Yachting
At the present rate of growth George sees a time in the not too distant future when there will be a strong business model for at least two additional boatyards in Grenada offering haul out and full service such is the optimism in the industry. Any words of caution? George believes that Grenada can learn from the mistakes of other islands; for instance St. Maarten made the mistake of charging boats to anchor in their waters. What was the result? Hundreds of cruisers left St. Maarten waters to find ports anew that were more yacht friendly and less cost prohibitive. “So if Grenada is to maximize the yachting industry here then we should definitely be cautious in our approach to charging more monies to yacht people for the right to stay and spend money here,” George advises. In fact recent figures published in 2009 by MAYAG indicate that the yachting industry was responsible for over $76 million annual income into the Grenadian economy. Compared to the figures from the year 2000 of just $36 million contributed to GDP one can see that the industry has doubled in size in less than 10 years. A small economy like Grenada has much to gain long term by growing in this industry; rather than any short term gain achieved by punitive
charges placed directly on yachts people themselves. Justin Evans CEO Spice Island Marina... situated in True Blue Bay adds to this point by saying “Every attempt (it’s not just in the Caribbean) to tax the boat never works out well. It’s an industry you have to get the money from the spend and collect money that way, and we are set up to do that. A lot of the spend is outside the marine sector, so while we may give a VAT exemption on something like parts and the bigger items (which is why the boats come here)
they are not getting an exemption in restaurants, bars, supermarkets etc. from that standpoint the Government will benefit. Boats by definition are mobile and they can just leave. It has happened here before in the 70’s the taxing of yachts. It’s happened in the Mediterranean and in St. Maarten. We have to resist doing so ?WF???r??RF?B???F???rF?BF?Rv?fW&??V?B6?F?F?f6??FFRw&?wF??BFWfV???V?Bv???6??G&?'WFRF?V?????V?B?BF?RtE??R?&R&?WR?&??b&?WF?VR??FV???6?GVFVB??WF?FR6?f?v??&????F?R6?WF?6?7B?bw&V?F??R?&R&?WR?2?W7Bf?gFVV???WFW2g&??F?R??FW&?F?????'?'B?BF?R???F?v??b7BvV?&v^( ?2?F?RvFW'6?FRFWfV???V?B6??&?6W2?b6V?b?6FW&??r66????FF????7v????r????B6???6R?bF????rW?W&?V?6W2?F?R66????FF????2F?RW&fV7B&?V?B?b6&?&&V?7G??P??v?F???FW&??V??F?W2?WV?VBv?F??4BFV?Wf?6???2?EdB??W'2?6&?RGb???FW&???6W2??F?R??F6?V?2?B?"6??F?F?????r??F?R&VG&???2?F?RgV???6W'f?6R?&???26?2f?"WF?6??G??6?G2?Bv?F?F?RV??6?2??W'6???6W'f?6R?B6V7W&?G????R6?&R7W&RF?B??W"&?Bv???&RvV???????VBgFW"?WF?FR6?f?v??&??7B?vV?&v^( ?2?u$T?D?wwr??W?&V&?WR?6??????RCs2CCB#C ??wwr?'W6??W76w&V?F?6???#p???