Turks and Caicos Islands

Territory added to EU ‘grey list’

admin — Mon, 20 Jun 2022 17:50:01 +0000

Territory added to EU ‘grey list’

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admin Mon, 06/20/2022 - 17:50

Thursday, March 17, 2022

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Territory added to EU ‘grey list’

The Virgin Islands has been added to the European Union’s “grey list” along with nine other jurisdictions in the Caribbean and elsewhere, the EU Council announced after its meeting on Feb. 24.

Besides the VI, the EU added the Bahamas, Belize, Bermuda, Israel, Montserrat, Russia, Tunisia, the Turks and Caicos Islands, and Vietnam, bringing the total list up to 25 jurisdictions.

Although the inclusion does not mean that any penalties or sanctions will be levied against the territory, according to the EU, the move represents a significant setback after the territory rushed through economic substance legislation at the end of 2019 in order to meet EU requirements on tax reform.

In a Feb. 24 press release, the EU Council said that the list reflects “ongoing EU cooperation with its international partners and the commitments of these countries to reform their legislation to adhere to agreed tax good governance standards.”

The countries on the grey list are working toward meeting the EU’s tax standards, the release stated.

According to the EU, criteria for the list cover tax transparency, fair taxation and preventing tax base erosion and profit shifting. The organisation called implementation of the list a “dynamic process,” and noted that the next revision is scheduled for October of this year.

Anguilla, Botswana, Costa Rica, Dominica, Hong Kong, Jamaica, Jordan, Malaysia, North Macedonia, Qatar, the Seychelles, Thailand, Turkey and Uruguay were previously added and remain on the grey list.

The blacklist, which remained unchanged after last month’s announcement, currently includes American Samoa, Fiji, Guam, Palau, Panama, Samoa, Trinidad and Tobago, the United States Virgin Islands, and Vanuatu.

VI response

At a press conference late last month, Premier Andrew Fahie urged onlookers not to view the move as a censure of the territory.

He said the grey-listing meant the VI has “substantially met all international tax standards set out by the EU, but that ongoing improvements are being made to implementing tax good governance.”

As a result, he said, it has been grey-listed while it implements policies and procedures in the territory’s Country-by-Country Reporting framework.

“No defensive measures flow from being on such list and the BVI is still a cooperative jurisdiction,” he said. “Once the BVI meets these commitments, it will be removed from the annex.”

He added that the territory “takes its international obligations seriously” and had already been finalising the necessary steps to ensure successful implementation of the recommendations.

This week, BVI Finance CEO Elise Donovan directed queries to the Premier’s Office. Director of Communications Dr. Arliene Penn said, “BVI’s addition to EU’s Annex II is a positive rating for us because it acknowledges that BVI is a cooperative jurisdiction that has implemented measures (in the case of the Country-by-Country Reporting) in accordance with the high international standards prescribed. The BVI remains highly committed to the transparency and international cooperation agenda.”

The EU has hinted for some time that it would seek to modify its requirements for the list, the latest iteration of which was announced last October.

In February 2021, the European parliament passed a resolution calling for a measure that would automatically blacklist British territories like the VI, the Cayman Islands and the Channel Islands that have a zero percent corporate tax rate — and that now have a weakened voice in the EU in the wake of the United Kingdom’s split from the organisation.

The resolution did not mention the VI at the time, but it came before the revelation that nearly two-thirds of companies named in the far-reaching Pandora Papers investigation last year were based in the VI.

Panama, which is already on the EU blacklist, was host to the second highest number.

World response

Meanwhile, the EU Observer reported late last month that tax-reform campaigners are already applauding the news.

Chiara Putaturo, a campaigner with the non-profit Oxfam, praised the move, but complained that the Cayman Islands was not included.

“If the [new] grey-listing … is confirmed, we will see some real tax havens finally at risk to be blacklisted [in the future],” she said. “However, there are still other tax havens that are left off the hook, … such as the Cayman Islands, because the criteria remain weak.”

History

As in other OTs, leaders in the VI have long criticised the EU’s blacklists as arbitrary and misleading, maintaining that the territory’s financial services industry is tightly regulated in keeping with international standards.

Nevertheless, the VI was grey-listed along with other jurisdictions in 2017. In March 2018, the EU concluded that the VI, the Bahamas and Cayman needed further technical guidance from the EU and had until the end of 2019 to adapt local legislation, which resulted in the Economic Substance Act being rushed through the House of Assembly in late 2018.

