Offshore Yacht Registration. Yacht owners might have already noticed an increasing number of yachts that use exotic countries flags instead of the traditional flags at the top of their masts. This is due to the low costs and the great benefits that brings the offshore yacht registration to their owners!
The main advantages of Offshore Yacht Registration:
1. Tax benefits / minimum rate of VAT. Offshore jurisdiction such as Panama, BVI, Seychelles or Luxembourg allow boat owners to pay taxes at a rate much lower than in their own country , for example the U.S. or UK . This, of course, brings significant savings .
2. Low cost of registration. It involves a very simple registration process with less documentation that will help you save time and money.
3. Confidentiality and limited liability if the boat is registered through an offshore company.
4. Freedom of movement and reduced risks. Many offshore jurisdictions offer boat owners the freedom of movement as well as many other well-recognised countries often have a sour relationship with each other and cause tension in hostile waters. Thus, having a different country flag offshore yacht owner will bring confidentiality and will not be defined less conflict as their true nationality.
Each offshore zone has its own speciality, and for the registration of yachts specialists also identify a number of jurisdictions, optimally suitable for this procedure. The benefits include the exemption for offshore yacht registration and annual renewal, which is complemented by the lack of direct taxation on income derived from the use of the yacht. In some jurisdictions, there are also no indirect taxes and customs duties.
If you are thinking about registering your yacht in an offshore jurisdiction, we can provide you with professional and personal services. We will take care of the documents, such as marine and offshore legal issues and management of the company to help you in this process.
