Carib Scope

分类： business

  • Saint Lucia clears latest EU review, remains off blacklist

    Saint Lucia clears latest EU review, remains off blacklist

    Saint Lucia has successfully preserved its position outside the European Union’s tax blacklist, as confirmed by the EU’s latest assessment published on February 17, 2026. This marks another validation of the Caribbean nation’s commitment to international tax transparency standards, a significant achievement for a country that faced EU listing less than a decade prior.

    The island nation’s journey toward tax compliance began after its initial placement on the EU’s non-cooperative jurisdictions list in December 2017. Following high-level commitments made in March 2018, Saint Lucia implemented comprehensive legislative overhauls that resulted in its complete removal from all EU tax-related lists by February 2021.

    Substantive reforms included the abolition of preferential tax regimes considered potentially harmful, particularly elements of the International Business Company framework and related offshore incentives. The government modernized its corporate tax system through the introduction of a territorial regime coupled with rigorous economic substance requirements designed to prevent artificial profit shifting.

    Transparency measures were significantly enhanced through full participation in the OECD’s Common Reporting Standard for automatic financial information exchange and compliance with Global Forum standards on information exchange upon request. The nation further aligned domestic regulations with OECD Base Erosion and Profit Shifting (BEPS) minimum standards, incorporating transfer pricing rules and anti-abuse measures.

    Prime Minister Philip J. Pierre emphasized that Saint Lucia’s achievement demonstrates how small states can meet rigorous international standards while preserving economic sovereignty. The government views tax compliance as integral to protecting correspondent banking relationships, maintaining access to international financial markets, and promoting sustainable economic growth.

    With the next EU review scheduled for October 2026, Saint Lucia maintains its commitment to upholding the highest standards of tax governance and international cooperation.

  • Southern Plains agricultural development project gets $776m boost

    Southern Plains agricultural development project gets $776m boost

    KINGSTON, Jamaica—In a significant move to modernize its agricultural sector, the Jamaican government has committed J$776 million to accelerate the Southern Plains Agricultural Development (SPAD) initiative. The substantial funding, formally outlined in the 2026/27 Estimates of Expenditure presented by Finance Minister Fayval Williams on February 12, represents a strategic investment in the nation’s food security and rural economic development.

    The comprehensive agricultural modernization project focuses on converting previously fallow sugar lands into productive irrigated farmland through sophisticated water management systems. Engineering works include constructing wells, developing extensive canal networks, and building supporting agricultural infrastructure across key arable zones in St. Catherine’s Amity Hall and Bridge Pen areas, along with Clarendon’s Parnassus region.

    Significant progress has already been achieved by December 2025, with three operational wells successfully drilled and yield-tested in Parnassus. The project has also established complete pump houses with electrical connections and advanced fire suppression systems at these well sites. Additional accomplishments encompass 15 kilometers of rehabilitated farm access roads and drainage systems in Amity Hall, plus 25 kilometers of similar infrastructure in Parnassus.

    The development initiative has restored 3,000 meters of the critical Hartland irrigation canal system while completing a massive 20,000 cubic meter reservoir complex at Amity Hall/Bridge Pen, featuring modern pump facilities and ultraviolet sterilization equipment for water treatment. The Parnassus irrigation infrastructure now stands at 99% completion.

    The project’s scope extends beyond physical infrastructure to include capacity building programs focused on climate resilience techniques, advanced crop modeling methodologies, and gender-responsive training manuals for agricultural communities. Comprehensive designs for agricultural buildings and operational manuals for the Matching Grant Scheme have been finalized.

    For the 2026/27 fiscal period, the allocated funding will enable construction commencement of specialized agricultural buildings including pack houses, while completing reinforcements to road and drainage infrastructure designed to mitigate future flood damage. Additional allocations will procure drain cleaning equipment for the Agro Investment Corporation, install renewable energy systems, and activate financial support mechanisms for farmers through the Matching Grant Scheme.

    Initiated in December 2019 with expected completion by March 2028, the SPAD project represents a collaborative effort between Jamaica’s Ministry of Agriculture, Fisheries and Mining and the Caribbean Development Bank, demonstrating multilateral commitment to sustainable agricultural development in the region.

  • One Communications announces US$25m digital infrastructure expansion

    One Communications announces US$25m digital infrastructure expansion

    In a significant move to bolster Guyana’s digital ecosystem, telecommunications leader One Communications has unveiled a comprehensive $25 million infrastructure investment plan for 2026. CEO Abraham Smith made the announcement during his keynote address at the Guyana Energy Conference and Supply Chain Expo, framing the initiative as essential to supporting the nation’s rapidly expanding economy.

