Bahamas

Bahamas

Creation of various tax exemptions for investment projects in the Port Area

04 May 2016

On August 26th, 2016, the Official Gazette published the "Grand Bahamas (Port Area) Investment Incentives Act", coming into force on May 4th, 2016, and expiring twenty years later.

This act rewards investment projects in the Port Area with various tax breaks. The following are eligible for tax incentives: owners of less than 5 acres of undeveloped land; non-Bahamian owners of five acres or more of undeveloped land; and owners of developed land. The applicants can potentially benefit from: exemption from taxes, rates and levies linked to property (as real property taxes, personal property taxes…); exemption from various taxes upon earnings, rentals/licence fees, interests or dividends, salaries and remuneration. The duration of the concessions granted is decided by the Investment Board. A Schedule attached in annex details the entities that do not need to apply for exemption and automatically benefit from them.

Nature of measure:
  • Incentives
Type:
  • Promotion and facilitation (Investment incentives)
Inward FDI:
No
Outward FDI:
No
Sources: