430% Increase in IOM Annual fees

[northwestsailor]

Yes, you read that right annual boat registration in the Isle of Man has increased 430%. For our 47 ft boat it has gone from 117 GBP to 500 GBP.

Their excuse was they need to cover costs. I guess for the last so many years they haven’t come close. Also they said boat boat owners could afford it and their prices are very competitive. Hmmmm.....looks like someone gave them some wrong information.

[john61ct]

Pretty sure this is insignificant money for most people using IOM for offshoring purposes.

But of course if there is a cheaper jurisdiction convenient for you you should switch.

IOM may lose some customers, but I bet their attitude will be "don't let the gate bang your bum on the way out" 8-)

[RaymondR]

Easy targets.

The perception is that all yacht owners are rich with money to burn and since there's not many of them it's not going to hurt at the ballot box.

[john61ct]

I doubt the IOM residents are too concerned about off-islanders' problems 8-)

[AiniA]

Does this apply for residents of the IOM as well? Have a friend in the Caribbean from there.

[northwestsailor]

There appears to be a discount for IOM residents but i believe you have to state where you live and sleep! They are very specific about details according to their website.

[grantmc]

Isle of Mann fee still only €250 for pleasure yachts under 40 feet.
Many other registration options obviously.

[alansmith]

Ok. If that is the boat registration what are the monthly mooring fees or dock fees?

[john61ct]

I didn't think the thread had anything to do with the IOM as a place to stay.

Aren't most boat registrations there part of their offshore tax-avoidance economy?

[tarian]

Originally Posted by john61ct

I didn't think the thread had anything to do with the IOM as a place to stay.

Aren't most boat registrations there part of their offshore tax-avoidance economy?

Exactly , hence why boats 40ft or less are lower , as these are the mainly recreational boats and locals, but for those wishing to avoid VAT on their boats , might have to pay some extra money, know there is a worldwide question here about avoiding paying taxes but that is another argument that I dont have any money to pay a good Tax lawyer with

[jmschmidt]

$27US for US Coast Guard documentation renewal. Was free up to three or four years ago. But they will learn.

[Lambretta]

very interesting ....... I am launching a new build (50Ft cat) in August this year and was planning to register the yacht in the IOM

This was simply for convenience and that we will not be keeping the yacht in South African waters. The royal ensign (IMHO) is a great flag to sail under.

Well I have pinged the IOM for some clarity on this and will revert once I have heard back from them.
My current quote is a once off registration fee of 160GBP and then an annual renewal fee of 122 GBP on 1 April of each year.

If this renewal fee has gone through the roof I will be looking elsewhere and open to suggestions

[Lambretta]

Originally Posted by Lambretta

very interesting ....... I am launching a new build (50Ft cat) in August this year and was planning to register the yacht in the IOM

This was simply for convenience and that we will not be keeping the yacht in South African waters. The royal ensign (IMHO) is a great flag to sail under.

Well I have pinged the IOM for some clarity on this and will revert once I have heard back from them.
My current quote is a once off registration fee of 160GBP and then an annual renewal fee of 122 GBP on 1 April of each year.

If this renewal fee has gone through the roof I will be looking elsewhere and open to suggestions

Well I have received an email from the IOM

The registration fee has gone up to GBP165 ..... no big deal this is an increase of 5GBP

HOWEVER the annual renewal fees for

Boats under 12 meters has gone from 122GBP to 250GBP
Boats from 12 to 24 meters has gone from GBP122 to GBP 500
Boats over 24 meters has gone from GBP122 to GBP 1000

And who knows where this will end?

So in simple terms someone in the IOM has woken up and decided it is time for another wealth tax ....
As Winston Churchill put it ..... when you take from Peter to pay Paul ..... you can always count on the vote of Paul........ except you start to run out of Peter's ........ and this "Peter" is now looking elsewhere.

So they have gone from a fair revenue stream to zero with my business and no doubt others will vote with their feet (or boats) as well

What a bunch of muppets

Any boat registration suggestions besides Delaware. I am looking at the UK directly and the Netherlands? I also need to look at Jersey.

[mikedefieslife]

UK SSR is 25GBP for 5 years. Must be one of the best value registrations around. Though you must be a resident. IIRC Nederlands and Belgium has now also added the resident requirement too.

[john61ct]

God forbid you just do it where you're supposed to and help support "your community" however you might define that.