Freeport, situated on the isle of Grand Bahama, is a free trade district operated by the Grand Bahama Port Authority. According to the Hawksbill Creek Agreement of 1955, no trade in the Freeport area will pay tax until 2054.
The Virginian financier Wallace Groves founded Freeport in 1955, when he was approved 50,000 acres of quagmire and scrubland for use in his lumber enterprises. Today, trade continues sturdily in Freeport, in part due to the free trade zoning, in part to the deep port which is reachable even to the biggest sea-faring vessels.This trade is accompanied by tourism, which is focused in the seaside colony of Lucaya. The metropolis is often called ‘Freeport/Lucaya’.