Like many around the world, Italian companies in the marine industry are also focusing on a greater presence in the Caribbean.
Breathtakingly beautiful territories that attract recreational boating enthusiasts: a paradise with turquoise waters and sandy beaches bordered by palm trees—we are talking about the Caribbean islands.
Those who intend to engage in recreational boating in the Caribbean must have valid documentation; therefore, it is essential to seek guidance from local authorities. It is also important to be equipped with safety equipment and to know the specific sailing rules for the Caribbean.
Made in Italy: riding high
In recent years, there has been growing interest from Italian marine companies in the Caribbean. In September 2022, to strengthen its presence in the Puerto Rico and Caribbean area, AZIMUT chose WALLY CASTRO MARINE as its dealer of choice.
Another example is in March 2023, when BAGLIETTO announced the opening of a new office in the Dominican Republic, managed by IBI YACHTS, which is part of the Ib Nautica Group, among the largest nautical entities in the area. The opening of this commercial garrison, located at Marina Casa de Campo where Ibi Yachts has a site of over 9,000 sq.m equipped with infrastructure designed for megayachts, will strengthen the presence of the Baglietto brand in the American market.
SESSA MARINE has announced for 2024 an increased interest in North America and the Caribbean. Sessa Marine US, located in the city of Aventura (Florida), will be responsible for marketing the brand’s products in the U.S. and Caribbean markets. With the reopening of this market, boats sold in the region are expected to account for 30% of the group’s sales this year.
Also worth mentioning is the agreement reached in Santo Domingo, capital of the Dominican Republic, between the local entities MESCYT (Ministry of Higher Education, Science and Technology), ANAMAR (National Authority of the Maritime Sector) and the Italian ISYL (Italian Super Yacht Life) ISTITUTO TECNICO SUPERIORE DEL SETTORE NAUTICO ITALIANO (HIGHER TECHNICAL INSTITUTE OF THE ITALIAN NAUTICAL SECTOR) foundation, together with NAVIGO, the largest network of nautical companies in Tuscany. The aim of the agreement is to foster the growth of skills in the nautical field and contribute to the specialization of Dominican technicians.
Between Dominican state authorities and Italian entities, the issue of the nautical industry is central, as well as sustainability and environmental protection. Scholarships will be made available to future technical workers.
When we speak of the Caribbean, we refer to a vast geographic area of the Americas, to which all the countries washed by the Caribbean Sea belong, as well as the coastlines of some continental nations of Central and South America, bordering this sea.
Among the most interesting territories, for those involved in recreational boating, are the CAYMAN ISLANDS, which offer excellent nautical infrastructure, clear waters and a well-maintained coastline. These very islands are among the main export markets for Italian yachting. Known for its volcanic landscapes and luxurious resorts, SANTA LUCIA ISLAND boasts a picturesque coastline with anchorages, safe harbors, dive spots, and places suitable for snorkeling. Known as the “sailing capital of the Caribbean,” ANTIGUA and BARBUDA are distinguished by the presence of marinas and services for boaters.
Divided into two politically different areas, ST. MARTIN/ST. MAARTEN also offers excellent services for recreational boating enthusiasts. GRENADA, ST. VINCENT, and GRENADINE offer a wide variety of anchorages and picturesque bays. TURKS and CAICOS is distinguished by its crystal-clear waters, coral reefs and sheltered anchorages, while TRINIDAD and TOBAGO, in the Lesser Antilles, provide a close look at Caribbean and South American culture. Trinidad is the largest and most populous of the Lesser Antilles islands, while Tobago is much smaller, comprising about 6% of the total area and 4% of the population.
Because they consist of more than 700 islands, some of which are accessible only by boat, the BAHAMAS are popular with boaters, in part because of the vast network of protected waters and pristine beaches. In addition, they are one of the most stable economies in the Caribbean, where the marine industry is a key contributor to the country’s development. The Bahamas has 14 ports and a network of marinas. Proximity to West Palm Beach, Florida, facilitates exchanges of accessories and services with the United States.
