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Thursday, sepTember 24, 2026
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New grid connections an ‘absolute nightmare’ BY NEIL HARTNELL TRIBUNE Business Editor nhartnell@tribunemedia.net BAHAMAS Grid Company’s introduction into the process for newly-built properties to get connected to New Providence’s grid has created “an absolute flippin’ nightmare that the consumer is burdened with”, a prominent local developer is blasting. The developer, whose identity is known to Tribune Business but requested anonymity for fear of victimisation, said he has been inundated with complaints from owners of newly-built properties about the length of time it is taking to get connected to the electricity grid following the splitting of transmission and distribution (T&D) responsibilities between Bahamas Power & Light (BPL) and Bahamas Grid Company. He added that what used to be a process taking between a week-and-a-half to two weeks, when only BPL was involved, is now “taking
Developer asserts process gone from weeks to ‘taking months’
Blames division of responsibility between BPL, Bahamas Grid
BAHAMAS POWER & LIGHT (BPL) HQ months” after Bahamas Grid Company assumed oversight for much of the T&D network amid ongoing uncertainties and tensions in the relationship between the two entities following the Government’s
hastily-enacted energy reforms. The developer explained that, previously, persons seeking to connect new properties to the grid would obtain their occupancy certificate from
Ex-tourism minister’s surprise on RCL’s $3bn Sandals ‘lurch’ BY NEIL HARTNELL TRIBUNE Business Editor nhartnell@tribunemedia.net A FORMER tourism minister yesterday voiced surprise that Royal Caribbean has “lurched” outside its core business by acquiring 50 percent of the Sandals resort chain for $3bn, as “history demonstrates cruise companies don’t run hotels well”. Dionisio D’Aguilar, who held that Cabinet post in the Minnis administration, told Tribune Business it is for that reason “it is very, very important” that Adam Stewart
is staying on as executive chairman of the Sandals and Beaches resort chains following yesterday’s confirmation of the Caribbean group’s “marriage” with the global cruise giant. The tie-up, which was signed yesterday and is due to close in early 2027, will likely cover all Sandals’ assets in The Bahamas including the Royal Bahamian resort in New Providence; its Emerald Bay property in the Exumas that is presently being converted into a Beaches brand; and the Fowl Cay private island also located in the
VAT eliminations to aid competitiveness of trusts BY ANNELIA NIXON TRIBUNE Business Reporter anixon@tribunemedia.net THE GOVERNMENT plans to eliminate VAT on trust services and property transfers into trusts for the benefit of family members, a Cabinet minister revealed yesterday, in a bid to boost The Bahamas’ competitiveness as a wealth management and estate planning hub. Jerome Fitzgerald, minister of economic affairs, told the Nassau Conference on financial services that the reforms will be tabled in Parliament before
year-end and are expected to take effect through both legislation and policy. The Department of Inland Revenue is presently reviewing guidance notes and draft legislation. “Firstly, we will remove VAT from trust services at the end of this year,” Mr Fitzgerald said. “Secondly, we will also remove VAT from the transfer of property to trusts for certain classes of beneficiaries, including transfers to family members.” He said the changes are intended to ensure families are not financially penalised
PLANNING - See Page B9
Ex-AG: Centralise regulation through Compliance Authority BY ANNELIA NIXON TRIBUNE Business Reporter anixon@tribunemedia.net THE BAHAMAS was yesterday urged by a former attorney general to centralise financial services sector regulation and compliance into a single reporting portal to reduce duplication, improve efficiency and strengthen the jurisdiction’s international reputation. Ryan Pinder KC told the Nassau Conference on financial services that the Government should consolidate the industry’s various compliance functions - currently spread across multiple agencies
RYAN PINDER KC including the Central Bank, Securities Commission, Compliance Commission and Ministry of Finance under one authority. He warned that the existing fragmented system is
OVERSEE - See Page B11
DIONISIO D’AGUILAR Exumas. Even accounting for Emerald Bay’s temporary closure, the remaining assets still operational employ several hundred Bahamians. “My view is it’s very, very important to keep, and I’m glad and delighted to hear, that Adam Stewart still has
Grid operator notes ‘difficulties’; works to get customers ‘on track’ the Ministry of Works and present this to BPL to prove construction was all in order. Upon making application for electricity service to BPL, the state-owned utility would conduct an assessment of what was required for connectivity and the associated cost, which the prospective customer would be billed for. Once this was paid, hook-up to the grid would take place and BPL install the electricity meter. However, the developer said that now, after producing the occupancy certificate and making the application to BPL, it is instead Bahamas Grid Company that has to go out and do the cost and installation assessment.
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Fix ‘broken system’: Senator urges new VAT interest levy’s deadline be tripled Attorney waiting on 33 VAT invoices from DIR for six months Opposition senator calls for VAT charge timeline to 60-90 days Don’t penalise mortgage buyers for woes ‘outside their control’ BY NEIL HARTNELL TRIBUNE Business Editor nhartnell@ tribunemedia.net
effective control of the hotel branch of the marriage,” Mr D’Aguilar told this newspaper. “Particularly since history demonstrates that cruise companies are really not good at running hotels. The Stewart family, from Butch to Adam, is exceptionally bright and extremely well-suited to run the hotel branch of this union.” Mr D’Aguilar was likely thinking of Carnival’s illfated purchase of the former Cable Beach Resort in 1988 in his reference to cruise lines not operating hotels well. It transformed the property into Carnival’s Crystal Palace Resort & Casino with a $130m investment but, just four years
ATTORNEYS are warning against imposing new VAT charges without fixing “a broken SENATOR system” as an OpposiARINTHIA tion Senator yesterday KOMOLAFE urged that the deadline to pay due tax on real estate sales be tripled at a minimum to avoid unfairly penalising mortgage borrowers. Arinthia Komolafe made her plea for the Government to extend the VAT payment timeline from 21 days to at least 60 days, and no longer than 90 days, from the date the conveyance is executed while joining Bahamian attorneys in calling upon the Department of Inland Revenue and the Government to remedy their own internal deficiencies first. One attorney, who did not identify herself, told last Thursday’s briefing - where the tax authorities unveiled plans to impose the 5.25 percent interest charge from October 5 if tax is not paid on property sales within 21 days of the conveyance’s execution - that she and her firm have been waiting six months for the Department of Inland Revenue to provide VAT invoices for no less than 33 transactions. “I can say with certainty we do a lot of conveyancing matters,” the attorney said. “I got back to the Department of Inland Revenue now a list of 33 conveyances waiting for VAT invoices from March to-date. That is the day I put it in within a day of it being signed. I’m delayed just six months waiting on the Department of Inland Revenue. The system is broken, and you are seeking to add fees to a broken
MARRIAGE - See Page B8
ENFORCE - See Page B9
CONNECTIVITY - See Page B10
PAGE 2, Thursday, September 24, 2026
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Thursday, September 24, 2026, PAGE 3
Boost productivity by not treating staff as ‘line item’ F
or decades, Bahamian employers viewed staff well-being as either a religious obligation, a generous gesture or a soft expense to trim during hard times. That framing is rapidly becoming outdated. The modern view, supported by extensive research - and increasingly visible in our local market - is that well-being programmes are investments with measurable returns. The numbers, when looked at honestly, make the case more clearly than any ethical argument. Start with absenteeism. Employees in poor physical or mental health miss more days, work less effectively when present, and turn over more frequently. Each of these costs is significant. The Bahamian average for employee replacement, when recruitment, training and lost productivity are combined, often exceeds six
months of salary for skilled positions. Employers who reduce turnover by even 10 percent through better well-being capture meaningful savings. The components of effective well-being programmes vary by company size and budget, but several elements consistently produce returns. Access to healthcare, whether through full insurance or partial subsidies, is the foundation. Flexible scheduling, where the work permits, reduces stress and improves retention. Mental health support, including counselling benefits, addresses challenges that previously went unspoken. Physical wellness initiatives, ranging from gym memberships to walking groups, cost relatively little and signal genuine care. Bahamian employers have specific considerations that shape programme
design. Our country faces real public health challenges including diabetes, hypertension and mental health stigma. Workplace programmes that quietly normalise health screening, encourage activity and provide private access to mental health resources do meaningful work that the public system cannot do alone. Every healthier employee represents lower medical costs, higher productivity and longer career contribution. Productivity itself responds to well-being in ways that surprise many owners. Studies consistently show that exhausted, anxious or unhealthy employees produce less than their rested, supported counterparts, often by 15 to 20 percent. A small Bahamian firm with 20 employees, where well-being improvements lift productivity by even
10 percent, has effectively gained two additional staff members at no incremental hiring cost. That math should focus the mind of any cost-conscious owner. Recruiting advantages compound the picture. Talented Bahamians, particularly in younger generations, increasingly evaluate employers on culture as much as on compensation. The firm with a reputation for treating staff well attracts better candidates and retains them longer. In a tight talent market, this advantage shapes who builds the strongest teams. The objections to well-being investment usually focus on cost. The honest response is that the most effective programmes cost far less than owners assume, and the cost should be evaluated against the cost of doing nothing. A subscription to a mental
KEITH
ROYE II health platform costs perhaps $15 per employee each month. A flexible schedule costs nothing financially. A modest annual wellness stipend, perhaps $300 per employee for fitness or health expenses, is fully tax deductible and signals significant care. For owners considering where to start, employee surveys offer the cheapest possible diagnosis. Asking staff what would most improve their working life often produces inexpensive interventions that produce outsized engagement gains. The owner who acts on
these answers builds a culture that competitors find difficult to replicate. The Bahamian economy benefits when our workforce is healthy, engaged and stable. Employers who invest accordingly contribute to that broader good while building stronger enterprises. Employees who experience real care from their workplaces stay longer, perform better and become advocates for the businesses that employ them. Well-being is not charity. It is one of the highest return investments available to a modern employer, and Bahamian businesses that recognise this will outperform those who continue treating their people as line items. • NB: About Keith Keith Roye II is a highly analytic and solutions-driven professional with extensive experience in software development. He holds a BSc in computer science and his career includes leading and delivering global software projects in various industries in The Bahamas and the US.
