10172018 BUSINESS

business@tribunemedia.net

WEDNESDAY, OCTOBER 17, 2018

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Bahamas’ latest OECD listing a ‘damn disgrace’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net BRIAN MOREE QC

QC: OECD goal posts movement ‘very disturbing’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A PROMINENT QC yesterday said he was “very disturbed” that the OECD again appeared to have “moved the goal posts” on The Bahamas and other international financial centres (IFCs).

And Brian Moree QC, senior partner at McKinney, Bancroft & Hughes, told Tribune Business that it was important that a critical investment product not be “jeopardised” by the Organisation for Economic Co-Operation and Development’s (OECD) latest anti-tax evasion offensive.

He spoke out after the Paris-based body, which represents the world’s largest and strongest economies, included The Bahamas’ economic permanent residency programme among investment incentive regimes it identified as potentially harmful to its Common Reporting Standard (CRS) automatic tax information exchange initiative (see article on Page 1B).

Mr Moree said it was “a little premature” to determine the likely economic impact of the OECD’s actions, adding that it was critical for The Bahamas

SEE PAGE 7

T

HE Bahamas’ major investment product was yesterday singled out for allegedly undermining the fight against global tax evasion in a move one realtor branded “a damn disgrace”.

The Organisation for Economic Co-Operation and Development (OECD), a Bahamas’ adversary for two decades, caught the financial services industry and wider private sector offguard by listing this nation’s economic permanent residency offering among 21 incentive regimes it says jeopardise “the integrity” of automatic tax information exchange.

The Ministry of Finance last night slammed as “false and misleading” descriptions

By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net THE Minister of Tourism yesterday revealed the Government could save $12m per year after it completely “scrapped” the tax incentive regime for cruise lines.

Dionisio D’Aguilar, pictured, speaking ahead of a Cabinet meeting, said the departure tax rebates offered to the cruise lines had amounted to roughly $1m per month, even though many cruise passengers never came ashore.

“In the past we used to provide incentives for cruise passengers to come

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

KP TURNQUEST were key areas in which this nation needed to improve if it was to carry its growth momentum beyond the short-term.

Asked about The Bahamas’ GDP growth potential if it got the economy right, Mr Turnquest told Tribune Business: “Maximum rate is hard to predict, but in the region of 2.5 percent is not unreasonable over the next year or two.

“We continue to believe that we have put forth a good economic plan founded on our core business of tourism and financial services, while at the same time looking for new opportunities in the technology hub initiative, agriculture and the blue economy, as well as a concentrated focus on MSME (micro, small and medium-sized enterprises) development through

SEE PAGE 4

here but, to be honest, we were paying for a lot of people who didn’t come off the boat. We scrapped those incentives. We don’t have any incentives any more.

We are not asking any

cruise line to bring any passengers here. They should want to come here,” said Mr D’Aguilar.

“There should be something wonderful for them to do here. God has geographically blessed The Bahamas.

We are the closest port to the largest cruise ports in the world: Miami, Fort Lauderdale and Canaveral.

I don’t think there needs to be incentives. This is where people want to come.

We just have to make it a wonderful place for them to visit and make it memorable for them to want to come back.”

Mr D’Aguilar added that the Government has been pulling back on cruise

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

industry incentives over the years. “I think the incentives we offered amounted to about $12m a year, about $1m a month,” he said.

“Over the years, we have sort of done away with most of the cruise incentives; there was one left up to June 30th. We decided to sit back and wait to see if it makes a difference. We will certainly review it, but it is not our intention at this time to offer incentives.

“These cruise lines are very profitable. They make a ton of money. Why are we paying them to bring passengers to our port? We are finding that some of them

SEE PAGE 6

SEE PAGE 6

too, conceded this point, adding: “The OECD report provides practical guidance to financial institutions to undertake enhanced due diligence on clients that are citizens or residents of countries with [investment citizenship or investment residency] programmes to prevent cases of [tax] avoidance and tax evasion.”

This enhanced due diligence, and likely extra costs and time involved, could deter wealthy investors and homeowners from applying for Bahamian permanent economic residence - thereby undermining a key component of the foreign direct investment

SEE PAGE 5

Govt targets $12m saving in scrapping cruise rebate regime

Govt targets 2.5% GDP growth goal THE Government is targeting 2.5 percent GDP growth as a “reasonable” short-term goal, asserting that the IMF’s recent assessment is “a boost of confidence” for its economic plans.

KP Turnquest, deputy prime minister, told Tribune Business in a recent interview that The Bahamas was capable of exceeding the International Monetary Fund’s (IMF) recentlyrevised economic growth projections despite the “fragile” global outlook.

But, while the Washington-based Fund “substantially maintained” its 2018 and 2019 GDP expansion estimates for this nation, Mr Turnquest said much remained to be done for the Minnis administration to fulfill its “growth agenda”.

Describing the initial fiscal impact from July’s 12 VAT rate hike as “encouraging”, the deputy prime minister added that the Government was aiming to enact “ease of business” reforms “that people will feel” early in the New Year.

He said the speed at which Bahamian and foreign investments are approved, and promotion of The Bahamas as “more than a resort destination”,

services industry. Besides attracting high net worth clients and their assets to this nation, economic permanent residency drives lucrative business for real estate developers, realtors and attorneys, and produces spin-offs affecting virtually all industries.

While the OECD’s list, and accompanying report, did not mention the imposition of sanctions or penalties against The Bahamas and 20 other countries, it did call on financial institutions to apply greater scrutiny to persons benefiting from their investment-related residency and citizenship programmes when it came to determining their tax compliance.

The Ministry of Finance,

Businessman ‘a sad case’ says court THE “sad case” of a Freeport businessman, who paid off a company’s $103,259 mortgage debt only for the property to be sold from under him, has won “considerable” judicial sympathy.

But the Court of Appeal said it was still unable to rule in Cyril Minnis’ favour because he never had a contract with Commonwealth Bank mandating that the BISX-listed lender give him the title documents to the mortgaged property.

Appeal justice Stella Crane-Scott, in a unanimous verdict, said Mr Minnis had “pursued a hopeless claim” against the bank when he should instead have targeted the company that plotted to sell the building without his knowledge despite settling its debts.

“This was indeed a sad case. While the court had considerable sympathy for the predicament in which Mr Minnis found himself, we were unable to find merit in any of his grounds of appeal,” she concluded.

The businessman’s loss stemmed from his involvement with Talbot Enterprises and its owner, Almondo Talbot, who had secured a Commonwealth Bank mortgage loan that was secured on the company’s property in Freeport’s Civil Industrial Area in late 1999.

Mr Talbot, in February 2006, hired attorney Tiffany Dennison and her firm, Dennison & Company, to act for him in selling the mortgaged property to an entity called “KFL”.

A sales agreement was executed by both parties five days after Dennison & Company’s hiring, with the

* Economic residency threat to tax evasion fight * Govt: Blacklist talk ‘false and misleading’ * Realtors fear impact to 30-40% of high end of the OECD’s action as another “blacklisting”, saying officials who are currently in Paris had received assurances from the forum’s representatives that it was nothing of the kind.