Thanks to this move, the VI was white-listed, alongside 16 other jurisdictions, in February 2020.

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Sue over blacklist, says economist

admin — Mon, 20 Jun 2022 17:40:01 +0000

Sue over blacklist, says economist

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admin Mon, 06/20/2022 - 17:40

Thursday, April 28, 2022

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Sue over blacklist, says economist

Caribbean countries that live in fear of being blacklisted by the European Union should band together and take legal action, according to Barbados-based economist and Caribbean policy expert Marla Dukharan.

“I felt like there should be some legal recourse that should be pursued collectively,” Ms. Dukharan said on Feb. 23 on the regional livestreamed show “Territories Talk,” hosted by Shaina Smith-Archer, chairwoman of the BVI Chamber of Commerce and Hotel Association.

The EU blacklist often comes under fire in the VI for being a moving target.

Ms. Dukharan said it is also unfair. EU member states such as the Netherlands and Ireland are “well known for their extensive money laundering and tax evading activities,” but have never been included on any EU blacklist, she said.

To her, this suggests Eurocentrism or even racism, and perhaps an effort to undermine countries that are “eating part of their pie,” she said of the EU.

Grey-listed

In February, the territory was added to the EU’s “grey list,” along with nine other jurisdictions in the Caribbean and elsewhere.

Besides the VI, the EU added the Bahamas, Belize, Bermuda, Israel, Montserrat, Russia, Tunisia, the Turks and Caicos Islands, and Vietnam, bringing the total on the list up to 25 jurisdictions.

Although the February inclusion does not mean that any penalties or sanctions will be levied against the territory, the move represents a significant setback after the VI rushed through economic substance legislation at the end of 2019 in order to meet EU requirements on tax reform.

The standards for inclusion on the EU lists have frequently changed, and Ms. Dukharan pointed out that the European Parliament itself has noted problems with the selection process.

In 2021, the legislative body proposed that the tax regimes of EU member states be scrutinised along with the rest of the world and subject to blacklisting if they don’t measure up.

“That tells you that you have a legal leg to stand on, because they, the policymakers, have acknowledged that we are not applying our own standards to our own member states, and that’s not fair,” she said. “Why is it that our countries have not come together, found a law firm that will represent us collectively, and taken them to court over this action?”

Fighting back

She added that even a statement from the Caribbean Community condemning the actions of the EU is simply “not strong enough.”

“I think if all of the countries came together from the Pacific and the Caribbean and agitated and protested, I think that there is a chance,” she said. “For example, if you appeal to the United Nations, you appeal to the World Trade Organisation, somebody is going to hear you. But when each individual little tiny micro state appeals individually, it is just white noise.”

She also recommended that countries that object to the blacklist expel EU ambassadors.

“The second thing I think we need to do is take diplomatic action,” she said.

With changing criteria, she noted, even countries that have satisfied the Financial Action Task Force and Organisation for Economic Cooperation and Development standards still run the risk of being blacklisted.

“But we don’t have the courage to do these things because we are small and we are insecure maybe,” she said.

Current list

In a Feb. 24 press release, the EU Council said that the grey list reflects “ongoing EU cooperation with its international partners and the commitments of these countries to reform their legislation to adhere to agreed tax good governance standards.”

The countries on the grey list are working toward meeting the EU’s tax standards, the release stated.

According to the EU, criteriafor the list cover tax transparency, fair taxation and preventing tax base erosion and profit shifting. The next revision is scheduled for October.

Anguilla, Botswana, Costa Rica, Dominica, Hong Kong, Jamaica, Jordan, Malaysia, North Macedonia, Qatar, the Seychelles, Thailand, Turkey and Uruguay were previously added and remain on the grey list.

The blacklist for “non-cooperative” tax jurisdictions, which remained unchanged after the February announcement, currently includes American Samoa, Fiji, Guam, Palau, Panama, Samoa, Trinidad and Tobago, the United States VI, and Vanuatu.

The post Sue over blacklist, says economist first appeared on The BVI Beacon.

