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Cayman Islands' Economy Bounces Back As a Premium Caribbean Yachting Destination

By: www.EYachtCharter.com

While the group of islands located just south of Cuba has been prone to serious tropical storms and hurricanes, the destructive 2005-hurricane season, Ivan in particular, almost swept the Cayman Islands off of the map. The Caymans’ notoriety as one of the world's leading offshore financial centres has helped bring the economy back to life.
Since 2005, the Cayman Islands have been experiencing a reconstruction and building real estate boom similar to Grand Bahama Island. This region has become home to a large international base of white-collar investors and professional experts dealing with clientele from around the globe.
The Cayman Islands financial services industry encompasses banking, mutual funds, captive insurance, reinsurance, vessel registration, companies and partnerships, trusts, structured finance and the Cayman Islands Stock Exchange. As of December 2005, just over 70,000 companies were incorporated on the Cayman Islands including 430 banking and trust companies, 720 captive insurance firms and more than 7,000 funds. The government distinguishes between local (or "ordinary" companies), doing business primarily with the local population, and "exempted" companies conducting business primarily with overseas entities.
The Cayman Islands have been recognized as a focal point for offshore finance and their economy is developing at a rapid pace. In addition to finances being protected in the Caymans, assets are also protected. Yachts of any size may be registered in the Cayman Islands.
A luxury yacht has been considered a safe tax haven for many corporations but has also been utilized by many for corporate yacht charters. Anything from corporate seminars, social events, fundraisers to team building trips throughout the Caribbean have originated from vessels registered in the Cayman Islands. While the many governments and groups have been formed to monitor financial laundering regimes in the Cayman Islands, the laws here have provided logical solutions for international commerce that numerous Caribbean economies have benefited from.
The Cayman Islands’ shallow waters may not provide the optimum waters for a conventional Caribbean Yacht Charter but diving yacht charters, fishing yacht charters and several aquatic adventures are welcome. Its proximity to the U.S., just south of Cuba, has made importation for provisioning a breeze.
With past devastating hurricane seasons and the customs law changes for U.S.citizens traveling to the Caribbean Islands and Bahamas the region has taken an economic blow. However the U.S. governments and travel tourism groups are working together to make traveling within the Western Hemisphere as simple and hassle free as possible. Because of the Cayman Islands international business reputation, and the current real estate boom that is drawing serious American and European investors alike, the local economy has been able to stay afloat as tourism begins to thrive again!
Sailing on a Bahamas Yacht Charter? Don’t Forget Your Passport

