There are many advantages to having your vessel registered offshore:
If the vessel is operating commercially and is registered through an offshore company, it’s profits will be tax free – No corporation Tax offshore.
There is no Import Duty for the vessel, when the owner is non-resident in the country of registration.
Profits are VAT free and even some charters avoid the need to apply VAT
By registering each ship in a fleet through a different offshore company, each vessel is protected from accrued debts and seizure from creditors by their unassociated ownership.
The vessel will fly the prestigious Red Ensign and as such will be entitled to the protection of the Royal Navy.
There are some exceptions to this rule and our advisers will discuss this with you.
Most of the offshore jurisdictions have reduced Annual Tonnage Tax.
In some offshore jurisdictions it is not always required to have the vessels surveyed annually.
There are some exceptions to this rule, but pleasure yachts under 80 GRT are exempt from the Skipper requiring a Mariners certificate.