It added that The Bahamas “is under no obligation to take any measures to change its investment schemes” as result of the listing, with the ministry’s release downplaying its potential impact and, at one point, copying almost word-for-word the language employed in the OECD’s own report.

However, the listing still threatens to negatively impact a wide cross-section of the Bahamian economy, and not just the hard-pressed financial

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THE TRIBUNE

BAHAMAS HOSTS FINANCIAL INDUSTRY DELEGATE BRIEFING

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HE Bahamas Financial Services Board (BFSB) hosted a successful briefing session for delegates attending the recent Society of Trust and Estate Practitioners (STEP) conference in Mexico City.

The event, held on October 4, attracted more than 150 financial services intermediaries and professionals. It was designed to give conference delegates an opportunity to network and dialogue with Bahamian delegates.

Attendees heard brief remarks from Brent Symonette, minister of financial services, trade and industry and Immigration, as well as BFSB’s chief executive and executive director, Tanya McCartney.

The briefing session/ cocktail event was part of BFSB’s efforts to promote The Bahamas to top international wealth management professionals.

Since its creation 20 years

BRENT SYMONETTE, minister of financial services, trade and industry and immigration with BFSB chief executive, Tanya McCartney. ago, BFSB has continually invested in ensuring there is a greater awareness of The Bahamas as an international financial centre (IFC) that is committed to transparency and international best practices.

BAHAMIAN REALTORS JOIN GLOBAL NETWORK SUMMIT REPRESENTATIVES from Bahamas-based HG Christie were among more than 250 agents who attended last month’s invitation-only Christie’s International Real Estate network meeting.

The event took place at Christie’s flagship auction house at Rockefeller Plaza, New York, for the

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HIGHLIGHTS of attendees during the event.

2018 edition of the Luxury Specialist Conference.

The annual conference is designed to further affiliated agents’ knowledge in important luxury asset classes of art, jewellery, watches, handbags and real estate to better serve their valued clients.

Speakers included top producers in real estate sharing their secrets to success, advice on how to elevate client service through the auction house, and an economist providing a look at what 2019 might hold. At the conclusion of the conference, attendees were designated a “Christie’s International Real Estate Luxury Specialist”

by Christie’s Education.

John Christie, HG Christie’s president, said: “It was an incredible conference and it was great to

share the experience with our top producers, Ryan Knowles and Philip Hillier. The Bahamas luxury market remains strong, and we’re looking forward to an exceptional year in 2019.”

Dan Conn, chief executive of Christie’s International Real Estate, added: “One of the hallmarks of the Christie’s brand is exemplary client care.

This conference provides network agents the opportunity to better understand and leverage Christie’s full spectrum of expertise in art, luxury goods and real estate.

“The agents who attend are proven experts in their local markets, motivated to pursue continuing education in the luxury market and well-deserving of being designated a luxury specialist.”

DPM INTERVENES AT WORLD BANK MEETING

K PETER Turnquest, deputy prime minister and minister of finance, last week attended the 2018 annual meetings of the International Monetary Fund (IMF) and the World Bank in Bali, Indonesia. He is pictured, second right, at a Caribbean Caucus Round Table Discussion.

The Caribbean Round

Table talks included Nancy Horsman, IMF executive director, and Christine Hogan, World Bank executive director, for Canada, Ireland and the Caribbean.

Discussions focused on climate change, building infrastructure resilience and correspondent bank de-risking.

Mr Turnquest made

an intervention over the risk to economies of small island states from the loss of correspondent bank relationships, and the threat to small international financial centres (IFCs) from global bodies imposing standards without regard to a country’s circumstances or the evenness with which they are applied.

THE TRIBUNE

Wednesday, October 17, 2018, PAGE 3

AIRPORT OPERATOR IN IMPROVED ‘OUTLOOK’

By NATARIO MCKENZIE

LPIA Airport

Tribune Business Reporter

nmckenzie@tribunemedia.net THE Nassau Airport Development Company (NAD) has enjoyed a further credit rating upgrade, a Cabinet minister yesterday revealing its investment grade status now has a “stable outlook”.

Dionisio D’Aguilar, minister of tourism and aviation, said: “I am delighted to announce that the debt for NAD has been upgraded again. When we came to office it was below investment grade.

“Fitch, the rating agency, decided to upgrade the debt to investment grade BBB- (Negative Outlook).

They have now upgraded it to BBB- (Stable Outlook).

The FNM government is a government of upgrades, not downgrades.

We are delighted that the Sir Lynden Pindling

VERNICE Walkine, NAD’s chief executive.

DIONISIO D’AGUILAR

International Airport (LPIA) continues to see record arrivals.”

NAD, back in August reported the busiest summer in LPIA’s history. At the time NAD chief executive, Vernice Walkine, said a

combination of factors contributed to the strong performance.

These included powerful marketing campaigns, deepening partnerships with airlines, and a nearly 30 percent increase in arrivals from Canada through July.

Ms Walkine told Tribune Business yesterday: “We are very pleased that Fitch reassessed our credit rating in September, in view of the positive trend in passenger numbers and the slight improvement in the economy generally.

“The rating improved from BBB- (Negative Outlook) to BBB- (Stable Outlook). It is important as it signals to our lenders that NAD is compliant with its financial obligations and continues to strengthen its financial performance.”

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Revised NHI roll-out to occur ‘very shortly’

By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net A CABINET minister yesterday confirmed that the Minnis administration’s revised National Health Insurance (NHI) model will be rolled out “in very short order”.

Dr Duane Sands, pictured, minister of health, responding to Tribune Business queries ahead of yesterday’s Cabinet meeting, stopped short of providing details on exactly when and how this will take place.

“We are going to be

rolling out the Minnis approach and our Cabinet’s approach to NHI in very short order. We have some last minute things that have to be done before we feel ready to announce the way forward,” Dr Sands said.

He previously told this newspaper that the Government is “revamping” National Health Insurance to focus more on catastrophic care with the introduction of the BahamaCare Plan, and expects a contribution of $15 to $80 per month to fund it.

Dr Sands said at the time that the National Health Insurance Authority will establish the BahamaCare Fund, a pooling of funds to manage high cost care across the entire Bahamian population. There are currently more than 30,000 persons enrolled in NHI. Earlier this week, Dr Sands announced that the redevelopment of emergency services in New Providence is underway, confirming that $5m in upgrades to the Accident and Emergency Department at Princess Margaret Hospital (PMH) had begun.

VACANCY NOTICE

IP NETWORK SPECIALIST Cable Bahamas Limited is seeking to employ an experienced IP Network Specialist.

The successful candidate must have IP Network Experience and the ability to lead in a technical environment.

JOB SUMMARY The position of IP Network Specialist is a hands-on operational position working within the Network Operations Group. This role is expected to ensure maximum possible service availability and performance, provision customer network services on core equipment; provide IP engineering support to the Network Operations Team and other technical teams. In addition, to provide training, guidance and reporting on the dayto-day operations to the NOC Operations group; assist with IP network design projects and other projects as required which include installing, maintaining and supporting IP related technologies and elements of the Cable Bahamas IP Network Infrastructure; aid in the execution of Disaster Recovery Plans and Procedures; maintain network documentation, policies and procedures.

