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Advertisers Dupuch & Turnquest & Co.
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The Outer Islands: The future of a nation
Historically, investors interested in financial services and tourism have gravitated toward New Providence. Although it is one of the smaller islands within the archipelago, it is the country's governmental center and where more than 90 percent of the country's people live.
Nassau is an old colonial town that has grown exponentially in the last decades. It has gone from a quaint colonial town to a city without a great deal of urban planning. Because it has all the creature comforts of a large city, it has long drawn job-seeking Bahamians from other islands to its shores.
The government has developed a number of incentive programs to attract investment to the Outer Islands, including The Family Islands Development Encouragement Act of 1997. This Act provides for the duty-free importation of construction materials for new construction and/or refurbishment of homes and hotel developments on certain islands.
This means that materials would be exempt from customs duty and stamp duty, a significant cost savings to those who wish to invest in second homes or hotel developments in the Outer Islands. While the Act currently allows for duty-free importation until June 30, 2000, the government is considering an extension of the Act.
Investors are taking advantage of the opportunity and investing millions of dollars in new projects in Abaco, Exuma and Eluthera that will target discerning, high-income individuals looking to get away from it all. While tourism, more specifically eco-tourism, will be the focus, investors are also honing in on the development of the lucrative second-home market.
Development will have to be managed responsibly in the Outer Islands to retain their familial, down-to-earth feel and to protect the environment. The government is emphasizing the development of small resorts and well-planned communities with the hope of attracting both foreign investors and, perhaps more importantly, Bahamians.
Investment and infrastructure development go hand in hand. The hope is that with new opportunities in the Outer Islands, many of those who have migrated to Nassau, New Providence will be drawn back to their islands and be able to start new service-oriented businesses that capitalize on the natural beauty and resources the islands have such as bone-fishing guides, deep-sea fishing experts, scuba diving operators, restaurateurs, hoteliers, etc.
The future development of the Bahamas depends on small businesses and it depends on the Outer Islands.
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Table of Contents The Bahamas: An established tourism and tax-free financial services center experiences a renaissance |
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When most people think of The Bahamas, they think of names like Nassau or Freeport. Few know that The Bahamas is actually an archipelago of 700 islands. Nassau is actually the capital city of the country and is located on the island of New Providence. Freeport is The Bahamas’ second largest city, located on the island of Grand Bahama.
Now, however, it has its host of problems and is experiencing normal growth pains: traffic jams, increased crime, busy streets, the general hustle and bustle one would find in any large city. Because of this, Bahamians and business people are finding it crowded and are looking for opportunities in one of the many inhabited Outer Islands, or Family Islands as they have been commonly called.
The Outer Islands are thought to be ideal for this market because of ample land, which allows for the development of golf courses, a much sought after perk; water depths that allow for the construction of marinas for private yachts; unspoiled, expansive, spectacular beaches; and the idea that a second-home owner can have world-class amenities but have the privacy that many people are looking for.