Ahoy cruisers!,
Thank you for hosting such an informative forum.
capn_cranky here. My partner and I are in the process of getting our ducks in a row and making the move down to
BVI to open a
charter business as liveaboards.
Financing has been a headache since CDN lenders won't lend for foreign assets and US lenders won't usually lend to non-citizens other than in a 'cash-collateral' deal where you lend the bank
money and they lend it right back to you... which isn't that helpful. We will be making an asset
purchase as per lawyer in order to prevent liabilities when we restart the seller's business afresh. Any
financing suggestions are welcome.
BVI - IBC formation: our heads are currently spinning trying to figure out whether to create a private or not-private IBC corporation to run our
charter vessel. A recent rep told me that a
self-directed IBC would be best in order for us to interact with the bank properly. Any thoughts?
Non-resident and CDN taxes: Are there any CDNs out there who can advise on
Year-1 exit strategies regarding whether or not to
liquidate everything back home, or to convert your principle residence into a rental and pay the withholding
taxes etc... Our accountant suggested we read "Take Your
Money and Run" which has given us some insight, but further testimonials would be helpful.
If all goes well, we'll be ready for November's
boat show. Take care. Look forward to chatting with you.
Arrrrr,
capn_cranky