unfair. The minChristina Rolle, executive are opposites,” Ms Rolle Bahamas is assessed interBahamas urged to balance considers ister said The Bahamas director of the Securities said. “A regulator can be nationally as a jurisdiction advocated for a more Commission of The Baha- both rigorous and efficient.” rather than as a collection compliance with innovation has neutral international regu- mas, similarly stressed that She said co-ordination of separate agencies. BY ANNELIA NIXON TRIBUNE Business Reporter anixon@tribunemedia.net THE BAHAMAS’ financial services sector must balance compliance with efficiency and competitiveness, a Cabinet minister and senior industry executives and regulators asserted yesterday. Michael Halkitis, minister of finance, told the Nassau Conference on financial services that quality of life as an important component of The Bahamas’ strategy to attract investors to domicile in this nation, particularly as it seeks to encourage establishment of family offices.
However, he acknowledged that The Bahamas’ small size leaves it particularly exposed to decisions made within the international financial system. “We recognise we’re a small country,” Mr Halkitis said. “I heard the term compliance complaint. And so we make that case as to, for example, we spoke about tariffs recently. I guess maybe a year ago… we found ourselves subjected to a 10 percent tariff… We get caught up in these things.” He described the country’s approach as one in which The Bahamas complies with international requirements while also challenging measures it
latory framework, including through discussions at the United Nations (UN), arguing that rule-making should not place smaller jurisdictions at a disadvantage against their competitors. Mr Halkitis said the consequences of international financial sanctions or adverse listings are particularly significant for a small jurisdiction that depends on access to the global financial system. “And so we’re small,” Mr Halkitis said. “We have to comply. We’re dependent on the international financial system. Blacklisting or greylisting or any adverse listing, no matter how unfair it is or how unfair we feel it is…it has an impact...”
maintaining the country’s credibility is fundamental to its ability to attract and retain international capital. “Our job is to make sure that Thje Bahamas is a place where capital is safe,” Ms Rolle said. “So what that means is that we must have fair rules, we must have predictable decisions, we must have proportionate supervision, we must also have firm enforcement when it’s needed.” Ms Rolle said strong accountability gives Bahamian firms greater access to global markets and the international banking system. “So we can’t trade away credibility for speed, but that doesn’t mean that credibility and responsiveness
between government, regulators and the private sector is also critical because The
Ms Rolle also urged financial services firms to
REGULATION - See Page B5
PAGE 4, Thursday, September 24, 2026
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Simplified Group to expand with northern Freeport hub A BAHAMIAN financial provider, which previously unveiled the first artificial intelligence (AI) powered humanoid in financial services, is expanding to Freeport to create a northern regional hub. Robert Pantry, the Simplified Group of Companies founder and chief executive, said in a statement that the move reflects the company’s belief in Grand Bahama’s future. “We are very bullish on Grand Bahama, and believe that Grand Bahama’s best days lie ahead,” said Mr Pantry. “We want to be part of the new Grand Bahama and grow alongside the island that will stand apart for the diversity of its economy. “We believe that Simplified Group’s diverse portfolio of products and services complements the broad spectrum of
economic, academic and commercial resurgence in the second city.” Alexis Schaffer, who has been with Simplified for more than six years, has been named head of Simplified North. The new location will provide services ranging from lending and insurance to vehicle sales and rentals plus humanoid robot sales and rentals. “Alexis combines strong leadership with an insatiable curiosity about innovation and technology; the driving force behind Simplified Group’s efforts to continually find ways to make it easier for the consumer to conduct their daily lives,” said Mr Pantry. “We believe she is the ideal candidate for this exciting next step in the Simplified Group of Companies.” Ms Schaffer, who holds a master’s degree in
international business from MIU City University Miami, and a bachelors degree in business administration from Midwestern State University, said: “I am honoured to have been selected to head the northern division and am excited to get started, helping clients experience a simpler way to borrow or benefit from any of the other services that we will provide, including AI services. “We believe that as others see a brighter tomorrow for Grand Bahama, more Bahamian businesses will follow.” The companies that will operate from Freeport include Simplified Lending, Affinity Insurance, Auto Simplified, Rental Simplified (vehicle rentals), Simplified Tech and Simplified Real Estate Holdings. The expansion to Grand Bahama follows Simplified’s opening of its
Bahamas seeks second term on global standards council THE BAHAMAS is seeking another term on the Council of the International Organisation for Standardisation (ISO) by nominating its own Standards Bureau chief to the post. Dr Renae Ferguson-Bufford, executive director of the Bahamas Bureau of Standards and Quality (BBSQ), has been put forward as this country’s candidate for the Council for the 2027–2029 term. The Bahamas Bureau of Standards and Quality, in a statement, said the move builds on the first-ever seat this nation secured on the ISO Council in 2023 with 70 votes — the highest total recorded by any candidate that year. It added that the election also marked a milestone for Caribbean representation, with Dr Ferguson-Bufford becoming the first woman from the Caribbean to serve on the Council. The election for the 2027–2029 Council will take place during the 2026
ISO General Assembly in Paris, France, on October 1, as part of the ISO annual meeting being held from September 28 to October 2. The ISO brings together 177 national standards bodies from around the world, with the Council serving as the organisation’s core governance body. The Council addresses matters including strategy and policy, financial oversight, governance and organisational oversight, commercial policy and information technology. For The Bahamas, a seat on the Council provides an avenue for this nation and other small island developing states (SIDS) to have input into international discussions affecting standards, trade, quality infrastructure and emerging areas of global importance. The BBSQ said Dr Ferguson-Bufford has helped build The Bahamas’ national standards infrastructure, provided leadership at the Caribbean
level, and already served on the ISO Council. During her first term, Dr Ferguson-Bufford contributed to discussions on the ISO’s future financing, digital transformation, capacity-building and the meaningful participation of developing countries and SIDS. In March 2025, she was appointed vice-chair of ISO’s committee on developing country matters (DEVCO) for 2025–2026. This committee focuses on identifying the standardisation needs of developing countries, supporting technical assistance and contributing to policy discussions affecting their participation in the international standards system. Senator Kevin Simmons, the BBSQ Standards Council’s chairman, said Dr Ferguson-Bufford’s first term on the Council reflects the progression of The Bahamas’ engagement within the international standards community.
