Originally Posted by Navarca
I have to say that it is wrong to state here that in Colombia is illegal to have a boat registered overseas. It is done legally. In fact most people own a foreign flagged boat because of the high import duty they have to pay to import a boat to the country, money
that will most probably be lost
3 or 4 years down the road when the owner decides to sell the boat because the purchaser will most probably be overseas and will not recognise a penny from the duty payed in Colombia. I kept my yacht under Delaware flag for 4 years until I decided to import it (get a Colombian flag) because at that time I was sure that I will keep her for a long time. It is not illegal to own a foreign flagged boat as it is not illegal to own stocks at Wall Street
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It's helpful if you would include the quote in your comment of the issue you're referring to.
You may be referring to the fact that Colombia has income
tax as well as patrimony. So you pay income
tax like everyone in the world, and in Colombia you pay a tax on your owned assets called patrimony.
Many boat owners don't register there boat at all, just pay the bribes which is cheaper than paying the tax.
There may be Colombians that do register outside of Colombia to avoid paying patrimony, and that may be what you're referring to, and of course, that's illegal.