Brexit Blues: BVI Yachting Sector May Suffer

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Premier and Minister for Finance, Dr. the D. Orlando Smith is concerned that the United Kingdom government’s move to further the BREXIT process will have a negative effect on the Territory’s yachting sector.

During a press conference on 16 February the Premier updated on his recent meetings in London where, among other things, he attended the United Kingdom–Overseas Territories Joint Ministerial Council on European Negotiations.

Hon. Smith also explained that the Territory’s yachting sector gets European business, and as such the Government is worried that BREXIT may affect the sector.

“My Government continues to study the potential impact of Brexit on our commerce, particularly with respect to our yachting sector.  We have a number of European owned yachts which are docked in the BVI during the winter months in Europe. My Government will share our findings with the UK once research has been completed,” the Premier disclosed.

The Premier’s concern comes one month after he gave assurance to the sector in his budget address on January 16 that opportunities are on the horizon. In that address, Hon. Smith said: “Madame Speaker, I must add that we are experiencing some changes in our yachting sector.  We see opportunities to create significantly more value in that sector. I wish to assure all services’ providers in that sector that we are actively working on making sure that the BVI remain the Yachting Capital of the Caribbean, if not the world.”

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