Ladies and Gentlemen,
One of the greatest honors of being Prime Minister is the ability to empower Bahamians directly.
Today, we are doing just that—handing over 28 keys to families ready to unlock the doors to their new homes and start a chapter filled with new memories. This moment symbolizes and represents hope, stability, and the promise of a brighter future.
Today’s event is a powerful reminder of why I ventured into politics: to make a real difference in people’s lives. We are here to create a country where the government meets Bahamians halfway. Where hard work and perseverance are rewarded, where striving towards your best ensures that there’s a ladder waiting for you, and where, if you find yourself in challenging circumstances through no fault of your own, you can rest assured knowing the government has your back.
This mission is personal for me. My mother was a maid, my father was a fireman and then a taxi driver. Despite the odds, they made it work. They instilled in me the values of hard work, resilience, and the belief that no matter your background, education, or income, you deserve a fair shot at success in this country. That is the Bahamas my administration is fighting for.
To our new homeowners, from the police officers who safeguard our communities to the nurses who care for us; from the beauticians who uplift our spirits to the firefighters who protect us; from the housekeepers and taxi drivers who keep our daily lives moving smoothly to the computer analysts, casino workers, network administrators, office administrators, and executive assistants who drive our economy forward—today is for you. You embody the spirit and determination of the Bahamian people.
As we hand over these keys, remember that they unlock not just doors. They unlock potential, dreams, and the very essence of what it means to strive for and achieve a better life. This is the kind of country we are committed to building—one where every Bahamian has the opportunity to succeed, regardless of their starting point.
As we maintain our focus on reducing the cost of living and creating more opportunities for Bahamians, affordable homeownership is an essential component of our blueprint for a fairer, and more prosperous Bahamas.
At the heart of our administration’s agenda is a commitment to ensuring that every Bahamian has access to affordable housing.
Recognizing the hurdles first-time homeowners face, we implemented the First Home Owners Stamp Exemption, a crucial measure in our comprehensive housing strategy. By waiving VAT duties on conveyances and mortgage instruments, we make homeownership more affordable for first-time buyers. This, coupled with the increase in the exemption of VAT on homes valued up to $300,000 and offering VAT refunds on construction materials and services, underscores our dedication. These initiatives are policies that represent our direct investment into your future and our shared vision of a nation where every Bahamian has the opportunity to build and own a part of this beautiful archipelago.
The Renaissance at Carmichael, more than anything, represents progress. For far too many years, we have had insufficient affordable housing opportunities for our people. But this administration not only believes in homeownership as a fundamental building block in wealth generation, we also generally believe in facilitating the success of the Bahamian people.
That belief underscores all our policies to uplift and empower. This project is just one example of what our belief in Bahamian excellence looks like, manifested into policies and programmes.
We are also making strides in facilitating land transfer between family members and loved ones by reducing VAT on property transfers, and eliminating it entirely on land transfers between joint tenants and tenants-in-common.
Furthermore, we commend the Central Bank of The Bahamas for easing guidelines for domestic banks and credit unions on residential mortgages. This policy adjustment, which includes reducing the minimum equity requirement and eliminating mortgage indemnity insurance for lower down payments, is a significant step forward. It promises not only to lessen the financial burden on aspiring homeowners but also to widen the path to credit access for more borrowers.
This is how aspirations become reality.
Congratulations to everyone who is receiving a key today. May your new homes will be filled with joy, love, and countless memories.
Friends, together we are building a stronger Bahamas.
Thank you.