Robinson Road branch earlier this year. The company also operates branches on Tonique Williams Highway and its head office, which remains on JFK Drive in the former RND Cinema Plaza. Mr Pantry said Grand Bahama represents more than another branch. “With Alexis at the helm, the Grand Bahama location will serve as a base for regional expansion in services and AI-powered humanoid technology, and we expect great things to emerge from the tech division in particular,” he added. Founded in 2019 with a mission to simplify and improve the lending process, Simplified Lending expanded in 2021 by acquiring Affinity Insurance and, since then, has added vehicle sales and rentals plus real estate, AI training services and Evie, its “Leadership is ultimately measured by what you build, what you advance, and the doors you help open for others,” Mr Simmons said. “As chairman of the BBSQ Standards Council, I have seen that reflected in Dr Renae Ferguson-Bufford’s leadership, and it is equally evident in the depth of her experience and credentials. “From helping build The Bahamas’ national standards infrastructure to leading at the Caribbean level, to serving on ISO Council, she has consistently carried the perspective of smaller countries into spaces where global standards decisions are shaped.” Dr Ferguson-Bufford’s campaign for the 2027–2029 term is being advanced under the theme ‘Every Voice Heard’. Her platform is centred on three priorities: Stronger representation; leadership development; and broader access to opportunity. The BBSQ said the focus is on ensuring that smaller and developing members have a meaningful say in the conversations and decisions that shape
AI-powered humanoid. Trained to do the initial intake for loans, she was first developed under Ms Schaffer and, more recently, under Gerlia Nairn. “Today, Evie is such a part of the Simplified family that when folks walk in in the morning, they say good morning to her,” said Nairn. Mr Pantry said Evie helps with loan applications, spotting items that might be missing or incomplete, or that she knows will impact the time it takes for a loan officer to reach a decision. Simplified Lending has also expanded its range of products including expansion of lending to small and medium-sized businesses.
“You can talk tech and efficiency all day but, at the end of the day, it is quality of life that matters and that’s what we hope to bring to more people in Grand Bahama,” Mr Pantry said. “We believe the presence of Simplified Group of Companies will create opportunities for others as we expand lending activity there, bring innovation and reflect our long-term commitment to the future of Grand Bahama.” The new Freeport location is expected to open before the end of 2026, with recruitment already underway for Bahamians to fill positions including AI and robotics assistants and general AI and robotics support staff. New employees will receive targeted training and development to build skills in AI and robotics, creating opportunities for Bahamians to participate in this emerging field. These roles will involve working alongside AI agents and robots, providing human guidance, oversight and support needed to deliver a more efficient and personalised client experience.
international standards; creating stronger pathways for emerging standards professionals and future leaders; and expanding access to training, technical support, knowledge and international networks. “Our first term demonstrated that the value of a member’s contribution is not determined by its size,” Dr Ferguson-Bufford said. “Continued service would provide an opportunity to deepen that work — strengthening participation, developing future leaders and expanding access so that every member has a meaningful opportunity to contribute and be heard.” She added that international standards have a direct connection to everyday business and national development. “International standards affect
everyday business - from what we import, what we export, to product quality, consumer protection and how businesses respond to climate and technology,” Dr Ferguson-Bufford said. “Continued service on Council gives The Bahamas an opportunity to bring its experience and perspective into the global conversations shaping those standards.” The Bahamas is one of five national standards bodies contesting three available seats in Group Four for the 2027–2029 term. The other candidates are Kenya, Mongolia, Zimbabwe and Sri Lanka. The election will be held at the ISO General Assembly at the CNIT Forest Centre in Paris’ La Défense business.
ALEXIS SCHAFFER
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Thursday, September 24, 2026, PAGE 5
Bahamas told: Strike balance over financial services talents can import talent to help uptick what we have here. I work in a global organisation. I have learned from leaders from across the world, and that’s made me a better leader because of the different insights. And one thing I’ve noticed is these people come with contacts. Contacts are what makes financial services run. If they’re not here, they’re not going to refer people here.” Ms McSweeney, speaking during the Nassau Conference on financial services, focused on the competitiveness of The Bahamas and the country’s position on the Global Financial Centres Index (GFCI). She said the country also needs to identify Bahamian professionals working abroad and determine how their expertise and international connections could be leveraged to strengthen the
domestic financial services sector. “I work with Bahamians that live abroad and are doing huge things globally,” she said. “Do we have a data set that can tell us where all these Bahamians are, and how we can tap into them to help develop our country? I would say that doesn’t exist, but I would say that’s something that we absolutely, as a country, should be looking toward creating.” Ms McSweeney said the talent question cannot be separated from the broader question of what The Bahamas wants its financial services industry to become. She said the country needs to first determine which financial services products have the greatest potential for growth before deciding what specialised talent it needs and whether that expertise exists locally.
“We hear other regulators talking about growing our insurance businesses, private trust companies,” she said. “Do we have enough actuaries? Do we know how many actuaries are currently in The Bahamas and licensed? Do we have underwriters? “Do we know what type products we’re going to mention and what type people that we’re going to need? I would venture to say no. We do not have the depth of talent here. We have talent here. A lot of it is in this room. But what happens when this generation of talent moves on or retires?” Ms McSweeney said the country should consider a system that allows international professionals to enter the market, contribute expertise and train Bahamians, while ensuring that
the resulting knowledge remains in the country. She added that The Bahamas also needs to address what she described as a “measurement gap” caused by a lack of data about the size and depth of its financial services talent pool. “While we are known for wealth management, private banking, newly, I think we call them PTCs, private trust companies, where is the data to support really what level of expertise we need to transform those industries? What level of expertise we have in our country? Is it local? Is it homegrown? Is it international? Or is it absent? We can’t fix a problem if we don’t know what the causes are, and if we don’t have the data, then we have a huge issue.” Ms McSweeney said the first step should be to examine which financial services
products are growing and which are no longer suited to market demand. “I think we’re doing a lot of things right because we have the strong framework,” she said. “What I see other financial services centres doing better is telling their story.” Ms McSweeney further argued that opening the sector to more international talent should not be viewed solely as competition for Bahamian professionals. “We have to have a conversation on the talent,” she said. “A lot of it is not here. We need to open up the industries that have remained closed for so long. That’s restricting growth. “I’ve heard people say to me, ‘If we open it up, it’s going to take bread out of our own mouths.’ What we don’t understand is, it’s a global world. It’s big enough to feed all of us.” Ms McSweeney said the objective should be to combine international expertise with a stronger domestic talent pipeline so that Bahamians are positioned to take on increasingly specialised roles as the financial services industry evolves.
Bahamas ‘punching above weight’ but must keep financial connectivity
with both Mr Halkitis and Ms Rolle cautioning against immediately assigning blame before the underlying causes have been established. “In times of crisis or any major event, there’s always the impulse to have someone to blame, and perhaps that soothes so much
anxiety,” Mr Halkitis said. “And so you know, I think what we do in the event of any sort of event, just to be able to stand back and look and assess before reaction, because you know, those knee-jerk reactions tend to be wrong.” Ms Rolle said regulators and policymakers should
instead examine weaknesses in the regulatory framework, inefficient processes, resource constraints and capacity gaps. “What we really have to get to is where do we have weaknesses in our framework, where do we have inefficiencies in our processes, where do we have a
lack of resources or a lack of capacity, and we need to structure those things,” Ms Rolle said. She said institutions must be structured to withstand inevitable future crises in a calm and orderly manner, adding that diagnosing systemic weaknesses can take time.
