Freeport's population could increase nearly 20 percent over the next decade through a revamped immigration policy designed to attract small business owners, according to Grand Bahama Port Authority (GBPA) President Ian Rolle.
Speaking at last week's second annual National Conclave of Chambers of Commerce in The Bahamas, Rolle stated that the GBPA hopes to increase Freeport's permanent residents from 55,000 in 2014 up to 65,000 in 2024 through the establishment of an economic resident status for foreigners purchasing local small businesses.
The move, Rolle argued, would shape Freeport's small businesses into commodity items and provide Grand Bahamians with a larger market to sell their small businesses, simultaneously encouraging immigration to the struggling economy while benefiting local small business owners.
"We need the help of the government of The Bahamas. In order to accomplish this goal we will need to tweak our immigration policies. We need the possibility of allowing a person who purchases a business or residence for $500,000 or more to be granted economic residence status, meaning giving them the right to work in their own business, and also granting that same right automatically to family members," said Rolle.
He believes that Grand Bahama would receive an influx of skilled workers and business owners coming from high tax zones and areas prone to religious victimization or political turmoil.
"We have a lot of small businesses in The Bahamas, and it's very difficult to sell your business. I want to make a small business a commodity item, so the local persons now have a bigger market to sell their particular small businesses," he said.
Regarding the current Grand Bahama business community, Rolle touched on the work of the GBPA's Invest Grand Bahama Small Business Bureau in providing small businesses with needed resources and information, though Rolle previously told Guardian Business that access to capital remains the greatest challenge facing micro, small and medium-sized enterprises (MSMEs) in Freeport.
Rolle is hardly the first to demand immigration reform in Grand Bahama. Grand Bahama Chamber of Commerce President Kevin Seymour has repeatedly spoken out against what he described as a "xenophobic" and "time consuming" national immigration policy, arguing that the policy needs to be relaxed for skilled workers, if Freeport is to ever live up to its potential.
With an increase in residency, Rolle hopes to further develop Freeport and Grand Bahama's tourism sector alongside its small business market by creating a better cruise arrival experience and introducing more attractions.
While 1.4 million tourists visited the island in 2014, Rolle said that he hopes to see the number double within the next five years.

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