Approx 90 charter yachts relocate to VI from USVI
By mid-June 2025, three chartered companies chose to relocate to the VI, and so far, at least 90 boats which previously operated from the USVI will now operate from the VI for the 2025-2026 tourist season.
These companies are bringing an estimated $13.986 million in direct financial activity, according to Mr Kennon Jones, Executive Director of the Virgin Islands Professional Charter Association, who recently spoke to the St Thomas Source.
He said this estimation is the very minimum, adding, “That’s just the lost direct economic spend, which is then multiplied throughout the economy – the cleaning company that is now going to be down 50%, for example, has 50% less revenue to spend on their groceries, business expansion, travel, entertainment, et cetera.”
Who is eating whose lunch?
These developments run counter to statements by Opposition Leader Hon Myron V. Walwyn that the USVI was "eating the VI'S lunch" in the charter yacht industry.
It seems, in fact, the VI is eating the USVI's lunch.
The move is welcome- Premier Wheatley
The two Territories were engaged in a back-and-forth before the fees were officially finalised and came into effect.
USVI Governor Albert A. Bryan Jr. threatened to impose tariffs when the new fee structure was first announced. He and his team met with Premier and Minister of Finance Dr the Hon. Natalio D. Wheatley (R7) and his team at least twice, on Tortola and on St Thomas, before ultimately coming to a mutually beneficial agreement for both territories.
The new fee of $8,500 came into effect following an amendment to the Commercial Recreational Vessels Licensing Act. The previous fee was $200.
When our news centre reached out to Premier Wheatley for comment on USVI-based charter boat companies choosing to relocate to the VI, he said it is a welcome move.
“Any news of charter boats choosing to base operations in the BVI is welcome. This industry makes an enormous contribution to our tourism product and our economy,” Premier Wheatley stated.
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13 Responses to “Approx 90 charter yachts relocate to VI from USVI”
Owners of these yachts haven't seen their bottom lines yet. While we continue to add cost and complexity to the VI product, through this tit-for-tat with our neighbours, competing jurisdictions regionally and internationally continue to invest in improving their offerings and taking our business in the future.
Before these yachts brought business into the VI in addition to the fleet we already had here. That is Good business!!
Now we have made rules and taxes to stop them bringing their buisness here they have moved here.
The result is that they are taking the place of what were one VI businesses operating in the VI. This is not new business. These yachts used to come anyway.
The result of this Government stupidness is we now have 90 less charter yachts for the VI, doing business here.
There is in fact $13.9 Million less yacht dollar business coming to the VI.
VI Business is pushed out.
Go figure.
Your argument is that these businesses are now competing with BVI businesses. This is true, but they were ALWAYS competing with us as you yourself said. Now, we have the added benefit of them being located in the BVI due to them paying our domestic fees, stamp duty etc as well as their staff spending and living in BVI. In other words, the losses quoted by Mr. Jones in the article are OUR GAINS. Im by no means a fan of this government but this is an irrefutable gain for us.
By your logic, BVI businesses should then leave to USVI... right?
Furthermore, competition is always good. This is basic economics. Competition drives down prices, incentivises improvements and makes us as a whole more attractive.