Foundation and First Mentions
The history of Freeport is unique within the Caribbean region: it is not an ancient colonial settlement, but a city born from a bold economic experiment. The official date of its foundation is considered to be 1955.
It was then that American financier Wallace Groves concluded the historic Hawksbill Creek Agreement with the Government of the Bahamas. This document granted the right to develop a significant territory of Grand Bahama Island with the aim of creating a major industrial and commercial centre.
Key Development Factors
The transformation of barren lands into a thriving city was driven by several strategic factors:
- Geographical Location: Proximity to the coast of Florida (USA) and its position at the intersection of vital maritime trade routes made this location ideal for international logistics.
- Special Economic Zone: The agreement guaranteed an absence of taxes on profits, property, and capital gains, which became a powerful magnet for foreign investors.
- Infrastructure: A mandatory condition for development was the construction of a deep-water port capable of accommodating large ocean-going vessels.
Early Cultural and Economic Features
In the early stages, the city's economy was based on logging (harvesting Caribbean pine), but under the management of the Grand Bahama Port Authority (GBPA), it quickly reoriented towards heavy industry, oil refining, and tourism.
Culturally, early Freeport was formed as a cosmopolitan centre. Specialists and workers from various countries were actively attracted here, creating an atmosphere of business activity and modern comfort, which differed noticeably from the measured pace of traditional Bahamian settlements of that time.