20-y-o Harmony Cove dream closer to reality after Senate gives tax relief bill thumbs up
Published:Monday | May 19, 2025 | 12:09 AMLester Hinds/Gleaner Writer
Legislation that paves the way for the long-delayed Harmony Cove tourism project in Trelawny, and other massive developments to get off the ground, has received approval from the Senate.
The Income Tax Relief (Large-Scale Projects and Pioneer Industries) Act, which will grant tax incentives to investors who are seeking to invest at least US$1 billion in development projects in Jamaica, was passed on Friday, setting the stage for a number of projects to come to fruition.
A senior government official told The Gleaner that with the passage of the bill, the aim is to break ground for Harmony Cove in the first week of July.
Harmony Cove, which has been on the drawing board since at least 2006, is a US$1-billion project.
It is slated to be situated on 2,300 acres of land in Trelawny, half-way between Montego Bay in St James and Ocho Rios, St Ann, and will be a partnership between the Tavistock Group, Nexus Luxury Collection and the Government of Jamaica.
The development will consist of a 25-storey hotel with 1,000 rooms and 32,000 square feet of full-service casino space. It will also include group and meeting rooms; an 18-hole championship golf course, designed and developed by Tiger Woods; a music entertainment facility developed by Justin Timberlake; beach and marine activities; beachfront and pool.
Nexus Luxury Collection CEO Christopher Anand said the project will employ some 4,000 Jamaicans at salaries much higher than what is currently being paid in the tourism industry in Jamaica.
The development is expected to be a luxury, family-oriented facility.
Nexus is an international hospitality and real estate company with a notable link to the Tavistock Group, founded by Joe Lewis. The company focuses on developing and managing luxury leisure experiences and exclusive residential communities. It is backed by Lewis, Woods, fellow golfer Ernie Els, and Timberlake.
Piloting the bill through the Upper House of Parliament, Senator Aubyn Hill, the minister of industry, investment and commerce, said the purpose of the legislation is to encourage innovation and high-value investments in Jamaica.
INCOME TAX INCENTIVE
It provides a framework for offering income tax incentives to large-scale projects and what are called pioneer industries.
Hill said the act serves to stimulate economic growth by attracting significant investments that create jobs and business linkages.
Under the bill, the minister of finance can designate a project as an approved, large-scale project or an economic activity as an approved industry. This will be subject to parliamentary approval, Hill told the Senate.
To be approved as a large-scale project, certain criteria must be met. These include the value of the capital expenditure, creation of employment, and the establishment of business linkages.
Hill said income tax relief under the bill would be capped at 0.25 per cent of Jamaica’s gross domestic product.
“There will not be any sweetheart deals under this act. It serves to facilitate the ease for the granting of tax incentives,” he told the Senate.
Senator Audrey Marks, minister without portfolio in the Office of the Prime Minister, in her contribution to the debate on the bill, said it would spur economic growth.
She said that there are three US$1-billion projects that would be unlocked with the passage of the legislation.
The bill, she said, allows for investors to place 20 per cent in the Jamaican stock market and 20 per cent towards sourcing goods and services from Jamaican companies.
According to the Nexus CEO, financing of Harmony Cove will include an initial public offer to Jamaicans, allowing them to purchase shares in the development.
“We want Jamaicans participating in this project, and we believe that the best way is for them to invest in the project,” he said.
Anand said small investors would also be targeted for investment in the project.
He said that Harmony Cove will be a multiphase development, with phase one having a multibillion-dollar investment.
Opposition Senator Donna Scott-Mottley said the Opposition endorsed the legislation which, she said, would benefit Jamaica.
She said that investors have been waiting for the passage of the legislation, pointing out that it would allow them to look more favourably on Jamaica.
“We understand the significance of the legislation,” Scott-Mottley said.
She however pointed out that she believed there was also a need for infrastructure upgrades to make investors more comfortable about doing business in Jamaica.
The Opposition senator said she hoped that approvals for projects would move more quickly and investors would not have to wait two years or more to get projects off the ground.
The bill was passed without amendment and will now go to the House of Representatives for approval.