Bahamas luxury tourism: Sometimes, a small spark is enough to set the whole jungle on fire. For Bahamas, that spark was the FTX scandal. The tag of ‘tax haven’ has become an insult for the Bahamas as more and more firms are keen to leave the Bahamas. From then on, the economic distress has turned the nation upside down.
However, everyone knows that recovery is important. For that, the Bahamas has chosen to focus on the luxury tourism sector.
On 13th January 2023, the Bahamian government signed a Heads of Agreement (HOA) with the developers behind a $175 million luxury resort and residential development on Torch Cay – the southernmost tip of the Exuma chain. Torch Cay, also known as Hog Cay, is a privately-owned, 707-acre island.
Behind this newly signed HOA, Prime Minister Philip Davis stressed that the development being undertaken by PMR Bahamas as a groundbreaking new residential community that promises 350 annual jobs throughout its two-phased construction period and a further 250 jobs once operational.
Reportedly, the development project will feature an 18-hole golf course, environmental research facility, sustainable farm, beach club, and spa. Other features of the development include a marina and runway with an International Civil Aviation Organization designation.
The sudden rise in luxury investments
Not only this, but the Bahamas government has also opened Nassau’s first luxury residential resort on Cable Beach for luxury tourism. The new Goldwyn Resorts and Residences is now open on a spectacular stretch of the island’s most famous beach.
The hotel is a part of the Small Luxury Hotels portfolio, and has a total of 81 residential-style rooms, with a mix of studios, one, two, and three-bedroom suites, and another three “Edge” suites. Amidst this, Nassau has also reopened its new Great Harbour Cay airport. As per the Bahamas, the newly built airport would serve as a catalyst for the revitalisation of tourism across the country. Next month, another resort is also debuting its Rhizophora Spa.
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Fixing the FTX mishap
The Bahamas is clearly pressing on luxury tourism and this has happened at a rapid rate after the FTX scandal. The Bahamian government aimed to establish the country as a global hub for cryptocurrency through the crown jewel of its efforts, the cryptocurrency exchange FTX. However, FTX has declared bankruptcy, leaving the Bahamian people to ponder their next steps and question the outcome of their national crypto venture.
Meanwhile, regulators are attempting to track down the missing funds of FTX’s customers. The sudden failure of FTX had a significant impact on local businesses, with one food catering service reporting that they had to lay off most of their employees due to the loss of their largest contract.
After the fiasco, the investment environment has suffered greatly and by no means, the Bahamas want to lose its base of income i.e. investments and tourism. Hence, the focus on luxury tourism has increased.
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The Bahamian government’s efforts to establish the country as a hub for luxury tourism is aimed at restoring its former economic prosperity and reputation. Whether this approach will be successful remains uncertain, with many factors at play and various outcomes possible. Only time will tell if the Bahamian government’s efforts to attract wealthy tourists and rekindle their former glory will pay off.
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