a 8 year old catamaran
in St. Maarten next month. It is owned by an American and registered under an LLC in the Marshall Islands
. I'm an American from Michigan. It is unlikely that the boat will ever come to my home state.
My plan is to purchase
the boat and keep it in the Caribbean
. During the first two years, I'm thinking of keeping the boat in Fajardo, Puerto Rico
. Then I want take it to the Mediterranean
for 6 month's. After that I'll cruise
and East Coast
of the United States for a few years.
These are my questions:
1) If the boat is in Puerto Rico
, do I have to pay any sales or use tax on it? If so, how much. Is this a one time tax like purchasing
2) I've read that import
duty is around 2% of the appraised cost of the boat. Is this correct? Are there any other import
duties or taxes
that will need to be paid?
3) If I pay sales tax in Michigan (6%) when registering the sale
, will I ever have to pay it in another state? I currently have a LLC in Michigan that has a large amount of rental and lease income
. There would be a benefit to having the boat owned by this company. Do you see any negatives?
4) Have any of you heard about being able to accelerate depreciation up to $250,000 this year as part of the stimulus package on boats purchased for charter
and operating in US waters?
Thank you for any input.