Mega-yacht owners to receive duty-free fuel purchases
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.
“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.