The Tribune

EDITOR, The Tribune.

Tony Gomez was featured in comments to The Tribune’s Neil Hartnell…“We need more from resident millionaires”…Not a new subject for the Bahamas if you don’t close your mind, but recall how Sir Stafford Sands created the “Belonger” and the flow of Europeans running away from the war in Europe offering a better location to reside, even if just for six-months. How did Lyford Cay happen? Precisely because of this Stafford policy… Sir Harold Christie attracted the Canadian developer wealthy person EP Taylor and from bush-part-swamp Lyford was created and today embellishes our economy by over $60m annually.

What interested this writer were the comments after the publishing of Tony Gomez’s interview... numerous, but if I counted right only a single ‘No’ – no way will I accept the giving of citizenship.

Editor, Google economic residency in the Caribbean and popping up will be programmes from virtually all the small states - St Lucia - St Kitts Nevis and on and on.... glowing reports how their economic citizenship programme benefited their Balance of Payments - their Debt [hmm we have a massive issue there].

One thing is certainly true, COVID has seen a considerable interest for finding a suitably very healthy place to live .... even under the cloud of COVID Real Property sales have been booming - go to Executive Airport LPIA - Abaco - Exuma - Eleuthera airports you see numerous executive jets and in the marinas mega yachts which pre-COVID were here but not in the numbers being appreciated. One yacht per a cruise can spend $16-20,000.00 easy on food provisions!

If a millionaire buys or builds a mansion even if he rarely uses it that property needs maintenance - can be rented in AirBnB – we charge VAT on that – will need domestic staff all new revenue – revenue that the Treasury so desperately needs... Compare that level of revenue to cruise visitors? $100.00 a pop in comparison to $’000’s and we give zero Tax concessions to these new residents.

Interesting Tony Gomez quotes Attorney Sean McSweeney, QC…he proposed this back in 2014 some seven years ago, Christie Government imagine if enacted what the new revenue flow could have been? Millions could have been billions earned. What I like is that the McSweeney concept limited the grants of citizenship.

Look into the Caribbean where they have just Permanent Resident programmes the earning/fees to the Government are very small in comparison to Economic citizenship ..... as a new Treasury Capital revenue issue clearly citizenship is the obvious favored approach and we need cash, cash now!

This could be a world beater, you know how we love to be the best and the world’s most famous even before the issue is in place - Economic citizenship can take that title to bed.

Editor... the potentials are enormous. Really are these millionaires interested in voting? The short list of consideration I suggest proven by global experience is getting that passport…Healthy climate…close proximity to the US...speak English and probably the cleanest air in the world why should they even think about voting and to make any difference how many would you need to grant. Tony Gomez, you got it - thanks.

JEROME BURROWS

Nassau,

November 20, 2021.