BY ANNELIA NIXON TRIBUNE Business Reporter anixon@tribunemedia.net THE BAHAMAS must strike a balance between importing specialised financial services talent and developing its own professionals if it wants to expand its position as a global financial centre, an EY (Ernst & Young) executive asserted yesterday. LaNiska McSweeney said the country does not currently have sufficient depth of expertise to support every financial services product it may seek to develop, but bringing international professionals into the market could help accelerate knowledge transfer while creating opportunities for Bahamians. “We could do both,” she said. “Both things can be true at the same time. We
REGULATION - from page B3 iew governance and compliance as an advantage rather than simply another operating expense. “I think industry also needs to treat good governance as a competitive advantage, not as a part of costs… but rather as a competitive advantage,” Ms Rolle said. The Securities Commission said the country must also ensure its legislative framework keeps pace with financial innovation and international standards, particularly as the requirements governing global financial centres continue to evolve. “We know these goalposts are constantly shifting, and it is important for all of us to be on the same page with respect to where The Bahamas stands on matters of international compliance,” she added Ms Rolle said consultation between government, regulators and industry remains essential, although she cautioned against relying on all three parties being in the same room for every consultation. Meanwhile, John Delaney KC, Delaney Partners managing partner, said compliance, while costly, can ultimately serve as a competitive selling point for The Bahamas. “Compliance is necessary,” Mr Delaney said. “Compliance would be a selling point.” He pointed to The Bahamas’ history of marketing itself after being removed from international blacklists or greylists, and said the country cannot afford to disconnect itself from
the international financial system. “The Bahamas is a tiny nation in the international financial services sense,” Mr Delaney said. “We’re punching above our weight. We’re almost as good as the Golden Girls in that space, and we cannot afford to disengage from the international financial grid, the international financial system.” Mr Delaney said The Bahamas has long advocated for a level playing field in international financial regulation, including following its blacklisting in 2000. “Notwithstanding that things might be tough for us, we have to accept that we have to comply, and we have to accept that it can be beneficial for us,” Mr Delaney said. “It makes business go faster, because once you’ve gotten over the cost burden of putting it into place, then you can weed out the bad things that trip you up.” However, he said regulators must avoid imposing unnecessary compliance burdens through rigid checklists that fail to account for the risk associated with individual businesses. “There needs to be a checklist for certain minimum status to the extent that it reduces a threshold of priority, but then there needs to be guidelines that one can properly apply a risk-based approach and proportionality,” Mr Delaney said. They also addressed how accountability should be handled when major corporate failures or cross-border financial scandals occur,
NOTICE OF APPLICATION (pursuant to section 23 of the Natural Gas Act, 10 of 2024, Statute Laws of The Bahamas) NOTICE is hereby given that RenugenPro Ltd. has made applications to the Utilities Regulation and Competition Authority (“URCA”) for licenses to: import liquefied natural gas (“LNG”) (commercial) and operate LNG terminals. The applications are made with the object of licensing and regulation of the Applicant’s activities for the import of LNG and the operation of LNG Regasification Terminals at (1) Cat Island (2) San Salvador and (3) Long Island. The applications can be inspected by appointment at the Applicant’s office at No. 138 Robinson Road, New Providence, The Bahamas. Any objections to the applications must be made on or before the 16th October, 2026 and shall be made by Affidavit and solemn declaration to be submitted exclusively to URCA’s office located at Frederick Street, Nassau, New Providence, The Bahamas. Dated the 14th day of September, 2026 Italia C. Chambers Attorney for the Applicant No. 36 Nassau Street New Providence, The Bahamas
LEGAL N O T I C E
LEGAL N O T I C E
Virgo Limited Registration No. 199574 B International Business Companies Act, 2000
Path Ltd. Registration No. 76821 C Companies Act, 1992
(In Voluntary Liquidation)
(In Voluntary Liquidation)
NOTICE IS HEREBY GIVEN pursuant to Section 138 (4) of the International Business Companies Act, 2000, as follows:
NOTICE IS HEREBY GIVEN pursuant to Section 218(e) of the Companies Act, 1992, as amended by the Companies (Winding-up Rules Amendment) Act, 2011, as follows:
a) Virgo Limited is in liquidation under the provisions of the International Business Companies Act, 2000. b) The liquidation of the Company commenced on the 17th day of September, 2026. c) The Liquidator of the Company is Amicorp Bahamas Management Limited, whose address is The Bahamas Financial Centre, 3rd Floor, Shirley and Charlotte Streets, P.O. Box N-4865, Nassau, Bahamas.
Dated this 17th day of September, 2026.
a) Path Ltd. is in liquidation under the provisions of the Companies Act, 1992, as amended by the Companies (Winding-up Rules Amendment) Act, 2011. b) The liquidation of the Company commenced on the 17th day of September, 2026. c) The Liquidator of the Company is Amicorp Bahamas Management Limited, whose address is The Bahamas Financial Centre, 3rd Floor, Shirley and Charlotte Streets, P.O. Box N-4865, Nassau, Bahamas. Dated this 17th day of September, 2026.
AMICORP BAHAMAS MANAGEMENT LIMITED Liquidator
AMICORP BAHAMAS MANAGEMENT LIMITED LIQUIDATOR
PAGE 6, Thursday, September 24, 2026
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Thursday, September 24, 2026, PAGE 7
Arrow-words are like crosswords, but the clues are prin inside squares on the grid. Write your answers in blank squares in the direction indicated by the arro Solution tomorr
WORDSEARCH
B E C C L E S T O N U C A Y P A H Q K R G P U K H R B M Y W R S K L L I V R A D E E Y Z P B X O L R H S C P E S L P K R E J V N Q E E N G A Y B C I K R F N B A G K L I K M A O I P M C Y A J M M A F B P U N U R A S H T M I W H T A B G A E B A O Q O N E G O L T S I K Z V V M P O M N Y D R T I A R H N R R G I R A I G O R B H A C A G U V L L W M N A T A Z W N L E J H S L A D E N A R B E R L F V W E M H F Q V T V H H F I S X H T X D C O L E M A N Z G
DOCTOR WHO ACTOR Find all the terms listed below in the grid. Solution tomorrow AGYEMAN ● BAKER ● BARBER BARROWMAN ● CAPALDI COLEMAN ● CRIBBINS ● DARVILL DHAWAN ● ECCLESTON ● GILLAN KINGSTON ● MINOGUE ● PIPER SLADEN ● TATE ● WHITTAKER
YESTERDAY’S SO QUICK CROSSWORD Across: 1 Quart, 4 Steward, 8 Abreast, 9 Basis, 10 Rude, 11 Belabour, 13 Ewer, 14 Send, 16 Two-faced, 17 Gain, 20 Raise, 21 Opulent, 22 Lengthy, 23 Ended. Down: 1 Quadrilateral, 2 Acrid, 3 Tear, 4 Settee, 5 Embraced, 6 Abscond, 7 Discriminated, 12 Decadent, 13 Emotion, 15 Melody, 18 Amend, 19 Rule.
WORDSEARCH W E V E I L E B U O Y N E H W R R C H A R M B R A C E L E T T E P C J U A L L I W A N T Z L H Q T A Q X D A C V E P O F A T E M O T I O N S O Q R Z H S E X X Q A G X B I T K E Z V V B A V S L W X Z C M B C G D E L X D I U O N K B I C I Z A G L Z T Y K B Q B E M S O U Y A I T O Q E N K A D I N U R D S E R M K Z I S T O W U S M R R E T H E B A L L A D S J I E H K M Y L F R E T T U B V T A N T L C W I T H O U T Y O U M M E R R Y C H R I S T M A S I
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Across: Depot, World, Coexisted, Chop, Faun, Gates, Wok, Gum, Raid, Joke, Boo, Rub, Field, Loch, Fuse, Hazardous, Quoin, Gulch. Down: Macaw, Bully, Cockroach, Prop, Halo, Grief, Tax, Awn (clue), Iota, Beer, Was, Dog, Scold, Reef, Full, Dangerous, Venom, Bread.