REQUEST FOR EXPRESSIONS OF INTEREST

JOB DESCRIPTION • Fault handling and escalation (identifying and responding to faults on CBL’s systems and networks); • Manage and maintain the Monitoring Systems (these report on the status and

performance of CBL & Aliv Transport Networks, Cable Modem Network, and Social And Communication Specialist for (1) The Climate Resilient Coastal Management and other core services and facilities); Infrastructure Program and (2) Airport Infrastructure Program • Maintain customer premise equipment standards and deployment; Institution: Inter-American Development Bank • Provision customer’s aggregation links; Country: The Commonwealth of The Bahamas • Maintain CBL’s Internal network infrastructure; Projects: (1) Climate Resilient Coastal Management and Infrastructure Program and • Develop / maintain network management / monitoring systems; (2) Airport Infrastructure Program • Maintain network quality of service policy, security standards and Project Number: (1) BH-L1043 and (2) BH-L1041 configuration; Loan Number: (1) 4363/OC-BH and (2) 3907/OC-BH • Troubleshoot and assist in the resolution of problems and issues as they relate Sector: (1) Environment and Natural Disasters and (2) Transport to IP related services; Deadline: October 19, 2018 • Assist in the maintenance and tracking of hardware and software owned by The Ministry of Public Works (MOPW) is seeking an experienced Social and Communications Officer or Consultant to the company; lead the design, implementation and oversight of a Community Engagement Program for both the (1) Climate Resilient • Develop reports on a daily, weekly and monthly basis on network Coastal Management and Infrastructure Program and (2) Airport Infrastructure Program, financed by the Inter-American performance and trends; Development Bank, and implemented by a dedicated Project Implementation Unit (PIU) within the MOPW. The position • Participate in a 24 x 7 call-out rotation as required; will be based in the PIU. • Escalate to IP Engineers as required after troubleshooting unresolved issues; • Create and manage policies related to DHCP, access-lists, VLANs; . The main activities are as follows: • Configure OSPF and BGP protocols; • Develop the Program’s Community Engagement and Consultation Plan. Design and maintain a grievance redress • Work with IP network security team regarding network security standards, mechanism to receive, record and resolve complaints that the community may have about the Program. policy and configuration; Communicate program information to a diverse set of community actors.

• Develop method of procedures, testing procedures, and proof of concept • Develop and maintain relationships with community groups and the general public. labs; • Prepare reports on the results of social aspects of the Program to the IDB. Apply knowledge of specific innovations • Document network faults via the support systems database; in community relations planning.

• Develop and automate meaningful metric based reports; • Develop and write community updates and briefs. Organize, facilitate, and moderate participatory events in the • Provide root cause analysis and post mortem exercises with a goal to future context of the program. Support the elaboration of TOR’s and bidding documents for the Program to ensure the mitigation of issues; integration of social and gender considerations.

• Perform any other IP Network related duties as determined and assigned by • Produce monthly progress reports, according to the requirements of the PIU and the IDB. management.

INDIVIDUAL CONSULTANT

•

•

• •

• • • •

Prepare, update and manage the annual communications plan/coordinate and assist PIU staff/Ministry personnel with communications/Develop monthly communications reports.

Coordinate and edit communications material, including alerts, press-releases, pitches, talking points, key messages and press kits. Collaborate with the PIU internal and external stakeholders to develop and execute strategies for education and engagement.

Develop media relationships with local and national media on behalf of the PIU. Monitor media in relation to the PIU’s work. Collaborate with partner ministries' social media teams to provide content; Ensure consistent messaging and themes for partner ministry spokespeople and the PIU, especially during public speaking engagements.

Summary of experience and qualifications: Bachelor in Social Sciences (Communications, Public Affairs, Anthropology, Sociology and/or any other related social sciences); Minimum of five (5) years’ experience in a related communications, marketing or journalist role; Experience in leading corporate communication initiatives Demonstrable experience of representing an organization in public or/and media relations

The Government of The Commonwealth of The Bahamas now invites eligible consultants to indicate their interest in providings social and communication services. Interested consultants should provide their CV’s and information demonstrating that they are qualified to perform the services (description of similar assignments, experience in similar conditions). The duration of the contract is two (2) year full-time with the possibility of being renewed based on satisfactory performance evaluation.

Consultants will be selected in accordance with the procedures set out in the Inter-American Development Bank: Policies for the Selection and Contracting of Consultants Financed by the Inter-American Development Bank GN-2350-9 and is open to all eligible bidders as defined in the policies. Interested consultants may obtain further clarification on the technical aspects or scope of services from Robert Mouzas, Deputy Director, Ministry of Public Works robertmouzas@bahamas.gov.bs tel: (242) 302-9530 during office hours between 09:00am to 5:00pm Monday – Friday, except on public holidays. Expressions of Interest inclusive of CV’s must be submitted to the address below in person, by e-mail idbfiairports@bahamas.gov.bs or idbcoastal@bahamas.gov.bs or by mail, on or before October 19, 2018 at 4pm.

Antoinette Thompson –Permanent Secretary Acting Ministry of Public Works REF:- Climate Resilient Coastal Management and Infrastructure Program /Airport Infrastructure Program P.O. Box N 8156, Nassau, Bahamas

SKILLS, EXPERIENCE & QUALIFICATIONS REQUIRED • A minimum of an Associate Degree in Computer Science, Electrical Engineering or related field; • Industry certifications in Network+ and CCNP an asset; • At least three (3) years’ experience in a technical support or similar role; • Experience in a telecommunications environment a plus; • Good communicator with a natural aptitude for dealing with people; • Good network diagnostic skills; • Work well in a busy team, being quick to learn and able to deal with a wide range of issues; • Strong analytical skills and able to collate and interpret data from various sources; • Must be flexible and work well with team; • Ability to assess and prioritize faults and respond or escalate accordingly; • Experience with switching and internet routing technologies; • Basic understanding of network monitoring concepts and management tools.

• Experience with network monitoring tools and protocols (MRTG, Solarwinds

SNMP); • Intermediate knowledge of the OSI model, switching and internet routing technologies; • This position interacts with Executives, Department Managers, Network

Operations Center (NOC), and Vendors on a daily basis, with regular interaction with the Outside Plant Team and Sales Engineering.

Qualified applicants should submit Resumes on or before Wednesday, October 24, 2018, to the Director of Human Resources, PO BOX CB-13050, Nassau, Bahamas or send electronically with Ref: IP Network Specialist to humanresources@cablebahamas.com.

PAGE 4, Wednesday, October 17, 2018

THE TRIBUNE

Govt targets 2.5% GDP growth goal FROM PAGE ONE the recently-launched Small Business Development Centre, a refocused Bahamas Development Bank and other related stimulative activities.

“The endorsement of the IMF in maintaining substantially our projections is a boost of confidence, but we recognise this growth is fragile with global trade tensions threatening to disrupt global gains, and continued evaluation of risk to the financial services industry. So we remain cautiously optimistic and continue to be focused on our growth agenda.”

