I fail to see what technology can possibly do, apart from identify variations in returns over filing years and indicate that those should be checked/audited. It will be decades before it actually impacts anyone. I will just file losses every year.

You are right. The Law should have said: provided you give us a $500 bribe, we can turn the wok permit around in 30 minutes.

Now, seriously: how is 14 days not reasonable? What do you need to do? There are no checks of any kind to be made, those have already taken place beforehand, at Stage 1. All this genius working in Immigration has to do is print off the credit card sized permit while attaching the holder's photo.

It's not like there will be thousands to do. 100/year max.

I agree that they will do as they must. They will introduce corporate taxes. But who will administer it? There must be tens of thousands of SPV companies registered in the Bahamas. Some civil servant is going to check all those returns? Fat chance of that.
In fact it would not surprise me if there are more companies than people in the Bahamas. Someone is going to audit those returns? How? It is just physically impossible.

She should also have at least 2 social secretaries and a dress allowance, of, say, a minimum $100k a year. With paid shopping trips to Miami, of course.

Mrs. Rolle is certainly entitled to her opinion. I wonder if she would change her tune if we all said: "Fine, we respect your opinion. Put your money where your mouth is. YOU pay for it."

You would not see her for smoke. Any arsehole can find a reason to dip into the public treasury. And most do.

"The end result is that the Bahamian economy may be transformed at bewildering speed, with some sources suggesting this nation could be “a completely different country” within three to five years - and possibly within one to two years."

Don't worry guys, they are only pulling your leg.

We all know how this movie finishes: they stick their hand up in Parliament, they write some words on a piece of paper, call them Laws and stick them in a draw somewhere for the cleaners to use when they run out of toilet paper.

Realx, nothing will change.

You are, of course, right.

Everything is a balancing act. Corporation tax here will be far lower, the cost of living higher. The "ease of doing business" is a non-issue: no one sells anything here. The customers of this fictitious Dortmund software writer are still where they were, nothing changes but the tax residency of the individual.

Some number f people will find this advantageous, some number won't. But in any case, all should be welcomed as they will one day create employment opportunities for Bahamians.

You guys just don't get the bigger picture.

It used to be possible for an EU citizen (talking only EU and UK now, forget the US) to set up an IBC here, book all business transaction into the IBC and keep profits inside the IBC, paying 0% corporate tax and 0% any other tax. He would remain inside the EU as resident all the time, quietly living at home with his family. It would be just pieces of paper that would be shuffled in the Bahamas.

How is this bad for EU? Simple: If his IBC made $1m and were in EU, it would have to pay about 30% in corporate tax, so we were robbing the EU of its 30%. On top of that, if the IBC made $1m in profit and the guy only declared himself a $250k dividend and repatriated it, he would pay income tax on only that $250k, robbing the EU again.

The EU is fed up. Naturally.

But people are smarter than bureaucrats. What is going to happen now? Simple: we are (through the Enterprise Bill) offering the possibility to these people to physically move to the Bahamas and come and live here and conduct business here. Once an EU or UK citizen physically moves, he is no longer a tax resident of those countries. Perfectly legal.

Some people will see the sense in this: why sit in Dortmund writing software and paying 50%+ tax, when you can sit in Lyford Cay doing the same thing, paying nothing?

Or maybe we should use the new Bill to import 10,000 software engineers to solve the problem of maintaining a drone which costs a total of $999

https://www.bestbuy.com/site/gopro-karm…

I really don't see what the problem is. Introduce corporate income tax at 10%. No one is going to pay it anyway and the government has no enforcement capacity whatsoever. Read hundreds of thousands of earnings reports? Civil servants? Right.... More chance of a snowstorm in Nassau.

Long distances, you are right. But this is a couple of miles. Radar sees wood at a couple of miles just fine.