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The Jamaican Free Zones are a government free trade zone initiative in Jamaica.Designed to encourage foreign investment and international trade, businesses operating within these zones have no tax on their profits, and are exempted from customs duties on imports and exports (capital goods, raw materials, construction materials, and office equipment) and import licensing requirements.
Haikou International Duty-Free City Shopping Complex, is the world's biggest stand-alone duty-free store in terms of physical size. Located in Haikou, Hainan, China, the buildings have a total area of 280,000 square meters. [1] [2] Aelia Duty Free – a brand of Lagardère Travel Retail. [3] Comturist – a chain of duty-free stores.
Montego Bay is a popular tourist destination featuring duty-free shopping, a cruise line terminal and several beaches and resorts. The city is served by the Donald Sangster International Airport , the busiest airport in the Anglophone Caribbean , which is located within the official city limits.
Brendan O'Regan established the world's first duty-free shop at Shannon Airport in Ireland in 1947; [6] it remains in operation today. Designed to provide a service for trans-Atlantic airline passengers typically travelling between Europe and North America whose flights stopped for refuelling on outbound and inbound legs of their journeys, it was an immediate success and has been copied worldwide.
Terms include free port (porto Franco), free zone (zona franca), bonded area (US: foreign-trade zone), free economic zone, free-trade zone, export processing zone and maquiladora. Most commonly a free port is a special customs area or small customs territory with generally less strict customs regulations (or no customs duties or controls for ...
Free economic zones (FEZ), free economic territories (FETs) or free zones (FZ) are a class of special economic zone (SEZ) designated by the trade and commerce administrations of various countries. The term is used to designate areas in which companies are taxed very lightly or not at all to encourage economic activity .
The construction of Island Village, a major shopping and entertainment complex, has spruced up 'Ochi.' In 1968, the Jamaica Villa Association (JAVA) was created to represent the growing number of villas in Jamaica. Ocho Rios has seen the rise of luxury villas, with beachfront, ocean, and mountain views. [23] [better source needed]
The first of Jamaica's special economic zones was created in 1976 with the goal of industrializing the country, as well as increasing foreign exchange and access to technology. [ 16 ] : 183 [ 17 ] This primary zone was in Kingston and was strategically attached to one of the country's main ports, to facilitate efficient transportation.