Register Yacht in Offshore Country
Updated on Friday 26th October 2018
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Investors who are interested in offshore incorporation can take further steps in improving their strategy to relocate their assets in an offshore center. Registering a yacht in Belize or the Cayman Islands can offer a number of advantages, such as tax minimization and ease of travel.
This is a short guide on how to register a yacht in an offshore country, presented by our agents.
What are the advantages of offshore yacht registration?
Some of the advantages related to yacht registration in an offshore center include the following:
- the applicable laws: many of the offshore centers have favorable laws that govern the registration of ships and yachts and some jurisdictions, like the Cayman Islands, allow for registration even from the time of the construction.
- protection: when registering the yacht in the Cayman Islands, for example, you benefit from protection from the British Royal Navy.
- international treatment: similar to the protection received in some locations, when registering a yacht in a Commonwealth member state, like Seychelles, the owner can have a beneficial treatment when sailing under a certain flag.
- taxation: the tax benefits derived from offshore yacht registration cannot be overlooked, as many offshore centers apply low fees.
Our offshore company setup agents can give you detailed information on specific offshore centers, according to the location you are considering registering your new yacht.
Is offshore incorporation mandatory for yacht registration?
For the purpose of yacht registration, offshore centers will establish some conditions that will generally include either being a resident who purchases the yacht or owning a legal entity that owns the boat. This is a simple process in almost all of the world-famous offshore locations.
What are the documents for offshore yacht registration?
In general, the documents needed for yacht registration will include the company’s Certificate of Incorporation (the IBC or the other offshore legal entity that owns the yacht), the yacht registration application form, the builder’s certificate for the ship as well as the declaration of ownership.
Please feel free to contact our offshore company formation agents for more details as well as assistance during the yacht registration procedure.