquarters of Goldman Sachs in New York on Jan. 24, 2023. Photo:Peter Morgan/AP

What happens to Trump’s tariffs now that a court has knocked them down?

By PAUL WISEMAN and LINDSAY WHITEHURST Associated Press

PRESIDENT Donald Trump has audaciously claimed virtually unlimited power to bypass Congress and impose sweeping taxes on foreign products.

Now a federal court has thrown a roadblock in his path.

A three-judge panel of the U.S. Court of International Trade ruled Wednesday that Trump overstepped his authority when he invoked the 1977 International Emergency Economic Powers Act to declare a national emergency and plaster taxes – tariffs – on imports from almost every country in the world.

The ruling was a big setback for Trump, whose erratic trade policies have rocked ﬁnancial markets, paralyzed businesses with uncertainty and raised fears of higher prices and slower economic growth.

But Trump's trade wars are far from over. The Court of Appeals for the Federal Circuit on Thursday

allowed the president to temporarily continue collecting the tariffs under the emergency powers law while he appeals the trade court's decision.

Jeffrey Schwab, senior counsel at the nonproﬁt Liberty Justice Center who represented the ﬁve small businesses that sued, called the appeals court order a mere "procedural step.''

He expressed conﬁdence that courts would block the tariffs, which represent "a direct threat'' to his clients' livelihoods.

The administration has other ways to pursue the president's goal of using tariffs to lure factories back to America, raise money for the U.S. Treasury and pressure other countries into bending to his will.

Financial markets, which would welcome an end to Trump's tariffs, had a muted response to the news Thursday; stocks rose modestly.

"Investors are not getting too carried away, presumably in the expectation that the White House will ﬁnd a workaround that allows them to continue to pursue

their trade agenda,'' said Matthew Ryan, head of market strategy at the financial services firm Ebury. Trump's IEEPA tariffs are being challenged in at least seven lawsuits. In the ruling Wednesday, the trade court combined two of the cases — one brought by five small businesses and another by 12 U.S. states.

The U.S. Court of International Trade has jurisdiction over civil cases involving trade. The legal challenge to Trump's tariff is widely expected to end up at the U.S. Supreme Court.

Which tariffs did the court block?

The court's decision blocks the tariffs Trump slapped last month on almost all U.S. trading partners and levies he imposed before that on China, Mexico and Canada.

Trump on April 2 — Liberation Day, he called it — imposed so-called reciprocal tariffs of up to 50% on countries with which the United States runs a trade deﬁcit and 10% baseline tariffs on almost everybody else. He later suspended the reciprocal tariffs for 90 days

to give countries time to negotiate trade agreements with the United States — and reduce their barriers to American exports. But he kept the baseline tariffs in place.

Claiming extraordinary power to act without congressional approval, he justiﬁed the taxes under IEEPA by declaring the United States' longstanding trade deﬁcits "a national emergency."

"The reason that he chose IEEPA was he thought he could do this unilaterally without much oversight by Congress," Schwab said.

In February, he'd invoked the law to impose tariffs on Canada, Mexico and China, saying that the illegal ﬂow of immigrants and drugs across the U.S. border amounted to a national emergency and that the three countries needed to do more to stop it.

The U.S. Constitution gives Congress the power to set taxes, including tariffs. But lawmakers have gradually let presidents assume more power over tariffs — and Trump has made the most of it.

The administration had argued that courts had approved then-President Richard Nixon's emergency use of tariffs in the economic chaos that followed his decision to end a policy that linked the U.S. dollar to the price of gold.

The Nixon administration successfully cited its authority under the 1917 Trading With Enemy Act, which preceded and supplied some of the legal language later used in IEEPA.

The court rejected the administration's argument this time, deciding that Trump's sweeping tariffs exceeded his authority to regulate imports under IEEPA. It also said the tariffs did nothing to deal with problems they were supposed to address. In their case, the states noted that America's trade deﬁcits

hardly amount to a sudden emergency. The United States has racked them up for 49 straight years in good times and bad.

