Association of Bahamas Marinas President, Peter Maury spoke with ZNS News about the impact of the 14% yacht tax imposed by the government on Tuesday. He contends that the move has negatively impacted the sector.

Maury said, “a lot of our business has been storage business. We haven’t seen as much activity in the charter market which definitely affect central and southern Bahamas because either the boats typically go to the islands. The money is not getting spent in the country. So all the opportunities that Bahamians would have in this industry are taken away.”

In July 2025, fees ranged from $500 for smaller vessels to $1,000 for cruise permits. Anchoring fees ranged from $250 to about $1500 per year. Minister of Transports, the Hon. Leon Lundy told ZNS News there are no plans to reduce the fees.

He said, “fees are what they are right now so no we don’t have in the seeable future any changes that will be made. We amended some of the spot fines that we were about to put on.”

Maury said the government’s stance in unfortunate. “It hurts a lot of Bahamian businesses that are trying to break into this market by not having these huge economic spenders.”

According to the Marinas President his business Bay Street Marina has had to offer discounts to offset its loses since the tax was imposed to remain competitive. He believes a comprehensive study should be undertaken to assess the losses being suffered.