The Fund, in unveiling its revised World Economic Outlook last week, chose to shave - rather than slash - its GDP growth forecasts for The Bahamas for both 2018 and 2019. It cut its economic expansion prediction for this year from 2.5 percent to 2.3 percent, while reducing its 2019 estimate by just 0.1 percent - from 2.2 percent to a revised 2.1 percent.

With the revised national accounts data suggesting The Bahamas has a $10-$11bn economy, the IMF’s estimates effectively slash economic growth by $20-$22m this year and $10-$11m for 2019. This, though, does not alter the

Fund’s prediction that this country will enjoy the most rapid GDP expansion it has seen for a decade over these two years.

Several private sector executives previously told Tribune Business they were “pleasantly surprised” that the IMF did not cut The Bahamas’ GDP growth forecast more deeply, with some having expected the budget’s 60 percent VAT rate hike to cut 2018 GDP growth by up to a full percentage point.

Acknowledging the VAT concerns, Mr Turnquest said: “From the beginning we believed that we had considered the potential fall-out, and recognised

certain economic fundamentals supported the action we took. We also believed that a stable fiscal balance, lower deficit spending and eventual debt reduction would be stimulative.

“Despite a slight uptick in inflation, the early results are encouraging, and further actions being taken with the Fiscal Responsibility Act and other planned reforms will hopefully lock in the savings necessary to achieve our targets.”

Improvements to the “ease of conducting business” in The Bahamas have been a priority for successive governments, the private sector and agencies such as the IMF, although this nation halted its slide in the World Bank’s rankings

A WELL ESTABLISHED PRIMARY AND SECONDARY INSTITUTION IN THE BAHAMAS SEEKS PERMANENT POSITION FOR A SENIOR ACCOUNTANT JOB SUMMARY The SENIOR ACCOUNTANT will be able to perform the following key responsibilities and will satisfy all of the following qualifications and attributes.

KEY RESPONSIBILITIES • Daily posting of journal entries • Preparation of month-end general ledger account analyses and reconciliations • Assist with the production of monthly and annual financial statements • Assist with overseeing the collection of receivables and payment of payables • Assist with preparing and overseeing deliverables for the annual audit • Assist with preparation of the annual budget • Assist with the development and monitoring of internal controls, policies and procedures MINIMUM CRITERIA FOR EMPLOYMENT Required Qualifications and Attributes: • A bachelor’s degree in accounting • At least 3 years of recent work experience in an accounting role. Prior audit

experience is a plus.

• A firm commitment to obtaining a professional designation such as CPA or

ACCA • Strong knowledge and skills in using Microsoft Office especially Excel • Familiarity with accounting software such as ACCPAC or Quick Books • Ability to work in a team environment • Strong organization and time management skills, which includes an ability to

be flexible in completing work assignments by given deadlines.

REQUEST FOR EXPRESSIONS OF INTEREST

INDIVIDUAL CONSULTANT Monitoring And Evaluation Specialist for (1) The Climate Resilient Coastal Management and Infrastructure Program and (2) Airport Infrastructure Program

Institution: Inter-American Development Bank Country: The Commonwealth of The Bahamas Projects: (1) Climate Resilient Coastal Management and Infrastructure Program and (2) Airport Infrastructure Program Project Number: (1) BH-L1043 and (2) BH-L1041 Loan Number: (1) 4363/OC-BH and (2) 3907/OC-BH Sector: (1) Environment and Natural Disasters and (2) Transport Deadline: October 19, 2018

The Ministry of Public Works (MOPW) is seeking an experienced Monitoring and Evaluation Officer or Consultant to ensure the planning, monitoring and evaluation of both the (1) Climate Resilient Coastal Management and Infrastructure Program and (2) Airport Infrastructure Program, financed by the Inter-American Development Bank, and implemented by a dedicated Project Implementation Unit (PIU) within the MOPW. The position will be based in the PIU. . The main activities are as follows: Prepare and maintain updated Procurement Plans and Monitoring Plans for the Program Develop and maintain the overall framework for project M&E in accordance with the project document M&E plan Provide technical advice for the revision of performance indicators Ensure realistic intermediate and end-of-project targets are defined Identify sources of data, collection methods, who collects data, how often, cost of collection and who analyzes it Ensure all critical risks are identified Enhance the mechanisms to track and report on project performance Identify the core information needs of the Program Coordinator and IDB Identify the requirements for collecting baseline data where necessary, prepare terms-of-reference for and arrange the conduct of a baseline surveys as required • Oversee and execute M&E activities included in the Annual Operating Plan (AOP), with focus on results and impacts • Lead with relevant PIU staff on the preparation of all project reports in accordance with approved reporting formats and ensure their timely submission.

• Prepare consolidated progress reports for project management including identification of problems, causes of potential bottlenecks in project implementation, and providing specific recommendations • Undertake visits to the field to support implementation of M&E and to identify where adaptations might be needed • Identify the need and draw up the TOR for specific project studies. Recruit, guide and supervise consultants or organizations that are contracted to implement special surveys and studies required for evaluating project effects and impacts • • • • • • • • •

Summary of experience and qualifications: • • •

Advanced university degree in Civil or Structural Engineering or other relevant technical area Minimum five (5) years of professional experience at national and international levels in the relevant field of civil engineering, especially in preparation of construction technical documentation Experience in working in complex environments and large infrastructure and/or civil works

The Government of The Commonwealth of The Bahamas now invites eligible consultants to indicate their interest in providing monitoring and evaluation services. Interested consultants should provide their CV’s and information demonstrating that they are qualified to perform the services (description of similar assignments, experience in similar conditions). The duration of the contract is two (2) year full-time with the possibility of being renewed based on satisfactory performance evaluation.

Consultants will be selected in accordance with the procedures set out in the Inter-American Development Bank: Policies for the Selection and Contracting of Consultants Financed by the Inter-American Development Bank GN-2350-9 and is open to all eligible bidders as defined in the policies. Interested consultants may obtain further clarification on the technical aspects or scope of services from Robert Mouzas, Deputy Director, Ministry of Public Works robertmouzas@bahamas.gov.bs tel: (242) 302-9530 during office hours between 09:00am to 5:00pm Monday – Friday, except on public holidays. Expressions of Interest inclusive of CV’s must be submitted to the address below in person, by e-mail idbfiairports@bahamas.gov.bs or idbcoastal@bahamas.gov.bs or by mail, on or before October 19, 2018 at 4pm.

Antoinette Thompson –Permanent Secretary Acting Ministry of Public Works REF:- Climate Resilient Coastal Management and Infrastructure Program /Airport Infrastructure Program P.O. Box N 8156, Nassau, Bahamas

Agreeing that The Bahamas needed to quicken, and deepen, its economic reforms, Mr Turnquest continued: “We must pick up the pace of investment approvals and the whole process of on boarding investments, and taking them through the operational stage. This applies to domestic and FDI (foreign direct investment).

