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Code of Federal Regulations Title 46. Shipping § 46.356.9 Tiered ownership structures

Current as of January 02, 2025 | Updated by Findlaw Staff

Non–Citizens may not own or control, either directly through the first tier of ownership or in the aggregate through an interest in other entities at various tiers, more than 25% of the interest in an entity which owns a Fishing Industry Vessel. The prohibition against Non–Citizens owning or controlling more than 25%, in the aggregate, of the interest in an entity that owns a Fishing Industry Vessel means, for example, that:

(a) Non–Citizens that own or control a 25% stake in the ownership entity of a Fishing Industry Vessel at the first tier may not have any interest whatsoever in any entity that is being relied upon to establish the required 75% U.S. Citizen ownership;  and

(b) Non–Citizens that own or control less than a 25% stake at the first tier may participate in the ownership and control of other entities that are being relied upon to establish the required 75% U.S. Citizen ownership and control at the first tier. However, the total ownership and control by Non–Citizens of the entity owning a Fishing Industry Vessel may not exceed 25% in the aggregate as computed by MARAD.

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Cite this article: FindLaw.com - Code of Federal Regulations Title 46. Shipping § 46.356.9 Tiered ownership structures - last updated January 02, 2025 | https://codes.findlaw.com/cfr/title-46-shipping/cfr-sect-46-356-9/

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