The Grand Bahama Port Authority (GBPA) operates the free trade zone, under the Hawksbill Creek Agreement signed in August 1955 whereby the Bahamian government agreed that businesses located in the Freeport area would pay no taxes before 1980, later extended to 2054.

The city of Freeport emerged from a land grant comprising 20,000 hectares (50,000 acres) of swamp and scrub to become a cosmopolitan centre.

The Grand Bahama Port Authority (GBPA) operates the free-trade zone, under special powers conferred by the government under the Hawksbill Creek Agreement,[3] which was extended until August 3, 2054.

[4][5] Bahamian politicians such as the FNM opposition leader Michael Pintard have described the legal dispute between the Haywards and St. Georges as damaging to Freeport's economy, while in March 2024 Prime Minister Philip Davis asserted that according to a PriceWaterhouseCoopers audit, the GBPA owes the Bahamian government $357 million USD.

Parks include the Rand Nature Centre, named after its founder James Rand; Petersons Cay, a small isle about 300 yards off the shore of Grand Bahama; and the Lucayan National Park founded by Peter Barratt, a former architect and town planner of Freeport.

The Lucayan National Park is 16 hectares (40 acres) in extent and includes five ecological zones stretching from the south shore to the pineyard.

According to Köppen Climate Classification (Af)[citation needed], more specifically with hot humid conditions that vary only a little throughout the year.

Recovery from the 2004 Hurricanes Jeanne and Frances took nearly a decade and led to closure of the older shopping venue International Bazaar and neighboring Bahamas Princess Resort and Casino.