Bahamas Information

[old man]

Bahamamike, Just out of curiosity. Do you know what percentage of treasure the Bahamas is going to receive for issuing a salvage permit ??

 

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[ScubaFinder]

25% to Bahamas, 75% to Salvor

 

[Shawmen]

In light of the Odyssey disaster with Spain, it would be interesting to know, pre-100K, what the Bahamian Governments position is in regards to any Spanish claim against recovered Spanish items??
Any thoughts on that Mike?
TIA...

 

[FISHEYE]

If its a pirate wreck.Spain wont try and claim it.Nor will any other country.

 

[Dell Winders]

I try to see this from both points of view. Probably just as important to the salvors would be, What is the method of division? And. how often is the division scheduled?

I hope they don't follow the Florida model. Only a salvor with very deep pockets, and unlimited resources can survive the high expense of operation until there is a paycheck, if any. It is the Salvor, and the investor taking the biggest gamble, and most risk, and rightly so, the larger percentage. It takes a lot of money to search for a Gold bar, in a huge ocean, while systematic daily collecting, recording and plotting the required data to sustain a lease. And then there is the cost of security.

Regretfully, that leaves me out, and probably a number of Bahamians, that would like the opportunity to legally search for Treasure in their own country. Dell

 

[FISHEYE]

There will be your research,then you will have to do a mag and SS survey,maybe even a sub bottom survey.What permits and costs are needed for the surveys?How about waiving of the boat and ships fees to enter the bahamas do do the surveys?Is a bond required to do a survey?

 

[ScubaFinder]

I realize the bond is a HUGE issue, believe me I've lost a few capable investors on this point alone already. You have to look at what we are dealing with, and what has transpired in the past. The Prime Minister of the Bahamas still has a VERY bad taste in his mouth following the last set of commercial salvors that were there. Then add in the pirates that were caught stealing from the Maravilla and its not that hard to understand why the bahamian Govt. feels the need to protect itself...you would too!.

In reality, it takes a LOT of money to mount a respectable salvage operation. When you take into account fuel, staff, dockage, housing for crew, gear purchases and repairs, survey, research, conservation, etc. a properly funded venture shouldn't be too worried about $100K. That's about what you should expect to spend in 3 months if you are doing everything correctly, bringing up treasure, and working every good weather day.

This is not a cheap endeavor, sure you can run a two man crew on the 1715 fleet for a few hundred a day but that isn't going to cut it on most of the sites in the Bahamas.

 

[Hubster]

Companies don't usuallyput up a "cash" bond themselves. Typically, they find an insurance company that offers bonding, start paying premiums to the insurance company, and the insurance company provides the bond. It's just another form of insurance (or somewhat similar to "bail" if you happen to be more familiar with )

 

[ScubaFinder]

or somewhat similar to "bail" if you happen to be more familiar with

Now that should make it clear to most of the members here. LMAO

We are doing it through an insurance agency, but it seems to be a big point of contention with everyone else. Even as an insurance bond it still ran off a few of my investors, I guess it makes people worry a bit that it is even needed. The payments on that bond are pretty steep as well. I think the bond also acts as a simple way to weed out under-funded companies who might take one of the 5 permits and then not have the money to do any work.

 

[bahamamike]

Mike, my question pertains to customs & immigration.

I'm assuming the first Shipwreck permits will be issued to Bahamanian companies? If it is in their interest to lease an equipped survey, or salvage boat, and/or a qualified crew from the US private sector, does the Bahamas salvage permit account for this, or will it be necessary for the permit holder to pay additional bonds, customs fees, and secure individual work permits for Captain, and technical crew before they are allowed to legally exercise a search & recovery permit.

Will a visa, be sufficient for an American to be aboard a Bahamian, or American registered vessel, as an advisor?

Thanks. Dell

Sorry for the delay Dell, I have been nursing an injury and been online much. This is one of the final questions I have for the government on the issuing of the licences. There is a meeting scheduled for next week with all of the agencies which will be involved, including Customs and Immigration, and it is on my list of questions. I will report back, once I have a firm answer.

 

[bahamamike]

Hi Bahama Mike,

Aside from the permitting process, any idea how the Bahamas are handling the issue of determining ownership of shipwrecks? For example:

1) Are the Bahamian courts setup to determine ownership? If yes, are the courts applying the traditional maritime/admiralty concepts of the law of finds (requiring the wreck be abandoned) and the law of salvage?

