Freeport, Bahamas: History
Freeport is a 600 km2 (230 sq mi) free trade zone on Grand Bahama Island, established in 1955 by the government of The Bahamas. The city of Freeport emerged from a land grant comprising 20,000 hectares (50,000 acres) of swamp and scrub to become a cosmopolitan centre.
The Grand Bahama Port Authority (GBPA) operates the free-trade zone, under special powers conferred by the government under the Hawksbill Creek Agreement, which was extended until August 3, 2054. The agreement also increased the land grants to 56,000 hectares (138,000 acres).
The Hayward and St. George families own the GBPA, which they have used to fund estates in Great Britain such as Dunmaglass, the purchase of the football club Wolverhampton Wanderers F.C., and to pay the multi-million dollar legal fees incurred due to disputes between the two families. Meanwhile, inheritance and contract disputes within the Hayward family has likewise incurred multi-million dollar fees. Bahamian politicians such as the FNM opposition leader Michael Pintard have described the legal dispute between the Haywards and St. Georges as damaging to Freeport's economy, while in March 2024 Prime Minister Philip Davis asserted that according to a PriceWaterhouseCoopers audit, the GBPA owes the Bahamian government US$357 million. As of August 2024, GBPA has not paid what the government of The Bahamas says is due.
The city was severely impacted by Hurricane Dorian, which stalled above Grand Bahama for 12 hours, caused storm surges between 12 and 18 feet above normal, killed eight people in Grand Bahama, and destroyed up to thirteen thousand homes.