Long-Term Tax-Free Benefits For Investors In Caymanas SEZ
- Potential investors/developers who decide to operate within the proposed Caymanas Special Economic Zone (SEZ) in St. Catherine will enjoy tax-free benefits for an extended period. This was disclosed by the Minister of Industry, Investment and Commerce, Senator the Hon. Aubyn Hill to global investor delegates/participants from the World Free Zones Organization’s Annual International Conference and Exhibition (AICE), 2022, being held in Montego Bay from June 13 to 17.
- Several years ago the World Bank sponsored a feasibility study of this project and concluded that it will be suited for warehousing and logistics, ICT, BPO, robotics, artificial intelligence, furniture, paper products, plastics, repair services, pharmaceuticals, among other such activities.
- The Government is looking to attract interest in the development of the 650-acre property as it seeks to get the Caymanas SEZ project started. Businesses operating within the zone will get 50 years tax-free benefit and land for lease. Prime Minister, the Most Hon. Andrew Holness, has mandated the Port Authority of Jamaica (PAJ) to get the project started.
- Senator Hill further informed that the Government will be investing between $40Mn and $60Mn in the property to put in place the necessary utilities, including water and it will also have broadband access. Investors/developers who wish to develop the property will have a negotiated period within which it must be developed.
- Special economic zones are expected to facilitate rapid economic growth in the country by leveraging tax incentives as a way of attracting foreign investments and technological advancement.
(Source: JIS News)