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

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!

eYachtCharter.com review by CharterWave.com misses the mark

Recently there was an eYachtCharter.com review posted by Kim Kavin from a website called CharterWave.com that reported inaccurate, defamatory information about the yacht listing service. Apparently Charter Wave is a platform where charter brokers can become a sponsor and have favorable reviews written about their services. Being perfectionists, EYC is always open to constructive criticism but the eYachtCharter.com review written by Kavin simply missed the mark.

Kavin’s recent blog entry commented that after reviewing eYachtCharter.com she “didn’t see any reference to the key professional organizations run by reputable charter brokers.” If she is referring to EYC not displaying logos from the associations whom she promotes than she is absolutely correct.

Kavin must have skipped the About eYachtCharter page because she obviously misconstrued the company’s services in her post. EYC is a multiple listing service for yachts that is open for the public to view and provides 24-hour assistance to connect travelers with the best yacht, captain, crew and of course the broker to fit their needs. As for listing rates, they are clearly displayed on the page titled Listing Services, which is located on the site’s top tool bar.

Large firms with outstanding term charter reputations will facilitate $100,000+ per week vacations of the highest caliber, but they don’t necessarily cater to luxury day charters or corporate events that some smaller firms may provide. eYachtCharter.com offers yachts and information for all types of charters whether it is a romantic wine tasting cruise in the San Francisco Bay or a weeklong honeymoon in Greece.

Kavin mentioned in her entry that choosing the yacht is just the beginning of the charter booking experience and seems to profess that the broker is the most important element. That is where she and EYC seem to differ. eYachtCharter believes that the consumer is the most important element of the yacht charter, not just the broker.

On January 2, 2008 eYachtCharter.com announced its official grand opening of its luxury yacht charter directory. The company began accepting listings from reputable listing agents, owners and clearinghouses for sail and motor yachts that charter to exotic destinations throughout the globe.

Being the new kid on the block, EYC wanted to introduce itself to the professionals of the industry. Marine professionals were invited to register on the site and become part of the global yachting community. This was to share a platform that has become one of the top ranking yacht charter websites on the Internet and attracting thousands of highly targeted, unique visitors each month from around the world. This can be attributed in part by the fact that the site is published in nine different languages to provide our international users with an opportunity to receive information in their own vernacular.

All marine professionals including listing agents who may want to be considered to list their yachts, charter agents who could utilize our database to find yachts free of charge, marine professionals who may provide complimentary services to link up and become part of our resources section or captains and crew who would like to share their tales from past charters. The opening was a huge success!

Kavin was invited to contribute to eYachtCharter.com as a yachting resource and declined stating, “you guys are a competitor, and you’re infringing on my way of life.” It was shortly after that conversation that her “review” was posted. This was not an accurate review and many details were neglected. This was simply one misguided individual taking Clintonian cheap shots against their opponents.

She also referred to the Cayman Islands as an improper location for a “Proper Yacht Charter” but what exactly is a proper yacht charter? Does this mean that a three-day scuba diving expedition on a 58’ Catamaran in the Cayman Islands is improper?

Kavin concluded her post with “Buyer Beware” in reference to the yacht charter service and the quality of the yachts listing in its directory while EYC has associates around the world who aid in qualifying each and every one of the yachts before they are included in the system. Due to her irresponsible journalism and unwarranted invective, her credibility  has now become subject to question.

While some may not support eYachtCharter’s business model, everyone is entitled to their opinion. eYachtCharter.com is flattered by the attention and looks forward to the competition.

Tips for a Cayman Islands Yacht Charter in the Caribbean

The thriving economy and exotic diving destinations in the Cayman Islands have made this a viable luxury yacht charter location. These islands offer luxury, fun and adventure to international travelers. The information listed below provides you with tips to help your Cayman Islands Yacht Charter run smoothly.

Yacht Entry & Clearance
For passengers planning to charter a yacht to the Cayman Islands, have your charter broker or directly contact an on shore agent and provide them with all of your group’s personal information at least one week before the vessel’s arrival. The on shore agent will make sure that all of the paperwork will be ready when the yacht arrives at port. Quick processing with advanced notice will allow the group to have more time enjoying their vacation.

Currency
For travelers from Europe and the US, the Caymans are affordable but there is an exchange difference in currency. Both the Cayman Island Dollar and the US Dollar are accepted in all locations although the exchange rate is fixed.
.82 = $1.00 USD

Inter- Island Travel
If your vacation is going to be based out of Grand Cayman, consider chartering a plane or helicopter to visit the other Cayman Islands in record time. Have your agent or broker get into contact with Grand Cayman Island Air or Caymanhellis. Depending on your vessel, it may be feasible to have the helicopter pick you up directly from a launch pad on the yacht.

Private Helicopters
Helicopters may be approved by the Cayman Island Civil Aviation Authority to clear in and prepare for guest arrivals and departures.

Provisioning and Supplies
One of the major benefits of traveling aboard a Cayman Islands Yacht Charter . While you are tucked away in an island oasis, the proximity to the United States allows provisioning requests for food and supplies to be fulfilled within less than 24 hours.

Tides
The maximum tidal range in the Cayman Islands during the year is about 18 inches. The seas are notably flat calm for 95% of the year. The serene waters make this Caribbean escape the optimum located for cruising, fishing or skiing from a tender that launches from the luxury yacht. Optimum conditions contribute to an enjoyable yacht charter vacation with less seasickness and the ability to do more activities than in rough waters.

Resources
The Cayman Islands offer numerous benefits to Caribbean Yacht Charter adventurers. If you are looking to book a charter to these islands for the first time, two great resources to utilize for information are the Cayman Islands Tourism Authority Guide as well as Boats Wain’s Beach.

Most yacht charter firms will provide their clients with all of the travel information they need and take care of the details such as provisioning and yacht entry. It is still to the vacationer’s benefit to know more about their destination in order to get the most from their yacht charter experience.