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PAGE 8, Thursday, September 24, 2026
THE TRIBUNE
Stewart involvement key given cruise lines’ hotel track record MARRIAGE - from page B1 later, it put the asset up for sale after suffering a $135m and eventually sold it to hospitality mogul, Phil Ruffin, in 1994. It was later demolished to make way for the current Baha Mar development. A Royal Caribbean Group spokesperson yesterday said the deal will have no impact on its own Bahamas operations, which include the Royal Beach Club on Paradise Island, no Sandals’ resort assets. They delivered a “business as usual” message, with both parties now focused on closing the transaction with the necessary debt financing bring provided by the investment bank, Morgan Stanley. “The partnership does not include any announced changes to Royal Caribbean group’s cruise operations or Sandals’ resort operations, and both companies will continue operating as usual while they focus on closing the transaction,” the spokesperson said in an e-mailed reply to Tribune Business inquiries. “The agreement brings together two complementary vacation companies with deep roots in the Caribbean, combining Royal Caribbean group’s cruise vacation expertise with Sandals’ leadership in all-inclusive resorts. The companies believe this creates an opportunity to expand the vacation experiences they can offer and accelerate growth for both businesses over time.” Mr D’Aguilar, despite his surprise at the move to combine a resort chain with a cruise line, said: “Both Sandals and Royal Caribbean are huge players in our local tourism economy and it’s good to see they are getting together and believe in each other’s product, and
getting together to make it happen. “I’m a little surprised with that. Cruise companies tend to stay in the cruise silo and are always looking for every opportunity for expansion in the cruise industry. It’s rather an interesting lurch off from their core business…. Obviously they continue to believe in the Caribbean, and the Caribbean continues to deliver a substantial portion of Royal Caribbean’s revenues, and that’s probably why they made the investment. “I’m a little surprised they’ve lurched out of their core business. Hotel companies usually stay in the hotel silo and cruise companies stay in the cruise silo.” Mr D’Aguilar said the $3bn purchase price values Sandals’ entire business at $6bn, and Royal Caribbean’s disclosure that this represents “a forward EBITDA multiple” of ten times’ signals that the resort chain’s group operating income is around $600m annually. The former tourism minister reiterated that the cruise industry’s poor track record with hotels is why it remain so critical for Adam Stewart and his management team to remain in control at Sandals once the deal is completed. “I am glad he is remaining seemingly in day-to-day control of that part of the marriage,” Mr D’Aguilar added. “That is obviously the most important component of our tourism product because that’s the stopover component, and the stopover component is the most important to us in terms of tourism spend.” Mr D’Aguilar also voiced hope that Royal Caribbean’s investment, and involvement, will allow Mr Stewart and Sandals “to pursue other expansion projects in The
Bahamas if the union produces more cash flow”. Chester Cooper, deputy prime minister, and who succeeded Mr D’Aguilar as tourism minister before being shifted to education, yesterday expressed optimism that the partnership could accelerate, and further expand and improve, the Emerald Bay’s conversion from Sandals to a Beaches property. Tribune Business understands that 50-60 construction workers are active at the site, for which a $100m Heads of Agreement was signed in November 2025. “It’s a well-run company and hopefully that provides Sandals with additional headroom to continue to expand their very successful product in the Caribbean,” Mr D’Aguilar said. “Adam is extremely bright. In my interactions with him, he was extremely bright, and I was always impressed with his knowledge of the industry and running of the company. “The key for Royal Caribbean is to keep him engaged, keep him in charge. If they are making $600m in EBITDA then he obviously is doing a bloody good job.” Royal Caribbean and Sandals will almost certainly explore the synergies created by combining the two largest elements of Bahamian and Caribbean tourism - stopover and cruise vacations. The deal will likely focus on two-way conversions, with both gaining access to each other’s customer databases and Sandals marketing all-inclusive land-based vacations to Royal Caribbean’s passengers and the latter doing likewise in the opposite direction. There will also probably be packaging of land-based and cruise
NOTICE Notice is Hereby given that it is the intention of the undersigned, Kenneth Nixon, to dispose of the following aeroplanes by sale for the purpose of securing money to pay off the service and maintenance debt in respect of such aeroplanes which is due to the undersigned. Any and all persons interested in settling such debt and retrieving such aeroplanes is or are required to contact the undersigned or his attorney at the following contact information: Plane No. 1: C – 5 0 0 – S / N – 0 1 3 9, HI1019, Cessna Citation, and Plane No. 2: EMB – 8100, 810230, PT – EUS, N817L, Piper Seneca’ Please contact Attorney C. A. Martin at 1-242-818-2313/829-0263 or camartinlaw@hotmail.com. Kenneth Nixon Phone No. 1-242-803-3242
vacations, and the opportunity to offer customers discounts. The two companies said as much in the release confirming the deal, asserting they “will explore opportunities to broaden distribution, deepen guest engagement, and make it easier for travellers to discover vacation experiences offered across both portfolios”. Mr D’Aguilar, though, said Royal Caribbean’s partnership with Sandals is unlikely to reduce opportunities for Bahamian tour operators, excursion and attraction providers, merchants and others to access and market to the cruise line’s customers. Pointing to the fact that Royal Bahamian typically “runs in excess of 90 percent occupancy”, has no suitable site nearby for cruise lines to dock (Balmoral Island is close by), he argued that there enough cruise guests to go around. “I continue to tell everyone in excess of 25,000 people come into the port of Nassau every single day of the year,” the former tourism minister said. “And there are not enough excursions or opportunities for them those persons to come off the boat and spend their money. Anything that encourages that is welcome. Everything is at peak capacity. Junkanoo Beach is at capacity; downtown is at capacity; and some people have visited so many times they don’t get off the boat.” Tribune Business reported last year that Sandals had hired Bank of America “to explore strategic options” for the resort chain, so yesterday’s deal signing represents the culmination of that process. The Royal Caribbean deal was also signed just months after the battle over the estate of the late
Sandals’ founder, Gordon ‘Butch’ Stewart, was settled out-of-court prior to being heard before Chief Justice Sir Ian Winder in the Bahamian Supreme Court. This had pitted Cheryl Hammersmith-Stewart, his third wife, and her children (the US side of the family) against Adam Stewart, together with his sister, Jaime McConnell, and brother, Brian Jardim (the Jamaican family). The settlement is likely to have been a key step in enabling the Royal Caribbean deal to proceed, and the funds are likely to be used - at least in part - to compensate the different factions in the Stewart family. “My father, Gordon ‘Butch’ Stewart, founded Sandals resorts with the belief that a company built in the Caribbean could stand on the world stage alongside the most respected names in hospitality. Today is proof of how far that vision can go,” said Adam Stewart. “This partnership is the natural next step in building on that conviction. “It gives us the ability to grow faster with a partner that shares our values of exceptional hospitality, long-term investment and the power of enduring brands. Together, we will introduce more guests to Sandals and Beaches resorts while creating even more extraordinary experiences for those who have made our resorts part of their lives for decades.
“As we continue to grow, we will remain true to what has always defined us: Delivering authentic vacations that exceed expectations while creating opportunities for our team members, travel advisor partners and the communities we call home. The future has never been brighter, and I know this moment would make my father incredibly proud.” Jason Liberty, chairman and chief executive of Royal Caribbean, added: “For nearly 60 years we’ve reimagined what a vacation can be, constantly expanding the ways we inspire our guests to explore, connect and create lifelong memories. We have been building a vacation platform that brings joy to millions of people around the world, and creates meaningful relationships that last with our guests. “Our partnership with Sandals and Beaches Resorts is an important next step on that journey bringing together two iconic leading vacation companies to further strengthen and grow one of the most admired resort portfolios in the world. “The Stewart family has created powerful and beloved brands, and we are honoured to build on that legacy. Together, we see tremendous opportunity to expand the reach of Sandals and Beaches resorts and continue turning the vacation of a lifetime into a lifetime of vacations.”