“We must continue to promote The Bahamas’ value proposition and expose the destination as more than a resort destination. The annual technology hub conference is one way to get our names out there for other opportunities, and we need to encourage other brand ambassadors to do the same.”

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I.T. Position Opportunity Position requirements include: • 3 years experience in the field along with CompTIA A+ and Network+ certifications • Must have 2 years experience with electronics and Soldering • Must be able to install and trouble-shoot Windows OS and Server 2008/12 • Experience in installing and configuring SQL server • Ability to communicate with end users • Flexible work hours • Ability to resolve problems independently with sound judgment All candidates must submit resumés to ITemployment@hotmail.com

Email to: accountants@ronatkinson.biz

by coming in 119th last year.

“We have made significant progress, but a lot of work and legislative reforms remain to be done to reach our targets,” Mr Turnquest said of “the ease of doing business”. “We anticipate achieving tangible results that people will feel within the next few months.

“There are a number of legislative reforms on the drawing board that will make both the cost and ease of doing business more competitive and investment friendly. The prime minister’s ease of doing business committee has made a suite of reform recommendations, and we are evaluating them for early adoption in the New Year.”

THE TRIBUNE

Wednesday, October 17, 2018, PAGE 5

Bahamas’ latest OECD listing a ‘damn disgrace’ FROM PAGE ONE (FDI) regime that has been in place for decades.

Some Bahamian financial services professionals forecast that it could potentially slash existing GDP growth projections in half, cutting them by between 1-1.5 percent. Realtors, meanwhile, suggested between 30-40 percent of this nation’s highend, luxury real estate market could be affected by uncertainty surrounding the listing, and its impact on investor confidence.

The OECD, in unveiling its listing, said all the regimes - including The Bahamas’ economic permanent residency “potentially pose a high-risk to the integrity of CRS”.

That refers to the Common Reporting Standard (CRS), the OECD’s global reporting standard for automatic tax information exchange, which The Bahamas began implementing last month.

It added that all the investment-related residency/citizenship products identified “can be potentially misused” to enable individuals to “hide their assets offshore by escaping reporting” requirements under the CRS. “Potentially high-risk CBI/RBI (citizenship by investment/residency by investment) schemes are those that give access to a low personal income tax rate on offshore financial assets, and do not require an individual to spend a significant amount of time in the location offering the scheme,” the OECD, which represents the world’s most powerful economies, added.

“Financial institutions are required to take the outcome of the OECD’s analysis of high-risk CBI/ RBI schemes into account when performing their CRS due diligence obligations.”

The OECD said data obtained from the CRS’s automatic tax information exchange initiative had shown these regimes were open to “abuse”, describing

those posing the greatest risk as levying less than a ten percent income tax on beneficiaries. There was also no requirement for persons to remain in the jurisdiction offering the incentive regime for a minimum of 90 days per year.

Financial services and private sector executives were blindsided by the OECD’s action, reacting with a mixture of anger, resignation and bewilderment.

Mike Lightbourn, Coldwell Banker Lightbourn Realty’s president, told Tribune Business: “I think it’s a damn disgrace, these big countries just jumping on us.

It’s disgusting. Why are they picking on us? It’s just bully tactics. I’m concerned, obviously. Very much so.”

George Damianos, president of Damianos Sotheby’s International Realty, said up to 30-40 percent of the highend Bahamian real estate market could be impacted by the fall-out from the OECD listing and its impact on investor perceptions.

“I think it will have a great effect on the condo market and new projects coming out the ground,” he told this newspaper. “I think it will have a big impact if this is the case. It’s very concerning.

“This will definitely have an effect on our real estate market, especially in properties where people are able to apply for permanent residency and economic permanent residency. If they are here for that reason, they may go away and choose a different jurisdiction. It could impact between 30-40 percent of the market.”

Mr Damianos said Paradise Island and Cable Beach were among the locations that could feel the greatest impact from any adverse reaction to the OECD listing, although communities such as Lyford Cay would experience minimal effects.

The threshold to qualify for economic permanent residency was recently increased to $750,000 for a real estate purchase.

Applicants who acquire a

property worth $1.5m can seek accelerated consideration, and approval, of their application.

The Bahamas, since the International Persons Landholding Act (IPLA) was passed in 1993, has used economic permanent residency as a tool to help entice high net worth individuals to make a financial investment in this nation - primarily through property purchases.

This has stimulated the high-end real estate market and industries that rely on it, with the spin-off filtering into greater employment and spending that touches many sectors of the Bahamian economy.

However, the OECD’s move is especially ill-timed for The Bahamas’ present strategy, which is to attract the financial services industry’s high net worth clients to follow their assets to these shores and make this nation their primary residence or domicile.

Paul Moss, president of Dominion Management Services, told Tribune Business that clients may become wary of conducting business with The Bahamas as a result of the extra scrutiny generated by the OECD listing.

“If we’re on a blacklist that brings extra scrutiny to The Bahamas, and we could have clients from these jurisdictions opting not to do business with a country on a blacklist,” he warned.

“It is absolutely huge, this investment incentive, that has been going on now for about 25 years. This is something that was started in the Ingraham administration’s first term, and was to jumpstart the economy. Foreign direct investment is something that really drives the economy of The Bahamas.”

Mr Moss said the US and other OECD members all employed similar incentives to The Bahamas’ economic permanent residency to attract investment, which raised questions as to why this nation and the other 20 were being singled out.

“Our economy is not

growing, is stagnant, and to go into our tool box and take out any programmes that have helped us in the past would be foolish,” he added. “This is incredible.

Let’s look at it this way, and go to the $1.5m property for accelerated permanent residency. Ten percent Stamp Duty would be an incredible amount to miss out on to cut into the budget deficit.

Mr Moss said it was hard to quantify the OECD listing’s impact, but suggested it could Bahamian GDP growth by between 1-1.5 percent in a worse case scenario.

Tanya McCartney, the Bahamas Financial Services Board’s (BFSB) chief executive, yesterday told Tribune Business that the industry body was “collaborating” with the Government to clarify “the nature” of the OECD listing and what it means.

“All I can say is we are

reviewing it in collaboration with the Government, which I know is in dialogue with the OECD on the matter, and we are waiting to have final clarity on the matter,” she said.

“At the moment the industry would like to get clarity on the nature of this listing and what the list means.” Ms McCartney said the BFSB also wanted to obtain clarity on the “criteria” used by the OECD to determine which countries and investment regimes were named.

“We were aware they were reviewing residency and citizenship programmes,” she added. “These things never come as a surprise because we know we’re constantly being reviewed.”

The Ministry of Finance, in its statement, said investment-related citizenship and residency programmes are offered by more than 100 countries for legitimate purposes.

“Individuals may be interested in a CBI or RBI programme for a number of legitimate reasons, including starting a new business in the jurisdiction, greater mobility thanks to visa-free travel, better education for children, safety and the right to live in a country with political stability,” the ministry said, quoting the OECD report word-for-word on this section.

“In The Bahamas, economic permanent residency gives the individual the right to reside permanently in The Bahamas, and travel freely to and from The Bahamas, unless status is revoked.

“The programme does not confer citizenship or the right to be gainfully employed in The Bahamas.

