Latest updates

Aviation 2020: year in review
HarleyJames
  • Aviation
  • Bahamas
  • 14 April 2021

In 2020 the Civil Aviation Authority Bahamas made several important advances despite the COVID-19 pandemic, including restoring and boosting air travel to, from and within The Bahamas, presenting three pieces of legislation to Parliament and addressing other ongoing challenges. These developments will place the country on a strong footing as it emerges from the pandemic.

Homeowners Protection Act – time to revisit
Lennox Paton
  • Real Estate
  • Bahamas
  • 02 April 2021

The Homeowners Protection Act was designed to provide meaningful protection to homeowners by ensuring a true and proper discourse between borrowers and financial institutions and will likely become the epicentre of the mortgage market. However, the act has failed to achieve the balance that it sought to accomplish and is in dire need of reform.

Homeowners Protection Act – time to revisit
Lennox Paton
  • Private Client & Offshore Services
  • Bahamas
  • 01 April 2021

The Homeowners Protection Act was designed to provide meaningful protection to homeowners by ensuring a true and proper discourse between borrowers and financial institutions and will likely become the epicentre of the mortgage market. However, the act has failed to achieve the balance that it sought to accomplish and is in dire need of reform.

Real Property Tax Forgiveness Programme 2021: overview
Lennox Paton
  • Private Client & Offshore Services
  • Bahamas
  • 25 March 2021

The prime minister recently announced a Real Property Tax Forgiveness Programme which will provide waivers to Bahamian and non-Bahamian property owners in The Bahamas who are in arrears. The programme is aimed at collecting outstanding property taxes in order to bring persons into compliance and increase government revenue. It will also assist in easing the financial burden on property owners which has been exacerbated due to the COVID-19 pandemic and the consequential economic downturn.

Real Property Tax Forgiveness Programme 2021: overview
Lennox Paton
  • Real Estate
  • Bahamas
  • 19 March 2021

The prime minister recently announced a Real Property Tax Forgiveness Programme which will provide waivers to Bahamian and non-Bahamian property owners in The Bahamas who are in arrears. The programme is aimed at collecting outstanding property taxes in order to bring persons into compliance and increase government revenue. It will also assist in easing the financial burden on property owners which has been exacerbated due to the COVID-19 pandemic and the consequential economic downturn.

Dawning of a new age: proposed legislation shapes future of aviation
HarleyJames
  • Aviation
  • Bahamas
  • 27 January 2021

The introduction of three new bills will herald the dawning of a new age in aviation in The Bahamas and position the jurisdiction to attain the international recognition that it deserves. These bills – the Civil Aviation Bill, the Civil Aviation Authority Bill and the Air Navigation Services Authority Bill – address the issues arising from, and remedy the defects found in, the 2017 International Civil Aviation Organisation audit, the current Civil Aviation Act and the Civil Aviation (General) Regulations.

CESRA: economic substance reporting deadline extension
Lennox Paton
  • Corporate Tax
  • Bahamas
  • 22 January 2021

The Commercial Entities Substance Requirements Act (CESRA) 2018 requires all legal entities registered in The Bahamas to comply with economic substance reporting by submitting an annual filing to the minister of finance. Economic substance reporting under CESRA must be completed within nine months of the entity's fiscal year end; however, due to the COVID-19 pandemic, the deadline in respect of reporting for 2019 has been extended to 31 January 2021.

CESRA: economic substance reporting deadline extension
Lennox Paton
  • Private Client & Offshore Services
  • Bahamas
  • 21 January 2021

The Commercial Entities Substance Requirements Act (CESRA) 2018 requires all legal entities registered in The Bahamas to comply with economic substance reporting by submitting an annual filing to the minister of finance. Economic substance reporting under CESRA must be completed within nine months of the entity's fiscal year end; however, due to the COVID-19 pandemic, the deadline in respect of reporting for 2019 has been extended to 31 January 2021.

New legislation aims to promote proper use of environment
Lennox Paton
  • Environment & Climate Change
  • Bahamas
  • 07 December 2020

In December 2019 Parliament passed a package of environmental bills geared towards developing, reinforcing and strengthening the laws which promote and support the management, protection, enhancement and proper use of the Bahamian environment. This article provides an overview of the Environmental Planning and Protection Act and the Environmental Impact Assessment Regulations.

New legislation aims to promote proper use of environment
Lennox Paton
  • Real Estate
  • Bahamas
  • 04 December 2020

In December 2019 Parliament passed a package of environmental bills geared towards developing, reinforcing and strengthening the laws which promote and support the management, protection, enhancement and proper use of the Bahamian environment. This article provides an overview of the new legislation, including the Environmental Planning and Protection Act, which is one of the most notable new laws with respect to Bahamian real estate and development.

