Potential investors/developers who decide to operate within the proposed Caymanas Special Economic Zone (SEZ) in St. Catherine, Jamaica, will enjoy tax-free benefits for an extended period, according to Jamaica Information Services (JIS).
This was disclosed by Sen. Aubyn Hill, the minister of Industry, Investment and Commerce, who said the government is looking to attract interest in the development of the property as it seeks to get the Caymanas SEZ project started.
“They will get 50 years tax-free benefit – no taxes, no income tax for 50 years. In contrast, by lease, you’ll get this wonderful piece of land,” he said.
Prime Minister Andrew Holness has mandated the Port Authority of Jamaica (PAJ) to get the project started.
SEZs are areas created within a country to facilitate rapid economic growth by leveraging tax incentives as a way of attracting foreign investments and technological advancement.
Hill was speaking on June 16 to global investor delegates/participants from the World Free Zones Organization’s Annual International Conference and Exhibition (AICE), 2022, held in Montego Bay from June 13 to 17.
As part of the conference, they were participating in the Port Authority of Jamaica (PAJ) Investor Tour of SEZs, ports and logistics facilities, which began at the proposed site of the Caymanas SEZ, where more than 650 acres — to comprise industrial and commercial spaces — will be developed for logistics purposes.
Hill further noted that 50 years without any taxes on dividends will be beneficial to the developer/investor who can arrange to have as many business operators rent their property, as they will have a long-term lease that will be renewable.