Many people dream of buying a yacht or a boat. Some people want it just for pleasure, while others have tempting reasons to have a commercial yacht or boat, after starting a business in this field in the Cayman Islands. When people get involved in this process, they understand that it’s not such a simple procedure. Buying a yacht is half a problem. You need to register it somewhere and pay a fortune for its maintenance.
To register a yacht or a boat, you need to gain insights about taxes, fees, regulations, and so on. Some countries make it really hard for people to own a yacht or a boat. Eventually, all those fees don’t contribute to the fact that a yacht purchase will pay off.
That’s why some people refuse to have all these responsibilities and rent a yacht whenever and wherever they want. Dubai is the most advantageous place to rent a yacht. Travelers come here and take advantage of Boat Rental Dubai since it’s affordable. Moreover, it’s a fancy opportunity to celebrate a significant event.
However, if you’re still interested in buying a yacht, you might want to know which places are the most appropriate in terms of taxes, fees, and regulations. We’ll give a hint of where you should register your new yacht or boat.
Why choose offshore registration
Some people want to register their yacht where they live. However, when they get to know what steps must be taken, they change their mind fast. It’s all about high taxes and fees, challenging accessibility, and restrictions on port access. That’s why offshore registration becomes a better choice.
However, it’s not that simple to register a yacht in another country as well. In most countries, you’ll need to have a legal entity. Without it, you’ll have another issue with authorities, since you have a foreign passport. Therefore, you need to think twice if this is what you want, you can always rent a yacht.
Most favorable places for registering a yacht or a boat
The British Virgin Islands
The first advantage of buying a boat here is that there’s no need to pay VAT. Thus, at the stage of purchasing a yacht, you’ll find this solution the most cost-effective. Another advantage is that it’s a rather stable state where corporate income tax is not applicable.
However, there’s no way you can avoid having a legal entity here. The whole process can take more than 6 months, so registering your yacht will not be fast. Overall, the cost of registering your yacht for pleasure (under twenty-four meters) is about six hundred dollars. Moreover, every year you’ll pay about one hundred dollars for fees.
The Cayman Islands
There’s no need to have a legal entity, however, a local agent will be significant in all processes. It doesn’t matter where your crew or a captain will be from. However, the captain’s qualifications must be proved. When registering your yacht here, you’ll find cruising around the US hassle-free.
Fees might not be as low as you expect. The registration process will cost about seven hundred dollars. Also, annual fees will be about five hundred dollars.
If we compare what entertainment you can have instead of all those time-consuming issues, then you can supercar rent Dubai for this money. When hiring a supercar you get no worries, but only pleasure. Car rentals in Dubai make sure that you get top-notch service and hassle-free driving experience on a rental car.
The Netherlands
When looking for the most favorable place for registering a yacht, you should pay attention to the Netherlands. The whole process will take days, but not months. The only stumbling block is that you need to have a company registered in one of the EU countries.
You can choose a light or a more extensive registration. They differ in access to waters and costs. Overall, if you don’t have EU citizenship, registration fees start from about 650 euros.
Conclusion
It’s not a challenge to find a favorable place to register a yacht. However, a legal entity in the chosen country in most cases will be crucial. You can find the most advantageous place with low taxes and fees, easy accessibility, and port access.