Another federal judge also blocked Trump's use of an emergency powers law to impose tariffs on Thursday. The ruling from U.S. District Judge Rudolph Contreras came in a lawsuit from two Illinois-based educational toy companies. The ruling only blocks the collection of tariffs from the companies that sued, and was handed down the day after the trade court's broader ﬁnding.

Wendy Cutler, a former U.S. trade ofﬁcial who is now vice president at the Asia Society Policy Institute, says Wednesday's decision "throws the president's trade policy into turmoil."

Texas lawmakers fail to pass ban on social media for those under 18

By JIM VERTUNO Associated Press

A PUSH in Texas to ban social media accounts for children under 18 has failed after lawmakers did not take a key vote on creating one of the nation's toughest restrictions aimed at keeping minors off platforms such as TikTok, Snapchat and Instagram.

The bill, which already passed the GOP-controlled state House, sought to go further than a Florida social

media ban for minors under 14. Australia banned social media accounts for anyone under 16. The legislative session ends Monday and early momentum behind the Texas measure slowed at the eleventh hour in the state Senate as lawmakers face a weekend deadline to send bills to Republican Gov. Greg Abbott. Abbott has not said publicly whether he supported the proposed ban, which was opposed by tech trade groups and critics who called it it an unconstitutional limit on free speech.

"There was no bill ﬁled this session that would have protected more kids in more ways than this one," state Rep. Jared Patterson, a Republican carrying the measure, said Thursday.

In a post on the social media platform X, Patterson blamed pushback from unnamed "billionaires" as part of the reason for the bill's failure. Lt. Gov. Dan Patrick, a Republican who controls the state Senate, said Wednesday before the deadline he did not know if the bill had the support needed to pass the GOPcontrolled chamber, and it was ultimately never brought up for a vote.

Patterson said he'll try again when the Texas Legislature meets in 2027.

Many tech companies have established a presence in Texas, including X, which is owned by Elon Musk.

Earlier this week, Abbott signed into law a separate measure requiring Apple and Google to verify the age of online app store

users, as well as parental consent to download apps and make in-app purchases for users under 18. Utah passed a similar bill earlier this year.

The proposed Texas ban aimed at minors was the latest move in a growing bipartisan push nationwide to address the impacts of social media on the wellbeing of children. Critics accuse platforms of using addictive functions to lure children onto their site and keep them there, and of not doing enough to curb violent or age-inappropriate content, or online abuse.

Nearly half of American teenagers say they are online "constantly" despite concerns about the effects of social media and smartphones on their mental health, according to a December 2024 report published by the Pew Research Center. The American Psychological Association has called on tech companies and lawmakers to protect children's mental health, arguing that social media platforms are "particularly risky" to young people who cannot disengage from sites and struggle with impulse control.

States and countries have passed various measures to address the problem, and some have run into legal challenges.

A federal judge in 2024 temporarily blocked Utah's ﬁrst-in-the-nation law requiring social media companies to check the ages of all users and place restrictions on accounts belonging to minors.

PRESIDENT Donald Trump speaks during a swearing in ceremony for interim U.S. Attorney General for the District of Columbia Jeanine Pirro, Wednesday, May 28, 2025, in Washington. Photo:Evan Vucci/AP

A CHILD holds an iPhone at an Apple store on Sept. 25, 2015 in Chicago.

Photo:Kiichiro Sato/AP

A global rally for stocks loses steam amid questions about what will happen to Trump’s tariffs

By STAN CHOE AP Business Writer

A BIG rally for stocks that began in Asia on Thursday lost steam after sweeping into Europe and the United States amid uncertainty about what will happen next after a U.S. court blocked many of President Donald Trump's sweeping tariffs.

The S&P 500 rose 0.4% after giving up more than half of an early gain. The Dow Jones Industrial Average added 117 points, or 0.3%, and the Nasdaq composite rose 0.4%.