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THE TRIBUNE
Thursday, September 24, 2026, PAGE 9
Senator calls for ‘common sense to prevail’ over VAT enforcement ENFORCE - from page B1
system. The question is… to see how we can fix the system.” Other attorneys voiced similar concerns, one asserting that the 21-day deadline was “pie in the sky” and impossible for many international buyers to meet especially if the parties to the transaction were all overseas in different jurisdictions. This requires conveyances and other key documents to be couriered abroad, signed and then sent back, before being dispatched elsewhere. And these papers also have to be apostilled to verify their authenticity for use in The Bahamas. Renee Charles, a Department of Inland Revenue official, conceded that this was a legitimate concern. “That is something we do understand might have some challenges,” she agreed of international buyers. “There are things, if you have these concerns, the Department of Inland Revenue does not write the law. I think the international issue may be a legitimate one. That will have to be raised with the appropriate persons and legislators.” Another attorney, meanwhile, questioned whether the new 5.25 percent interest charge is actually needed given that the tax authorities are already enforcing a 10 percent penalty on conveyances that are not brought forward for stamping, or the payment of due VAT, within 180 days. “No one has an issue with a late fee. The late fee is quite reasonable at six months from the Act,” she said. “Why does interest preclude the late fee? Interest
should only follow the late fee. If the late fee is 10 percent of whatever the VAT invoice is, once the late fee takes effect then the interest should kick-in, not before. It’s not practical. It makes no sense.” Department of Inland Revenue officials sought to distinguish between the two, asserting that the new 5.25 percent charge is for “depriving” the Government of its revenue, whereas the 10 percent is an actual levy. Meanwhile Mrs Komolafe, arguing that “Bahamians just cannot catch a break” from new fees and penalties, told Tribune Business that the October 5 enforcement deadline needs to be extended as it threatens to automatically impose an extra cost and charge on Bahamian mortgage borrowers through no fault of their own but due to how the conveyancing system works. Pointing out that the number of Bahamians qualifying for mortgage financing has been declining in recent years, the Opposition Senator warned that the 5.25 percent interest threatens to further disrupt the housing and home ownership market and deter persons from purchasing their ‘piece of the rock’. Tribune Business revealed on Monday how the new charge was passed into law by Parliament in June 2025 but never enforced until now. Attorneys are warning that the 21-day deadline for payment of due VAT on real estate sales, with the clock running from the moment the conveyance is executed, is “impractical” and will push all mortgage borrowers and international buyers
into incurring the Prime plus 1 percent (5.25) interest levy. Once a conveyance is executed, it is packaged with all other necessary documents, including title opinions and searches, and sent to a bank or other lender if mortgage financing is involved. Bahamian banks typically take two to three weeks, or even longer if they have questions, to review and investigate the transaction before they will release the purchase funds, thus automatically pushing the transaction beyond the 21-day deadline. Mrs Komolafe, having been involved in real estate transactions personally, as well as working for mortgage-lending banks, representing clients as an attorney and holding office in the public sector, told this newspaper her experience gave her a good insight insight from all sides as to what is required in “the due diligence, the document requirements, the approvals process and how involved it is and the bureaucracy you are dealing with”. “I understand all sides of the argument,” Mrs Komolafe said. “I don’t have a problem with enforcement of the law, but we need common sense to prevail. The cut-off deadline is unrealistic and unreasonable; anyone involved in real estate transactions understands that. It appears the Government and Department of Inland Revenue are disconnected from reality. “I don’t believe buyers should be penalised for inefficiency in the processes and procedures beyond their control. The Department of Inland Revenue needs to get its house in order and address the
Minister: Where does Bahamas aim to be on global wealth map? PLANNING - from page B1 for using trusts as part of their succession planning. “The aim in both cases is the same, which is to provide for people you love, and VAT should not penalise anyone who chooses to plan ahead,” Mr Fitzgerald said. He added that the Department of Inland Revenue intends to issue and table the necessary amendments for debate in Parliament before the end of 2026. “For the trust companies, banks and advisers in this room, this speaks directly to structures you recommend to your clients every day,” Mr Fitzgerald said. “It lowers the cost of establishing and maintaining a Bahamian structure, and it takes VAT off the movement of assets from one generation to the next, which makes the case for families managing their wealth and succession planning in our jurisdiction more attractive.” Mr Fitzgerald also outlined a broader push to position The Bahamas as a leading jurisdiction for international family offices, arguing that global
wealth management clients are placing greater value on certainty, speed and predictability. He cited the BCG Global Wealth Report, which he said estimated cross-border wealth reached approximately $15.6trn last year, while Hong Kong narrowly overtook Switzerland as the world’s largest cross-border wealth hub. “This major shift demonstrates the fact that leadership positions in the global financial services industry cannot be taken for granted,” Mr Fitzgerald said. “The map is changing as we speak, and that raises an important question for us here in The Bahamas. Where do we intend to sit on that map in the next 10 years and beyond as this realignment takes place?” Mr Fitzgerald said the financial services sector is facing pressure from the 15 percent global minimum corporate tax, increasing transparency and beneficial ownership requirements, correspondent banking de-risking and competition for skilled professionals. “Our approach must be to maintain and, when necessary, raise our standards,” Mr Fitzgerald said.
“Protect our reputation while removing the points of friction that do not serve our interests.” He added that the Government’s response will focus on creating greater certainty for international families deciding where to locate their wealth, businesses and investments. “So predictability is of critical importance,” Mr Fitzgerald said. “A clear residency framework, consistent regulation, political stability and efficient government process all reduce the risk to a family when it commits its capital to a jurisdiction or an investment.” Mr Fitzgerald highlighted the Government’s plans to establish a family office programme through Bahamas Invest Concierge, under which qualifying families would enter into agreements with the Government covering areas including Immigration, tax, business licensing and other approvals. The Government is also advancing legislation for a Bahamas tax residency certificate, with Mr Fitzgerald saying the framework is in its final drafting stage. Qualifying individuals and entities would be required
bottlenecks and inefficiencies in its purview.” Department of Inland Revenue officials, on the conference call with attorneys last week, said the tax authority would deduct the time a conveyance spends with it for review or challenge from the 21-day period’s calculation. However, Mrs Komolafe argued that this pledge needs to “codified in some legislation or rule. We don’t want ad hoc policies implemented from time to time. We want consistency, transparency and to know what we are dealing with. “We don’t want to penalise or frustrate those that qualify [for mortgages] and burden them with extra cost,” she added. “There needs to be some consultation with stakeholders so that we can come to an agreement on this.” The Senator described her proposed 60-day or 90-day timelines, which would replace the existing 21 days, as “reasonable” given the numerous issues impacting property titles in The Bahamas and the absence of a digital system for processing transactions. “You have to send documents away for these transactions to be executed,” Mrs Komolafe added. “In the absence of a digital system, you cannot impose strict timelines or deadlines with the paperbased system we have. It’s just not practical.” Parliament, in May and June 2025, amended section 47A of the VAT Act with effect from July 1 that year to provide for the new interest charge that the Department of Inland Revenue has held off enforcing until now.
