A luxury marina in St George’s, Bermuda, is one step closer to development after several of the island’s ministers gave theoretical approval to US$1m in tax breaks to get the project under way. The proposed marina on Ordnance Island would be part of a larger scheme to move the harbour into a “yachting hub”, according to local officials.

“The Minister of Home Affairs has worked closely with the Corporation of St George’s to move the marina project forward,” Mayor Garth Rothwell told the Bermuda Sun. “The Ministry provided in-principle support for the project several months ago and has actively advocated for the corporation to ensure steady progress.”

Garth said that a waiver of customs duty and other taxes to help fund the project would be contingent upon approval of the island’s Cabinet. But support from the Ministry of Finance allows the Corporation to negotiate with developers to create an agreement.

“The long term financial success of the marina, in addition to providing an increase in foreign revenue for St George’s and Bermuda from transit yachts and megayachts, will provide further financial support for the Corporation,” added Rothwell.

But the actual development of the marina could take until March 2015, since the project needs to go through a planning-approval process.