Freeport Harbour,
already a port for six major cruise lines and welcoming more than a
million toursists annually, is currently undergoing expansion that
will make it the finest deep-water containing transshipment port in
the hemisphere.
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Freeport is a 230-square-mile free trade zone on Grand Bahama Island,
established in 1955 by the Government of The Bahamas. The city of Freeport
emerged from a land grant comprising 50,000 acres of swamp and scrub
to become a cosmopolitan center, promoting both good business and the
good life.
The Grand Bahama Port Authority (GBPA) operates the free trade zone,
under special powers conferred by the government under the Hawksbill
Creek Agreement, which was recently extended until August 3, 2054. The
agreement also increased the land grants to 138,000 acres. The GBPA is
the major provider and developer of services in the free trade zone and
offers an expanding portfolio of opportunities that includes investment
in its own subsidiary companies.
Location
Freeport's strategic location at the gateway to the Americas is a major
incentive to industrial development. The city is only a 35-minute plane
ride from southern Florida, and its harbour is the closest offshore
port to the United States. The free trade zone is well-positioned for
global commerce, located at the crossroads of routes between Europe,
North and South American trade links, and international shipping transiting
through the Panama Canal.
Tax Benefits
Under the Hawksbill Creek Agreement, businesses in the free trade zone
pay no taxes on profits, capital gains, inheritance, income, earnings,
distributions, gifts, or on imported and exported goods. In addition,
import duties and taxes on real estate have been waived through August
3, 2015.
The Freeport Harbour
First and foremost of GBPA's accomplishments, Freeport Harbour, is accessible
to even the largest vessels. The entrance, through an 1,800-foot-long
straight channel, is 500-feet wide, and 47-feet deep, with a turning
basin depth of 44 feet. Already a port for six major cruise lines and
welcoming more than half a million tourists annually, the harbour is
currently undergoing expansion that will make it the finest deep-water
container transshipment port in the hemisphere. This project, in partnership
with the Hutchinson Whampoa Ltd., Hong Kong, is the largest ever British
investment in The Bahamas. It is set for completion in 1998.
The harbour's close relationship with Freeport International Airport,
a 10-minute drive away, together with excellent tug and piloting services,
makes it an ideal centre for homeporting, with significant additional
capacity.
Freeport's International Airport
Freeport International Airport is just minutes from South Florida. One
of the largest privately-owned airports in the world, it enjoys state-of-the-art
facilities, including an 11,000-foot-long runway that accommodates
international jet aircraft 24 hours daily. Refuelling and hub operations
are managed by The Grand Bahama Airport Company Ltd. at its full service
terminal, complete with preclearance facilities for U.S. customs and
immigration.
Freeport's airport averages nearly 50,000 flights each year. Airlines
with regularly scheduled flights include: American Eagle, Comair (Delta),
Continental, Laker Airways International, Gulf Stream International,
and Bahamasair, with charters also available. Direct or hub flights connect
Freeport with Miami, Ft. Lauderdale, Atlanta, and New York, as well as
Toronto and Milan.
Quality of Life
Freeport is approximately the size of Singapore, with more than 400 miles of excellent wide-paved roads, as well as miles of well-engineered waterways bordering private homes. The average commute to work is just seven minutes. The area also enjoys modern educational and health facilities, cable television, a wealth of cultural events, extensive leisure facilities, duty-free shopping, and a cosmopolitan nightlife.
A wide variety of international sports are also available, including golf, tennis, international squash courts, American football, soccer, rugby, cricket, horseback riding and polo, softball, baseball, volleyball, netball, darts and bowling. Water sports include sailing, fishing, swimming, diving, waterskiing and windsurfing.
The mild subtropical climate makes the island a natural greenhouse, with an average temperature of 72 degrees farenheit, and 75 percent average humidity. More than 200 species of birds are sighted here regularly, and the area is home to 36 species and varieties of wild orchids. Because of prevailing winds and sensible planning, the air on Grand Bahama Island is exceptionally clean, and the fresh water table is considered capable of supporting a quarter of a million people.
Freeport Power Company Limited has joined with The Southern Electric Company of the United States, bringing major equipment upgrades and the latest in digital technology to provide low-cost power for the free trade zone.
For further information, contact:
Grand Bahama Development Company
Freeport, Grand Bahama
The Bahamas
Tel: (242) 352-6711
Fax: (242) 352-8310, (242) 352-9864
Invesmentt Incentives in The Bahamas
Export & Import Trade
Manufacturing in The Bahamas
Tourism Development in The Bahamas
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