The 2022 royal visit had a wealthy crypto backer. Four years later, the public is still asking what King Charles’ visit will cost.
When Prince William and Kate visited the Bahamas in March 2022, the royal spectacle came with a reported $636,194 government budget. But behind the scenes, another source of money helped support the occasion, Sam Bankman-Fried, the then-billionaire founder of cryptocurrency exchange FTX whose headquarters was in the Bahamas.
FTX reportedly paid for the ballroom used for the royal reception. Bankman-Fried’s financial support for the event was not publicly disclosed at the time. His role offers a revealing backdrop to the renewed questions about who pays when royalty comes to the Bahamas.
Later in 2022, Bankman-Fried’s crypto empire collapsed, and he was arrested on fraud charges. His downfall transformed the image of a wealthy benefactor whose money had flowed into events and causes associated with the governing Progressive Liberal Party.
Now, with King Charles III visiting the Bahamas in October 2026, the question of royal spending has returned. But there is no Bankman-Fried to help underwrite the occasion.
Prime Minister Philip Davis appeared caught off guard when asked about the cost of the King’s visit on Wednesday.
“The dollar figure? I don’t know anything about that,” Davis said, before questioning why the reporter wanted to raise the issue and walking away.
Foreign Affairs Minister Fred Mitchell took a more defensive approach, insisting that the spending was justified.
“This is the king of the Bahamas who’s coming, so the spending is appropriate for that visit, and it’ll not break the bank,” Mitchell said.
Yet Mitchell could not provide a total cost or say whether the expenses had been itemised. Finance Minister Michael Halkitis had previously said agencies were still calculating the government’s contribution, with costs expected to be shared with the Sovereign Grant.
In 2022, the government eventually published a breakdown of its $636,194 budget. For the 2026 visit, the final public cost remains unclear.
The issue is whether the public should have to wait until after the pageantry to learn how much was spent, who contributed and what taxpayers ultimately paid.
Bankman-Fried’s role in the earlier visit also raises questions about the influence of private wealth in public affairs, particularly when donations and sponsorships are not publicly disclosed.
Royal visits may be ceremonial, but the money behind them is a matter of public accountability. The public deserves to see the numbers.