New Cayman Islands Tonnage Fee Structure
The Maritime Authority of the Cayman Islands (MACI) is introducing a new Annual Tonnage Fee (ATF) structure, which will come into effect on the 1 January, 2012. In a bid to remain competitive in an increasingly competitive market, MACI has carried out a detailed investigation of its current ATF system, with a particular focus on the comparison with the other key administrations.
The net result of this exercise is a simplified and very competitive structure which, for the first time in MACI’s history, provides two different formulations, one for Merchant Vessels and one for Pleasure Yachts, including those engaged in trade.
MACI’s Director for Global Operations, Kenrick Ebanks states, “We have long recognised that the economic operating profile for Merchant Ships is very different to Yachts and it is therefore, entirely logical to develop two separate regimes which take account of this fact.”
Merchant Vessels The new ATF structure for merchant ships now includes a flat minimum ATF of US$1000, and this rate will be chargeable up to 2500GT. For vessels in excess of this figure, the first 2500GT will be charged at the flat minimum of US$1000 with the remainder charged at US$0.11 per unit GT.
Pleasure Yachts (including pleasure yachts engaged in trade)
For pleasure yachts, including yachts registered as commercial vessels, the flat minimum will be US$400 and this will be chargeable up to 500GT. Larger yachts will be charged at US$600 for the first 1000GT with the remainder charged at US$0.20 per unit GT.