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Yacht registry to boost Out Islands

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Ryan Pinder

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

MINISTER of Financial Services, Ryan Pinder, yesterday said his ministry was heavily involved in the development of a Bahamian yacht registry, in a bid to create jobs and develop the Family Islands.

“The Prime Minister spoke about the yacht registry, which we in the Ministry of Financial Services are very involved in,” the Minister said.

“We believe that can create a lot of indirect employment and indirect business opportunities to support this very high-end product we see in the Bahamas today.

“We have never seen so many large yachts as we have in the Bahamas right now, and that represents a lot of disposable income we can build an industry around. We believe that these focused initiatives to develop industry at a time when there is financial pressure, and you have to have to be financially responsible as a government, is a creative way to address the needs of the people.”

Mr Pinder added: “It mirrors what we have been able to do in shipping - to have a successful ship register - but with the yachting industry it then allows us to be able to leverage that in our waters as well, and create financial services opportunities, catering opportunities, logistic opportunities and transportation opportunities, because when they register here, generally the yachts cruise our waters.

“They are in our jurisdiction unlike the shipping industry, so you can build on that industry into other areas.”

Mr Pinder said development of a yacht registry would allow the Bahamian economy to develop particularly through the Family Islands.

“We see that initiative allowing the economy of the Bahamas to develop through the Family Islands, where a lot of these yachts are going on charters. We see support services developing on the heels of a successful yacht registry,” said Mr Pinder.

Comments

proudloudandfnm 11 years, 1 month ago

Yachts are getting bigger. Ya'll better look at dredging in alot of these out islands.

Puzzled 11 years, 1 month ago

Just because a yacht is registered in the Bahamas will not mean it is going to be based here! Has anyone wandered along the Atlantis marina to see the ports of registry of those mega yachts? What are the Bahamas going to offer to make these yachts change their registry. This sounds like a typical scheme that these governments are trying to introduce to get rich quick. Oil exploration, inviting and selling licenses to expeditions to hunt for sunken treasure and now let us see if we can convince these stupid wealthy big yacht owners who do not know any better to pay us to register their yachts here! Why? Well it is better in the Bahamas! Why? Because we said so!

jackflash 11 years, 1 month ago

Presently a yacht on a cruising permit can import al their spare parts duty free and their crew does not need work permits.

If they fag Bahamas then they will have to pay duty of parts and presumably have to have work permits for their captains and crew. Also, they would have to pay 10% duty on the vessel. Florida recently capped the duty at $18,000 no mater what the value of the vessel is.

And before some nationalist jumps up and says that their are Bahamian Captains out of work, it should be mentioned that these are very highly trained and experienced seafarers who have invested time and money in training and certifications. Yes, a Bahamian can do the job but they must have those qualifications and certificates.

This does not make business sense.

banker 11 years, 1 month ago

Has this minister said anything that has come to fruition? We were supposed to be the next big thing in re-insurance. After that, we would be a world center in arbitration. Next it was light manufacturing. All pipe dreams. This do-nothing government hasn't a clue on how to implement anything but debt.

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