Thursday, May 22, 2014
By LAMECH JOHNSON
Tribune Staff Reporter
ljohnson@tribunemedia.net
AMIDST debate on how to spur the country’s economic growth, an opposition MP warned that the Bahamas must stop giving all of the concessions and opportunities that it does to foreigners.
The remarks by Loretta Butler-Turner follow those of Queen’s Counsel Sean McWeeney’s suggestion to the government to implement the investor-citizenship programme where the Bahamian economy would grow as a result of their investment.
Mr McWeeney thought — considering the success that it has been in other jurisdictions — that it would be a good idea for the government to consider it in the near future for the Bahamas.
FNM Deputy Leader Loretta Butler-Turner told The Tribune yesterday “we must stop giving all of the concessions that we give and even the opportunities that we give, to outsiders.”
“We have a great tourism product. We have the capacity to diversify our economy, I think not through so much of the large foreign direct investments, but through the young Bahamians, through the creative society, the intellectual society, right here at home. And it would help to harness and arrest the amount of brain drain that we’re having in our country today,” she added.
“We have got to really partner and do things that will allow our young people to be empowered and I always look at persons like Mervin Sweeting, who created the ‘Switcher’, the lemonade that we’re very aware of. I look at the young man who has Bahamas Striping. I look at people like Trina Neely who has Design Boutique. I look at people like the David Rolles and the Theodore Elyetts. I look at the straw plaiters in Long Island and Exuma and people who are making shoes out of them, I think that there is so much more creativity in our society than we have yet to exploit.”
Addressing the 2014 Society of Trust and Estate Practitioners (STEP) Caribbean conference last week, Mr McWeeney said the programme 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 dollar value that would be required.
Mr McWeeney emphasised, though, that an Investor Citizenship programme would not be “mass marketed” to the world, with Bahamian citizenship sold en masse to persons who never set foot in the Bahamas.
Moving to allay any knee-jerk political and nationalistic reaction, the QC said that instead of being an “Open Sesame”, an Investor Citizenship programme would seek to attract more Joe Lewis’s and Izmirlian families to the Bahamas.
The billionaires, both of whom have followed their money to the Bahamas and reside at Lyford Cay, have ultimately invested billions in the domestic economy, and created thousands of local jobs, through Albany and Baha Mar. And it is this model that Mr McWeeney is advocating and urging the Bahamas to build upon.
Foreign Affairs Minister Fred Mitchell told The Tribune on Tuesday that at the moment he could neither encourage nor disregard the recommendation, but that he will act in the best wishes of the Bahamian people.
“My issue is that citizenship is a very emotive and emotional topic in the Bahamas,” he said. “It’s not something that Bahamians want traded for economic reasons. My advice is that it wouldn’t fly. So I told everyone that asked that it’s not a product we can offer.
“The best product we can offer is permanent residence for investments over $1.5 million and I think that’s where it’s going to stay. I think what Mr McWeeney did was put the matter in the public domain for there to be discussion on the issue. But we’ll see where that goes.”
Comments
asiseeit says...
Madam, the FNM is no better than the PLP, both party's have sold the average Bahamian a load of garbage. All of you should hang your heads in SHAME! The politrickans of this country have caused the destruction of this fine country, all out of GREED!
Posted 22 May 2014, 1:21 p.m. Suggest removal
Cobalt says...
Amen
Posted 22 May 2014, 4:07 p.m. Suggest removal
Reality_Check says...
McWeeney may lay claim to being a person who has read many books, but as my dear grandmother has said time and time again: "You can never acquire common sense simply by reading books as it is a valuable attribute that only the worthy will ever possess."
Posted 22 May 2014, 1:50 p.m. Suggest removal
SensibleGoverning2016 says...
All Talk............
Posted 22 May 2014, 2:01 p.m. Suggest removal
SP says...
Is there absolutley nothing Loretta Turner will not say, do and eat?
Wasn't it Loretta and her Cabinet jackass's that GAVE BTC away to dumb foreigners a few short years ago?
This same Loretta Turner that sanctioned the hiring of a foreign road builders from Latin America at the tune of $300M.....For works that should have gone to Bahamians and would have kept the money in the cash strapped country to boost the badly ailing economy?