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CARIBBEAN-FINANCE-Regional countries urged to have the endurance of a marathoner to deal with global challenges

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CARIBBEAN-FINANCE-Regional countries urged to have the endurance of a marathoner to deal with global challenges admin Mon, 06/20/2022 - 14:10

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CARIBBEAN-FINANCE-Regional countries urged to have the endurance of a marathone…

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CARIBBEAN-FINANCE- Strong economy and significant reserves’ helped TCI through pandemic-Misick

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CARIBBEAN-FINANCE- Strong economy and significant reserves’ helped TCI through pandemic-Misick admin Mon, 06/20/2022 - 14:10

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CARIBBEAN-FINANCE-New CDB chairman warns “situation of crisis” could increase poverty in region if not halted

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CARIBBEAN-FINANCE-New CDB chairman warns “situation of crisis” could increase poverty in region if not halted admin Mon, 06/20/2022 - 14:10

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CARIBBEAN-FINANCE-New CDB chairman warns “situation of crisis” could increase p…

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Reform plan a first for OTs

admin — Sun, 19 Jun 2022 23:40:01 +0000

Reform plan a first for OTs

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Reform plan a first for OTs

Forty-eight of 49.

That’s how many Commission of Inquiry recommendations the new National Unity Government has pledged to complete over the next two years under the proposal recently agreed with the United Kingdom. If it succeeds, UK leaders have promised to abandon the remaining COI recommendation to impose direct rule as they have done to force reforms in other overseas territories.

The agreement is the first of its kind, but meeting its lengthy list of deadlines won’t be easy, said Dr. Peter Clegg, an expert on the UK overseas territories at the University of the West of England in Bristol.

The proposal, he explained, could present challenges from several directions as the Virgin Islands government strives to cooperate with Governor John Rankin to reform institutions and tackle complex issues.

“It sets a precedent,” Dr. Clegg told the Beacon. “We’re in uncharted territory. And it’s a real challenge to see if there’s enough capacity, commitment, and resources by the local political class and the institutions in the BVI to really make a difference and to really address the issues with the support of the UK. But a lot of the emphasis and the need for action will have to come locally. And that will be really interesting to see whether they can actually sort their own house out.”

The VI government’s proposal — which was negotiated with the UK and revised behind closed doors before being accepted and published on June 8 — calls for the governor to be more involved in daily governance and for elected leaders to face new scrutiny. Legislators will, for instance, be required to submit regular reports of their progress in executing the COI reforms, hold frequent dialogue meetings across all sectors of governance, and institute more transparent processes for selling land and approving major contracts, among other major reforms.

While the proposal broadly outlines the new responsibilities of government bodies and explains the accountability, monitoring, cooperation and financial adjustments required to execute the reforms, most of its 22 pages are dedicated to listing specific deadlines for completing COI Commissioner Sir Gary Hickinbottom’s recommendations.

“The ultimate objectives of the reform process are to deliver justice where wrongdoing is found, engender a new culture in government in the handling of the public’s business, and ensure the effective functioning of the government institutions and systems that support good governance,” the proposal states, adding, “Delivering these objectives for the people of the Virgin Islands is at the heart of this proposal and will have other meaningful benefits.”

Widespread changes

If implemented as promised, the proposal will result in widespread changes in almost all areas of government. It includes recommendations for a constitutional review, audits and other investigations, as well as reforms associated with elected officials’ interests, assistance grants, the awarding of contracts, residency and belongership, the public service, and law and justice, among others.

But that agenda, Dr. Clegg noted, includes several previously controversial issues.

“There’ll be some divisions and disagreements over policy,” he predicted.

When the UK implemented direct rule in the Turks and Caicos Islands in 2009 following a similar COI, he said, reforming the belongership process and cutting the public service proved to be among the issues that caused the most disagreement.

“There’ll be some disagreements over funding,” he added. “Who funds it and how much funding should go into a certain issue? And, you know, who wins that battle? Would the governor, would the British government, be prepared to show this strength and flex their muscles? To really say, ‘Actually, you have no choice but to do this’?”

Premier Dr. Natalio “Sowande” Wheatley has touted the proposal as an innovative solution that will bring urgently needed reforms without a temporary suspension of the elected legislature, which he has said would be a step backward toward colonialism.

Colin O’Neal, CEO of Joma Properties, said the deal represents a chance for the territory to “put things right,” adding that “anything practical that can be done to maintain the continuation of representative government ought to be attempted at the very least.”