It's a downshift after stocks initially leaped nearly 2% in Tokyo and Seoul, where markets had the ﬁrst chance to react to the ruling late Wednesday by the U.S. Court of International Trade. The court said that the 1977 International Emergency Economic Powers Act that Trump cited for ordering massive increases in taxes on imports from around the world does not authorize the use of tariffs.

The ruling at ﬁrst raised hopes in ﬁnancial markets that a hamstrung Trump would not be able to drive

the economy into a recession with his tariffs, which had threatened to grind down on global trade and raise prices for consumers already sick of high inﬂation. Trump has said he wants to bring manufacturing jobs back to the United States, and he warned the process could cause some pain for U.S. households. But the tariffs remain in place for now while the White House appeals the ruling, and the ultimate outcome is still uncertain. The court's ruling also affects only some of Trump's tariffs, not those on foreign steel, aluminum and autos, which were invoked under a different law.

TRADER Edward Curran works on the ﬂoor of the New

Thursday, May 29, 2025.

maximum possible value for its contract by $350 million to $450 million. The company's revenue last quarter totaled $108.7 million.

"The bar is raised for President Trump to resurrect his tariffs," said Brian Jacobsen, chief economist at Annex Wealth Management.

"Markets are pricing that this is a better type of uncertainty than what we've had since Liberation Day," which is what Trump called his April 2 announcement of a worldwide set of sweeping tariffs.

The S&P 500 has pulled within 3.8% of its all-time high after dropping roughly 20% below at one point last month.

Trump "is still able to impose significant and wideranging tariffs over the longer-term through other means," according to Ulrike Hoffmann-Burchardi, chief investment officer of global equities at UBS Global Wealth Management. Such uncertainty helped dampen the excitement in financial markets as trading headed through Europe into the United States, where the moves were much more modest than in Asia. The U.S. court's move was nevertheless seen as a positive for financial markets.

On Wall Street, tech stocks led the way after Nvidia once again topped analysts' expectations for proﬁt and revenue in the latest quarter.

The chip company has grown into one of the U.S. market's largest and most inﬂuential stocks because of the frenzy around artiﬁcialintelligence technology, and its 3.2% rise was the strongest force by far lifting the S&P 500.

C3.ai, an AI application software company, jumped 20.8% after it reported stronger proﬁt than analysts expected for its latest quarter. It also said the U.S. Air Force increased the

E.l.f. Beauty was another big winner and rose 23.6% after the cosmetics company delivered a stronger proﬁt for the latest quarter than analysts expected. It also said it agreed to buy Hailey Bieber's Rhode skincare brand in a $1 billion deal. Rhode had $212 million in net sales in the 12 months through March.

Bieber, a model and the wife of singer Justin Bieber, will be Rhode's chief creative ofﬁcer and head of innovation and also a strategic advisor to the combined companies.

They helped offset a drop for Best Buy, which fell 7.3% even though it reported a stronger proﬁt than expected. Its revenue fell short of analysts' forecasts.

The electronics retailer also cut its forecasted ranges for revenue and proﬁt over the full year on the assumption that "tariffs

stay at the current levels for the rest of the year, and there is no material change in consumer behavior from the trends we have seen in recent quarters," Chief Financial Ofﬁcer Matt Bilunas said.

Many companies have recently said that the uncertainty caused by tariffs is making it too difﬁcult to offer any ﬁnancial forecasts for the upcoming year.

All told, the S&P 500 rose 23.62 points to 5,912.17. The Dow Jones Industrial Average added 117.03 to 42,215.73, and the Nasdaq composite gained 74.93 to 19,175.87.

In the bond market, Treasury yields eased following some mixed reports on the economy. One said that the U.S. economy likely shrunk by less in the ﬁrst three months of the year than earlier estimated. Another said slightly more U.S. workers applied for unemployment beneﬁts last week than economists expected.

MARINE FORECAST

York Stock Exchange,

Photo:Richard Drew/AP