Archangelsk To Develop Pomor Arctic Yacht Marina For Foreign Sailors

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The Archangelsk Regional Government has said it will work out the creating of the Pomor Harbor Marina. Governor Alexander Tsybulsky has said that “A very interesting project can evolve, including in terms of the economic payback. We will try to work on the project to be able to claim assignment of the status of the tax resident in the Arctic Zone of the Russian Federation. Then potential investors can receive a high quality package of benefits and the economic model will be totally different”.

Over 15,000 small-size vessels are currently registered in the Archangelsk Region but existing moorings do not have modern equipment and do not offer a service package for sailors. The project concept is driven by the need to create a facility in Archangelsk for development of tourism, yachting and Arctic expedition tourism in Northern Russia. Russia has declared the entire Arctic region a Free Trade Zone and offers tax incentives for investors to establish businesses there. It has also recently approved a Free Trade Zone in Kareila, on the border with Finland, while nearby Murmansk has designs on re-inventing itself as a destination for gourmet Arctic cuisine.

View of the Solovetsky Kremlin from the White Sea, Arkhangelsk

Archangelsk is in a primary position to do so as it lies on the main Northern Dvina river artery with access to the White Sea and is also connected with the Baltics through the White Sea- Baltic Canal.

The project will aimed at providing services for Russian and foreign yachtsmen and developing comprehensive tourist support.

The White Sea-Baltic Canal meanwhile is a proud legacy of Soviet-era Russia and was built in 1933. It remains immortalized in the ‘Belomorkanal’ brand of Russian cigarettes, with the map on the front cover; still available today and revered among those who wish to smoke certain herbs.

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Russia Briefing is written by Dezan Shira & Associates. The firm has 28 offices throughout Eurasia, including China, Russia, India, and the ASEAN nations, assisting foreign investors into the Eurasian region. Please contact Maria Kotova at russia@dezshira.com for Russian investment advisory or assistance with market intelligence, legal, tax and compliance issues throughout Asia.

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