The programme also does not confer tax residency, and the individual must still comply with the tax laws of their country of origin.”

PAGE 6, Wednesday, October 17, 2018

THE TRIBUNE

Govt targets $12m saving in scrapping cruise rebate regime

NASSAU cruise port.

FROM PAGE ONE are not getting off, so why are we giving incentives for people to come to Nassau, sit on the boat, eat their food and not get off?

“It makes sense, if we’re going to tie in incentives, it’s how many people come off the boat and spend money in our country, and then you get something back. We need to be more focused and targeted in our incentives.”

The Bahamas previously gave the cruise industry a rebate on their departure tax payments once they brought an agreed number of passengers to The Bahamas, regardless of whether they stepped off the vessel.

Mr D’Aguilar recently told Tribune Business that the Government is seeking “significant Bahamian ownership” in Nassau’s new cruise port operator, which will have “a 25-year concession” to manage, develop and maintain the facility.

Bidders have until Friday, December 7, to submit their offers after the Government on Friday formally launched its search for

Businessman ‘a sad case’ says court

MARKET REPORT TUESDAY, 16 OCTOBER 2018

FROM PAGE ONE t. 242.323.2330 | f. 242.323.2320 | www.bisxbahamas.com

BISX ALL SHARE INDEX: CLOSE 1,973.87 | CHG 0.27 | %CHG 0.01 | YTD -89.70 | YTD% -4.35 BISX LISTED & TRADED SECURITIES 52WK HI 4.50 20.91 7.50 4.46 1.26 0.19 3.92 9.26 6.60 5.30 12.50 2.71 1.77 8.21 6.30 13.20 7.00 4.50 13.50

52WK LOW 3.50 19.17 7.50 3.32 0.90 0.15 2.30 8.60 6.09 3.54 9.00 2.30 1.40 7.25 6.00 9.75 5.67 3.25 12.50

1050.00 1000.00 1000.00 1000.00

1000.00 1000.00 1000.00 1000.00

PREFERENCE SHARES

1.00 103.00 100.00 106.00 105.00 103.00 100.00 10.00 1.01

1.00 100.00 100.00 100.00 100.00 100.00 100.00 10.00 1.00

SECURITY AML Foods Limited APD Limited Bahamas Property Fund Bahamas Waste Bank of Bahamas Benchmark Cable Bahamas CIBC FirstCaribbean Bank Colina Holdings Commonwealth Bank Commonwealth Brewery Consolidated Water BDRs Doctor's Hospital Emera Incorporated Famguard Fidelity Bank Finco Focol J. S. Johnson Cable Bahamas Series 6 Cable Bahamas Series 8 Cable Bahamas Series 9 Cable Bahamas Series 10 Colina Holdings Class A Commonwealth Bank Class E Commonwealth Bank Class J Commonwealth Bank Class K Commonwealth Bank Class L Commonwealth Bank Class M Commonwealth Bank Class N Fidelity Bank Class A Focol Class B

CORPORATE DEBT - (percentage pricing) 52WK HI 100.00

52WK LOW 100.00

115.92 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 ##########

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

SYMBOL LAST CLOSE AML 3.85 APD 17.43 BPF 9.09 BWL 4.46 BOB 1.01 BBL 0.19 CAB 2.30 CIB 9.25 CHL 6.16 CBL 3.78 CBB 12.42 CWCB 2.60 DHS 1.75 EMAB 7.23 FAM 6.29 FBB 13.20 FIN 6.35 FCL 3.65 JSJ 13.01 CAB6 CAB8 CAB9 CAB10 CHLA CBLE CBLJ CBLK CBLL CBLM CBLN FBBA FCLB

SECURITY Fidelity Bank Note 22 (Series B) +

SYMBOL FBB22

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

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

BAHAMAS GOVERNMENT STOCK - (percentage pricing)

1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.40 100.00 100.00 100.00 10.00 1.00 LAST SALE 100.00 107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

CLOSE 3.85 17.43 9.09 4.46 1.01 0.19 2.30 9.25 6.16 3.78 12.42 2.62 1.75 7.54 6.29 13.20 6.35 3.65 13.01

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.02 0.00 0.31 0.00 0.00 0.00 0.00 0.00

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

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

CLOSE 100.00

CHANGE 0.00

107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

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

VOLUME

100

VOLUME

EPS$ 0.214 0.932 -0.306 0.317 0.059 0.000 -0.996 0.700 0.441 0.154 0.627 0.102 0.209 0.000 0.670 0.701 0.719 0.277 0.631

DIV$ 0.100 1.130 0.000 0.230 0.000 0.010 0.000 0.710 0.220 0.120 0.620 0.060 0.070 0.084 0.280 0.500 0.200 0.120 0.590

P/E 18.0 18.7 N/M 14.1 N/M N/M -2.3 13.2 14.0 24.5 19.8 25.7 8.4 N/M 9.4 18.8 8.8 13.2 20.6

YIELD 2.60% 6.48% 0.00% 5.16% 0.00% 5.26% 0.00% 7.68% 3.57% 3.17% 4.99% 2.29% 4.00% 1.11% 4.45% 3.79% 3.15% 3.29% 4.53%

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

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

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

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

INTEREST Prime + 1.75% 6.95% 4.00% 4.25% 4.25% 4.50% 4.50% 6.25% 6.25% 4.00% 4.25% 4.50% 6.25% 3.50% 3.88% 4.25%

MATURITY 19-Oct-2022 ############### 30-Jul-2018 16-Dec-2019 30-Jul-2020 15-Dec-2021 30-Jul-2022 15-Dec-2044 30-Jul-2045 26-Jun-2018 26-Jun-2020 26-Jun-2022 26-Jun-2045 15-Oct-2018 15-Oct-2020 15-Oct-2022

MUTUAL FUNDS 52WK HI 2.17 4.16 2.01 180.30 157.58 1.58 1.70 1.66 1.10 6.99 8.54 6.15 10.52 11.46 10.46 10.00 8.45 11.20

52WK LOW 1.67 3.04 1.68 164.74 116.70 1.52 1.68 1.61 1.08 6.41 7.62 5.66 8.65 10.54 9.57 9.88 8.45 11.20

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

NAV 2.17 4.15 2.01 180.30 155.10 1.58 1.69 1.66 1.09 7.36 8.47 6.53 11.32 11.67 10.54 9.93 8.45 11.20

YTD% 12 MTH% 2.58% 4.11% 0.39% 5.07% 1.47% 2.34% 0.90% 3.44% 1.11% 6.05% 3.22% 4.22% -0.38% 3.34% 2.39% 4.01% -0.38% 0.53% -1.08% 1.77% -5.96% -3.05% 1.90% 4.59% 7.24% 11.96% 2.77% 3.88% 3.94% 4.69% -0.61% 0.75% 1.13% N/A 2.95% N/A

NAV Date 31-Aug-2018 31-Aug-2018 31-Aug-2018 30-Jun-2018 30-Jun-2018 30-Sep-2018 30-Sep-2018 30-Sep-2018 30-Sep-2018 30-Sep-2018 30-Sep-2018 30-Sep-2018 30-Sep-2018 30-Sep-2018 30-Sep-2018 30-Jun-2018 30-Jun-2018 30-Jun-2018

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

a Prince George Wharf manager who will act as “a transformative catalyst” to spark downtown Nassau’s redevelopment.

