Royal Caribbean Cruises Ltd. (RCCL) group has completed the transfer the management of 12 of its 40 ships to the UK in the course of last year, the company’s 2012 Annual Report shows.
Initially, only Brilliance of the Seas that RCCL’s Royal Caribbean International contemporary market unit, was managed from the UK as the ship is on lease to the company from a British bank.
In its 2012 annual report, RCCL said it operates 13 ships under companies, which have elected to be subject to the United Kingdom tonnage tax regime.
"The requirements for a company to qualify for the UK tonnage tax regime include being subject to United Kingdom corporate income tax, operating qualifying ships, which are strategically and commercially managed in the United Kingdom, and fulfilling a seafarer training requirement,’ RCCL stated.
"Failure to meet any of these requirements could cause us to lose the benefit of the tonnage tax regime which will have a material effect on our results of operations," RCCL concluded.
The company did not specify which of its ships are now managed from the UK. None of the RCCL group vessels fly the British flag and it is not the requirement of the UK tonnage tax to do so in order to qualify for the system. RCCL flags in ships in the Bahamas and Malta, both of which are Commonwealth countries.