If it’s the first time you’ve traveled on a Bahamas Yacht Charter or if you haven’t chartered within the last five years than you may want to know that a few of the custom laws have changed. Whether you are traveling by yacht or car outside of the United States you will need to present additional paperwork when returning from nearby countries.
Both Adults and children who are U.S. citizens will be required to show "proof of citizenship," such as a birth certificate, naturalization certificate or a U.S. passport to enter the country, even if your charter disembarked from a U.S. port such as Miami or Fort Lauderdale. Adults also will need to show government IDs, such as a driver's license.
There will be some leniency for airline travelers coming into South Florida. U.S. citizens coming in from Mexico, Canada, Bermuda or some Caribbean countries will not have to provide a passport when returning.
The majority of marinas where charters disembark from typically do require proof of citizenship already from the passengers coming and disembarking. Since the protocols for the marinas haven’t changed much, U.S. officials expect smooth sailing because most U.S. travelers already show proof of citizenship for re-entry by sea as well. Recently the Fort Lauderdale mayor and U.S. coast guard met with Caribbean officials in St. Maarten to see how they can optimize the customs process for the yachting community.
While some business groups worry that the strict rules may disrupt commerce and travel across the U.S.-Canada and U.S.-Mexico borders for travelers coming into the states by car, the yachting industry does not anticipate being heavily affected.
The Travel Industry Association and Travel Business Roundtable have asked the government to have expressed some concerns about travelers having to provide actual birth certificates and have requested to delay the "proof of citizenship" rule, until it has been modified. The groups have asked that U.S. citizens be required to show only a government-issued ID to re-enter by land or sea.
These new rules are part of the country’s plan to implement tighter border security since September 11, 2001 and the recent Presidential race has made it known that the new President Elect in November of 2008 will have to make the issue a top priority. South Florida marine leaders have forecasted that they don’t see any problems in the future because they have been getting the word out to the mariner community for months through Web sites, travel agents and other channels to those entering the United States by sea.
Many cruise companies, including Miami-based Carnival Cruise Lines, the world's largest, had been requiring their clients to show proof of citizenship to speed processing. And many boaters have been showing birth certificates to authorities to obtain boater numbers for re-entry.
Chris Oswell, captain of the Lady Nancy, a 112-foot private yacht that frequently visits South Florida, said he has operated for several years on the premise that no one comes aboard for a trip to the United States without a passport or green card. He has mentioned that those who cannot provide the documentation will have to be turned away. Most charterers are notified in advance by their charter agent as to what the preparation requirements are for their voyage.
The Lady Nancy arrives like many yacht charters do from the Bahamas to Fort Lauderdale and clear customs by phoning an 800 number and giving Homeland Security the passengers' names, passport numbers, dates of birth and addresses. The captain gets a clearance number in return. Guests then have 24 hours to go to an Eller Drive office at Port Everglades and show their passports and clearance numbers.
Travelers shouldn't find it hard to comply with new requirements. Proof of citizenship can even include a U.S. passport that has expired, said Zachary Mann, special agent and spokesman for U.S. Customs and Border Protection.
"We don't expect extensive lines in South Florida because of this rule," Mann said. "And if you don't have the right documents, and you're a U.S. citizen returning, we're not going to keep you out. The processing time for you to enter will just take longer."
A smooth transition will be greatly welcomed in comparison to the law change implemented a few years ago requiring a passport for U.S. citizens flying back from Western Hemisphere countries. So many millions of citizens requested passports that passport offices were overwhelmed. The government had to suspend the rule to clear the backlog before reinstating it.
The passport rule also took a toll on the Caribbean, the world's most tourism-dependent region. Some Americans skipped Caribbean vacations to avert the hassle and cost of obtaining passports. The economies of countries including the Bahamas and Jamaica, who didn’t require a U.S. passport for entry in the past, suffered.
Even Caribbean islands that are part of the United States and excluded from the passport rule, including the U.S. Virgin Islands and Puerto Rico, felt some of the effects, but U.S. travel to the Caribbean is bouncing back this year.
The current processing time for a U.S. passport application is four to six weeks, down from roughly 12 weeks in mid-2007. Passports may still be expedited for an additional premium or under certain sets of circumstances.
For more information about clearance procedures to the Caribbean or questions about traveling on a yacht charter, talk to your charter broker.

While the group of islands located just south of Cuba has been prone to serious tropical storms and hurricanes, the destructive 2005-hurricane season, Ivan in particular, almost swept the Cayman Islands off of the map. The Caymans’ notoriety as one of the world's leading offshore financial centres has helped bring the economy back to life.
Since 2005, the Cayman Islands have been experiencing a reconstruction and building real estate boom similar to Grand Bahama Island. This region has become home to a large international base of white-collar investors and professional experts dealing with clientele from around the globe.
The Cayman Islands financial services industry encompasses banking, mutual funds, captive insurance, reinsurance, vessel registration, companies and partnerships, trusts, structured finance and the Cayman Islands Stock Exchange. As of December 2005, just over 70,000 companies were incorporated on the Cayman Islands including 430 banking and trust companies, 720 captive insurance firms and more than 7,000 funds. The government distinguishes between local (or "ordinary" companies), doing business primarily with the local population, and "exempted" companies conducting business primarily with overseas entities.
The Cayman Islands have been recognized as a focal point for offshore finance and their economy is developing at a rapid pace. In addition to finances being protected in the Caymans, assets are also protected. Yachts of any size may be registered in the Cayman Islands.
A luxury yacht has been considered a safe tax haven for many corporations but has also been utilized by many for corporate yacht charters. Anything from corporate seminars, social events, fundraisers to team building trips throughout the Caribbean have originated from vessels registered in the Cayman Islands. While the many governments and groups have been formed to monitor financial laundering regimes in the Cayman Islands, the laws here have provided logical solutions for international commerce that numerous Caribbean economies have benefited from.
The Cayman Islands’ shallow waters may not provide the optimum waters for a conventional Caribbean Yacht Charter but diving yacht charters, fishing yacht charters and several aquatic adventures are welcome. Its proximity to the U.S., just south of Cuba, has made importation for provisioning a breeze.
With past devastating hurricane seasons and the customs law changes for U.S.citizens traveling to the Caribbean Islands and Bahamas the region has taken an economic blow. However the U.S. governments and travel tourism groups are working together to make traveling within the Western Hemisphere as simple and hassle free as possible. Because of the Cayman Islands international business reputation, and the current real estate boom that is drawing serious American and European investors alike, the local economy has been able to stay afloat as tourism begins to thrive again!
Sailing on a Bahamas Yacht Charter? Don’t Forget Your Passport

