Cruisers Forum
 


Reply
 
Thread Tools Search this Thread Rate Thread Display Modes
Old 08-09-2022, 09:42   #1
Registered User

Join Date: Sep 2022
Posts: 3
Smile Vessel registration & purchase in BVI by US citizen

Hello, I'm brand new to this site, and I'm excited to start participating! I have a few questions; My SO and I, (both US citizens) are considering purchasing a boat that is currently registered in the BVI. We would like to keep it that way, and I am trying to find out if it's doable to create a business entity in BVI for this purpose as we can't register the vessel as citizens. If anyone have any experience with this, or tips where to turn to get reliable and reasonably priced advise, it would be greatly appreciated. Thank you!
Fikare is offline   Reply With Quote
Old 08-09-2022, 09:51   #2
Registered User
 
Zanshin's Avatar

Join Date: Feb 2007
Location: Caribbean
Boat: Jeanneau 57
Posts: 2,027
Re: Vessel registration & purchase in BVI by US citizen

I went through this process before, having kept 3 boats in the BVI for the past 15+ years.

You can create an IBC (international business corporation) in the BVI and register the boat there. Calculate around $1000 per year in fees/costs for the BVI registry and business costs. This can be an advantage when it comes to inheritance fees, as the transfer of ownership occurs in a jurisdiction outside of your home country.

The BVI flag is a red ensign one, which is nice but not necessarily an advantage. Much depends upon your nationality and tax residence. Your plans for where you intend on keeping the boat also play a major role.

Last year I finally gave up on the BVI as my base (I'd been based at Nanny Cay on Tortola). The BVI costs have gone up significantly, new fees and taxes magically appear every year and the belongers are noticeably more hostile towards outsiders. So I moved my base of operations further south and haven't missed the BVI at all (apart from losing touch with my old friends and contacts).

If you buy through a broker, they can easily convert the BVI-flagged boat to a US-Registered one. They can do that in their sleep! I can't think of any disadvantages to doing that, if you continue to keep your boat in the BVI the only difference in cost would be that you would need to do annual "temporary import" at around $200.
__________________
Zanshin sailing
Zanshin is online now   Reply With Quote
Old 10-09-2022, 11:54   #3
Registered User

Join Date: Sep 2022
Posts: 3
Re: Vessel registration & purchase in BVI by US citizen

Thank you very much Zanshin for a quick and informative reply! We plan on keeping the boat in the south Caribbean permanently, not sure exactly where yet. Curious-what areas do you find friendlier? Thanks again
Fikare is offline   Reply With Quote
Old 10-09-2022, 22:20   #4
Registered User
 
Zanshin's Avatar

Join Date: Feb 2007
Location: Caribbean
Boat: Jeanneau 57
Posts: 2,027
Re: Vessel registration & purchase in BVI by US citizen

I moved the permanent base from the BVI to St. Lucia and still spend about 5 months or so out of the year sailing around the island chain.
If you intend on remaining in the Caribbean area the flag isn't going to make too much of a difference. An American flagged vessel was never an option to me, but as a citizen of an EU-State I took advantage of the rules and have a full British registry (yes, I know that those rules have since changed, but I'm still grandfathered in). Any of the red ensign flags are pretty good to have, and the BVI is one of them. But you need to ask yourself if the $1k/Year additional costs are worth it. Although the IBC does no business apart from the boat registry, I don't know what the reporting rules to Uncle Sam are, and the IRS will certainly be interested in someone owning an offshore corporation in the BVI regardless.
__________________
Zanshin sailing
Zanshin is online now   Reply With Quote
Reply

Tags
BVI, purchase, registration

Thread Tools Search this Thread
Search this Thread:

Advanced Search
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
Airmar "Transom&q uot ; style triducer does not give wate Franziska Marine Electronics 3 04-10-2021 12:45
US Citizen new vessel purchase registration options for use outside the US??? Steve_C Rules of the Road, Regulations & Red Tape 11 20-08-2021 09:51
Boat loans for a US citizen/non-citizen couple Tenedos Dollars & Cents 16 15-12-2020 11:37
US citizen/resident & EU citizen buying EU boat boom23 Rules of the Road, Regulations & Red Tape 42 03-04-2020 05:20
US citizen ownership and registration for BVI yacht marvelousz Boat Ownership & Making a Living 1 12-12-2017 07:25

Advertise Here


All times are GMT -7. The time now is 14:39.


Google+
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2023, vBulletin Solutions, Inc.
Social Knowledge Networks
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2023, vBulletin Solutions, Inc.

ShowCase vBulletin Plugins by Drive Thru Online, Inc.