Investing in a yacht is an esteemed milestone in any 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 travel and leisure in the best way possible.
However, buying a yacht involves several decisions, including where you will register it. Deciding where to register your yacht is important as registration in the wrong country could lead to additional taxes, other expenses and complications with regards to your freedom of travelling. 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 this is not always 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, so you will need to understand them and abide by them. If you have a good understanding of the country’s laws, you can pick a country whose laws will suit your circumstances both financially and for travelling.
Many yacht owners choose countries that have acceptable safety regulations for EU travel with little or no taxes which are usually countries who 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 offers many benefits for you to 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. The team here at Europe Emirates Group are experienced at helping people with yacht registration, taking care of the administration on your behalf and will be able to deal with the entire process for you quickly and easily.
Purchasing a yacht does not have to be costly or time consuming if you choose the country you will be registering it in carefully. By registering in the BVI, you can do it tax-free, have the freedom to 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 is definitely worth considering.