The Government is reviewing a report on “The Economic Impact of Vacation Clubs and Timeshare in The Bahamas”, and will be promoting new legislation to upgrade and expand the financially promising time-share industry. The report was tabled in the House of Assembly during the ongoing Debate on the 2002/03 Budget.
The Minister of Tourism, the Hon. Obie Wilchcombe, confirmed that his Ministry will take an active role in encouraging time-share developments, noting that some destinations in the region already receive a substantial percentage of their visitors from time-share vacationers. He considered this an “outstanding buffer” that will help achieve the financial results needed from tourism, the nation’s number one industry.
The Report speaks to the “millions of dollars” that can be generated annually from this fast-growing industry.
The Bahamas introduced the *Act To Provide For The Creation, Regulation And Management Of Time-Sharing & Vacation Projects; For The Protection Of Purchasers Of Time-Sharing And Vacation Plans; And For Connected Purposes* in 1999, with the Investments Board subsequently publishing the *Bahamas Vacation Plans & Time-Sharing Regulations* in 2000.
Visit the Bahamas Investment Authority’s web site (see link below) for downloads of the current Act and Regulations.