However, he said he expects a “tough challenge” ahead, particularly in meeting a series of deadlines he called “ambitious.”

“The resources that are available to them, obviously, are very limited, and other priorities play at the same time,” he said. “Day-to-day activities of government and country have to continue; infrastructure has to continue to get built.”

Backbench scepticism

Even before the proposal was released, it faced questions from at least one elected member of Dr. Wheatley’s government.

Backbencher Carvin Malone (R-at large), who stepped down from his former position as health and social development minister shortly before the formation of the National Unity Government, seemed to undercut some of the proposal’s commitments in a statement released the day before the document was published. Mr. Malone, for instance, appeared to contradict one of the proposal’s pledges by suggesting that elections — constitutionally due by early next year — should be held before the proposal proceeds.

“It is my measured and considered view that serious and immediate consideration MUST be given to the voice of the people who are calling for general elections to determine who, in their best judgement, are best suited to lead in the implementation of reform and in the transition into a NEW BVI,” he wrote.

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BUSINESS MONDAY: REGION PAYING HIGH PRICE FOR ELECTRICITY

admin — Fri, 10 Dec 2021 23:10:01 +0000

BUSINESS MONDAY: REGION PAYING HIGH PRICE FOR ELECTRICITY

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Monday, October 25, 2021

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BUSINESS MONDAY: REGION PAYING HIGH PRICE FOR ELECTRICITY

President of the Barbados-based Caribbean Development Bank (CDB), Dr. Gene Leon.

PRESIDENT of the Barbados-based Caribbean Development Bank (CDB) Dr. Gene Leon says the price of electricity in the region is among the highest in the world.

Speaking at an Energy Forum in the Turks and Caicos Islands, the CDB President said that the cost of electricity in the region averaged US$0.28 per kilowatt hour in 2019.

Against this background, he called for encouraging and incentivising the private sector to support the transition to sustainable energy.

His comments come at a time when Barbadians are voicing concerns that electricity rates in the island could go up, following an application by the Barbados Light and Power Company Limited to the Fair Trading Commission (FTC) for a rate increase.

“The high cost of electricity generation has a negative impact on the region’s economic and social development as it increases import bills, worsens terms of trade, erodes competitiveness, and stymies investment by the business community,” the CDB official told the function in the Turks and Caicos islands.

He remarked further that high electricity costs also affect economically disadvantaged people who spend a greater share of their disposal income on energy.

Barbados and other Caribbean governments have been pushing to make atransformation to renewable energy to lower electricity costs while making economic sectors more competitive.

The CDB President highlighted that although alternative forms of energy – especially solar, wind, and ocean resources – are in unlimited supply in the region, the Caribbean is one of the most energy import-dependent regions in the world, with CDB’s 19 Borrowing Member States deriving more than 90 per cent of their commercial energy supply from imported petroleum.

To make the transition to sustainable energy a reality, the CDB President laid out five priorities for the way forward, which are: improving energy efficiency, diversifying energy sources, incentivising the private sector, investing in strategic partnerships, and using innovative, flexible, and affordable financing instruments.

Citing a study by the CDB and the Inter-American Development Bank, which established that renewable energy could generate 50 to 100 times peak domestic electricity demand, Dr. Leon emphasised that the region needs to diversify its energy sources.

“In the Eastern Caribbean, the geothermal energy resource potential far exceeds domestic demand. There are also emerging opportunities for using renewable energy to produce ammonia and green hydrogen, which could be a key fuel of the future,” he added.

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Vein Centers of Jamaica carves niche in medical tourism

admin — Thu, 09 Dec 2021 14:20:01 +0000

Vein Centers of Jamaica carves niche in medical tourism

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Friday, December 3, 2021

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Jamaica Observer

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Vein Centers of Jamaica carves niche in medical tourism

With increasing referrals for vascular surgery coming from the British Virgin Islands (BVI), Cayman Islands, and Turks and Caicos Islands, Vein Centers of Jamaica has been creating a space for itself in the medical tourism industry and is now eyeing expansion within the Caribbean.

Vein Centers of Jamaica was founded in 2012 by American vascular surgeon Dr Bart Muhs and the Jamaican husband and wife team of Dr Hilary Brown and Javette Nixon. According to Nixon, it "started with a conversation in a car driving from Kingston to Portland".

