International yacht registration is not an easy process. Special attention should be paid to the administration, knowledge of local tax and legislation, and safety issues are not negligible. Before buying a boat, sailboat or yacht, consult our advice on the terms, benefits and potential disadvantages of offshore registration.
The process of yacht registration
Two important questions need to be clarified during yacht registration:
- Will the ship be owned by an individual or company?
- Which country do you want to register it in?
There are numerous financial centres in the world which, in addition to offshore company registration, offer unique opportunities for vessel registration too. It is important to note that local authorities ensure full discretion for vessel owners during registration.
After registration, the vessel is entered into the register under the flag of the given country, that is, the vessel will be under the jurisdiction of the state in which it is registered. Ideally, the flag selection should be made before the sales contract is signed.
We have experience in vessel registration in locations which have considerably simplified and advantageous conditions for registering and listing these vessels in their records. These conditions also include clear procedural rules as well as tax exemption.
The favourable tax requirements not only apply to the small registration fee but also extend to the profit made by selling the vessel as well as the duty payable for its acquisition. Our services involving vessel registration also cover comprehensive representation during the registration process as well as meeting the local administrative obligations.
Our group currently undertakes ship registration in the following countries:
Yacht registration Cyprus
Cyprus is one of the most popular destinations in the Eastern Mediterranean for ship and yacht registration mainly due to the favorable taxation, fast procedure and low fees. In the case of the purchase of a vessel, it should be noted that VAT is only deductible under EU rules if the vessel is used for business purposes.
Yacht registration Malta
Malta is one of the most popular destinations in the Western Mediterranean for ship registration due to its favorable taxation, fast procedure and low fees. In the case of the purchase of a vessel, it should be noted that VAT is only deductible under EU rules if the vessel is used for business purposes.
Yacht registration Seychelles
The yachts registered under the Seychelles flag are often found even in European ports. The reason for this is that it requires low administration to maintain it and the sale of the yacht may even be tax-free.
Disadvantages of ship registration in Croatia
Ship registration in Croatia is a costly and lengthy process as it generates significant state revenue. Due to the high cost, many businessmen prefer other locations (Cyprus, Malta, Seychelles) for the registration. This only works if the ship is not needed for business purposes only for personal use.
At Crystal Worldwide Group, we will help you to get your ship registered easily. We will help to set up your shipping company so you can enjoy your newly purchased boat or yacht without any problems. Reach out to us for our free consultation!