Freeport, located on the island of Grand Bahama, is a free trade zone operated
by the Grand Bahama Port Authority. Under the Hawksbill Creek Agreement of 1955,
no business in the Freeport area will pay tax until 2054.
The Virginian financier Wallace Groves founded Freeport in 1955, when he was
granted 50,000 acres of swamp and scrubland for use in his lumber enterprises.
Today, trade continues strongly in Freeport, in part due to the free trade zoning,
in part to the deep harbour which is accessible even to the largest sea-faring
vessels.
This trade is accompanied by tourism, which is focused in the seaside suburb
of Lucaya. The city is often called ‘Freeport/Lucaya’. Over a million
visitors pass through the city each year.
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