Both Muhs and Brown perform "minimally invasive" surgical procedures on varicose veins, spider veins, and other venous diseases. The medical operation has two locations in Jamaica - one on Lady Musgrave Road in St Andrew and the other at the Sagicor Montego Bay Commercial Centre in St James.

"We've grown to be the largest provider of vascular surgery in the whole Caribbean," Muhs, who visits the island at least once a month to perform surgeries, told the Jamaica Observer in a recent interview.

"We were in the office yesterday and we have patients from BVI, Cayman Islands, Turks and Caicos and, of course, Jamaica," he continued, adding that patients also come from cruise ships.

Muhs revealed that Vein Centers currently has a contract with the Turks and Caicos Government to carry out surgeries on a referral basis. At the same time, the company is currently negotiating with other governments in the region, in particular The Bahamas, while trying to identify other partners with whom they can start operations those territories.

Although the directors of Vein Centers of Jamaica have looked at expanding to the Eastern Caribbean, especially Barbados and Trinidad and Tobago, they have yet to begin their due diligence, looking at the regulations and legislations to start operations there.

"Whether we go and open a physical location, those are business-strategic decisions. But there are other things that can be done from a marketing standpoint, from a partnership-relationship standpoint, to get more people to Vein Centers from the Caribbean islands and those are the kind of things we're pursuing at the moment," he explained.

Notwithstanding the contribution of referrals from other countries to Vein Centers' growth, Muhs admits that foreigners' perception of Jamaica can also be a challenge.

"It's very niche right now. There are a lot of opportunities in Jamaica but people are generally worried about coming to Jamaica for medical tourism because they are worried about the infrastructure, crime and if there are complications," he told Caribbean Business Report.

Nixon added that while there are a lot of intra-regional medical services, such as Jamaicans travelling to Cuba for surgery, the cost of intra-regional travel is a barrier for some patients in the region to access the services they require.

Whereas the low number of vascular surgeons in Jamaica and across the Caribbean has redounded to the growth of Vein Centers, Muhs pointed to the quality of service patients can expect when they schedule an appointment at one of its offices.

"People are used to going to the doctor and sitting and waiting for two hours. We provide a standard... so that they don't have to wait and [we] deliver a quality product and good outcome. It's not that hard," the surgeon said.

On its website, Vein Centers guarantees that surgeries are conducted with "minimal downtime" and that "most patients are back to work and enjoying life the very next day".

Nixon also shared that people are usually astounded at the quality of the company's facilities.

"Every time somebody comes into Vein Centers, they're like 'Wow! I didn't realise that this is in Jamaica."

When Caribbean Business Report asked Muhs about the other opportunities he has identified in Jamaica's medical tourism space, he indicated his interest in assisted living.

"So we've purchased 44 acres in Hanover that overlooks the sea. There's no real assisted living here in Jamaica at high quality - daily food a la carte, cleaning and medical care," he said.

To this end, he is considering the construction of a facility in that parish for retirees in the Jamaican Diaspora. Muhs proposes that the service can be subsidised by Medicare or any other international insurance scheme. Given that Jamaica is an English-speaking country, he also believes this could be a value proposition for American to retire at such a facility.

"It's still early though," Muhs said.

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Turks and Caicos prepares for cruise high season 2021/2022

admin — Mon, 04 Oct 2021 09:20:01 +0000

Turks and Caicos prepares for cruise high season 2021/2022

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admin Mon, 10/04/2021 - 09:20

Friday, October 1, 2021

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Jamaica Observer

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Turks and Caicos prepares for cruise high season 2021/2022

The Turks and Caicos Islands Government has approved planned investment projects valued at nearly US$73 million in anticipation of an uptick in the cruise industry, Premier Washington Misick announced this week.

Carnival Lines will be investing $25 million in the Grand Turk Cruise Port with the Government providing up to $1 million in grants to eligible operators in the island capital to help them prepare for the reopening of the cruise industry.

The developments include Windsong and Beach Enclave in Providenciales, and East Bay in South Caicos, which are expected to create 150 jobs during construction and 100 permanent jobs in the operational phase.

Premier Misick said the Government is investing also in the improvement of the cruise port and infrastructure in Grand Turk including the acquisition of a property to be converted into a vendors market. The TCI Government is anticipating the return of more cruise ships in the 2021 to 2022 high season.

