Cruisers Forum
 


Join CruisersForum Today

Reply
 
Thread Tools Rate Thread Display Modes
Old 15-10-2012, 21:28   #1
Registered User

Join Date: Jul 2011
Location: northern NSW australia
Posts: 55
Boat Registration In Cook Islands

Hi,
I've got a question about boat registration that I'm not sure if its been addressed on here before.

I will be heading to Florida to purchase a yacht (around 38' and 100k) to start slowly bringing back to Australia, or possibly New Zealand, over the course of the next few years. I will be doing a trip then coming back to work for a bit and then going again etc.

I have been recommended to look into registration in the cook islands to avoid paying Australian tax on it when i purchase, I do realise that i will have to pay tax eventually if i decide to come back to Australia or New Zealand or wherever i end up but just wondering if anyone else had experience with this and could share their views.

From reading on the cook islands registration website it seems a fairly easy precess and the fees don't seem to be too bad. Just trying to get more insight into it and the pros and cons.
thanks.
josh
__________________

__________________
josh is offline   Reply With Quote
Old 15-10-2012, 21:35   #2
Freelance Delivery Skipper..
 
boatman61's Avatar

Community Sponsor
Cruisers Forum Supporter

Join Date: Jan 2010
Location: UK/Portugal
Posts: 20,211
Images: 2
Send a message via Skype™ to boatman61
pirate Re: boat registration in cook islands

Hmmmmmmm


Registration of a vessel upon the Cook Islands Ships Registry is governed by the Ship Registration Act 2007; vessel ownership requirements state that a ship is or will be owned (in the majority of shares) by - or on a demise charter to - a "qualified person."

This is defined as a person who is resident in the Cook Islands; or an entity which:
  1. is incorporated in the Cook Islands; or
  2. an existing international company registered in the Cook Islands;
(Both such corporate entities are exempt from taxation in Cook Islands)

Ships are most commonly owned by an International Company or Cook Islands-registered Foreign Entity. The shareholders of which can be individuals or corporations.

Please see additional pages for further information on the Cook Islands' offshore jurisdiction and the requirements for incorporation/registration.

Please contact Maritime Cook Islands for information on a suitable trustee company to undertake the required services.
__________________


Born To Be Wild
boatman61 is offline   Reply With Quote
Old 15-10-2012, 21:43   #3
Registered User
 
Travelnik's Avatar

Join Date: Mar 2012
Location: Nanny State
Boat: 22' Westerly Nomad
Posts: 593
Re: Boat Registration In Cook Islands

Why are so many people trying to avoid paying legitimate taxes?

If you can't afford the tax, maybe you should look at getting a boat that you can afford!

Maintenance and upkeep will be a lot more than taxes!
__________________
Dean - 22' Westerly Nomad - Travelnik
A 14-foot mini-cruiser is minimalist. A 19ft is comfortable, and anything much larger than a 25 borders on ostentatious.
Travelnik is offline   Reply With Quote
Old 15-10-2012, 21:49   #4
Registered User

Join Date: Jul 2011
Location: northern NSW australia
Posts: 55
Re: Boat Registration In Cook Islands

Thanks boatman,
I had thought that you didn't have to set up a registered company or entity there, i will look into that documentation some more and see what i missed.

Not trying to dodge any tax but think I pay enough legitimate tax as far as I'm concerned, all about finding out the smartest way to do things and exploring different options.
__________________
josh is offline   Reply With Quote
Old 16-10-2012, 02:05   #5
Registered User

Join Date: Jul 2011
Location: northern NSW australia
Posts: 55
Re: Boat Registration In Cook Islands

I have looked into the cook islands site and from what i have read it appears that if you register with the cook islands yacht squadron there i s no requirement for you to have a company or entity based there. i have e mailed them to find out some more info.
but if anyone has hands on experience with this it would be great to hear about it.
thanks.
__________________
josh is offline   Reply With Quote
Old 16-10-2012, 02:38   #6
Registered User

Join Date: Sep 2009
Location: Mackay,QLD, Australia
Boat: planning a approx 45ft cat
Posts: 3,651
Images: 3
Re: Boat Registration In Cook Islands

Not sure of any advantage whatsoever with Cook Is reg.

