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FRIDAY, JULY 30, 2021
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Realtors ‘embrace’ demand ‘Cannot stop the for cryptocurrency purchases economy again’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
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AHAMIAN realtors yesterday revealed they are developing strategic alliances to “embrace” cryptocurrencies already being used as a means of payment for local property transactions. Gavin Christie, CA Christie Real Estate’s managing partner, told Tribune Business that The Bahamas must be “open minded” when it comes to this space as his agency has already “facilitated” a high-end rental in a gated community that was paid for entirely with Bitcoins. While cryptocurrencies will likely be confined to the high-end luxury market initially, he suggested that
• High-end rental paid for using Bitcoins • ‘One in six calls’ raising crypto queries • Firm allies with private bank for ‘future’
GAVIN CHRISTIE
MATT SWEETING
its use as a payment method in Bahamian real estate transactions will expand into other market niches as persons become more educated and familiar with the concept and how it works.
Mr Christie said “one of the first questions” he was asked by a prospective client on a conference call yesterday was whether they could acquire Bahamian real estate using
cryptocurrency, adding that this query is now appearing in one out of every six “inquiries” he is fielding for high-end Bahamian real estate. And Matt Sweeting, chief executive at 1oak Bahamas, told this newspaper that his company was forming a strategic alliance with a locally-based private bank “that is very bullish on cryptocurrency” so that it can facilitate property purchases when this is the desired payment mechanism.
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Nightclub owner gets 60 days to pay $734k taxes By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A PROMINENT Bahamian businessman has been given 60 days to pay $734,222 in outstanding real property taxes on his West Bay Street nightclub property or see it sold by the government. Al Collie, developer of Club Luna and the Zoo before it, yesterday failed in his bid to “stay and/ or suspend” an April 9, 2019, judgment obtained against him by the government’s treasurer for $1.357m in unpaid real property tax and penalty surcharges owed on that parcel and another property at Elizabeth Avenue in downtown Nassau. Justice Ian Winder, in a Supreme Court verdict dated July 29, granted the
• Or else West Bay St property sold-off • Court rejects Collie’s settlement claim • ‘Surreptitiously’ exploited tax amnesty sale Order sought by the treasurer while giving Mr Collie and his company, Alco Holdings, some two months to pay the taxes still outstanding and due. He also added a 6.25 per annum interest rate to the $734,222 due. Tracing the dispute’s history, Justice Winder said that two months’ prior to the initial judgment obtained by the treasurer, Mr Collie and Alco Holdings had offered to hand over lots 18-23 in the Sea Beach subdivision free of charge to the government as a means to settle the debt. The offer was made to Shunda Strachan, chief
IMF chief: Bahamas ‘leading revolution’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE International Monetary Fund’s (IMF) top executive yesterday hailed The Bahamas for “leading the revolution” by becoming the first nation to launch a Central Bank Digital Currency (CBDC). Kristalina Georgieva, the Washington DC based Fund’s managing director, said it had been “an honour” to work with the Bahamian Central Bank in developing the Sand Dollar as she and
its governor, John Rolle, participated in an IMF panel discussion on “the future of money” and global payments systems. Mr Rolle described the Sand Dollar as “the glue that will connect the system together” in terms of modernising The Bahamas’ payments system infrastructure, with its digitisation having “started from ground zero” more than a decade ago. Explaining the rationale for launching the digital
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Insurer hits rating peak; two Dorian claims left By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
A BAHAMIAN insurer yesterday revealed that just two Hurricane Dorianrelated claims are left to be settled after its highest-level “financial strength” and credit ratings were reaffirmed by the industry’s top assessor. Anton Saunders, RoyalStar Assurance’s managing director, speaking after AM Best confirmed its “A (Excellent)” financial strength and “a” (Excellent) long-term credit rating, together with a
‘stable’ outlook, told Tribune Business that it had paid out around $300m todate in Dorian claims. “We have settled all of our Dorian claims and only two remain outstanding,” he said. “Ourselves and our reinsurance partners paid out $300m. From the Dorian claims perspective, the impact is on our reinsurance costs and customers who are rebuilding. “We have been managing the [COVID] crisis and ensuring our agents are in touch with their clients. We have not had that much
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valuation officer, with Mr Collie disclosing that the government had previously shown interest in compulsorily acquiring the same lots as it had begun constructing sea walls on them with his permission. This was based on a draft notice of the acquisition from the Ministry of Works, and was later confirmed by David Davis, permanent secretary in the Prime Minister’s Office. “The offer was ultimately rejected notwithstanding a somewhat favourable meeting with the prime minister [Dr Hubert Minnis],” Justice Winder wrote. Alco Holdings subsequently made two payments on its
real property tax arrears, worth $772,601 and $35,049 respectively, for its West Bay Street property on May 18 this year. This reduced the debt to the $734,222 that was the subject of Justice Winder’s Order. Although Club Luna was not specifically referenced in yesterday’s ruling, it is highly likely that the parcel upon which it sits is the judgment’s focus given that documents put before the Supreme Court refer to a “night club” as the property’s usage. Mr Collie and Alco Holdings, though, asserted that
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By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net BAHAMIAN businessmen yesterday voiced relief that the prime minister did not unveil a COVID-19 lockdown or further restrictions in his Wednesday night address, asserting: “You cannot stop the economy again.” Branville McCartney, the Halsbury Chambers law firm principal and ex-Democratic National Alliance (DNA) leader, told Tribune Business that placing the country - and especially New Providence - into 2020style lockdowns to halt the ongoing surge in COVID19 cases would have “wiped the economy out” just as its tourism industry was showing signs of revival. “What I think the government is trying to do is balance the health of the country while maintaining building of the economy,” he said. “A lot of people were expecting a lockdown. If a lockdown was placed on the economy, those persons hanging on for the past 16 months would not be able to take it. It would wipe them out. Mr McCartney, suggesting that Dr Hubert Minnis had struck the correct balance between health and the economy, and lives and livelihoods, told this newspaper he had not expected any additional measures or restrictions to be unveiled beyond those announced on Monday even though many had anticipated an extended curfew - possibly starting at 7pm - to curb COVID-19 spread over the upcoming holiday weekend. “I didn’t expect any restrictions in addition to those announced earlier this week,” he added. “It would have been devastating. It was devastating when
BRANVILLE MCCARTNEY it happened months ago. To do that now would wipe the economy out.” Mr McCartney was backed by Rick Lowe, Nassau Motor Company’s operations manager/director, who said: “I anticipated he would have extended the curfew, but on one hand I can understand his position. You cannot stop the economy again.... “I think a lot of small businesses are catching eternal hell, and that is playing a part in the decision not too clamp down too strongly.” Mr Lowe backed the Prime Minister’s encouragement for more Bahamians to become vaccinated, adding: “As much as I don’t like the state forcing me to do something or compelling me against my will, I got vaccinated.” He was less impressed, though, by the prime minister’s talking-up of the government’s revenue performance to demonstrate that the Bahamian economy is on the mend. “Over the last six-month period, from January to June 2021, we have seen our revenue numbers beat their budget targets by tens of millions of dollars,” Dr Minnis had asserted. “This is after the revenue numbers had fallen substantially behind their budgeted numbers in the prior six months. I am pleased to advise that, with still a few
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