Owners of superyachts flying the Cayman Islands flag could well end up paying ten times more to register their vessels next year if fee increases imposed on local boats are imposed on yachts that sail international waters
In recent days local boats have seen fee increases of this magnitude following the publication of amended Port Authority regulations issued on 20th September 2012
The move comes as a result of the fee increases in the 2012/13 budget.
The license for local boats exceeding 100 feet will now cost their owners $10,000 per year instead of $1000 the old fee for all vessels over 70 feet.
According to the amended regulations, revised fees begin on boats over 30 feet but fees for smaller boats remain the same.
Boats under 21 feet are not taxed and owners are not required to pay a fee and the government has chosen not to tax private wave runners or jet skis.
Owners of these craft who rent these types of craft out to customers will pay $150 fee.
Vessels over 30 feet that don’t exceed forty feet will now attract a fee of $1,000 per annum up from $300 in the previous regulations.
Boats over 40 but under 50 feet will see fees go up from $300 to $2000 while those between 51 and 60 feet will increase from $500 to $3,000. Those over 70 feet will cost owners $5000 per year to keep on the register.
Boats over 80 feet will be $6000 and over 90 feet $7000 with the vessels exceeding 100 feet now attracting a annual license fee of $10,000.