If government officials have their way, Bermuda may have legislative changes by the end of the year to attract more megayachts.
According to the Bermudian newspaper The Royal Gazette, the news came this week from a public forum on the island nation. The forum took place at Caroline Bay Marina, purposely built for megayachts in time for the 2017 America’s Cup in Bermuda. During the forum, the Bermuda Tourism Authority as well as the Bermuda Cabinet Office expressed support for attracting superyacht visitors. They explained positive achievements so far, as well as what measures need to change.
For instance, 143 megayachts visited Bermuda in 2017. That’s a 110-percent increase over 2016, when 68 came. The bigger figure includes approximately 100 yachts that came specifically for the America’s Cup. Regardless, the government is cognizant of the tourism boost and especially the economic boost that they brought. In fact, the tourism bureau shared that yachts pumped more than $14 million into the island’s economy during the America’s Cup alone.
Because of all of this, the government has “a lot of receptivity” to loosening restrictions on private and charter yacht visitors, explains Pat Phillip-Fairn, a member of the Bermuda Tourism Authority. “There’s real work being done to streamline the arrival process,” she adds. “There’s real work being done on this chartering issue.” (Non-Bermuda-flagged yachts cannot charter in the country’s waters.) Furthermore, she says, the government is reviewing the customs duty imposed on foreign-flagged megayachts. The goal is to “become a lot more competitive.” “The opportunity is huge,” she concludes.
A representative of the Cabinet Office’s public policy department echoes Phillip-Fairn’s confidence. “We should be in a position to present some legislation to the House before the end of this calendar year,” notes Charles Brown. “I do know that those in this room are very keen to see this move forward.”
Yacht owners and yachting industry representatives are keen, too. The Bermuda Tourism Office has ongoing conversations with the J-Class Association for a future race. They held a regatta during the America’s Cup, for example. “They really want to come back,” Phillip-Fairn says. Captains at the America’s Cup further shared that they appreciated Bermuda’s safety and natural beauty. The owners did, too, along with places to see and activities like diving. The captains said the above-mentioned charter restrictions are a downside. In addition, there’s a lack of repair yards. However, all of these are “solvable,” Phillip-Fairn asserts.
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