“To be clear, all right-thinking Bahamians support the enforcement of the law which has been in effect since July 2025. However, a common sense approach must be adopted. The enforcement of this provision in its current from could serve as an impediment and make home ownership more difficult for some,” Mrs Komolafe warned in a statement. “Economic reports show that while there is high liquidity in the [banking] system, a lot of Bahamians cannot qualify for mortgages and/or afford the closing costs associated with real estate transactions. The decision to enforce this fine ignores the practical realities of real estate transactions and will ultimately punish purchasers of real estate by driving up costs. “In simple terms, the penalty is likely to be incurred by a majority of buyers because of the typical requirements of real estate transactions involving authentication of documents, financing requirements, fund disbursements and regulatory approval, which take time,” she added. “Real estate is already costly and the addition of even more monetary fines to existing taxes will only push real estate beyond the reach of many Bahamians and make it difficult to do business in our country. Buyers should not be penalised for circumstances beyond their control. “It is clear that the implementation of this penalty has not been well thought out, but the Department of Inland Revenue still has an opportunity to change course. The implementation of the penalty should
be postponed while stakeholders are engaged in meaningful discussions,” Mrs Komolafe argued. “The Davis administration should consider moving the trigger clause from 21 days to 60 days, and no more than 90 days, to account for the logistical realities involved in real estate transactions. Additionally, the Government should engage stakeholders with a view to receiving confirmations on the establishment of an escrow account and the deposit of projected VAT payments with an assurance that the tax will be remitted upon completion of the conveyancing transaction. “Finally, the undertaking provided that persons will not be penalised for delays by the Department of Inland Revenue itself must be embedded in statute or enforceable rules to ensure accountability, predictability and consistency….. The continued absence of a digital registry makes it nonsensical to impose deadlines that do not reflect the current realities of a paper-based system.” One attorney, speaking on condition of anonymity, said of Mrs Komolafe’s proposed timelines: “I think that’s reasonable. Ninety days would be preferred, and 60 days would be the minimum, and maybe some flexibility for whatever the time period is that they reach; if there’s an ability to have it extended in extenuating circumstances. “We’re not going to think of every situation. If there’s some flexibility in legislation for the time to be extended, but you have to justify it and make the case that it is reasonable.”
to spend 90 non-consecutive days in The Bahamas to obtain the certificate. Mr Fitzgerald also pointed to recent legislative changes affecting wealth planning, including the Usufruct Interest Act 2026, statutory merger provisions under the International Business Companies (IBCs) Act and the Segregated Accounts Companies Act 2025. “Fortunately, our own history shows us that The Bahamas performs well when we respond to changes that the market needs and requires,” Mr Fitzgerald said. “Modern instruments we have developed, such as the usufruct, the demerger and the segregated accounts company, reflect our ability to update our wealth planning tool-kit for families’ needs as they evolve. “So, this is my challenge to you. You need to be solution-oriented for your clients. The best solutions frequently will be a combination of the tools in your toolbox.” Bruno Roberts, the Association of International Banks and Trust Companies (ASIBT) chairman, acknowledged the pace of regulatory and tax changes confronting the industry, while stressing the importance of closer collaboration between the private sector and policymakers. “Tax frameworks are being rewritten while we
are still implementing the ones from the year before,” Mr Roberts said. “Expectations from regulators, clients and governments converge on us at once, and business as usual has quietly become the riskiest strategy in the room.” Mr Roberts said industry professionals have become accustomed to conferences where concerns are identified but little changes afterwards. “Now, I know some of you are rightly sceptical of models like this,” Mr Roberts said. “You have sat through conferences where everyone agreed that things were complicated, and then very little changed.” He said bringing regulators, Government and industry together could
help produce more practical responses to the challenges facing the sector. “So let me be plain about what today can and cannot be,” Mr Roberts said. “AIBT does not have all the answers. Nobody in this room does individually.” Mr Roberts said the combined expertise of stakeholders could help The Bahamas respond more effectively to changes in the international financial services environment. “But regulators, government and industry under one roof for the day will get us closer than we would if we were in our separate offices making separate guesses,” Mr Roberts said.
NOTICE NOTICE is hereby given that I EMELIA COLLADO NEVOT of Allotment #2 Highbury Park, Nassau, New Providence, Bahamas, 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 24th day of September, 2026 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
PAGE 10, Thursday, September 24, 2026
THE TRIBUNE
Developer urges: Sort ‘mess’ out for the consumer’s benefit CONNECTIVITY - from page B1 This then has to be reported back to BPL, with the customer paying the required fee to the stateowned utility - not Bahamas Grid Company. The developer added that, once BPL has confirmed payment, the prospective customer than has to take the receipt back to Bahamas Grid Company for it to carry out the connection. But, for the final step of meter installation, they then have to turn around yet again and go back to BPL. Asserting that this process is causing “a whole new level of bureaucracy, delay and nightmare”, the developer pleaded with BPL and Bahamas Grid Company management to “go back to the drawing board and figure this mess out” for the benefit of Bahamian homeowners and consumers. Bahamas Grid Company, in a statement responding to Tribune Business inquiries, said it was aware that some customers have suffered unspecified “difficulties” and it is willing to always work with them to “help their projects recover”. The company, which has an initial 25-year agreement
to own, operate and maintain New Providence’s energy grid, said: “Bahamas Grid Company is always concerned about customers and their complaints, and any processes related to the grid. “Yes, there have been some customers who’ve experienced difficulties and, when that happens, we work closely with them to help their projects recover and get them back on track. We’re always seeking to improve continuously with Bahamas Power & Light (BPL) and other stakeholders involved. However, it would be helpful if we had more details so we can look more closely into the developer’s concerns in an effort to resolve these matters.” BPL did not respond to this newspaper’s request for comment. However, the developer blasted: “We’re getting complaints from home owners that it’s taking an exceptionally long time now to get connected to the grid because of BPL’s separation of responsibilities between BPL and Bahamas Grid Company. “What they’re doing, it means you have to get your certificate of occupancy from the Ministry of Works to show that your
occupancy is proven. Then, you take that down to BPL and make an application for your meter. Once you submit the application for your meter, BPL contacts Bahamas Grid to go out and do the assessment for the capital costs to get electricity to your home. They have to go out and examine what it takes. “That number then has to go back to BPL because BPL, in this transaction between BPL and Bahamas Grid Company, refuses to let them receive the money. BPL has to get the consumer to pay them, and then BPL has to call Bahamas Grid Company and say that you’ve paid, and then you take that receipt down there and Bahamas Grid Company does the connection, calls BPL and then you submit your application to have the meter installed by BPL.” As a result of this, and Bahamas Grid Company’s introduction to the process, the developer said that what used to take a weekand-a-half to two weeks to achieve is “now taking months to get connected”. They added that “if you don’t call, call, call” the two entities involved to check on progress the wait can be even longer.
“They have created a nightmare between these two companies that the consumer is burdened with and it has to get sorted out,” the developer told Tribune Business. “It’s an absolute flippin’ nightmare. We have a whole new level of bureaucracy, delay and nightmare because Bahamas Grid Company cannot receive payment since it and BPL have not figured out their business relationship. It’s absolutely ridiculous… “It was difficult enough for me, and I’m still trying to get stuff connected. It was a mess for ease of doing business. Connections for new customers is just frustrating. The different responsibilities in these two companies did not do the Bahamian people any justice at all. They need to go back to the drawing board and figure it out because it’s an absolute mess. I feel bad for homeowners; it’s just such an arduous track now. “The decision-makers need to go back, sit down and figure it out. As a developer I’m pleading with them on behalf of the consumer to please go back to the future and figure this out. I mean on behalf of the consumer. It’s not for my benefit. For God’s sake go figure it out.”
NOTICE
NOTICE
NOTICE is hereby given that I BOUVENCE JEAN LOUVENCE of Piper Lane Off Wilson Track, New Providence, Bahamas, 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 17th day of September, 2026 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
NOTICE is hereby given that I ANNETTE JEAN BAPTISTE of Palm Beach Street, New Providence, Bahamas, 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 24th day of September, 2026 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
The new-build connectivity concerns further suggest that the transition from BPL to Bahamas Grid Company, and the latter’s assumption of the New Providence transmission and distribution assets, was not well thought-out or executed. The transfer of grid assets has yet to be completed, with these placed “in escrow”, leaving them in legal limbo or a ‘no man’s land’ of uncertainty. As a result, it is unclear whether BPL or Bahamas Grid Company has responsibility for these assets, the maintenance and repair, and which set of workers can handle them. In addition, BPL’s 120 New Providence-based transmission and distribution workers have largely declined to switch to Bahamas Grid Company, fearing they would lose their union benefits, pension and years
of service if they do so. As a result, Bahamas Grid Company has lacked key knowledge for its grid upgrades, since the location of key electrical equipment has not been documented but, instead, rests in the mind and memories of these workers. Well-placed Tribune Business sources have questioned whether BPL has conducted sufficient summer preparation and maintenance, especially on the transmission and distribution network. They also suggested that Bahamas Grid Company and its contractor, Pike Electrical, had in their $130m “foundational upgrades” focused largely on the transmission side and left distribution largely untouched at the neighbourhood level where much of the recent outages occurred.