    The strategic investment will focus on three primary areas: extending fiber optic connectivity into emerging economic corridors, enhancing both subsea and terrestrial network capacity, and building robust redundancy systems for mission-critical operations. Smith emphasized that modern telecommunications infrastructure has evolved from merely supporting operations to actively powering them, making reliable connectivity fundamental to national development.

    This latest commitment continues One Communications’ substantial investment history, having deployed over $250 million in network development throughout the past fifteen years, including $100 million dedicated specifically to fiber infrastructure. The company’s expansion strategy specifically targets economic growth zones such as the Wales corridor—home to Guyana’s landmark Gas-to-Energy development—where fiber connectivity has already been extended to communities including Vriesland, Patentia, Belle Vue, and Goed Intent.

    Beyond physical infrastructure, the company is advancing financial inclusion through upgrades to its mobile wallet platform, MMG, which expands digital payment capabilities and supports broader participation in the digital economy. Geographic expansion priorities for 2026 include Linden, Parika, the East Coast corridor, and Berbice, where One Communications is actively involved in digital infrastructure and data center initiatives supporting Region Six.

    Smith stressed that sustainable national development requires inclusive connectivity that reaches beyond urban centers. “Opportunity cannot stop at the city limits,” he stated, adding that digital infrastructure must extend to every region to ensure development is both genuine and sustainable. The company’s approach emphasizes building systems resilient enough to withstand pressure while ensuring coastal and inland communities alike benefit from technological advancement.

    With its fiber network already serving approximately 180,000 homes and businesses nationwide—79% located outside central Georgetown—One Communications positions itself as a crucial partner in building the digital backbone that will keep Guyana competitive and future-ready in an increasingly connected global economy.

  • St Kitts welcomes over 7,600 cruise passengers as 5 vessels call in single day  – WIC News

    St Kitts welcomes over 7,600 cruise passengers as 5 vessels call in single day  – WIC News

    The Federation of St. Kitts and Nevis achieved a remarkable tourism milestone on Thursday as five cruise vessels simultaneously called at the island nation, delivering 7,620 passengers in a single day. This unprecedented influx marked one of the busiest days of the 2025-2026 cruise season, demonstrating the growing appeal of this Caribbean destination.

    Three ships docked directly at Port Zante while two additional vessels anchored off Carambola Beach. The Celebrity Beyond led the fleet with 3,272 passengers arriving from St. Thomas, followed by Marella Explorer (1,869 passengers from St. Maarten) and Marella Discovery (1,764 passengers from the Dominican Republic). Smaller vessels Seaborne Ovation (584 passengers) and SPV Star Flyer (126 passengers) completed the diverse maritime contingent.

    The massive arrival provided substantial economic stimulation across Basseterre and surrounding communities. Local entrepreneurs including taxi drivers, tour operators, beach vendors, restaurants, and retail merchants reported exceptional business activity. Visitors dispersed across the island to experience St. Kitts’ diverse attractions, from historical landmarks and scenic railway journeys to relaxation at South Friars Bay and Cockleshell Beach. Many opted for organized rainforest tours showcasing the island’s lush interior ecosystems.

    This event occurs during what tourism officials project to be a record-breaking season that began October 6, 2025, with the arrival of Celebrity Reflection. The federation anticipates welcoming over one million cruise passengers throughout the season, featuring 13 inaugural calls including Virgin Voyages’ Brilliant Lady and Royal Caribbean’s Star of the Seas. February 2026 has been identified as particularly busy, with Port Zante regularly accommodating 4-5 ships simultaneously. Industry leaders expect the thriving cruise tourism sector to generate substantial benefits for all stakeholders involved in the hospitality and service industries.

  • Tax benefits for investments in renewable energy sources expanded

    Tax benefits for investments in renewable energy sources expanded

    Cuba has significantly broadened its renewable energy tax incentive program to include private sector participants through newly enacted Resolution 41/2026. The updated regulatory framework, published in the extraordinary Official Gazette No. 30, extends income tax exemptions to self-employed workers, agricultural producers, artists, intellectuals, and other individual economic actors who invest in renewable energy projects.

    Deputy Minister of Finance and Prices Yenisley Ortiz Mantecón clarified that the benefits apply equally to projects designed for self-consumption and those capable of contributing electricity to the National Electric Energy System. This policy revision builds upon the foundation established by Decree-Law 345 of 2017 and subsequent regulations, specifically addressing previous limitations that restricted exemptions to certain tariff items applicable to individuals.

