Instead of going to the Central Bank when they need more than $1,000 to travel Bahamians can now get up to $10,000 of foreign currency from their local bank.<\/p>\n
In an effort to make foreign exchange more customer friendly, Exchange Control limits were raised yesterday and some restrictions softened.<\/p>\n
Prime Minister Perry Christie also announced that Bahamians will no longer have to pay a premium on Employer Stock Option Plans (ESOP’s). Instead of purchasing them through the investment Currency Market at a premium of .25%, Bahamians will pay the same rate as their overseas counterparts up to $10,000.<\/p>\n
He said thousands of Bahamian professionals work for offshore and foreign-based institutions which offer company shares at lower rates. Deputy Governor of the Central Bank, Wendy Craig said there are approximately 14 companies which offer such stock options.<\/p>\n
Other changes to the Exchange Rules include an increase in the annual business travel allowance from $10,000 to $50,000 per person. As before, this does not apply to payments for imports.<\/p>\n
The maximum annual allowance for gifts has been increased to $10,000 from $1,000 per person.<\/p>\n
The sundry payments category, which provided for non-cash allowance limits of between $1,000 and $6,000 per transaction on a broad range of items and limited medical expense, alimony and educational payments to the amount being paid, will be increased to $25,000 in almost all cases. And it is no longer necessary to get special approval to make educational support and other miscellaneous payments for up to $2,500. per transaction.<\/p>\n
The credit card allowance has been increased from $10,000 per transaction to $25,000.<\/p>\n
Non-oil imports – which account for the bulk of outward payments – will carry a maximum transaction limit of $500,000 per invoice at banks, up from $100,000.<\/p>\n
The limit on the amount of money that can be taken out of the country at official rates of exchange for emigration purposes increased from $25,000 per emigrant to $125,000. Requirements exceeding this limit will be evaluated on a case-by-case basis instead of being automatically blocked for four years.<\/p>\n
Limits on overseas investment have increased. Until yesterday an investor could exchange up to $100,000 or 0.30% of the investment cost, whichever was greater.<\/p>\n
Now residents will be able to purchase up to $1 million per person or entity in qualifying investment projects at no premium, with an overall limit of $5 million per transaction. This will be possible once every three years.<\/p>\n
Mr. Christie said this does not apply to offshore portfolio investments by Bahamian residents which will remain under existing Investment Currency arrangements.<\/p>\n
The Prime Minister said the government recognizes this could be a successful tool in promoting Bahamians’ stake in key offshore economic activity, including the offshore financial services industry.<\/p>\n","protected":false},"excerpt":{"rendered":"
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