How do I choose the best country of incorporation for my yacht owning company?
There are many elements to consider when choosing the jurisdiction of a company to own a yacht. The following important matters need to be thought about:
â€¢ The nationality of yacht owner (EU or not EU / Less impact in Asia, importation has more impact than nationality);
â€¢ The residence of the yachtâ€™s principal user(s) and their guests (more impact within the EU (ie Spain or non EU yacht under TI with EU guests on board);
â€¢ The physical characteristics of yacht (age, length and tonnage being particularly important / conformity with any commercial yacht code);
â€¢ The existing registration of yacht (if applicable);
â€¢ The availability of historical proof of ownership / title documentation for yacht;
â€¢ The usage of yacht (i.e. private or for charter);
â€¢ VAT or equivalent tax status of the yacht;
â€¢ The area of operation and primary homeport/country of use;
â€¢ Specific crew and operational considerations.
Once these have been determined the choice of appropriate jurisdiction of the yacht owning company can be narrowed, and costs compared to enable a selection to be made based on the owners personal circumstances.