Hot Off The Press January 2008

During his presentation, Gore focused on the belief that the planet’s physical changes will one day influence the global economy, highlighting his “Thinking Green: Economic Strategy for the 21st Century” theme. He encouraged business audiences to jointly consider environmental, social and political issues when planning economic strategy.

“We have to find the moral courage to act boldly and quickly,” said Gore regarding the Caribbean’s role in local environmental initiatives to help control climate change. “Between what we have seen and heard at [the Environmental Conference,] I am inspired because [the Caribbean] has laid the foundation for all the seeds of actions that will create a better world to live in.”

These green initiatives are particularly important to Turks & Caicos, a destination that prides itself on pristine beauty and the maintenance of its natural environment, because any rise in sea level can affect the Islands’ infrastructure that is concentrated in the coastal zone.

“I wish to emphasize our commitment to implementing policies and programs that will place importance on our natural wealth and the need to conserve these resources at center stage,” said Honorable Michael Misick, Premier of the Turks & Caicos Islands.

Furthermore, Honorable Michael Misick commented on what the Islands can do to contribute to the range of global efforts including developing a comprehensive strategy for the conservation of biodiversity, encouraging the importation of green technology to ensure that the development of the Turks & Caicos Islands proceeds in a sustainable manner, implementing a strategy to identify avenues for the use of renewable energy, recognizing the importance of awareness and education in the thrust for sustainability, and finally reaffirming the Turks & Caicos Government’s commitment to meeting the environmental objectives.

“The Turks and Caicos Government has been taking actions to bring climate change and our environmental concerns to the forefront of the consciousness of our people, as the economic, environmental and social costs are too high to be ignored,” said Honorable McAllister E. Hanchell, Minister of Natural Resources, Fisheries, and the Environment in the Turks & Caicos Islands, during the opening ceremony. “I am confident that our collective efforts can and will be stronger than the destructive nature of global warming.”

“While we, as small island nations, have little scope to arrest the causes of climate change, it is nevertheless critical that we take collective steps to adapt to these changes,” said Judith Garland-Campbell, Permanent Secretary of the Ministry of Natural Resources in Turks and Caicos.

The Turks and Caicos Government’s efforts have brought forth immense environmental accomplishments, including the investment of more than $5 million annually in the upkeep of the Islands’ reef and environment. Proactive activities such as environmental workshops have been held in conjunction with beach clean-ups, tree-planting initiatives and the endorsement of environmentally friendly products and equipment.

“The Ocean Conservancy was pleased to partner on the Turks and Caicos Environmental Conference,” said Jack Sobel, Ocean Conservancy’s director of strategic conservation science and policy. “The event brought together an extraordinarily talented group of participants from throughout the Wider Caribbean for thoughtful and productive dialogue, highlighted the TCI's tremendous resources and climate change and other stresses facing them, and resulted in commitments to collaborate on protecting these resources.”

“Turks & Caicos has shown a great capacity for environmental leadership for their nation, the region, and indeed the world by addressing significant critical climate change issues shared by many small island developing states,” commented Dr. Richard Dodge, Dean of the Nova Southeastern University (NSU) Oceanographic Center and executive director of NCRI. “Nova Southeastern University Oceanographic Center and its component, NCRI, welcome the opportunity to partner with the Turks & Caicos Islands as needed in fisheries, coastal resources management research, and higher education.”

About Turks & Caicos
The 40 islands of the Turks & Caicos, of which eight are inhabited, are renowned for their award-winning beaches, diving and array of world-class resorts. Additional activities include tennis, golf and horseback riding. The islands feature a variety of spa and body treatment services and is home to the world’s only conch farm. There are three daily 90-minute direct flights from Miami, a US Airways direct flight from Charlotte, daily flights from New York and weekly flights from Dallas, Boston, Philadelphia, Atlanta and Toronto. For more information on travel, visit the Turks & Caicos Tourist Board Web site or call (800) 241-0824.

GREAT NEWS FOR RECENT BUYERS IN PANAMA
The Deadline for 20 year Property Tax exemptions has been extended!

The Panamanian Goverment has extended the 20-year property tax exemption for all projects, apartments and houses whose building permits are issued before December 31st, 2009. The previous cut-off date was August 31st 2007. This good news was announced by Minister of Housing Balbina Herrera and received with Iván Carlucci, President of the Asociación de Corredores de Bienes Raíces (Acobir), said that "this change is healthy, and it is a sign that the sector will continue to grow dynamically."