“We need to expand our facilities to accommodate additional cruise ships. It’s not just getting the bodies here; it’s giving them something to spend their money on when they get here.

That’s the real tough nut to crack,” Mr D’Aguilar said yesterday.

“We need to get them off the ship and spend money in our country. We hope that with that development it will expand the number of retail options for them, and the number of food and beverage options. We hope that with this significant investment in the port it will start to move to Bay Street and bring about a transformation in the quality of offerings on Bay Street.

“There is going to be a dedicated management team, focused on recreating, rebranding, upgrading, changing the offerings of the port all the time, in much the same way that has happened at LPIA, something we are all proud of.”

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

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

conveyance transferring ownership executed on June 19, 2006.

Commonwealth Bank had already delivered the title deeds to Dennison & Company, and these were to be held in escrow subject to Mr Talbot and his company settling the full mortgage debt.

“Notwithstanding that a sale to KFL was in progress, in August 2006, Mr Talbot discussed the possible sale of the property with Mr Minnis, noting that the mortgage to Commonwealth Bank was in arrears,” the Court of Appeal recorded.

“Mr Minnis was, however, not informed of the ongoing sale of the property to KFL, which was well underway. Mr Minnis and Mr Talbot agreed that Mr Minnis would pay off the balance of the mortgage debt owed

by Talbot Enterprises to the bank in exchange for Talbot Enterprises mortgaging the captioned property to him.”

Hal Tynes, the attorney for Mr Minnis, subsequently prepared a letter and cheque to Commonwealth Bank to pay off the $103,259 owed

by Talbot Enterprises.

“The letter informed the bank that Mr Minnis had agreed to liquidate Talbot Enterprises’ mortgage debt in exchange for Talbot Enterprises mortgaging the property to him,” the Court of Appeal said.

“The letter further requested the bank to forward the relevant title deeds for the property to Mr Tynes in order to facilitate preparation of a ‘Deed of Transfer of Mortgage’ from the bank to Mr Minnis.

“On the same day the letter was issued, a meeting took place at the bank between the bank’s representative, Mr Tynes, Mr Minnis and Mr Talbot. Talbot Enterprises’ mortgage was settled in full with the bank undertaking to provide a satisfaction of mortgage in short order,” the Court of Appeal continued.

“In the weeks following satisfaction of the mortgage debt, and despite numerous requests, Mr Minnis never received the original documents to the property requested in Mr Tynes’ letter or even the satisfaction of

mortgage promised at the meeting. On making further inquiries he discovered that Mr Talbot and Talbot Enterprises were in the process of completing a sale of the property to KFL. “Ms Dennison was also unable to release the title deeds, having been mandated by a Supreme Court order made by Acting Justice Norris Carroll to complete the sale agreement between Talbot Enterprises and KFL.” Having effectively been ‘swung’ over the mortgage debt settlement, and used by Talbot Enterprises to finance completion of its deal, Mr Minnis initiated legal action against Commonwealth Bank and Ms Dennison. He alleged that the former had committed a breach of contract, while the attorney was accused of “illegal possession of documents”.

The Supreme Court dismissed both claims by Mr Minnis, who was not represented by an attorney when he filed his case. His attorney at the Court of Appeal, Jethro Miller, agreed with Ms Dennison’s counsel that she was “not proper party” to the case and should be discharged.

Dealing with the appeal against Commonwealth Bank, Justice Crane-Scott said Mr Tynes’ letter was an “offer” and there was “absolutely no evidence” it had been accepted by the bank.

She added that there was only evidence of a “counter offer” in the form of the ‘satisfaction of mortgage’.

“It was regrettable that in crafting his pleadings Mr Minnis (representing himself) obviously did not fully appreciate the nuances of the subrogation principle, and ultimately pursued a hopeless claim for breach of contract against the bank when the claim should have been against Talbot Enterprises and/or possibly Mr Talbot as an agent of Talbot Enterprises,” the Court of Appeal found.

“Mr Minnis’ pleadings in the court below alleged a breach by the bank of a contract between himself and the bank, which the bank denied.

In short, there was, quite simply, no contract between Mr Minnis and the bank for delivery to him of the relevant title deeds.”

THE TRIBUNE

Wednesday, October 17, 2018, PAGE 7

QC: OECD goal posts movement ‘very disturbing’ FROM PAGE ONE to first understand “the level of objection” it has to residency-based investment incentives.

He explained that this nation needed to work out whether the OECD’s concerns were “across the board”, which seemed unlikely given that the US and other major OECD members have similar regimes to economic permanent residency, or if it had specific issues with The Bahamas’ product.

Nevertheless, Mr Moree said the OECD listing published yesterday appeared to be a further broadening of its efforts beyond pure tax information exchange and transparency to investment products and regimes it deems potentially harmful to the global crackdown on tax avoidance and evasion.

“It does seem to once again to be moving the goal posts and stretching the scope,” the well-known QC told Tribune Business. “I have to find out more about this, but it does seem to me that it is potentially very disturbing, as it appears to be stretching the scope and moving the goal posts on a product - the economic permanent residency programme - that has been around for a very long time.

“One would hope this is not going to jeopardise the economic residency programme that has been operated in The Bahamas for many decades without objection.”

Mr Moree conceded that the OECD’s listing, featuring investment-related residency and citizenship regimes offered by 21 countries including The Bahamas, had been “somewhat of a surprise to me”.

He added that himself, and others in the financial services industry, had been focused on the seemingly more pressing issues of

complying with the OECD’s CRS and Base Erosion and Profit Shifting (BEPS) initiatives, plus meeting the year-end timeline for addressing the European Union’s (EU) economic substance and “ring fencing” issues.

“We thought these were the issues we were working on, and felt we were fully prepared to comply within the timeframe,” Mr Moree said. “For me, it is absolutely a surprise and particularly disappointing because we thought we were doing very well. The Government has passed some parts of the legislation, and others are out for public consultation.”

The Ministry of Finance, in a statement issued last night, said OECD officials had assured it that yesterday’s listing did not amount to another “blacklisting” of The Bahamas. It described international media reports suggesting this as false and misleading, adding that this nation was “under no obligations” or pressure to change its economic permanent residency regime.

And, while the report attached to the OECD listing made no mention about imposing sanctions or financial penalties against named countries, the potential negative consequences of being included cannot be overlooked.

The Ministry of Finance itself conceded that the OECD report called for “financial institutions to undertake enhanced due diligence on clients that are citizens or residents of countries with [investment citizenship or investment residency] programmes to prevent cases of [tax] avoidance and tax evasion”.

Apart from creating negative perceptions of The Bahamas in the minds of potential investors, the OECD listing’s demand for enhanced scrutiny, and likely extra costs, time and

exposure involved, could deter wealthy investors from applying for permanent economic residence - thereby undermining a key component of the foreign direct investment (FDI) regime that has been in place for decades.

