The minister of state for investments is blasting "misleading" representations that Canada and The Bahamas are at odds when it comes to foreign direct investment. Khaalis Rolle, referring to an article published on Friday in The Tribune, also called the depiction "damaging", adding that investment between the nations is, in realty, at a near all-time high. The supposed "warning" is a single paragraph found on a government website, which notes that Canadians interested in property in The Bahamas should seek legal advice prior to purchase.
That practice is not unusual for individuals seeking property anywhere abroad. It added that disputes, should they arise, could be costly to resolve. The document itself was dated back in August. At no point in the document did it explicitly discourage Canadians from actually buying property in The Bahamas. "I don't know where this warning is coming from," Rolle told Guardian Business. "I don't think the Canadian government has placed an investment warning, when you consider there are thousands of transactions taking place actually with Canadian citizens, with very few complaints."
The alleged impetus behind the "warning" stems from an ongoing dispute at Oceania Heights in Exuma, where a dozen or so homeowners have continued to fight the developer over a number of issues. "I won't say a problem doesn't exist there. But I don't think it will have a major impact, overall, on Canadians investing in The Bahamas," according to Rolle, who pledged to look further into the issues at Oceania Heights. Indeed, investor confidence from Canada appears to be on an upward curve.
Canadian individuals and companies have significantly increased investment in The Bahamas in recent years. Brookfield Asset Management, based in Toronto, purchased Atlantis and the One&Only Ocean Club from Kerzner International earlier this year. The Sunwing Group inked a deal to renovate and manage the 500-room Reef Village in Grand Bahama last week.
Meanwhile, a majority stake in Grand Isle in Exuma has been recently purchased by Ottawa investor Peter Nicholson, and February Point, as first reported by Guardian Business, is poised to sell for "eight figures" to another Toronto-based corporation. Judy Herlock, a top realtor on Exuma, agreed that Canadian investment has been significant. "When it comes to the economy, Canadians have kept this market going, whether it be property purchases or house rentals. Their dollar was very strong and the economy wasn't hit as hard, as in the U.S.," she said. "So most Canadians are very happy with The Bahamas."
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