As an Australian citizen you will be required to pay the relevant taxes when you enter Australia with the vessel at some time in the future but only at that future time.

What do you gain???????????????.
__________________
downunder is offline   Reply With Quote
Old 16-10-2012, 02:41   #7
Registered User
 
mausgras's Avatar

Join Date: Feb 2012
Location: Thailand and Laos
Boat: Bavaria 37 (2007)
Posts: 448
Images: 17
Re: Boat Registration In Cook Islands

Quote:
Originally Posted by dsmastern View Post
Why are so many people trying to avoid paying legitimate taxes?

If you can't afford the tax, maybe you should look at getting a boat that you can afford!

Maintenance and upkeep will be a lot more than taxes!
Without paying taxes how can you expect govt services, in our case everything from weather services, mapping, maritime management, search and rescue etc etc. I bet if you don't pay taxes you will still want to use all those services.

Or maybe you just want me to pay for them.
__________________
mausgras is offline   Reply With Quote
Old 16-10-2012, 03:59   #8
Registered User

Join Date: Jul 2011
Location: northern NSW australia
Posts: 55
Re: Boat Registration In Cook Islands

I do realise that i will have to pay the tax once i bring it into Australia, should i decide to do so, the benefit i see is that it gives me more time with my money to invest and benefit from, nothing gained from paying tax till you have to. Believe me i pay my share, but its about being smart with your money. That's what i think anyways.

its something that has been suggested to me and would like to find out some more from anyone who's had some experience with this.
__________________
josh is offline   Reply With Quote
Old 16-10-2012, 04:35   #9
Registered User

Join Date: Mar 2012
Location: Aus
Boat: Owner Builder
Posts: 115
Re: Boat Registration In Cook Islands

ever year older = less value
= less to tax
__________________
BriaF is offline   Reply With Quote
Old 16-10-2012, 04:48   #10
Registered User

Join Date: Dec 2010
Posts: 264
Images: 1
Re: Boat Registration In Cook Islands

Hm ... pay tax for income, pay tax for wealth, pay tax for boat import ... comon guys - only dumb ppl pay taxes ! Same $ gets taxed to often !

Btw if you register your boat in an "offshore" country owned by a company then you don't need to pay tax in Australia. On the other side you have to pay company maintenance fee.
__________________
Zonker is offline   Reply With Quote
Old 16-10-2012, 05:34   #11
Registered User
 
svseachange's Avatar

Join Date: Aug 2012
Location: East Coast of Australia
Boat: Custom Steel 43 ft
Posts: 781
I am also looking at bringing a boat from the US to Australia. According to my research on the matter there you will not pay taxes on the boat until you bring it into Australian waters. In other words you can register the boat as Australian but not pay GST and any other applicable import duties until you actually import the boat.

Seems fair to me. I am sure someone on this forum has been there and done that and give you an authoritative answer on the matter.
__________________
svseachange is offline   Reply With Quote
Old 16-10-2012, 05:40   #12
Registered User
 
jacob30's Avatar

Join Date: May 2006
Location: Solomons, MD
Boat: Beneteau Oceanis 400
Posts: 244
Re: Boat Registration In Cook Islands

Not all of us feel that these taxes are legitimate or that the money pays for things we want or value. Just take a look at the numerous things our tax dollars here in the US pay for. I just heard the government funded a study of the memory of seniors who played the video game "World of Warcraft" to the tune of millions .

If the tax dollars spent on boats went towards SAR, navigation, safety etc. I would have no problem paying a legitimate tax. Here in the US go to Boat US website and you can find out which states are not actually stealing your tax dollars to pay for non-marine related items.

http://www.boatus.com/gov/states/default.asp

And yes I paid my Virginia 2% sales tax not to exceed $2000 and most of it goes back into the waterways.



