The St Vincent government has announced a specific duty-free concession regime for the yachting sector to reverse a decline in market share and compete with neighbouring islands.
The new government views the current decline in yachting as a “policy failure” of the previous administration.
To rectify this, the government will introduce a duty-free concession regime specifically for yacht parts and services.
The primary goal is to incentivize yacht owners to perform their refits and provisioning (maintenance and stocking up) within local waters. Currently, many visitors enjoy the waters but leave to spend money on maintenance and supplies elsewhere.
To support this initiative, a total refurbishment of the Ottley Hall Shipyard to establish the country as a “premier centre for vessel repair will be done.
The government is examining a “temporary residence program” for high-net-worth yacht owners to encourage them to make SVG their base or “second home”.
While promoting growth, the government will also enforce stricter regulations against waste discharge to protect coral reefs.
This initiative falls under Pillar III: Sustainable Tourism, which focuses on maximising visitor expenditure and reclaiming fiscal sovereignty.