Simplified Tax Regime for Jamaican Registered Yachts

Picture of James Bond beach on Jamaica courtesy of Banjoman1

Jamaica’s Cabinet has approved proposals to introduce an annual fee to replace the multitude of levies in place on Jamaican-registered yachts in a bid to improve the attractiveness of the local registry.

It was on Jamaica that Fleming wrote more than a dozen novels and short stories featuring Agent 007. Of these once best-selling volumes of action pulp, “Dr. No,” “Live and Let Die,” “The Man With the Golden Gun” and the short story “Octopussy” are largely or partly set in Jamaica, and the films based on the first two were also shot there.

The annual fee will replace the existing customs duty, customs user fee, environmental levy, and General Consumption tax charges on flags registered in Jamaica, providing for a simpler, streamlined regime for boat owners. In addition, yachts of less than 25 feet will be exempt from registration and safety inspection fees for the first two years of their registration.

Jamaican information minister, Sandrea Falconer said that the government hoped to “stimulate nautical tourism and yacht registration in Jamaica,” and “enhance the competitiveness of the Jamaican Shipping Registry by encouraging the registration of pleasure craft and facilitating home porting in Jamaica.” She identified that presently around 8% of yachts berthed in Jamaica are locally registered.

The plans include the introduction of a cruising permit fee, under the Shipping Act, to be paid by visiting yachts bearing other territories’ ensigns.