The Power of Sailing BVI Yacht Registration
Contributed by Europe Emirates Group
13 December, 2018
Investing in a yacht is an esteemed milestone in any successful businessperson's life, no matter how successful they were previously: a yacht purchase signifies the ability to invest into more than just a business, combining traveling and leisure time in the best way possible.
However, buying a yacht involves multiple decisions including where you are going to register it. It is imperative to be accurate in your choice as otherwise you may be liable to additional taxes and other expenses and difficulties. Picking the right country in which to register your yacht will save you a lot of headaches regarding its costs and your freedom to travel where you wish. The British Virgin Islands is an excellent option since it provides innumerable benefits.
Why Is Choosing your Yacht Flag Important?
Before we go into the benefits of BVI yacht registration, it is essential to clarify why choosing the yacht flag is so important. Most citizens of the western countries would naturally gravitate towards registering their yacht in their home country but that would not in fact be the best option.
For example, countries such as the United States have imposed a large number of regulations and taxes related to yacht registration and ownership, some of which can make you feel like you are wasting your money. Once you register your yacht in a particular country, its laws will apply to it, meaning that you should be well aware of what those laws are. That way that you can pick a country whose laws will not unnecessarily limit or tax you. Many yacht owners choose countries that have acceptable safety regulations for EU travel with low or no taxes. They are usually those that are members of the Red Ensign Group, found in the British Overseas Territories. BVI is one of them.
BVI Yacht Registration
Registering your yacht in the BVI is a good option because of the benefits you will enjoy. Some of these include:
- Lowest costs of registering and managing;
- No tax on profits from operating or maintaining a BVI ship or on dividends received from the company that owns the yacht;
- You do not have to pay Value-Added Tax on the yacht purchase;
- You can go to any port in the world which sets BVI apart from most countries;
- It is easy to rent or re-sell the yacht registered in the BVI
However, to register a ship in the BVI, more than half the shares of the boat should be owned by a BVI company. Therefore, if you are planning to register your yacht in the BVI, there is some preparation that you must do first. Fortunately, it is a process that does not require much time and is relatively straightforward. Rest assured, Europe Emirates Group can handle the entire process on your behalf.
Purchasing a yacht does nont have to exhaust your resources in terms of both time and cost if you carefully choose the country you will be registering it in. By registering in the BVI, you can do it tax-free, sail to any port in the world and enjoy low costs of managing your boat. It is one of the best options out there and it is worth your attention.
For more information about BVI yacht registration, contact us for a free consultation on +9714 311 6547 or by email at firstname.lastname@example.org
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