The Government of the Bahamas are hoping that with more yachts flying the ensign of the islands greater prosperity will follow.
Minister of Financial Services, Ryan Pinder, said that his ministry was heavily involved in the development of a Bahamian yacht registry, in a bid to create jobs and develop the Family Islands.
“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.