By NEIL HARTNELL

Tribune Business Editor

nhartnell@tribunemedia.net

A well-known realtor yesterday revealed he was shifting his business model from near-total reliance on the Bahamian market to one with a 40 per cent international share, as he urged the sector to “get off our butts”.

Fresh from a 30-day tour of Europe and the Mediterranean, William Wong, head of William Wong & Associates, told Tribune Business that the Bahamas Real Estate Association (BREA) and its members needed to follow his lead by “knocking on doors” to attract business here.

The former BREA president suggested that the Association and its members conduct a Trade Mission to the nations he had just visited, arguing that their ‘high tax’ reputation provided a sound client-winning foundation for the Bahamas.

“My primary business has been local business, but I’ve been travelling for several weeks, and hopefully the contacts I’ve made will turn into something,” Mr Wong told Tribune Business.

“People who are fleeing some of these high tax jurisdictions, some of them are probably looking at doing business in the Bahamas in real estate.”

Mr Wong said his 30-day vacation, which he combined with business, involved stops in Paris, Portugal, Barcelona, Morocco and Italy.

Most of these cities and countries are undergoing ‘fiscal crisis’, or have reputations as high tax nations, and the Bahamas has already seen increased real estate investments by Europeans - especially French nations - seeking a ‘safe haven’ for their assets and wealth.

Calling on the real estate industry to be more proactive, Mr Wong told Tribune Business: “Perhaps we need to do more.

“Rather than wait for them to come here, we should be more proactive ourselves, visiting those hard-hit countries, like France and Italy, with Trade Missions. The private sector needs to get off their butt.”

Mr Wong said he tried to initiate such Trade Missions during his spell as BREA president, but it “fell on deaf ears, fell through the cracks”.

Recalling client reactions during his European meetings, Mr Wong said: “The Bahamas, despite our crime situation, we still have a good name out there. Everywhere I travelled, the Bahamas was a paradise to them.

“I was meeting with them, talking with them on what the Bahamas has to offer - no capital gains tax, inheritance tax, corporate or income taxes.

“People in France, they’re running away. Especially France and Italy. Everyone is looking for a way to protect their assets, some of their monies, and I’ve been encouraging them to put their money into real estate in the Bahamas.”

And the former BREA president added: “I encourage my colleagues in the business to do likewise.

“The days have gone when business was knocking on our door. It’s time to knock on their door. We can’t rely on government. We are the private sector, the ones who benefit from it, and we need to knock on their doors.”

Mr Wong told Tribune Business that while the local Bahamian market had generated 98 per cent of his business in the past, he was now looking to transform the model into a 60/40 split weighted in favour of local.

“It’s easier to deal with local business, but it’s not as good as it used to be,” Mr Wong said. “We need to offset that by getting foreign business, and we’ll see if my strategy pays off.

“The local market seems to be a bit slow. Everyone I speak to says real estate is ready to take off again. There seems to be a buzz here, a buzz there, but I say: ‘I wish I could share your optimism’.

“We need to find new ways to make money, focusing on international clients, the high net worths, and bringing them here.

“I’m not trying to target many clients, but if I can get one or two of these ‘big whales’ here, that will help the economy. We need to get to them and tell them what a nice place the Bahamas is for investing and doing joint ventures.”

Mr Wong suggested that China and the Asia-Pacific region, especially the Hong Kong area, was ripe for targeting by the Bahamas, too.