Mr Moree said it was too early to determine any potential fall-out, adding: “We have to see whether or not there is an objection to the product across the board or if there are specific concerns about residencybased investment (RBI) programmes.

“What I need to understand before ascertaining the economic impact of this is whether the OECD is making across the board objections to residency-based investment programmes, or are their certain aspects of that programme they are concerned about? In that case, we will have to take a look at it.”

The Ministry of Finance’s statement last night suggests there are no particular concerns with The Bahamas’ economic permanent residency regime, which yesterday found itself in the company of investment incentives offered by the likes of Monaco, Malta and Cyprus, plus a host of other Caribbean nations.

The OECD’s main target appeared to be investor citizenship programmes, where wealthy investors can acquire citizenship and a country’s passport despite not living/residing there - if they make a substantial enough donation to a sovereign wealth fund, or purchase property and government bonds.

International media reports yesterday suggested investor citizenship programmes were particularly vulnerable to abuse by financial criminals, such as money launderers and tax evaders, because they enabled these people to hide and move assets

around the world.

Mr Moree, though, pointed out that The Bahamas has never operated an investor citizenship offering and needs to make this clear, given that foreign media were yesterday grouping this nation with those that do.

The UK’s Guardian newspaper, for example, wrote: “Also on the OECD ‘blacklist’ are a handful of Caribbean nations that pioneered the modern-day methods for the marketing of citizenship. These include Antigua and Barbuda, The Bahamas, Dominica, Grenada, St Lucia and St Kitts and Nevis, which has sold 16,000 passports since relaunching its programme in 2006.”

“We do not have citizenship by investment in The Bahamas. That needs to be made clear,” Mr Moree said. “We have to assess what the level of objection is here, and we need to differentiate between residency by investment and citizenship by investment. We do not have a citizenship by investment product ourselves.”

The creation of a Bahamian investor citizenship programme has been raised in the past, most recently

by Sean McWeeney QC, the former attorney general. He floated the idea at the 2014 Society of Trust and Estate Practitioners (STEP) Caribbean conference, but emphasised that it would involve a “quality over quantity” approach targeting only the world’s wealthiest.

Mr McWeeney said his plan would offer select investors permanent residency with a “guarantee” of Bahamian citizenship once strict criteria were met. These conditions included fulfilling commitments to take up residence in The Bahamas, and invest in its economy, with a “high bar” set for the investment

NETFLIX’S 3Q SUBSCRIBER GROWTH GETS RAVE REVIEWS ON WALL ST SAN FRANCISCO Associated Press NETFLIX regained its stride with surprisingly strong subscriber growth in the third quarter, after an unexpected springtime stumble triggered fears that it was losing its allure.

The video-streaming service added seven million subscribers worldwide from July through September, far above the company’s target of five million and exceeding analyst projections.

Netflix fell well shy of its subscriber goals for the April-to-June period, raising fears that fiercer competition from Amazon, Hulu, HBO and other streaming services was siphoning away viewers.

In a show of confidence, Netflix predicted it will pick up another 9.4 million subscribers during the current quarter ending in December

— traditionally one of the company’s busiest times because of all the subscriptions given as holiday gifts.

Even so, the forecast calls for 1.1 million more subscribers than Netflix gained in the same period last year.

Netflix ended September with 137 million worldwide subscribers, including 58.5 million in the US. “Netflix’s strong quarter will at least temporarily put to rest questions over the long-term viability of its business,” said eMarketer analyst Paul Verna.

Investors lifted Netflix’s stock by more than 11 percent to $386.30 in extended trading. The stock still remains below its record high of $423.21 in June, just before the subscriber-growth scare Netflix announced in July.

Subscriber growth has always been more important to investor perceptions

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL

The Public is hereby advised that I, COLLETT PRATT of South Beach Estates, East Blue Bonnet Dr., P.O.Box CB11662, New Providence, Bahamas intend to change my name to COLLETT ADALE PRATT-JOHNSON. If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O.Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice.

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL

The Public is hereby advised that I, PATRICE WOODSIDE, of Davis Street, Oakes Field, New Providence, Bahamas intend to change my name to PATRICE MUNNINGS. If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O.Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice.

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL

The Public is hereby advised that I, KHADYSHA LAVONYA MAYCOCK CURTIS, of New Providence, Bahamas mother of ELIJAH DANIEL CURTIS intend to change his name to ELIJAH DANIEL TIMONTHY CURTIS. If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O.Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice.

of Netflix than its relatively small profits. Investors are counting on Netflix to grow quickly in order to gain an insurmountable advantage over streaming rivals in an increasingly crowded market.

In an effort to be more precise and reduce the volatility

in its stock, Netflix plans to exclude people on free trials of its service from its subscriber numbers. In a letter to shareholders yesterday, Netflix said it believes paid subscribers now are a more stable indicator of how well the service is doing.

dollar value that would be require.

Others, including realtor Mario Carey, also subsequently called for The Bahamas to adopt an investor citizenship programme, but the idea has never taken off due largely to domestic opposition and the perception that Bahamian citizenship should be earned not bought.

The OECD report, meanwhile, suggested that Tax Residency Certificates cannot always be trusted and should not be taken at face value - as proof that someone has resided in a particular jurisdiction for

a certain period of time, thereby making them liable to its tax laws rather than those of an OECD nation.

The report also gave a list of suggested checks and questions that should be asked to determine of a Tax Residency Certificate is genuine. The Bahamas is currently developing just such a certificate, but the final details have yet to be decided.

One potential positive is that the OECD listing may have no impact on its main high-end real estate market, the US, as that country is not part of the CRS initiative.

PAGE 8, Wednesday, October 17, 2018

THE TRIBUNE

US to enter trade talks with Japan, European Union, Britain

LIAM FOX, Secretary of State for International Trade, and Jeremy Hunt, Foreign Secretary, right, talk as they leave Downing Street following a Cabinet meeting on Brexit, in London, yesterday.

WASHINGTON Associated Press THE Trump administration notified Congress yesterday that it plans to pursue trade agreements with the European Union, Japan and Britain.

The announcement comes two weeks after the administration reached a deal with Canada and Mexico to rewrite the North American Free Trade Agreement.

Late last month, the United States and Japan announced that they would open trade negotiations.

And in July, President Donald Trump reached a somewhat vague agreement to begin talks to reduce trade barriers with the EU. Trump has long said he wants a pact with Britain, which is in the process of negotiating a messy exit

from the EU. Under American trade law, the Office of the US Trade Representative must tell lawmakers what it hopes to achieve at least 30 days before talks formally begin.

Philip Levy, senior fellow at the Chicago Council on Global Affairs, suggested that each of the three negotiations poses problems.

French President Emmanuel Macron has said he won’t support EU trade talks with any country that isn’t part of the Paris agreement on climate change; Trump withdrew the US from that agreement last year.

Talks with Britain can’t go anywhere as long as it is still part of the EU. And Japan only reluctantly agreed to talks with the US as a way to stave off tariffs that Trump has threatened to impose on imported autos.