FYBA will address restriction on foreign-flagged yacht sales at FLIBS

Author:
Updated:
Original:

The Florida Yacht Brokers Association will host a media event with U.S. Rep. Lois Frankel at the Fort Lauderdale International Boat Show to update the brokerage community on efforts to remove federal laws barring the sale of foreign-flagged yachts to U.S. citizens while in domestic waters.

The event will take place Nov. 9 from 2 to 2:30 p.m. in the Yachting Tent, Booth 559-560.

“We are excited that Congresswoman Frankel has decided to update the industry and media on this important effort on the final day of FLIBS,” said Cindy Sailor, FYBA executive director, in a statement. “FYBA for several years has led the push to remove this restriction, which would create jobs, stimulate the economy and increase tax revenues at both the federal and state levels. Ms. Frankel has been a tireless supporter of this effort, which also is backed by many of our industry’s leading companies and organizations.”

Removal of the law would allow U.S. residents to purchase foreign-flagged vessels while in U.S. waters, something currently only non-U.S. residents are permitted to do.

Removal of the restriction, also known as “deferred importation,” owners of these yachts would pay duty at the time of the sale, just as other nations require of U.S.-flagged vessels sold while in foreign waters.

“Studies show that implementation of deferred importation would generate thousands of industry-related jobs and encourage $2.46 billion in additional U.S. recreational marine sales and economic activity,” said Jeff Erdmann, chairman of FYBA’s Legislative Affairs Committee. “It’s time to remove this onerous restriction, which prevents job creation and discriminates against U.S. residents.”

Related

Viking Holds Vaccination Event

The New Jersey-based builder is working with local healthcare providers to offer Covid-19 shots to employees and their families.

Bellingham to Supply Dock for Superyacht Marina

Bellingham Marine will design and install a floating concrete dock system at Hurricane Hole Superyacht Marina in the Bahamas.

Off the Charts

Even as builders faced order backlogs and product shortages, registrations continued to soar in March.

Maverick Boat Group Expands

The Florida-based builder plans to increase production capacity by 30 percent and add 150 new jobs.

Polaris Names CEO and CFO

Previously interim executives, Michael Speetzen was named the CEO and Bob Mack the CFO of the Minnesota-based powersports company.

Sanlorenzo Reports Q1 Financials

The Italian builder continues to gain market share and expects to debut five models at Cannes in September and launch three new lines in 2022.