    The incentive program requires applicants to obtain technical certification from the National Office for the Rational Use of Energy (Onure) verifying that their investment genuinely supports renewable energy development. Approved projects can enjoy tax benefits for up to eight years, corresponding to their investment recovery period as determined by Onure.

    Since the initial resolution in 2023, Onure has received 168 energy license applications—95 from non-state entities and 73 from the state sector. Currently, 56 projects are operational with granted tax benefits across provinces including Villa Clara, Camagüey, and Havana, while 112 applications remain under evaluation.

    The government acknowledges that these measures may reduce immediate tax revenues but emphasizes their strategic importance in accelerating Cuba’s energy transition. The policy includes compliance mechanisms: Onure conducts periodic audits, and the National Tax Administration Office (ONAT) may revoke exemptions if investments fail to meet established requirements or if imported equipment doesn’t correspond to approved projects.

  • Dominican Annual Tourism Exchange (DATE) 2026 returns to Punta Cana

    Dominican Annual Tourism Exchange (DATE) 2026 returns to Punta Cana

    The Dominican Republic’s premier tourism event, the Dominican Annual Tourism Exchange (DATE), is poised to showcase the nation’s vibrant hospitality sector with its 2026 edition. Scheduled for April 24–26, 2026, the Barceló Bávaro Convention Center in Punta Cana will host what industry leaders describe as the Caribbean’s most significant tourism trade fair.

    Organized by the Dominican Republic Hotel and Tourism Association (Asonahores), DATE 2026 solidifies its status as a crucial business platform generating substantial economic benefits through structured meetings between Dominican tourism suppliers and international buyers. The event serves as a strategic catalyst for investment attraction and tourist arrival growth while expanding into specialized market segments including cultural, adventure, religious, sports, and MICE tourism.

    Aguie Lendor, Executive Vice President of Asonahores, highlighted the event’s global reach: “DATE connects the Dominican Republic with worldwide tourism markets, reinforcing our regional leadership position through meaningful business connections and cultural representation.”

    The 2026 edition will feature a completely revitalized visual identity incorporating distinctive elements of Dominican culture, landscapes, and culinary traditions. Enhanced technological integration and innovative staging will complement digital tools that streamline business matchmaking while maintaining alignment with global industry trends.

    Notably, DATE 2026 will expand participation opportunities for small and medium-sized enterprises, fostering greater inclusion throughout the tourism value chain. The event will prominently feature local artisans and cultural expressions, providing direct exposure to international buyers and media representatives.

    Supported by the Ministry of Tourism and major hospitality brands including Barceló Bávaro Grand Resort, Coco Bongo, and Meliá Hotels International, DATE 2026 positions itself as both a business generation engine and a global showcase for Dominican tourism excellence.

  • Young entrepreneurs blend business with giving back

    Young entrepreneurs blend business with giving back

    A new generation of business leaders in Barbados is redefining entrepreneurship by embedding social responsibility directly into their commercial DNA. Through the Barbados Entrepreneurship Foundation’s (BEF) flagship youth program, dozens of student entrepreneurs are systematically channeling profits and talents toward charitable causes, demonstrating that commercial success and community contribution can be powerfully intertwined.

    Celeste Foster, Programs Director at BEF, observes a remarkable trend among participants: “There remains a high interest in young persons not only pursuing entrepreneurial ventures but also donating their profits to charities.” This sentiment was prominently displayed during the foundation’s tenth annual charity event, sponsored by Scotiabank and held at the Sky Mall conference rooms, where students showcased businesses built on philanthropic principles.

    The program’s innovative framework requires participants to contribute through three distinct dimensions: time, talent, and treasure. This holistic approach reinforces that corporate citizenship extends far beyond financial donations alone. “Talent represents the goods or services that they offer, and treasure is a portion of the money that they make during the competition,” Foster explained.

    This year, 35 student-run enterprises made verified charitable contributions through either direct financial donations, service provisions, or volunteer efforts. The actual participation is believed to be even higher, as some contributions are reported retrospectively. To advance in the competition, making a charitable donation is mandatory—a requirement that ensures philanthropy becomes integrated into business operations from inception.

    The BEF’s decade-long initiative has successfully cultivated an entrepreneurial ecosystem that emphasizes practical business skills, mentorship, and real-world venture experience. Program activities typically culminate in competitions evaluating innovation, sustainability, and social impact.

    Most encouragingly, the program demonstrates significant lasting impact beyond the competition period. Approximately 80% of surveyed participants indicated intentions to continue their business ventures long after the formal program concludes. Social media monitoring reveals numerous businesses from previous cohorts that remain operational and successful, confirming that participants are effectively transitioning into sustainable employment through entrepreneurship.