NOTICE NOTICE is hereby given that LLOYD SHAW of #265 Carmichael Road, Nassau, 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 24th day of September, 2026 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
NOTICE NOTICE is hereby given that I NAVENSON DORCEUS of Carmichael Road, New Providence, Bahamas, 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 17th day of Septemeber, 2026 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
NOTICE NOTICE is hereby given that I RICHARDSON ST FLEUR of #8 Golden Isles Road, New Providence, Bahamas, 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 24th day of September, 2026 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
NOTICE NOTICE is hereby given that I WILSON JOEL PETIT-FRERE of 4th Street, Coconut Grove, New Providence, Bahamas, 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 17th day of September, 2026 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
THE TRIBUNE
Thursday, September 24, 2026, PAGE 11
Central Bank governor warns over AI dangers OVERSEE - from page B1 placing unnecessary pressure on both regulators and the private sector. Mr Pinder’s proposal comes as The Bahamas prepares for the fifth-round evaluation of its anti-money laundering, counter-terrorist financing framework and anti-financial crime defences by the Caribbean Financial Action Task Force. Mr Pinder said the compliance landscape has become increasingly complex over the past decade, contributing to higher costs, client frustration and operational inefficiencies across the sector. “I think the assault on financial centres for reasons that may not be legitimate has caused, both from a government point of view and having to pass a regulatory framework and frankly, regulator point of view and having to enforce those, but more so on an industry point of view, we all know in the last 10 years what our compliance departments have evolved into,” Mr Pinder said. He said compliance functions have increasingly become centred on preventative regulation, with financial institutions facing growing obligations while trying to maintain efficient service for clients. “The fact of the matter is, it has resulted in more inefficient business in our space. It has resulted in more client frustration in our space, and it has frankly resulted in more fear from our industry,” Mr Pinder said. He argued that The Bahamas’ relatively small size makes it particularly difficult for both the Government and the private sector to keep pace with the rapid evolution of international standards. “Certainly, I can speak on behalf of my experience in government in trying to develop the capacity from a government point of view to keep up with the constant changes and evolution of these standards,” Mr Pinder said. “But I know that it is easily the same, if not more so, within industry in a small country trying to serve our clients the best we can.” Mr Pinder said the Government should therefore examine a centralised model for compliance rather than continuing with multiple agencies and reporting channels. “One thing that I think should be considered is the ability of government to keep pace with the changes and the obligations of international compliance functions,” Mr Pinder said. “It’s a challenge in capacity. It’s a challenge in resources.” He said financial services firms currently have to navigate several reporting channels and agencies responsible for different aspects of compliance.
“I’ve always thought that the right approach, and I certainly think today the right approach, is more of a central approach,” Mr Pinder said. “And in my opinion, I think the Government should really look at developing a Compliance Authority.” He proposed that the authority bring the various financial services compliance functions under one umbrella and establish an integrated digital reporting system. Mr Pinder said the current fragmented structure could undermine the sector’s ability to demonstrate efficiency and consistency internationally. “The fragmented approach to compliance functions, I think, is doing a disservice to the industry, and I think it’s doing a disservice to our reputation,” Mr Pinder said. “I would really like to see us move towards an integrated compliance authority on behalf of government. “I think the industry deserves that. I think the industry would welcome almost like a single portal or a single point of contact on all of these different compliance functions.” The proposal was echoed by Niekia Horton, chief executive and executive director of the Bahamas Financial Services Board (BFSB), who said the sector should look at compliance through a more integrated and co-ordinated lens. “We really need to start to look at this issue of compliance from an integrated lens, from a co-ordinated lens, because it’s difficult when you have different entities acting for the same thing on three or four different forms,” Ms Horton said. She said industry’s concerns about compliance are not about avoiding its obligations, but about finding ways to meet them more efficiently. “When the industry begins to express concerns, it’s not from a place of not wanting to comply or just wanting to complain,” Ms Horton said. “It’s really saying: Can we do this better? Can we do this a bit more efficiently?” Ms Horton also suggested that The Bahamas could potentially turn its accumulated compliance expertise into an exportable financial services product. She said compliance professionals could potentially provide services to institutions in other jurisdictions, transforming what is generally regarded as a cost of doing business into a revenue-generating opportunity. “We can see it also as an export opportunity in financial services that we can put out there,” she said. Ms Horton also pointed to duplication in reporting as an area that could be streamlined through greater co-ordination. “There is also an opportunity here, if we can have
a central authority on that, but even more so from an industry standpoint in terms of how we can now reduce what we believe to be a duplication of efforts, particularly around the compliance function, and having to report to the various regulators, to the Government,” she said. John Rolle, the Central Bank Governor. likewise called for a shift away from overly prescriptive compliance toward a more risk-based and proportionate approach. He said The Bahamas had historically taken a highly restrictive approach to implementing international standards, and should place greater emphasis on whether its framework is actually effective. “I think that we have not taken sufficient advantage of proportionality in terms of how we should be applying global standards,” Mr Rolle said. “I think we started off with a very, very restrictive, rigid approach, and we’re trying still to unlearn some of that, but we have to migrate more away from the check-box approach and focus a lot more on how effective this looks in practice.” Mr Rolle said smaller jurisdictions can end up devoting disproportionate resources to compliance when they fail to tailor international standards to their own risk environment. “The FATF, for example, and this is something for us to pay attention to,” Mr Rolle said. “They expect that we will tailor standards, but to demonstrate in tailoring the standards, we understand our context and we can justify how we tailor.” Mr Rolle also called for greater flexibility in the legislative and regulatory framework so that regulators can respond more quickly to changing international requirements without repeatedly having to amend primary legislation. “We have to find, I think, the right balance both in terms of the framework, and then demonstrate that we understand our environment, and can show how we are tailoring what we know to our context,” Mr Rolle said. He said regulators should also focus more closely on the effectiveness of institutions’ customer reviews rather than simply ensuring that prescribed procedures have been completed. “But what should those reviews look like? Is it just having a customer bring in an updated piece of ID, or your account is going to be frozen, or should it be something else?” Mr Rolle said. “As a regulator, I would like to see it evolve, too, where the amount of prescriptions that we’re putting out there can decrease. And then we can focus more on how effective we are based
upon other principles or criteria.” Mr Rolle also identified cyber risk, particularly those associated with artificial intelligence (AI), as an emerging threat to financial stability. He said the interconnected nature of financial services means cyber incidents can have effects beyond individual institutions, requiring regulators, businesses and government to address the issue collectively. “And so how we manage the cyber risk cohesively and holistically becomes very important,” Mr Rolle said. He also stressed the importance of maintaining regulatory competence and credibility as The Bahamas navigates changing international standards. He said regulatory independence
and expertise have been important features of The Bahamas’ financial services framework across successive administrations. Mr Pinder, meanwhile, said the upcoming fifthround evaluation will make effective implementation by the private sector particularly important. “First and foremost is ensuring that the industry is constantly prepared and on the same page when the FATF comes for the fifth round next month,” Mr Pinder said. He said the evaluation will examine not only the Government’s regulatory framework but how requirements are implemented by financial institutions in their daily operations. Mr Pinder also argued that technology and AI should play a greater role in modernising
the compliance function, allowing firms to meet regulatory obligations while responding more quickly to clients. Mr Pinder further argued that regulators themselves have a role to play internationally in defending the sophistication and credibility of The Bahamas’ financial services centre. He said a co-ordinated approach involving Government, regulators and industry should extend beyond the domestic market and into international engagement. “We always talk about the tripartite approach to financial services in The Bahamas, where we have government, regulator, industry all together, and we do it together,” Mr Pinder said.
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THE TRIBUNE