Paid a considerable sum for your vessel?
Have you thought about how the ownership of this vessel could benefit your fiscal status? As part of The Sovereign Group, Register a Yacht.com can offer a full range of corporate services in every offshore jurisdiction. You may wish to have your own name on your vessels "Bluebook", but perhaps the benefits of a company owning your vessel may be too good to ignore?
Some advantages of corporate ownership:-
Confidentiality
With a company as owner of the vessel, your name will not appear on any documents. We can recommend specific jurisdictions, depending on your domicile, residence and tax position.Avoidance of Transfer Taxes
Selling your vessel is simply a matter of transferring the shareholding of the company to the new owner, avoiding unnecssary transfer taxes, and no changes necessary to the certificates of ownership.Avoidance of Inheritance Tax
Solid corporate structuring can enable you to avoid costly inheritance tax issues.Trust Fund/Asset Protection
Having the assets of your company transferred to a discretionary trust, can give inheritance tax benefits, asset protection advantages, as well as providing continuity in accordance with the wishes of the settlor.Ease of Registration
To register under the British Red Ensign, if you are not an EU citizen, the use of an EU company can give you all the same benefits, along with the aforementioned.Ease of Sale
Transferring the vessel on sale by effecting a transfer of the shares in the Company avoids the relatively expensive and protracted procedures which are necessary to change the ownership of the vessel at the ships registry and therefore corporate ownership allows the sale to be effected much more easily, quickly and cheaply.Chartering
Incorporate a tax exempt company in a favourable jurisdiction to provide charter services, and allowing charter income to be free of any local taxes.Limited Liability
Should an errant Master cause damage to another vessel or personal injury to a third party, having the boat registered in the name of a Company whose sole asset is the boat, may limit any claim.
Many other tailored corporate structures can be made available depending on individual circumstances.
Feel free to contact us to discuss the various areas of ownership, and what would work best for you.