BARBADOS is an independent island state in the Commonwealth. Part of the Lesser Antilles, it is an island located on the border between the Caribbean Sea and the Atlantic Ocean, with an area of 430 sq.km and is largely flat. Bridgetown, the capital, is a naval port with colonial-era buildings. Prior to the pandemic, the local government invested about $2 million in infrastructure upgrades at the Careenage mooring facility in Bridgetown; plans are underway for additional upgrades. The Barbados government also announced in May the revitalization of the Pierhead Marina project in the capital city, which could improve the island’s nautical capabilities.
The DOMINICAN REPUBLIC, located on the eastern 2/3 of the Caribbean Island of Hispaniola in the Greater Antilles, boasts nearly a thousand miles of coastline and has one of the most diverse coastal environments. Interest in recreational boating is growing in this country, but local boat production is, at present, limited to small fiberglass boats intended for direct excursions to local beaches.
Finally, JAMAICA offers white sand beaches that stretch for miles.
The ASSOCIATION OF BAHAMAS MARINA (ABM) represents more than 72% of the marinas in the Bahamas and has 50 associate members active in the local tourism industry. The main purpose of ABM is to foster and enhance the competitiveness, sustainability and growth of Bahamian marinas and related recreational boating and sport fishing industries, to make the Islands of the Bahamas the premier boating destination in the hemisphere.
All this is achievable through cooperation between marina owners and operators, businesses, organizations supporting marinas, and the Bahamian government. ABM is working on creating national standards for marinas, their service levels, their safety and their efforts to preserve the environment. It also carries out educational and training projects.
In addition, together with the International Yacht Brokers Association (IYBA) and the Bahamas Ministry of Tourism, Investment and Aviation, ABM recently unveiled the Bahamas Charter Yacht Show (BCYS) 2024. The event, reserved for charter brokers, was held in Nassau between January 25 and 28, 2024.
BAHAMAS – STATS & FACTS
ECONOMIC INDICATORS
- GDP growth (2023)
- +4.3%
- (data: IMF – International Monetary Fund)
- GDP growth per capita (2022)
- 11.32%
- (data: Macrotrends)
High Net Worth Individuals
We do not have accurate data on High-Net-Worth Individuals in the Bahamas, the wealthiest of the Caribbean nations, long recognized as a strategic center for the provision of financial services. There is no income, property, or corporate taxation in this country; consequently, it is an increasingly coveted place of residence for wealthy people.
Having recognized the importance of adopting a modern immigration framework, the Bahamas Ministry of Financial Services has developed a tax residency program that can serve as a gateway to more permanent entry for high-net-worth individuals. This program grants selected applicants the right to reside in the Bahamas for up to three years and awards them a tax residency certificate. To maintain access to these benefits, however, investors must make the Bahamas their primary residence, living in the country for at least 90 days and declaring that they will spend less than 183 days in any other nation.
- Bahamas retail spending (2022)
- 9.53% over the previous year
- (data: Microtrends)
- Consumer Confidence (October 2023)
- 131.47 index points
- (data: Moody’s Analytics)
- Unemployment (2022)
- -13.72% over the previous year
- (data: Statesman)
- New car sales (2019)
- 1.644 units sold
- (data: Knoema)
CARIBBEAN BOATING MARKET INDICATORS
- In 2016, sales of U.S. recreational boats and related accessories exceeded $50 million in the Caribbean.
- One analyst estimated that, for the boating market, revenue from the Caribbean reached $67 million in 2022.
ITALY’S TOP 5 EXPORT MARKETS IN THE NAUTICAL BUILDING SECTOR Year 2022, percentage of Italy’s world exports
| Country dollar figure percent | ||
| USA | 805M $ | 22,6% |
| United Kingdom | 434M $ | 12,2% |
| Cayman Islands | 381M $ | 10.7% |
| France | 345M $ | 9,7% |
| Malta | 189M $ | 5,3% |
TOP 5 ITALY’S EXPORT MARKETS IN THE BOAT AND YACHT SECTOR WITH INBOARD ENGINE Year 2022, percentage of Italy’s world exports
| Country dollar figure percent | ||
| USA | 746M $ | 23,5% |
| United Kingdom | 419M $ | 13,2% |
| Cayman Islands | 375M $ | 11.8% |
| France | 264M $ | 8,3% |
| Malta | 181M $ | 5,7% |
