CDN to BVI - IBC Set-up

[capn_cranky]

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

[Jfid121]

Good luck! I have heard it is brutal getting started in the BVI...especially with the banks!

[SkiprJohn]

Aloha and welcome aboard!
Good to have you here. I've only visited the BVI and few times so certainly am not an expert. I did enjoy the visits.
kind regards,