The Deputy Prime Minister Peter Turnquest recently announced that the new Grand Bahama Port Area Extension of Tax Exemption Bill will extend NO PROPERTY TAX for 20 years for ALL Homeowners in the Port Area. (see attached article from the Freeport News)
This is welcome news as we all know there was uncertainty on this matter and its a very positive sign for current and future investors in Freeport.
What this means is that anyone can purchase property in Freeport/Lucaya from the Harbour all the way East to the Lucayan National Park and pay NO PROPERTY TAX for the next 20 years. This is the only land in the entire Bahamas where there is No Property Tax.
This is a good first step and soon (fingers crossed) we hope to hear about; the re-opening of the Grand Lucayan Hotel, The Purchase of Old Bahama Bay in the West End, The Carnival Cruise Port out East, the special $350,000 minimum for Permanent Residency in the Port Area, a well thought out Master Plan from DEVCO to stimulate Foreign Investment and the new Port Area Investment Board to be a joint effort between Government and the Grand Bahama Port Authority.
Needless to say property prices in Freeport are currently down so its a good time to get a Deal! I am optimistic that with ALL of the above coming on stream and if we clean up our derelict buildings, Freeport will start moving in the right direction again.
Click here to read the full article on The Freeport News