The Loretta Turner that told us repeatedly from the floor of the house for five long, agonizing, asinine years that you, and only you, believe that you alone are the sole educated, capable individual in the country, and it was best to bring in foreigners for every job under the sun because the rest of us Bahamians are good for nothing, strung out on drugs and alcohol?
PLEASE S-T-F-U.....We...aren't that stupid, and certainly not as forgetful as you would like us to be!
Posted 22 May 2014, 2:09 p.m. Suggest removal
Cobalt says...
That's right! The average Bahamian could NOT get a job when Hubert Ingrham was in power! But yet, foreigners were raking in loads of cash.
Posted 22 May 2014, 4:11 p.m. Suggest removal
The_Oracle says...
Sol, Cable Bahamas, Argentinian road works, BTC, come on now.
between the frying pan and the fire,
are the Bahamian people!
Posted 22 May 2014, 2:46 p.m. Suggest removal
Hogfish says...
hhmm jury still out on this one. I like her better than Minnis 'The Muppet'. Minnis just always says what he thinks people want to here. She at least sticks to her guns. (and boy dey be some big guns! ;)
Agreed with above that both sides always shovel the same crap down our throats and we must have aquired a taste cuz we lick it up everytime.
Response to Oracle, I think for the most part Sol did a great job. PI was a money pit and Merv lost his shirt bad but Sol tunred it around. I can't see a negative in that. (whoever wants to claim responsibilty!). ps. Pool attendants still make 60k+ a year.
I hate dealing with Cable Bahamas but they are listed so any Bahamian can buy shares and I don't know of any other Bahamian company making acquistions in the States (open to correction here).
Now for the roads and the Agrentinians. Agree 100%. Any Argentinian I've dealt with has been an agressive, lyin, cheatin sob. People forget though that the cost over runs had a lot to do with the stalled work when they dug up the old roads and found 10'000+ homes that had been hotwired into the grid and were stealing electricity!!
But ALSO no one wanted to give the work to Hot Mix (a Bahamian Company!) because the ex-DPM's son had an interest. Yeah but let's blame Loretta...
Posted 22 May 2014, 3:40 p.m. Suggest removal
Cobalt says...
Interesting words, Hogfish. You make a lot of valid claims. But while the FNM does deserve some credit for establishing infrastructure, they also deserve a certain level of criticism for the careless way in which they disregarded the immediate concerns of the people. Furthermore, no matter the disagreement, job opportunities should always go to your fellow countryman rather than a foreigner (especially during a financial recession). Many small businesses suffered due to the road works while Hubert Ingrham and Tommy Turnquest appeared apathetic to their plight. The FNM is the entire reason why the PLP was voted back into power. They were just down right offensive.
Posted 22 May 2014, 4:27 p.m. Suggest removal
Hogfish says...
" they also deserve a certain level of criticism for the careless way in which they disregarded the immediate concerns of the people."------> Yup!
" Furthermore, no matter the disagreement, job opportunities should always go to your fellow countryman rather than a foreigner " ------> preaching to the choir here!
"The FNM is the entire reason why the PLP was voted back into power. They were just down right offensive" --------> agree 100%, looks like we on the same page brother.
Posted 23 May 2014, 9:29 a.m. Suggest removal
TalRussell says...
It was just couple nights ago I said to Jesus. Comrade Jesus, I don't know how much you and ya Father is paying attention to the going on's of the reds leader Minnis, Loretta, Daron and Dr. Duane but whats ya's thinking? Well, Comrade Tal, funny you should mention the reds cause what I want Bahamalanders to knows about them is, granted there were some days too we couldn't figure Papa out - but this recycled bunch of red shirts are completely lost in some kind fantasy spirit, even Me and Me Father doesn't recognize on their best of days.
Amen!
Posted 22 May 2014, 4:10 p.m. Suggest removal
SP says...
Comrade Jesus and Da Boys Dem?
Posted 22 May 2014, 9:13 p.m. Suggest removal
TalRussell says...
Comrade SP, if Jesus and He Father be Catholic, they be fine with the PLP mixed up with the numbers men's and all things gambling. If they be Baptist leaning , they gave up on that version of Bahamaland's Faith a time ago. Be be they Pentecost, probably sitt'in on some heavenly fence, debating "Yes or No" to gambling.
Posted 22 May 2014, 11:37 p.m. Suggest removal
Log in to comment