Mega-yacht owners to receive duty-free fuel purchases — Premier
Government will be making an amendment to the current Customs regulation laws to allow mega-yachts that sail in the territory for a specified duration to enjoy duty-free fuel purchases.
While delivering the budget address for the 2020 fiscal year recently, Premier Andrew Fahie said the initiative is one designed to attract more mega-yachts and tourists to the British Virgin Islands.
“At this point, it is important to point out that in order to boost mega-yachts sailing and [them] remaining in our waters, the Customs regulations will be amended immediately to allow them to purchase duty-free fuel, once they remain in our territory three days or more,” Premier Fahie stated.
“This will be a step in the right direction towards encouraging mega-yachts to make the BVI their home port,” he further said.
Premier Fahie also revealed that his government will be taking several additional steps to further attract other vessels such as cruise liners to the BVI.
He said cruise operators are already interested in increasing their calls to the BVI and staying later hours up until midnight. According to Fahie, a number of solutions are currently being discussed to capitalise on the opportunity.
“Options are being explored at the moment because of the tremendous earning potential that this holds for our people. Additional ships with extended time in port can boost annual cruise arrivals to beyond one million passengers,” said Fahie who is also the Minister of Finance.
He also revealed that lands outside of the Ralph T O’Neal Administration Complex which was reclaimed will be immediately transferred back to the BVI Ports Authority to further enhance cruise tourism.
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How about offering that same ‘perk’ to all the BVI commercial boat operators in the country? It would greatly help make their businesses far more economically viable. Cost of fuel is a critical ‘bottom line’ factor that fluctuates regularly varying profit margins from slim to non-existent!
Good set of moves.
Poor megayacht owners. They need help – can’t afford duty on fuel!
Even though I applaud the premier in some of the moves he’s taking tax payers meaning regular hard working people will continue to foot the bill for the wealthy. These things are always an issue trust me, No accountability a particular Fuel company will make a killing. Notice I said Fuel company one in particular….. they put all these concessions in place and never recover the taxes….TPP a prime example I can bet my last dollar because that’s all I have things rough…..12 days of christmas duty free zone, sales mostly locals and how much of that tax will the government actually see paid into the treasury…..I don’t how this duty free fuel will work but it’s left to be seen and I can bet the name of that fuel company also even though details are not mentioned……
We all know how broke all these mega yacht owners are . We should also give them free dockage and groceries so they don’t have to sell their Gucci watches and $ 1000 bathing suits in order to shop at our store’s
Reverse robin hood ROBBING FROM THE POOR TO GIVE TO THE RICH
Another give away to the wealthy—-mega yachts owners. Without a fuel break to play with and in their big toys, the tens of mega yacht owners will flee to other destinations? Really! The wealthy gets huge tax beaks to gallIvant through our waters, living the luxurious life, polluting and contaminating the sea and increasing the carbon footprint while the average Joe/Jane struggles to make ends meet, housing, feeding and clothing their families. It is well known fact that if you want to stimulate the economy, put money in the pockets of the middle class and poor.
Who are the middle class and poor? We must evolve from the notion that if you are a certain hue, you are right and if you are of another hue, stick around and then again if you are of another hue get back. Fix yourself, as the late Norbert ”Fix It” Wheatley would often quip.
I am pretty certain that mega yacht owners are note concerned about the price of fuel. Are these people serious, soon they will give the private jet owners discounts on fuel as well. Who is this initiative really benefiting? Are we really this silly or is this something else?
Is this a joke? Most mega yachts have 1 family on board, or a handful of old couples. The money they spend on restaurants (if at all, given they have gourmet chefs on board) or anything else over the mandatory 3 days will never make up for the lost duties. Those yachts take thousands of gallons.