Quote:
Originally Posted by dsmastern View Post
Why are so many people trying to avoid paying legitimate taxes?

If you can't afford the tax, maybe you should look at getting a boat that you can afford!

Maintenance and upkeep will be a lot more than taxes!
__________________
jacob30 is offline   Reply With Quote
Old 16-10-2012, 07:14   #13
Armchair Bucketeer
 
David_Old_Jersey's Avatar

Join Date: Oct 2006
Posts: 10,013
Images: 4
Re: Boat Registration In Cook Islands

If going Oz regsitration does not in itself generate a Tax bill (until the boat later arrives) then that is the route I would choose - one less thing to do later.

Dunno about the Cook Islands reg (as a non-resident I think you get lumbered with the annual cost for a Cook Islands Company )......but as you are a Citizen of a British Commonwealth Nation you can get personal boat reg in Jersey (without having to be a Jersey Resident nor requiring a company).....just need a local "Representative Person" (acts as no more than a post box).......main downside is the cost of a Tonnage Survey, otherwise fees are pretty competitive.
David_Old_Jersey is offline   Reply With Quote
Old 16-10-2012, 07:18   #14
Registered User
 
mausgras's Avatar

Join Date: Feb 2012
Location: Thailand and Laos
Boat: Bavaria 37 (2007)
Posts: 448
Images: 17
Re: Boat Registration In Cook Islands

death and taxes ... death and taxes .... death and taxes .... can't avoid them.

Except some countries in SEAsia. Taxes are negotiable, depending on your connections
__________________
mausgras is offline   Reply With Quote
Old 16-10-2012, 07:32   #15
Registered User
 
mausgras's Avatar

Join Date: Feb 2012
Location: Thailand and Laos
Boat: Bavaria 37 (2007)
Posts: 448
Images: 17
Re: Boat Registration In Cook Islands

Quote:
Originally Posted by jacob30 View Post
Not all of us feel that these taxes are legitimate or that the money pays for things we want or value. Just take a look at the numerous things our tax dollars here in the US pay for. I just heard the government funded a study of the memory of seniors who played the video game "World of Warcraft" to the tune of millions .
It is always easy to find an unsubstantiated story about what "they" heard or said. Even if they were true the abuse or mismanagement is an infintisemally small percentage of the overall tax take.

I live in a country that has a very weak tax base. The roads are in a shocking state, there is no free or decent health care and decent education is reserved for the wealthy few who can pay for it.

At the same time there is a ruling elite that live in enormous and ostentatious wealth (no I am not talking about the USA) that pay little or no tax. Most of the countries income comes from foreign aid or selling assets to the Chinese.

The fact is that taxes are essential for redistributing wealth so that the fortune of a few are enjoyed by everyone.

Redistributing wealth through taxation is GOOD, it spreads the economic benefits for everyone and increases political stability.
__________________

__________________
mausgras is offline   Reply With Quote
Reply

Tags
registration

Thread Tools
Display Modes Rate This Thread
Rate This Thread:

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Honduras: Sailing Boat Boarded and Robbed by Pirates foolishsailor Health, Safety & Related Gear 391 25-09-2015 08:20
Hmmmm - Bowthrusters ?? CnC40sailor Monohull Sailboats 193 31-08-2012 09:55
The buying process. Talk me through it. dgasmd Dollars & Cents 42 11-05-2012 19:16
OMG ! Clawing Off a Lee Shore in a Gale ! Hogan Engines and Propulsion Systems 432 13-12-2011 17:38
Boat Storage in the Spanish Virgin Islands lasketella Atlantic & the Caribbean 8 07-11-2011 09:52



Copyright 2002- Social Knowledge, LLC All Rights Reserved.

All times are GMT -7. The time now is 08:44.


Google+
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.
Social Knowledge Networks
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.

ShowCase vBulletin Plugins by Drive Thru Online, Inc.