AGRI-Invest Country Profiles

Agri Investment Forum & Expo, 2022

THE BAHAMAS

A BRIEF OVERVIEW OF THE AGRICULTURE SECTOR

supplies, as well as allowing exemptions from real property taxes for up to 20 years. The following incentives are open to any qualifying individual or firm: The Industries Encouragement Act — Provides duty-free concessions for the importation of machinery, raw materials and building supplies for manufacturing entities in addition to exemption from Real Property Tax for a 15 year period. Duty free concessions for applicants is valid for the first five years of operation. Thereafter, applicants would be required to pay a reduced rate of duty (10%) on all approved materials and equipment imported. The Free Trade Zones Act — Designates areas within The Bahamas as free industrial and commercial zones. The Export Manufacturing Industries, Encouragement Act, The Agricultural Manufactories Act, The Spirits and Beer Manufacture Act — Investment incentives under these acts include exemption from the payment of customs duties on building materials, equipment and approved raw materials and real property taxes for periods up to 20 years. 1. 2. 3. 4.

Agricultural production in the Bahamas focuses on:

Roots and Tubers

Sweet Potatoes

Cassava

Peppers Pigeon Peas

Corn

Onions

Coconuts

Livestock

Poultry

Small Ruminants

Areas Targeted for Agri-Investors include Light Manufacturing for export., Agro-Industries, Food Processing and Mariculture.

Incentives/Concessions for the Agricultural Sector:

The attractiveness of a low-tax environment and a stablecurrencyareenhancedbyaseriesof investment incentives that provide relief from customs duties on approved raw materials, equipment and building

For further information, please visit our website: https://www.bahamas.gov.bs/

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