A US Congresswoman is planning to introduce important legislation this month, which will allow US-citizens to buy foreign-flagged yachts in US waters.
Congresswoman Lois Frankel announced her plans during a press event hosted by the Florida Yacht Brokers Association (FYBA), while at the Fort Lauderdale International Boat Show (FLIBS) earlier this month. The FYBA has been fighting for legislation of this kind for some time, largely due to the impact that the established law has had on the US brokerage sector.
Frankel explained, “The interest in the marine industry is huge, and it is a giant economic driver for South Florida. We are going to talk about taking a super industry and putting it on steroids.”
Cindy Sailor, executive director of FYBA commented, “We are thrilled that Congresswoman Frankel recognises the efforts of FYBA and scores of other marine industry businesses and organisations to repeal this outdated law that costs the US yacht sales, revenue, tax dollars and jobs.”
Removing this 107-year old law would mean US-clients could view and purchase foreign-flagged yachts while in US waters, unlike before, where they had to pay a heavy import duty prior to the sale.
Bob Saxon of Bob Saxon Associates added, “At a US boat show, an American broker could show a yacht for sale to Vladimir Putin but not to Warren Buffet. This [new legislation] will dispel all of that nonsense and is a huge boost to the US brokerage marketplace. Duty would be deferred and paid if the yacht sold, but at least the brokers can openly show the yacht to US citizens whereas, prior to, this would have been prohibited.”
For more information, visit Florida Yacht Brokers Association.