(The Bahamas) – During the Annual Budget Communication presented by Prime Minister Perry Christie on Wednesday morning, May 27th, 2015, he announced that his government had taken the decision to extend the Family Island Development Encouragement Act for an additional year and would widen the list of islands to benefit from the Act.
Eleuthera, Abaco, the East and West sections of Grand Bahama, and Bimini were the island locations added to the beneficiary list for the exemptions offered under this Act.
Mr. Thomas Sands Jr., President of the Eleuthera Chamber, commented, saying, “We are pleased at the Eleuthera Chamber to see that the Bahamas Government has added Eleuthera to the Family Island Development Encouragement Act after lobbying for the past 3 to 4 years to assist Eleuthera…
“We had hoped they would go a bit further to include equipment, but it will help Eleutherans in the area of new construction and improvements to buildings. It’s a positive step forward. It definitely helps and will help to encourage investment in the island, especially at a time when we are looking for a number of investments to begin on Eleuthera.”
Mr. Sands is also a local investor in the South Eleuthera Properties/Cotton Bay development which Prime Minister Christie also commented on during the Budget Communication, saying, “South Eleuthera Properties have signed an Agreement with Noble House Hotels to operate their mixed-use project on completion of infrastructural works, renovations to the existing Clubhouse, restaurant, amenities, villas and construction of the Fazio designed, 18-hole golf course. Completion and opening is planned for November 2016.”
The ACT is available online at: (http://laws.bahamas.gov.bs/cms/images/LEGISLATION/PRINCIPAL/2008/2008-0014/FamilyIslandsDevelopmentEncouragementAct_1.pdf)
