Following the recent sitting of the Costa Rica Legislative Assembly (Congress), Fraser, working alongside the Costa Rica Marina Association, has shared the result of a landmark vote 47-0 in favour of far-reaching reforms of the existing charter laws. The reform will allow chartered superyachts over 24m to charter legally and remain in Costa Rican water for up to one year and is the result of a longstanding collaboration between the Costa Rica Marina Association and Fraser.
“Costa Rica has long been on the wish list of so many of our charter clients in search of the exceptional. As indeed it has been for the owners of many of the yachts that we represent for charter worldwide,” explains Raphael Sauleau, CEO of Fraser. “The initiative, energy and drive shown over the last year by both the Costa Rica Marina Association and our advisory team at Fraser, not to mention the openness and vision being shown by the government of Costa Rica is, to my point of view, exemplary, exciting and proof that when great minds with a vision get together, anything is possible. Costa Rica has so much to offer, we cannot wait to be able to facilitate clients from around the world having the chance to explore it with a yacht as their base.”
Following the vote, the next steps will see the President of Costa Rica sign the law into being at which point the association, together with the core Fraser advisory team, will be on hand to work with the government legislators as required to codify the regulations and procedures. This process is expected to be finalised and put into operation by September 2021.
“We were able to advise from both a charterer’s standpoint and an owner’s standpoint on how legal yacht charter are handled elsewhere. The results of our work together will soon be there for all to see,” says Debra Blackburn, charter broker at Fraser. “This opens up a beautiful cruising ground for our clients who have travelled so much in the Caribbean and are ready for a new adventure – and that’s just what they’ll find in Costa Rica.”
“The new reform law coupled with the country’s tourism prowess and five full-service marinas on the Pacific Coast make Costa Rica the ideal new hotspot for luxury chartering,” comments Jeff Duchesneau from the Costa Rica Marina Association.
Costa Rica is already open to superyachts with high-quality facilities to be found in Papagayo, Herradura, Quepos and Golfito, with a number of other facilities due to come online over the course of the next 12 months. Costa Rica is one of a number of nations that has amended its charter regulations in recent years including, but not limited to, Thailand, Australia and Bermuda. As the superyacht industry continues to push to be truly global, it is imperative that more nations reassess their restrictive charter policies.
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