Originally Posted by ford
I am a Canadian in the process of placing a 45' Catamaran into Charter
down in the BVI's.
I understand there is no taxes
if I register the boat Canadian unless I bring it back to Canadian waters (unlikely), however is there any advantages to a BVI registration?
I plan to bring it to Florida in 7 years for us to winter on full time. Should I consider a Delaware registration?
BOTH are the same, BVI and/or Delaware. You need to incorporate an International Business Company (IBC) before register a boat. That will costs some dollars lol......Please take note as following:
"For the BVI yacht registration we'd suggest first to incorporate a BVI IBC with nominee directors for this purpose, then to register the yacht in the IBC name, however if you wish to own the yacht in the name of the BVI IBC, you must be advised that he will not be able to charter
the vessel to persons resident in the BVI.
Following is information on the subject of yacht registration in the BVI:
NOTE: During the registration process, we suggest that a representative of our office in the British Virgin Islands
be appointed a director or power of attorney holder of the British Virgin Islands
company so that the beneficial owner has the legal
capacity to inspect and take possession of the vessel on behalf of the company, in the country where it is lying, while our office has the legal
capacity to prepare and file all documentation
with the Registrar of Shipping
in the British Virgin Islands
. Once the registration of the vessel is completed, the representative from our offices will resign as a director or power holder. Neither the vessel nor the beneficial owner need ever visit the British Virgin Islands".
The same you need to do for Delaware registration. "Delaware Yacht Registration - To register your boat in Delaware, you must incorporate a Delaware LLC first.
Mr. Ford, you still need to forms IBC, pay them incorporated fees
, directors' fees
annually and income
As you are a Canadian, just register as a Canadian, pay Canadian import
tax, GST or VAT if any. And placing your 45' Catamaran into Charter down in the BVI's. Pays income taxes
, if any. You'll sleep very well every nights and Canadian Government
will gain some dollars from you and they will or might buy more guns
and riffles to fight the terrorists.
may I suggest you to have your beautiful yacht register in LANGKAWI, the tax heaven of the East. Attached below are the advantages and benefits to register with Langkawi International Yacht Registry (LIYR) and you DO NOT have to pay any taxes at all:
The Benefits of Registering a Yacht under Langkawi International Yacht Registry (LIYR):
The purpose of registering a yacht is to protect the interests of the registering party (Owners). Explained below herewith are the following safeguards and benefits available through registration:
1) The Ownership
of the yacht is recorded in the Registry. Such registration gives a good title to the yacht.
2) Malaysian Nationality (LIYR) for the yacht which accords legal protection on the high seas and in foreign ports
3) The registered yacht could be used as a security
for a mortgage to allow of the yacht to borrow money
from a financial institution.
4) The registered yacht could be insure and covered by an insurance
5) Malaysian (LIYR) registered yacht can sail overseas or make port calls. Certificate is recognized worldwide.
6) The registration of the yacht would add to the value of the yacht as the history
of the yacht is well recorded.
7) The registered yacht could have a name, call-sign and/or ID and therefore enable to apply for a Maritime Radio
8) The registered yacht could also have an EPIRB
fitted on-board for easy identification in the case of an emergency
9) Enabling rapid tracing of a yacht in the event of theft, mishap or more serious maritime emergencies as the Rescue
Authorities would not be helpless in case of an emergency
10) The registered yacht may fly Langkawi Red Ensign for identification of her nationality. Yachts which fly the Langkawi Red Ensign are entitled to the support of Malaysian Consular and High Commission and Malaysian Royal Naval protection.
11) DUTY FREE – No Custom Tax, No GST, No VAT etc. Very low initial registration and annually fee.
12) No manning requirement, at present.
13) The yacht do not need to be in Langkawi for the registration.
14) Electronic documentation
, fast and reliable Government’s Registry.
15) The Owners of the yacht may NOT be a Malaysian and/or Malaysian company.
16) Langkawi is the yachting HEAVEN of the East, equipped with state of the art facilities, berths, accommodation and services for you and your yacht.
17) Political stability in Malaysia
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