New legislation aims to promote proper use of environment
Lennox Paton
  • Private Client & Offshore Services
  • Bahamas
  • 03 December 2020

In December 2019 Parliament passed a package of environmental bills geared towards developing, reinforcing and strengthening the laws which promote and support the management, protection, enhancement and proper use of the Bahamian environment. This article provides an overview of the Environmental Planning and Protection Act and the Environmental Impact Assessment Regulations.

Efforts to restore and boost air travel
HarleyJames
  • Aviation
  • Bahamas
  • 25 November 2020

Like the rest of the world, the Bahamian aviation sector continues to reel from the effects of the COVID-19 pandemic. Minister of Tourism and Aviation Dionisio D'Aguilar recently addressed the easing of restrictions on air travel to, from and within The Bahamas. A travel health visa, subject to certain exceptions (eg, children under 10 years of age and crew of commercial airlines), is still required by persons travelling into or within The Bahamas.

COVID-19: force majeure and contract frustration
Lennox Paton
  • Corporate & Commercial
  • Bahamas
  • 05 October 2020

The COVID-19 pandemic has disrupted commercial activity on a global scale, challenging contracting parties' ability to fulfil their legal obligations. Force majeure clauses and frustration principles may provide some relief to those which may otherwise incur liability because of non-performance. However, there does not appear to be any clear case law precedent for COVID-19, so it is uncertain whether the pandemic will be deemed a frustrating event by the courts.

COVID-19: force majeure and contract frustration
Lennox Paton
  • Private Client & Offshore Services
  • Bahamas
  • 01 October 2020

The COVID-19 pandemic has disrupted commercial activity on a global scale, challenging contracting parties' ability to fulfil their legal obligations. Force majeure clauses and frustration principles may provide some relief to those which may otherwise incur liability because of non-performance. However, there does not appear to be any clear case law precedent for COVID-19, so it is uncertain whether the pandemic will be deemed a frustrating event by the courts.

Second eclipse for aviation sector?
HarleyJames
  • Aviation
  • Bahamas
  • 02 September 2020

The overall effect of the COVID-19 crisis on the Bahamian aviation sector is unknown and may be for some time; however, there is no doubt that the short-term effects have been severe. Tourism and aviation in The Bahamas go hand in hand, with one affecting the other. The pandemic may provide an opportunity for the country's aviation industry, as there is increasing interest from private aircraft owners and those willing to spend a little more in order to avoid the constraints of scheduled commercial travel.

Guide to purchasing property in The Bahamas
Lennox Paton
  • Real Estate
  • Bahamas
  • 28 August 2020

A second home in The Bahamas has been a highly sought-after commodity for international buyers from time immemorial. The Bahamas is an archipelagic nation of 700 islands and cays, with each island providing its own charm and unique Bahamian culture. As the value of real property in the jurisdiction tends to hold or gradually appreciate over time, the purchase of real property remains a viable and attainable wealth-creating mechanism.

Guide to purchasing property in The Bahamas
Lennox Paton
  • Private Client & Offshore Services
  • Bahamas
  • 27 August 2020

A second home in The Bahamas has been a highly sought-after commodity for international buyers from time immemorial. The Bahamas is an archipelagic nation of 700 islands and cays, with each island providing its own charm and unique Bahamian culture. As the value of real property in the jurisdiction tends to hold or gradually appreciate over time, the purchase of real property remains a viable and attainable wealth-creating mechanism.

Tax consequences of transferring Bahamian real property held by a company for estate planning
Lennox Paton
  • Real Estate
  • Bahamas
  • 24 July 2020

Bahamian real property is commonly held by a company which is incorporated in The Bahamas or another jurisdiction whose shares may be held by an individual or their nominee. A 'beneficial owner' is any person who is beneficially interested in the real property, including a beneficiary under a trust. This article considers the tax consequences of transferring Bahamian real property held by a company for estate planning purposes.

Tax consequences of transferring Bahamian real property held by a company for estate planning purposes
Lennox Paton
  • Private Client & Offshore Services
  • Bahamas
  • 23 July 2020

Bahamian real property is commonly held by a company which is incorporated in The Bahamas or another jurisdiction whose shares may be held by an individual or their nominee. A 'beneficial owner' is any person who is beneficially interested in the real property, including a beneficiary under a trust. This article considers the tax consequences of transferring Bahamian real property held by a company for estate planning purposes.

COVID-19: summary of legislation enacted in relation to corporate regulations and businesses
Lennox Paton
  • Private Client & Offshore Services
  • Bahamas
  • 04 June 2020

In response to the COVID-19 pandemic, the governor general declared a public state of emergency and implemented the Emergency Powers (COVID-19) Regulations 2020. Pursuant to the regulations, the prime minister implemented the Emergency Powers (COVID-19) (2) Order 2020 and the Emergency Powers (COVID-19) (Special Provisions) Order 2020. This article provides a summary of the provisions contained in the orders.