Bahamas Opposition Leader Hints That No Property Tax For First Year May Attract Retirees

Relief from paying first year real property tax might be an attractive concession in promoting the Islands Of The Bahamas as a retirement destination.

August 28, 2004 -- In an exclusive interview with The Bahamas Report (TBR) the Leader of the Bahamas Opposition Party said recently that "relief from real property tax on the first year of ownership of a self-occupied second home in The Bahamas" might be considered as a potential concession in making the Islands Of The Bahamas more attractive as a retirement destination. (TBR is the only website on the INTERNET focusing exclusively on Retiring in the Islands Of The Bahamas.)

Free National Movement (FNM) Leader, Hon. O. A. Tommy Turnquest, recently responded to questions from TBR Editor Winston D. Munnings about The Bahamas as a retirement location. "Since the focus of our website is exclusively on retiring in the Islands of The Bahamas, naturally we wanted an official perspective on policies so that our subscribers could better understand Official support on this subject matter," said Munnings.

"Unfortunately there was no response from the Governing Party's Minister responsible for this area notwithstanding an invitation was presented to the Minister earlier in the year to interview for The Bahamas Report, " he added.

Like the Governing Progressive Liberal Party (PLP) Turnquest also agrees that the Bahamas Real Estate Association (BREA) should be a key Partner along with the Government in promoting the Islands of the Bahamas not only as a retirement destination, but also as a location for the purchase of a second home. Turnquest does not believe, however, that enough is being done by the present Government in this latter respect.

"We have to be very clear in our promotion and in our approval process that we are seeking second home owners who do not wish to compete in the local economy with existing Bahamian businesses," he told The Bahamas Report.

In his first interview with TBR, Turnquest also talked about the sensitive issue of employment of non-Bahamians, and commented also on the potential impact of a Tax Information Exchange Agreement between The Bahamas and the U.S., and the extent to which (if at all) it will impact the second home concept especially where American citizens are concerned.

TBR Editor said the four-part interview with the FNM Leader begins September 2. The interview is available at http://www.thebahamasreport.com/members/284.cfm.

To learn more about The Bahamas Report go to http://www.TheBahamasReport.com or send an email to: e-mail protected from spam bots.

# # #