As the former editor of "The Caribbean Property List", I heard from many people looking at the Bahamas and Caribbean as a place to live and invest.
Many are seeking: "Reasonably-priced offshore residence" - "nice beaches" - "friendly people" - "stable government" - "English-speaking" - "reasonable cost of living" - "close to USA with good access" - "view of the water" - "on a golf course" - "modern supermarkets" - "social activities" - "pristine environment, no pollution" - "no crime problem" - "no traffic congestion" - "good investment" - "rental income potential" - "price appreciation possibility" - "no property taxes" - "no income or estate taxes".
Is all this possible in one place? Yes, it's all there on Grand Bahama Island. Only 70 miles from Fort Lauderdale, Florida, Grand Bahama is in the crystal clear, offshore sailing waters of the Gulfstream, teeming with game fish. The beaches are clean and almost deserted. The five 18-hole golf courses have no wait tee-offs. Its easy to get to. There are over 30 international flights/day from the USA and Europe.
The Bahamas and especially Freeport, Grand Bahama, are in the early stages of a resurgence brought about by the pro-investment new government that has cut red tape for foreign investment and residency with no strings attached. Foreigners may buy homes and land with the same rights as Bahamians. There are no property or income taxes in Freeport.
Recently the chairman of the Grand Bahama Port Authority, the private corporation that developed Freeport, talked about the multitude of developments in the pipeline for Grand Bahama. "If only 50% of these plans come through, there will be a big boom."
Investment activity and upscale residential communities are sprouting like flowers in spring with homes ranging from $120,000 to a million plus. DEVCO is working on a posh subdivision at Fortune Cay, consisting of 60 custom cottages and homes ranging from $350,000-$400,000. A 220-unit community is also planned at the Sir Charles Hayward Yacht Club, complete with 130-slip marina and homes priced from $160,000 to $200,000.
Also planned are reasonably-priced condos on the newly renovated championship Royal Oasis Golf Course. Projected pre-construction prices for 1 bedroom, fairway view condos are from $89,900. For more on this project see - http://www.caribpro.com/cg
Freeport is called the Singapore of the Atlantic, for its vibrant, free-market, economy; and Queen of Clean, for the island's squeaky-clean highways and byways. Freeport, begun in 1955 as planned community was the dream of an American, Wallace Groves.
World-famous UNEXSO, Underwater Explorers Society, is a dolphin research facility where you can swim with the dolphins. Grand Bahama offers other ecoadventures like kayaking, hiking through remote mangroves to view birds and marine life, reef and cave diving, parasailing and horseback riding on the beaches, among many others.
There are four first-class marinas and many waterways to explore including the Grand Bahama canal which bisects the island and offers direct access to the Abacos to the NE.
To travel around the world in minutes, see Freeport's International Bazaar. This collection of 80 shops and restaurants features virtual-reality settings in Paris, Spain, the Greek islands, Denmark, Hong Kong and about 10 other exotic locales.
Nearby Lucaya boasts Port Lucaya Marketplace, a waterfront six-acre shopping, dining and entertainment complex with island motif and a bandstand at Count Basie Square. The legendary jazz pianist built a home at Freeport. Entertainment includes jazz, rythym and blues, limbo, raggae, fire dancers and more.
The Freeport area has been chosen as the site for the first Footprints resort, a new concept in resort destinations that combines upscale, secluded, romantic vacations with educational and adventurous, environmentally sensitive activities. The resort will consist of about 135 individual cabins nestled at the edge of the Lucayan National Park at Gold Rock Creek.
Renovation and innovation at the harbour, airport and hotels indicate serious tourism development. A two-year cruise ship development plan will facilitate the over one million cruise ship visitors/year that come to Grand Bahama by sea. The harbour can now handle the world's largest cruise liners and container ships.
Much of the new economic activity is the result of a major investment by Hutchison Port Holdings (HPH), a subsidiary of $30-billion Hutchison Whampoa of Hong Kong and the world's largest port operator. HPH purchased 50% of Freeport Harbour Company and built a $150 million transhipment container port, the largest in the western hemispere. It will handle the largest container ships afloat. HPH purchased 50% of Freeport International Airport and began $6 million upgrade of facilities.
Hutchison Port Properties (HPP) is aquiring 50% of the Grand Bahama Development Co. Projects include $100-million plus development of 1,600 four-star resort rooms following recent acquisition of beachfront resorts and acreage, and golf courses. They are tearing down the hotel-casinos on the Lucayan Beach and replacing them with new luxury hotel/casinos to rival Paradise Island at Nassau. 2,000 workers will be needed to complete the project on schedule.
It's true. "Things are Better in the Bahamas". If you havn't been to Freeport in awhile - go see for yourself. GB Airways flys non-stop from 10 US cities in association with Grand Bahama Vacations (800-545-1300).