Freeport Bahamas: The Hong Kong of the Americas
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 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 Port Authority 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.
Gateway To The Americas
Freeport's perfect location at the gateway to the Americas is a major incentive
to industrial development. The city is only a 30-minute plane ride from southern
Florida, and its harbor 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: No Import Duties for Business
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 Harbor
Recently Approved Investors
Building Industry
Freeport Concrete Company Ltd.
Prima Land Ltd.
Resorts & Real Estate
Lucayan Marina Village
North Riding Point Club Ltd.
Engineering
Comex SA
Officine Meccaniche Galileo
Land Development
Charp Investments Ltd.
Freeport Company Ltd.
Largo Ltd.
N&D Holdings Ltd.
Ocean Front Developers
Open Water Ltd.
Shamrock Engineering Corp. Ltd.
TCX Holding Company Ltd.
Manufacturing
American T's of The Bahamas Ltd.
Contact Manufacturing Co. Ltd.
Grand Bahama Brewing Co. Ltd.
Pneumatic Air International
Polymers International Ltd.
Medical Technology
Endotech Ltd.
World Research Development and Production Centre Ltd.
Shipping
WMS Marine Services (Bahamas) Ltd. |
The entrance to Freeport Harbor is a 500 foot wide, 1,800-foot-long straight
channel, 47-feet deep channel, with a turning basin depth of 44 feet. Already a
port for the Discovery cruise line, Freeport welcomes more than half a million
tourists annually, as the harbor is currently undergoing expansion that will
make it the finest deep-water container transshipment port in the hemisphere.
The harbor's close relationship with Freeport International Airport, a 10-minute
drive away, together with excellent tug and piloting services, makes it an ideal
center for homeporting, with significant additional capacity.
Only 15 minutes from South Florida by air.
Freeport International Airport--one of the largest privately-owned airports
in the world--consists of state-of-the-art facilities, such as an
11,000-foot-long runway that accommodates international jet aircraft 24 hours
daily. Refueling and hub operations are managed by the Grand Bahama Airport
Company Ltd. at its full service terminal, complete with pre-clearance
facilities for U.S. customs and immigration.
Freeport's airport averages nearly 50,000 flights a year. Airlines with
regularly scheduled flights include: American Eagle, Delta, Continental, Laker
Airways International, Gulf Stream International, and Bahamasair, with charters
also available. Direct or hub flights connect Freeport with Miami, Fort
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 ten 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 sports are also available, including golf, tennis, squash,
football, soccer, rugby, cricket, horseback riding, softball, baseball,
volleyball, darts and bowling. Water sports include sailing, fishing, swimming,
diving, water-skiing and windsurfing.
The mild subtropical climate makes the island a natural greenhouse, with an
average temperature of 72 degrees Fahrenheit, and 75 percent average humidity.
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.
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