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ST LUCIA, WI – 

The St. Lucia Tourist Ministry of Tourism and Civil Aviation announces that all new revised policies have been approved by its government to help stimulate growth and development in St. Lucia's yachting sector. Several proposals presented by Yachting Director Cuthbert Didier have been sanctioned and will facilitate clearing in and out of the country, as well as an ease on taxation and many other added benefits to encourage cruising in its waters.

These changes will greatly improve and support yachting for private and charter yachts wishing to cruise St. Lucian waters as well as those wishing to conduct yachting business in the country. Some of the changes include the following:

* Yachtsmen will now be permitted to stay in St. Lucia waters for 6 months

* Yachts with owners temporarily on island will be allowed to remain in the state free of duties and taxes for up to 3 years, after which they will become payable on current value

* 100% waiver of import duty and tax on yachts imported into Saint Lucia

* 100% waiver on income tax from operations for the first 5 years for local charter companies with a minimum of 1 captain and 3 crew members, and has a fleet of 3 or more power or sailing vessels

* Approval has been given for the formation of a Yachting Committee, that falls under the purview of the Ministry of Tourism and Civil Aviation and will incorporate all relevant institutions that function to regulate the yachting sector in St. Lucia

* 100% waiver of import duty and consumption tax on boat safety equipment and watercraft activity equipment, which includes sport fishing, SCUBA diving, kite surfing and other water sports, subject to verification of the Bill of Quantities by the Ministry of Tourism and Civil Aviation for 5 years from date of cabinet conclusion

* 100% waiver of import duty and consumption tax on all equipment and materials imported or purchased locally for use in the establishment of infrastructure to service yachts over period of 5 years, subject to verification and approval of the Bill of Quantities by the Ministry of Tourism and Civil Aviation

* The Government of Saint Lucia has waived the visa requirements for Russian and Australian nationals so that Russian and Australian nationals no longer require visas to enter Saint Lucia

These great efforts by the Ministry of Tourism and Civil Aviation and the Government of St. Lucia to foster yachting in the state will likely trickle down to other businesses in the country, leading to even further economic growth within the country. "This crucial change benefits everyone in the yachting industry, from owners to crew, charter guests and yacht businesses as well as residents of the island itself. We have been working on implementing these changes for some time, and anticipate great results for all involved," says Didier.

As part of ongoing support to the development and growth of yachting in St. Lucia, IGY Marinas works closely with the Ministry of Tourism and Civil Aviation, St. Lucia Tourist Board and the Saint Lucia Government and applauds them on this far-reaching effort that will greatly impact the industry and serve as a model for other countries to emulate. Island Global Yachting 515 E. Las Olas Boulevard, Suite 900, Fort Lauderdale, FL 33301, USA T +1 954 302 6000 F +1 954 302 6001 www.igymarinas.com

ABOUT IGY

With yachting destinations spanning the Americas, IGY has redefined the luxury marina experience. Founded in 2005, IGY focuses on acquiring, managing, and servicing luxury-yacht marinas and lifestyle destinations. Headquartered in Fort Lauderdale, Florida, IGY also has offices in New York, NY and St. Thomas, USVI. Island Global Yachting marinas operate under the signature Yacht Haven Grande collection and the IGY series brands, as well as several private labels. IGY's network of properties is setting new standards for service and quality in nautical tourism throughout the world. The company offers an unprecedented collection of 12 marinas in the Caribbean and the Americas, all catering to a variety of vessel types including sportfishers, cruisers, sailing & motor yachts, as well as being exclusive home ports for some of the world's largest megayachts. IGY also participates in 10 of the world's biggest and best sportfishing tournaments, making our marinas in Cabo San Lucas, Mexico, St. Thomas USVI, Palmas Del Mar, Puerto Rico and Costa Rica highly sought-after angler destinations.

IGY is an affiliate of Island Capital Group LLC, a real estate merchant banking firm led and founded by Andrew Farkas, former chairman of Insignia Financial Group. For more information, please visit www.igymarinas.com.