Bangkok, Thailand, February 25, 2021 / TRAVELINDEX / At a meeting in Bangkok chaired by the new Finance Minister Arkhom Termpittayapaisith and in the presence of officials from the customs and tax authorities, it was finally confirmed that foreign superyachts may now spend the winter season in Thai waters and offer their yachts for charter without having to pay VAT on the value of the vessel.

The meeting marked the culmination of a six-year campaign to achieve this crucial change in local regulations, finally enabling a new “third destination” for the global fleet and a new “superyacht tourism” industry to boost Thailand’s pandemic-stricken tourism economy.

The campaign really gained momentum in 2015 when the then Minister of Transport was tasked by the Prime Minister with organizing Thailand's first yacht show. The show was intended to position Thailand as a hub for marinas in Asia and develop a significant new yachting industry that would attract substantial foreign investment for the benefit of the entire Thai population.

Kobkarn Wattanavrangkul, the then Minister of Tourism and Sports, championed the project with great dedication, and her unwavering belief in this opportunity remains strong to this day, even though she retired from politics two years ago. Minister of Transport Arkhom signed the government decree introducing the so-called "superyacht charter license" in 2016. The first three licenses were presented to foreign superyacht owners at the opening of the new Thailand Yacht Show. Only today were the official tax regulations for this initiative finalized. The timing couldn't be better, however, as Thailand desperately needs a new wave of tourists with high purchasing power once the pandemic finally ends – hopefully in time for the next season.

The entire Thai yachting industry has worked together to achieve this point, and TYBA Chairman Matthew Na Nagara and his team have been instrumental in ensuring that all government departments and administrative organizations were sufficiently informed and politically persuaded to bring the initiative to fruition.

The Thailand Yacht Show itself will now become the centerpiece of a much broader festival for luxury tourism, including a private aviation showcase at the new Phuket Private Jet Terminal, an international vintage car concours d'elegance, a wellness and anti-aging expo, a collector's art exhibition, and many other luxury areas that will attract more and more visitors with very high net worth to the beautiful island of Phuket in the next 10 years post-pandemic.

While this headline represents a huge boost for the superyacht industry and will bring new business to all parts of the ASEAN region, extending as far as Australia and New Zealand, it will also have a massive trickle-down effect on all areas of the recreational boating and on-water lifestyle industries across Asia.