FYBA to address foreign-flagged yacht sales

Florida Yacht Brokers Association is all set to arrange a media event with the United States Rep. Lois Frankel at Fort Lauderdale International Boat Show to modify the brokerage community on attempts to get rid of federal laws halting the sale of foreign-flagged yachts to the citizens of the United States while in domestic waters. This event will happen on 9th Nov, from 2 pm to 2:30 pm in the Yachting Tent, Booth 559-560.

In a statement, FYBA executive director Cindy Sailor said that they are excited that Congresswoman Frankel has decided to update the industry as well as media on this significant effort on the last day of FLIBS. FYBA for several years has led the push to dispatch this restriction that could create jobs, accelerate the economy as well as enhance tax revenues at both the state and federal levels. Ms. Frankel has been a tireless supporter of this and it is also is backed by many of our industry’s top organizations and companies.

Removal of the law would let the residents of the United States to purchase foreign-flagged vessels while in U.S. waters, something currently only non-U.S. residents are permitted to do – creating a market similar to the Greek Island Yacht Charters. “The yacht owners would pay duty at the time of the sale, as other countries need of United States flagged ships sold when in international or foreign waters.

FYBA’s Legislative Affairs Committee Jeff Erdmann told that recent researches reveal that effectuation of postponed importation could give thousands of industry-related jobs as well as encourage US$ 2.46 billion in extra United States recreational marine sales as well as economic activity. It’s time to deny this onerous confinement that stops job creation and singles out U.S. residents.