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According to international law, the flag of the country of the port where the vessel is registered/documented is supposed to be the flag you fly. It has nothing to do with where the persons on board are from...period. It is considered a flag vessel of that country which does not change with ownership or the people on board. Vessels of course can be re-flagged to another country but a vessel itself cannot have dual citizenship, in a sense.
Vessels not documented in any country are considered pirate vessels and can legally be shot upon and sunk. That's probably the most interesting thing I got out of my international law class at Cal Maritime.
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