If it’s the first time you’ve traveled on a Bahamas Yacht Charter or if you haven’t chartered within the last five years than you may want to know that a few of the custom laws have changed. Whether you are traveling by yacht or car outside of the United States you will need to present additional paperwork when returning from nearby countries.
Both Adults and children who are U.S. citizens will be required to show "proof of citizenship," such as a birth certificate, naturalization certificate or a U.S. passport to enter the country, even if your charter disembarked from a U.S. port such as Miami or Fort Lauderdale. Adults also will need to show government IDs, such as a driver's license.
There will be some leniency for airline travelers coming into South Florida. U.S. citizens coming in from Mexico, Canada, Bermuda or some Caribbean countries will not have to provide a passport when returning.
The majority of marinas where charters disembark from typically do require proof of citizenship already from the passengers coming and disembarking. Since the protocols for the marinas haven’t changed much, U.S. officials expect smooth sailing because most U.S. travelers already show proof of citizenship for re-entry by sea as well. Recently the Fort Lauderdale mayor and U.S. coast guard met with Caribbean officials in St. Maarten to see how they can optimize the customs process for the yachting community.
While some business groups worry that the strict rules may disrupt commerce and travel across the U.S.-Canada and U.S.-Mexico borders for travelers coming into the states by car, the yachting industry does not anticipate being heavily affected.
The Travel Industry Association and Travel Business Roundtable have asked the government to have expressed some concerns about travelers having to provide actual birth certificates and have requested to delay the "proof of citizenship" rule, until it has been modified. The groups have asked that U.S. citizens be required to show only a government-issued ID to re-enter by land or sea.
These new rules are part of the country’s plan to implement tighter border security since September 11, 2001 and the recent Presidential race has made it known that the new President Elect in November of 2008 will have to make the issue a top priority. South Florida marine leaders have forecasted that they don’t see any problems in the future because they have been getting the word out to the mariner community for months through Web sites, travel agents and other channels to those entering the United States by sea.
Many cruise companies, including Miami-based Carnival Cruise Lines, the world's largest, had been requiring their clients to show proof of citizenship to speed processing. And many boaters have been showing birth certificates to authorities to obtain boater numbers for re-entry.
Chris Oswell, captain of the Lady Nancy, a 112-foot private yacht that frequently visits South Florida, said he has operated for several years on the premise that no one comes aboard for a trip to the United States without a passport or green card. He has mentioned that those who cannot provide the documentation will have to be turned away. Most charterers are notified in advance by their charter agent as to what the preparation requirements are for their voyage.
The Lady Nancy arrives like many yacht charters do from the Bahamas to Fort Lauderdale and clear customs by phoning an 800 number and giving Homeland Security the passengers' names, passport numbers, dates of birth and addresses. The captain gets a clearance number in return. Guests then have 24 hours to go to an Eller Drive office at Port Everglades and show their passports and clearance numbers.
Travelers shouldn't find it hard to comply with new requirements. Proof of citizenship can even include a U.S. passport that has expired, said Zachary Mann, special agent and spokesman for U.S. Customs and Border Protection.
"We don't expect extensive lines in South Florida because of this rule," Mann said. "And if you don't have the right documents, and you're a U.S. citizen returning, we're not going to keep you out. The processing time for you to enter will just take longer."
A smooth transition will be greatly welcomed in comparison to the law change implemented a few years ago requiring a passport for U.S. citizens flying back from Western Hemisphere countries. So many millions of citizens requested passports that passport offices were overwhelmed. The government had to suspend the rule to clear the backlog before reinstating it.
The passport rule also took a toll on the Caribbean, the world's most tourism-dependent region. Some Americans skipped Caribbean vacations to avert the hassle and cost of obtaining passports. The economies of countries including the Bahamas and Jamaica, who didn’t require a U.S. passport for entry in the past, suffered.
Even Caribbean islands that are part of the United States and excluded from the passport rule, including the U.S. Virgin Islands and Puerto Rico, felt some of the effects, but U.S. travel to the Caribbean is bouncing back this year.
The current processing time for a U.S. passport application is four to six weeks, down from roughly 12 weeks in mid-2007. Passports may still be expedited for an additional premium or under certain sets of circumstances.
For more information about clearance procedures to the Caribbean or questions about traveling on a yacht charter, talk to your charter broker.

Article Source: http://www.travelarticlesexpress.com

eYachtCharter.com is a comprehensive directory of luxury sail and motor yachts for charter to exotic destinations worldwide. In addition to marketing and promotion services, EYC is the leading resource provider of luxury travel destinations and yachting news from around the world.

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