2) For state owned vessels (e.g., warships), will the courts require that the state has "expressly" abandoned (e.g., via a Treaty) a ship before finding abandonment?

3) Also, do the Bahamian courts recognize the concept of sovereign immunity (as in the Black Swann, Odyssey Marine case)?

thx,
Hub

According to Bahamian Law, anything in The Bahamas, is owned by the Government of The Bahamas. Also, I have been told that the Government is not going to entertain requests from Foreign Governments regarding ownership of wrecks.

 

[bahamamike]

I worked as a subcontractor so to speak, under Rosco Thompsons permit in the early 90s. Is he still around? And would it be easier for Bahamian citizens to get search permits and allow non Bahamians work under thier papers?

The elder Rosco Thompson passed away recently, but his son is still alive. He is actually a political candidate, so probably not going to be applying right now.

 

[bahamamike]

In light of the Odyssey disaster with Spain, it would be interesting to know, pre-100K, what the Bahamian Governments position is in regards to any Spanish claim against recovered Spanish items??
Any thoughts on that Mike?
TIA...

I mentioned this earlier, but from what I have been told the Government will not entertain those requests.

 

[Dell Winders]

Mike, my question pertains to customs & immigration.

I'm assuming the first Shipwreck permits will be issued to Bahamanian companies? If it is in their interest to lease an equipped survey, or salvage boat, and/or a qualified crew from the US private sector, does the Bahamas salvage permit account for this, or will it be necessary for the permit holder to pay additional bonds, customs fees, and secure individual work permits for Captain, and technical crew before they are allowed to legally exercise a search & recovery permit.

Will a visa, be sufficient for an American to be aboard a Bahamian, or American registered vessel, as an advisor?

Thanks. Dell

Sorry for the delay Dell, I have been nursing an injury and been online much. This is one of the final questions I have for the government on the issuing of the licences. There is a meeting scheduled for next week with all of the agencies which will be involved, including Customs and Immigration, and it is on my list of questions. I will report back, once I have a firm answer.

Thank you Mike,

I am very sorry about your injury. Things happen without warning. I just got nailed by a Brown Recluse Spider, while I was sleeping. Nothing can be done about it except try to prevent infection.

I'm thinking, total immersion in the clear Bahamian waters would be excellent therapy. Or, maybe, the quest for shipwrecks will inadvertently discover the healing waters at Bimini.

I hope your injury heals quickly. Dell

 

[bahamamike]

i think you are onto something Dell, screw this treasure hunting lets continue Ponce de Leon's mission and find the Fountain of Youth. Set up a spa around it and make a fortune

 

[Dell Winders]

To me, the lifting of the shipwreck moratorium is a means to an end that would allow me to explore my interest in Ancient civilizations that may have inhabited the Bahamas, when it was the top of a mountain range hundreds of feet above sea level. One proof, dating back 7,000-8,000 years may lie in a Lead coffin buried deep on S.Bimini. Personally, I suspect civilization existed in the Bahamas 50,000 years ago.

A man made rock wall I saw extending to the drop off in 110 feet underwater, off Clifton Pier, Nassau, certainly wasn't placed there within the last 1,000 years.

The megalithic stones found at Bimini, can be found in other parts of the Bahamas, but I believe they were part of a culture that resided there less than 3,000 years ago. Not evidence of Atlantis.

It's my hope to get there someday to explore the possibilities, but time is running out. Dell

 

[Oceanscience]

i think you are onto something Dell, screw this treasure hunting lets continue Ponce de Leon's mission and find the Fountain of Youth. Set up a spa around it and make a fortune

I believe David Copperfield bought the area of the Fountain of Youth some years ago, to be developed into a resort. I had a good bath in the Fountain of Youth, some 30 years ago (when we took samples to analyse), and should really do a repeat, to last for the next 30 years.

 

[ScubaFinder]

Best wishes Mike. I should be meeting you in person in just a few weeks, I will let you know when my travel plans are finalized. Things are progressing perfectly here.

 

[The Hun]

Who will the bribes be paid to and how much per permit? Do they want USD cash or do they take credit cards or checks?

I guess this is a pic about Mike
http://forum.treasurenet.com/index.php?topic=449740.0

 

[signumops]

Yes, that's him at the Rotary Club meeting on Grand Bahama.