A delegation from the Florida Yacht Brokers Association (FYBA) has just returned from Washington, DC, where they have been arguing for a change in the law covering import duty charged on yachts visiting the US.
Currently, owners of yachts under a cruising licence, while in US waters, are forbidden to offer their boats for sale to US residents until the boat is imported and duty is paid on the appraised value. FYBA believes a less restrictive cruising licence, which allows foreign flagged boats to be offered for sale to US residents while in US waters, would benefit American marine industry workers and generate additional state and federal tax revenue.
Currently, 300 to 400 foreign-flagged yachts regularly ply US waters, but are not open to US buyers. An example is the 43 metre motor yacht Deep Blue II (pictured), offered for sale by Fraser Yachts, but not for sale to US residents while in US waters.
FYBA argues that payment of duty for used foreign flagged boats should be paid on the day a boat is sold, rather than the day it is offered for sale.