Carlucci said that the waiver, which will benefit all types of buyers, gives Panama a competitive edge over other countries in marketing real estate projects.
This is great news for the real estate industry in Panama since it extends the 20-year property tax exemption for all projects whose building permits are issued before December 31st, 2009.

Combined with the recent reinstatement of the 90-day tourist visa for U.S. citizens, these two decisions restore some of the key competitive advantages that Panama has offered in recent years.

More than that, however, is the very powerful message that these decisions sends to the international market. It is clear that the government of Panama has given great thought to these two issues and has responded appropriately. The government is once again removing barriers to investment, providing economic incentives and is encouraging the international community to come to Panama.

These decision will set the stage for continued economic expansion in Panama.
It is important to note that the exemption is not automatic, as one must apply for the exemption. The good news is that any Panama lawyer can help you do this for a few hundred dollars.

UNITED NATIONS DEVELOPMENT PROGRAMME (UNDP) LAUNCHES ITS HUMAN DEVELOPMENT REPORT (HDR) ON CLIMATE CHANGE THIS WEEK

The UNDP reports that climate change is deepening the divide between the rich and poor across Latin America and the Caribbean, threatening to halt and then reverse advances in health and education for the most vulnerable, according to the United Nations Development Programme (UNDP) Human Development Report (HDR) on climate change launched this week.

Building on the recently-released Intergovernmental Panel on Climate Change (IPCC) Synthesis Report, the 2007/2008 HDR, entitled Fighting climate change: Human solidarity in a divided world, sets out a pathway for climate change negotiations in Bali, Indonesia, and stresses that a narrow ten-year window of opportunity remains to put it into practice.

If that window is missed, temperature rises of above two degrees Celsius could see over 10 percent of land in the Bahamas submerged under water, losses of up to 60 percent of rain-fed maize production in Mexico on which two million poor farmers depend, the disappearance of glaciers that provide 80 percent of fresh water to Peruvian cities, and increased cases of dengue fever in previously dengue-free areas of Latin America, says the Report.

“The carbon budget of the 21st Century the amount of carbon that can be absorbed creating an even probability that temperatures will not rise above two degrees—is being overspent and threatens to run out entirely by 2032,” says Kevin Watkins, lead author and Director of the Human Development Report Office, “and the poor—those with the lightest carbon footprint but the least means to protect themselves—are the first victims of developed countries’ energy rich lifestyle.”

The world’s richest countries have a historic responsibility to take the lead in balancing the carbon budget through a range of measures, says the Report, including: cutting emissions by at least 80 percent by 2050; investing at least an additional US$86 billion annually in adaptation efforts to protect the world’s poor; supporting the production of biofuels without eroding the rights of small farmers or indigenous people; and backing efforts to reduce deforestation in countries like Brazil.

The Report argues that with the support of such measures and through international cooperation of finance and low carbon technology, developing countries should also play their part with total emission cuts of at least 20 percent by 2050.

DOMINICA AND ST. CROIX IN THE CARIBBEAN MAKE THE TOP 10 LIST OF ECO-FRIENDLY DESTINATIONS

With more travelers expected to go green on their vacations next year, online travel community IgoUgo, owned by Travelocity, has come up with its top 10 eco-friendly destinations, which include locations in two Caribbean islands, St Croix and Dominica.

The list is based on recommendations from IgoUgo editors who reviewed the journals by some of its 350,000 members with comments by the travelers listed.

Buck Island Reef National Monument - St Croix, US Virgin Islands

"The reef surrounding was named America's first-ever underwater national monument in 1961 which, naturally, has resulted in an ecosystem so thriving and well-preserved that 30,000 visitors a year flock to see it, making it the single most popular attraction on St. Croix. This was the highlight of our vacation!"

Rainforest Hike to Middleham Falls & Ti Tou Gorge with Ken's Hinterland Adventure Tours - Dominica

"This is a great day trip if you do not mind getting a little dirty. The tour starts off with a drive up in the rain-forested mountains of Dominica. After about 1.5 to 2 hours of hiking, we arrived at Middleham Falls. A short drive took us to Ti Tou Gorge, a cave-like river with a waterfall at one end. Ti Tou is very refreshing, cold, and difficult to swim in, but it is a once-in-a-lifetime experience; there's nothing like swimming upstream in a dark cave."