The TCI Government, meanwhile, has also rolled out a $5-million COVID Works project to support many who have lost jobs and livelihoods.

Minister of Physical Planning and Infrastructure Development Akierra Missick and the Physical Planning & Infrastructure Development team indicated this week the projects include cleaning, roadworks, demolition and general construction.

Under projects approved for investment, MOUs have been signed an investing company named Aismare for US$26 million in the redevelopment of the North Caicos airport and Marathon Ltd for a resort development project in Providenciales.

The Turks and Caicos Sun newspaper reported that Premier Misick in his Progress Report (the Progressive National Party Government marked 200 days in office on September 7th), said: "It has been a rough eight months... We have been busy working on your behalf. Things are not where we want them to be yet, but we are making progress...We are implementing programmes and policies that will lead to job creation, economic growth, and a better quality of life for all our people."

"We are confident that cruise ships filled with visitors will be back in time for the high season 2021/22."

Under the port improvement thrust, Misick said additional properties will be acquired and developed to accommodate vendors who depend on the cruise industry for their livelihood. US $2 million will also be spent to construct a floating dock for the water sports operators.

The TCI Sun said operators in Grand Turk who will benefit from $1 million in grants include: water sports; taxi/tour; trams; all-terrain vehicles (ATVS); golf cart operators; beach vendors; cabana vendors; pre- pandemic grand turk centre vendors; wedding planners and massage therapists.

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Chukka to roll out upgrade for Barbados attraction

admin — Fri, 01 Oct 2021 07:10:01 +0000

Chukka to roll out upgrade for Barbados attraction

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Wednesday, September 29, 2021

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Jamaica Observer

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Chukka to roll out upgrade for Barbados attraction

Chukka Caribbean Adventures, which has taken control of Harrison's Eco-Adventure Park in the parish of St Thomas in Barbados, is rolling out an upgrade of the attraction which will bring it on par with attractions elsewhere in the Caribbean.

Chukka Caribbean, which describes itself on its website as the Caribbean's largest nature-adventure tour operator, allows adventure seekers to reconnect with nature at locations in Jamaica, Belize, Turks and Caicos, the Dominican Republic, and Barbados.

In June 2021 the company took over the Barbados attraction in St Thomas, with management stating then that they were "extremely" optimistic about future prospects for the location as they prepared to roll out a BD$9 million upgrade.

In a story in Barbados Today this week, Group Chief Executive Officer of Chukka Caribbean Adventures Marc Melville said work that began in August would last between six to eight months.

The report states, "It was outlined that the new-look Harrison's Cave Eco-Adventure Park is to consist of several features, including a challenge course, a free-fall platform, a children play area, a suspension bridge, cuisine tour, bird aviary, a dry slide, an interactive green monkey experience, a canopy zipline, an infinity pool, among other attractions."

Barbados Today said close to 30 of the former Caves of Barbados employees have already been rehired as part of the "start-up team", adding, "The operators said the employment numbers are expected to reach close to 100 when the upgrades are completed and the operation is in full swing."

Chukka Caribbean Adventures Limited (Chukka), an associate company of PanJam Investments Limited, suffered losses due to the suspension of cruise traffic to the region in April 2020.

The company was forced to shutter many of its operations, but is now banking on the revival of tourism in the region.

In the Dominican Republic Chukka operates Chukka Ocean Outpost and Coconut Cove, which is located beachside along the cliffside of Puerto Plata.

The attraction offers a variety of nature-adventure activities, an ocean air restaurant, themed bars, chill-out spots, an aviary, a private beach with famed views and watersports.

In Belize, the company operates Jaguar Paw, located in the tropical rainforest in western Belize, offering ziplining and all-terrain vehicles (ATVs) or dune buggy tours through the jungle.

In Grand Turk in the Turks and Caicos Islands, Chukka offers underwater tours of coral reefs, access to white sand beaches, overland tours by island buggy, and dips in the ocean on horseback.

In Jamaica, Chukka has ten destinations, with one of its newest being a 160-acre former sugar estate in Sandy Bay, Hanover. Here it offers ocean-inspired activities and chill-out areas, including secluded dining, expedition experiences to jungles, rivers and waterfalls, catamaran cruises and ocean view trails on horseback.

With an ocean-side restaurant and bar, infinity pool, and two beaches, this location is designed especially for families, the company's website states.

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