By Andrew Green, Staff Reporter
United States Ambassador Sue Cobb (left), converses with Dr. Peter Phillips, Minister of National Security (right) and Richard O. Byles, Chairman of Pan Caribbean Financial Services Limited (Pan Caribbean). They were attending an economic forum sponsored by Pan Caribbean at the Terra Nova Hotel yesterday. - Ian Allen/Staff Photographer
JAMAICA IS benefiting from a market created by wealthy Americans seeking to retire in an environment like that in Florida, said Donovan Perkins, president and Chief Executive Officer of Pan Caribbean Financial Services Limited (Pan Caribbean).
The problem is that Jamaica's widely publicised crime problems stand in the way of fully realising that potential, he said. He was speaking at an economic forum sponsored by Pan Caribbean at the Terra Nova Hotel yesterday.
"Within the next 10 years, over 8 million (American) baby boomers will retire and move to Florida," Mr. Perkins said. "These individuals will sell their homes up North many of these homes priced in excess of US$1 million, and head south to escape the cold."
HIGH SPENDING RETIREES
This trend is already putting pressure on real estate prices on the West Coast of Florida, he said. Whole communities are being developed to serve the needs of these wealthy, high spending retirees.
As a result, new retirement options have begun to emerge in Central America and the Caribbean. This is happening where the retirees find airlift to the U.S., stable economies, a warm climate and a ready labour market to supply their need for domestic helpers.
Costa Rica and the Bahamas are already benefiting from the trend, he said. In Barbados, he said, there had been a "phenomenal" influx of wealthy retirees.
"Harmony Cove has some interesting prospects along these lines," he said. Located on a 1,400-acre site near Duncans, Trelawny, the $72 billion project is intended to be a complete resort community, with four five-star hotels, 11 manor houses, 88 villas, 60 condominiums, three golf courses, shops, and a marina with up to 300 berths.
CANADIAN BILLIONAIRE
One potential investor in the project is Canadian billionaire Raymond Chang who plans to visit the site shortly. "Let's hope that next month, when Ray Chang arrives with his inspection team, we don't have any 'triple murder' headlines," Mr. Perkins said. Minister of National Security, Hon. Peter Phillips, in his address to the Pan Caribbean function, said organised criminal activities had reached unacceptable levels with gangs linked to the illegal drug trade now venturing into other criminal activities.
Several countries have achieved significant economic growth rates despite also having high crime rates, Mr. Perkins said. Jamaica is different.
"Crime is a major deterrent to business, and is a strain on the national psyche," Mr. Perkins said. "One of the victims of a sustained and prolonged crime wave will eventually be tourism, followed by manufacturing, the export sector and so on."
The entire economy and its continuing revival depends on Jamaica overcoming the crime menace. The Pan Caribbean executive said, "Minister Phillips, you and your team have a very important
responsibility."