  • GARFIN cancels BRAVIO betting company licence

    GARFIN cancels BRAVIO betting company licence

    Grenada’s financial regulatory body has terminated the operating license of the nation’s last remaining international betting company, marking the culmination of a multi-year legislative transformation. The Grenada Authority for the Regulation of Financial Institutions (GARFIN) officially revoked Bravio Ltd.’s authorization effective immediately, according to a notice published in the February 13, 2026 Government Gazette.

    The regulatory shift began in 2021 when the former New National Party administration repealed the International Betting Act Cap 151A, which had previously governed such operations. This legislative action was further reinforced in 2023 through the International Companies (Repeal Act) (Validation) Bill, enacted by the current Dickon Mitchell Administration.

    The 2023 legislation specifically addressed the validation status of international companies that had failed to meet statutory requirements for continued operation under the Companies Act, Chapter 58A following the revocation of the International Companies Act, Chapter 152. The bill established provisions for listed international companies to continue business operations in compliance with the updated regulatory framework.

    Executive Director Denis Felix of GARFIN formally announced the cancellation, citing Section 10 of the International Betting Act Cap. 151A as the legal basis for the action. The public notice advised citizens and potential business partners to acknowledge this regulatory development and adjust their dealings accordingly.

    This decisive action represents the final implementation of Grenada’s comprehensive restructuring of its international financial services regulatory environment, effectively closing the chapter on international betting operations within the country’s jurisdiction.

  • Guyana welcomes commitment from US oil and gas companies

    Guyana welcomes commitment from US oil and gas companies

    GEORGETOWN, Guyana – The Guyanese government has formally welcomed strengthened energy partnerships with U.S. oil giants ExxonMobil and Chevron, following firm commitments announced during the recent Guyana Energy Conference and Supply Chain Expo. Both corporations pledged to support the responsible development of Guyana’s hydrocarbon resources while ensuring generational benefits for the nation.

    ExxonMobil Guyana President Alistair Routledge emphasized the company’s substantial investment in local content development, revealing that US$3.6 billion has already been allocated to Guyanese employment and local business procurement. Meanwhile, Chevron CEO Mike Wirth affirmed his company’s dedication to supporting Guyana’s ongoing development initiatives, particularly through its 30 percent stake in the prolific Stabroek Block.

    Natural Resources Minister Vickram Bharrat disclosed remarkable production growth metrics, with oil output surging from 120,000 barrels per day (bpd) in 2020 to exceeding 900,000 bpd by 2025. This transformation establishes Guyana as a premier global producer of low-cost, low-emission resources while maintaining international respect for its well-regulated energy sector.

    The Ministry of Natural Resources concluded the conference by reaffirming its commitment to collaborative stakeholder engagement, ensuring that natural resource management delivers inclusive and sustainable benefits for Guyanese citizens and the broader regional community.

  • Scammer forfeits J$12 million, BMW X6 after Supreme Court order

    Scammer forfeits J$12 million, BMW X6 after Supreme Court order

    JAMAICA’S FINANCIAL CRACKDOWN: In a significant legal development, Jamaica’s Financial Investigations Division (FID) has successfully obtained a Supreme Court Consent Order to recover illicit gains from a decade-old lottery scam operation. The civil recovery proceedings, initiated under the nation’s Proceeds of Crime Act (POCA), targeted assets acquired by defendant Simnel Mullings between 2009 and 2010.

    Court documents reveal compelling evidence demonstrating Mullings received over US$54,695 through numerous remittances from multiple senders in the United States during the specified period. These transactions were conclusively linked to unlawful activities associated with lottery fraud schemes.

    The January 2026 court mandate requires Mullings to pay J$12 million to the state, with J$4.5 million paid immediately upon settlement. The remaining J$7.5 million will be disbursed through 16 structured monthly installments of J$468,750, commencing February 2026.

    In addition to the financial penalty, the court ordered the forfeiture of a 2012 BMW X6 vehicle registered under an associate’s name but proven through financial investigation to be beneficially owned by Mullings. The luxury vehicle, described as being in excellent condition, now becomes state property.

    Keith Darien, Principal Director of Financial Crime Investigations at FID, emphasized the strategic importance of civil recovery mechanisms: “Civil recovery helps to stop crime from paying. Where evidence supports it, even without criminal conviction, we will employ due process to recover illicit benefits, deter offenders, and protect public interest, particularly when fraud and deception cause substantial harm both locally and internationally.”

    The case exemplifies Jamaica’s strengthened asset-recovery framework, which utilizes court-supervised processes and legal safeguards to remove the financial benefits of criminal activity, representing a sophisticated approach to combating financial crimes.