EDITOR, The Tribune.
There has been a lot of chatter in the news and on talk shows about our national treasure and the need for a Sovereign Wealth Fund, and it has become tiresome listening to all the banter around Aragonite. Our biggest National Treasure of course is what we have had for millennia. Sun Sea and Sand. And yes we are capitalizing on these assets very nicely in our Tourism offerings, but Christopher Armaly has hit the nail on the head when he writes about the upscale real estate market that pays the Government of the Bahamas at the same or similar percentage rates as the first time Bahamian homeowner, buying a meagre home in one of the Government funded low cost developments. The seemingly obscene prices being paid for private islands and beachfront communities are being paid because wealthy people want a piece of our Sun Sand and Sea. And the people of the Bahamas fundamentally own this all and are happily sharing it for a mere pittance.
We have competing real estate companies now boasting best ever market share and listing values in the BILLIONS of DOLLARS. I don’t think that the Ultra High Net Worth investors will have a problem with a small percentage being taxed for our Sovereign Wealth Fund. But, as Mr. Armaly wisely points out, if we implemented Election Campaign Finance Reform before implementing a Sovereign Wealth Fund Tax, politicians would not have to rely so heavily on political contributions from UHNW foreign investors.
BRUCE G. RAINE
Nassau,
July 15, 2021.
Comments
JokeyJack 3 years, 3 months ago
Nice points, but you seem to be suggesting that we improve our wealth and make Bahamians wealthy. A positive change. Marvelous. However, what you are not taking into account is that Bahamians really do not want change by and large. The majority are perfectly fine sweating in the hot August summer, drinking beer, playing dominoes, and making baby. All of those things are provided in lump sum by both the FNM and the PLP governments when in power. The FEAR of putting in place anyone else is probably stronger than the fear of Covid. Our way of life would change. We can only handle shopping malls, water parks, working traffic lights, roads without potholes, clinics with doctors, and schools with real sports facilities for just a couple of weeks while we vacation in Florida. Then we have to hurry home to safety. However, this election the country may make a "brave" new choice. Brand spanking new. Good stuff.
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