A new law is expected to be passed in the near future that will allow Turkish yacht owners to switch from a foreign flag to a Turkish flag. This means that buyers will soon be able to buy more affordable used boats from any country and register them under the Turkish flag.
The leaders of the Turkish yachting industry are giving serious attention to regulation and are looking forward to the new law as it will strengthen the market, lead to business growth in terms of yacht maintenance, repair services, and increased sales of equipment.
Much of the industry is going through tough times right now - some say they are reluctant to participate in the nation's largest boat show. CNR Eurasia Boat Showwhich starts on February 11-19, 2017.
The new law is of particular importance for owners of small yachts, less than 14m, as owners of large yachts are more likely to choose foreign flags due to the significant tax benefits. In this regard, Turkey's Ministry of Maritime and Transport recently announced that they also hope to introduce other benefits, including tax cuts, into the law.
Yachts registered under the Turkish flag already have some advantages domestically, including affordable mooring and complete freedom to sail “to” and “from” the country with minimal restrictions.