so many junk yard planes flying in da bananas. only prayers keep we alive.

Banker, you are correct.

I will add that the biggest eminent threat to the financial system is the "semi-licensed" web shop industry which is running a parallel banking system.

At the webshops you can "deposit" and "withdraw" funds, open accounts etc. and through loosely affiliated entities they are providing loans and participating in the real estate industry.

Through BoB they have access to the wider local banking system and the international correspondent banking system. Canadian banks are attempting to quarantine themselves from the gambling industry but this is not possible as banks are the viens and arteries of the financial system.

Ingraham is absolutely correct, it is only a matter of time before more correspondent banks pull out of the jurisdiction because of thier inability to detect money laundering on downstream clients.

Meanwhile the Central Banks lacks the independence to shut down BoB which has been operating in breach of capital requirements for years. The longer this is allowed to continue the harder the fall when it occurs. Just remember the 2008 global financial crises when Lehman Brothers went bankrupt and the entire financial system would have collapsed if it was not bailed out by the US governments.

Through Resolve, a labrinth of government deposits, letters of support and new government employees being forced to bank at BoB the fix is in.

John, you are correct. Why should only Bahamians live in VAT Hell. All I'm doing is warning foreigners that VAT audits are intrusive and are now focusing on non-Vatted imported foreign services.

Bahamian service professionals would also agree with taxing these services because when they provide these services their clients have to pay VAT so it will level the playing field.

The international services provided by foreign firms to trusts, mutual funds and foundations include legal, audit, compliance, accounting, IT, financial information, stock quotes, cloud computing, custodian services, head office recharges etc. The list is very long and the services provided would add up to hundreds of millions of dollars.

Nice to take some VAT out of that to help the Bahamas.

VAT audits now focusing on inward bound international services provided to Trust Companies. None Bahamian based financial services firms now being forced to register for VAT.

Once international financial activity is caputured through the VAT audit process the PLP will realize that the economy is at least $2 billion bigger than the current $8.8 estimate. Which explains partially the much higher than anticipated VAT receipts.

Time to move to BVI before confidential client info is shared with the government via audits. Or worse, foreigners are victimized like thier local counterparts like Bran.

The reason you're not hearing the correct solutions from the politicians is because they truly believe they are running the country correctly.

So when Fred says there is no Bahamian brain drain. You must believe him.

If Fred says there is a good living in the Bahamas for Bahamians then you must believe him.

When Christie says the PLP will fall apart if he doesn't run after 40 years in Parliament please believe him.

As Minnis/Butler runs the FNM into the ground don't be surprised when the PLP wins again.

The average Bahamian with a D average doesn't read these blogs and doesn't really know that a devaluation is on the way. As long as they have their bars, fish fry, church and a trip to Miami I assume they are happy with the way things are?

John, most shareholders have written off their investment in BoB and don't have the time to waste to go to a meeting to appoint a Director with no power to a bank that is broke.

Which successful private business person in their right mind would wish to take up a position of a Director of a Bank with the following characteristics:

(a) in breach of regulatory capital requirements
(b) providing banking services to an only partially licensed gambling industry
(c) a significant amount of assets removed from the balance sheet via Resolve with no prosecution for wrong doing
(d) no forensic audit
(e) government controlled
(f) representational risk and financial risk of being a Director of a failed institution
(g) in ability to put the bank in liquidation
(h) new government employees now forced to bank with BoB
(i) US correspondent bank relationships now in de risking mode. Who would want to be the correspondent for a bank that doesn't meet its capital adequacy requirements
(j) no new private clients would want to put deposits at bank for fear of liquidation
(k) zombie bank status
(l) how much is the government transferring to BoB to keep the bank afloat?
(m) where is new business going to come from with the economy having contracted for 2 years?

I could go on and on.

By the way does anyone know how much they are paying the independent Directors? $10,000 per year? $40,000 per year?

Maybe someone who really needs the money and can be a YES Man for the government should take the position.

I bought my last new cars in 2012. Normally I buy new cars every 5 years. I bought two new Toyota cars. It cost me $120,000 and I was turned down by a Canadian bank. I got the loan from a Bahamian Bank but only after much ado about nothing. Then I comprehensively insured the vehicles.

After VAT, I had to drastically reduce costs. I paid off the loans and put third party on the cars.

I will never ever buy a new car in the Bahamas as long as I live.

Excellent , I will now vote FNM for worthless crown land in Freeport. ... Unless BoB give me a loan against the land.

This is an excellent time to invest hard earned money into the Bahamian economy. With VAT, increased business license fees, increased national insurance rates, BEC distroying all of your equipment, Baha Mar shut down, Moody's threatening to down grad use to junk, opposition fighting amongst themselves like a bunch of children, D average workers, lack of internal controls at Post Office Bank, money missing from Road Traffic, pot hole filled roads, foreigners buying up the family islands, government increased fees on bank transfers, VAT on international services to financial firms, I could go on and on.

Cable Bahamas is over leveraged with hundreds of millions in debt. Facebook the owner of WhatsApp is putting cell phones calls out of business with 100 million new Customers each month covering one sixths of earths populations. Cell phones will be obsolete in 5 years. Smart devices will rule.

So let's follow the recommendations of Sir Frankie and invest in the Bahamas.