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Meet in The Bahamas and save tax dollars
WELCOME BAHAMAS - NASSAU, CABLE BEACH & PARADISE ISLAND - 2006
Meet in The Bahamas and save tax dollars
US taxpayers travelling to The Bahamas for business meetings can now write off expenses
A sprinkling of sun and sand at your next convention could mean a nice break on your next tax bill; US taxpayers travelling to The Bahamas for business meetings can now write off the expense as if the event were held in their home country.
The cost of attending business events in The Bahamas became tax-deductible for US taxpayers as of Jan 1, 2006, thanks to a Tax Information Exchange Agreement (TIEA) between the US and The Bahamas. The TIEA established a basis for the two countries to share information on criminal and civil tax matters.
As one part of the agreement, US taxpayers may now deduct from their income the costs incurred while attending a convention, business meeting or seminar in The Bahamas - just as they are permitted to do when going to events at home.
This change is expected to encourage more US organizations to choose The Bahamas as the host country for meetings and conventions. It also adds one more incentive to the long list of attractions that make the islands popular with event planners around the world.
After a study with Weber Shandwick, which included the opinions of international travel professionals, FutureBrand, an international branding agency, chose The Bahamas as one of the top five countries in the world to host a convention, ahead of such heavyweights as France, Japan and the United Arab Emirates.
Popular with planners
"We've done a lot of business in The Bahamas, which has really turned into a solid destination for meetings," says Jerry Janove, vice-president of sales for Resort Meetings Consortium, a Florida-based buyers' club that organizes meetings on behalf of US corporations and trade associations. He cites factors such as frequent and direct airline links, proximity to major urban centres, a high calibre of hotels and resorts and the allure of a beautiful destination as criteria that make The Bahamas a desirable meeting and convention site.
"The fact that this country is so easily accessible to such a large part of the North American population is especially great, since many groups typically meet for shorter, three- or four-day gatherings," says Janove. Participants can experience an exotic offshore travel experience within an hour's flight from Miami or just three hours from New York. Being located within the Eastern time zone is an important consideration for participants who need to stay connected with business developments back home.
Janove predicts the new tax advantage will prompt many US groups to bring their events to the islands for the first time.
Worldwide appeal
While the tax break is sweet for some, it's certainly not the only thing bringing more business groups from around the world to The Bahamas, says James Malcolm, executive director of group travel with The Bahamas Ministry of Tourism. He says meeting planners are beginning to discover the varied choices available in both new and well-established resorts.
"The Bahamas is not just one destination; there are many places to go: At least nine islands have facilities and services especially geared to group events and meetings," says Malcolm, a Bahamian who has worked as a hotel executive in the US and in The Bahamas, and as an account executive with incentive travel specialist, Maritz Inc. Bahamian meeting locations range from bustling Nassau and the commercial hub of Freeport/Lucaya on Grand Bahama, to exclusive retreats in tranquil settings in the Out Islands.
Expanding facilities
Hotel and resort developments taking shape across the country are including facilities to accommodate larger conventions and meetings in places that allow guests to mix business and pleasure.
On the Cable Beach strip in Nassau, hotelier Starwood Hotels and Resorts Inc and casino operator, Harrah's Entertainment Inc, are partnering with local interests in a $1.6-billion redevelopment of Cable Beach into Baha Mar Resorts. This six-hotel resort, golf and spa complex is slated to include 175,000 sq ft of dedicated meeting space. While the four-year project gets underway, $15 million is being spent renovating the site?s existing Radisson Cable Beach, Nassau Beach Hotel and Wyndham Nassau Resort & Crystal Palace Casino facilities.
At the 2,300-room Atlantis on Paradise Island, convention facilities are being expanded to 150,000 sq ft with the addition of a new ballroom, scheduled to open in early 2007. "The new space will allow more flexibility for groups and a greater variety of events, from meetings to trade shows," says Alex Kim, vice-president and general manager of conference services. It will increase the number of meeting rooms from 33 to 44, and will accommodate up to 5,000 people at a time, he says.
On Grand Bahama, The Westin and Sheraton at Our Lucaya Beach & Golf Resort caters to corporate events, incentive travel, meetings, conventions and other gatherings with 90,000 sq ft of indoor and outdoor space for functions, set
on more than 370 acres of tropical grounds.
In the southern part of the Exuma island chain, near George Town, the 183-room Four Seasons Resort Great Exuma at Emerald Bay opened in late 2003. Its intimate island setting lends itself to high-level executive retreats, incentive programmes or strategy sessions, and has conference and banquet facilities for up to 500.
"Each island has a distinctive appeal," says Malcolm. "The Bahamas gives meeting planners a lot to work with."
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