The Government is aiming to tap into the nautical tourism market with the intention of getting more owners of yachts to come to Jamaica and register their vessels here.
To this end, the Cabinet has approved the removal of a number of duties usually paid by these vessels and the introduction of a flat annual fee.
Vessels must be registered in Jamaica to benefit from the new arrangement.
Only 10 per cent of the 1,000 yachts berthed in Jamaica are registered under the Jamaican Flag.
Meanwhile, yachts measuring less than 25 feet will not be required to pay registration or safety inspection fees for the first two years after being landed.
And foreign-registered yachts will soon be required to pay a cruising permit fee under the Shipping Act.
The government is hopeful that these changes will boost Jamaicaís competitiveness in this niche tourism market.
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