British Virgin Islands yacht registration question

[gp333]

I think about British Virgin Islands yacht registration. I have one question:

If yacht is registered within "Red Ensign Area" (as example by BVI)? what this mean? Is this mean that yacht is like any other EU yachts. When yacht go inside any EU country port, this is same like UK yacht and must not be given and special custom administration?


any help?

Originally Posted by gp333

I think about British Virgin Islands yacht registration. I have one question:

If yacht is registered within "Red Ensign Area" (as example by BVI)? what this mean? Is this mean that yacht is like any other EU yachts. When yacht go inside any EU country port, this is same like UK yacht and must not be given and special custom administration?


any help?

Yes, you´re right. If you fly the red ensign, your yacht is a "British" yacht.
But you have to take care about the various taxation issues (even within the EU) especially in Italy!

Regards
Richard

[gp333]

Originally Posted by apex1

But you have to take care about the various taxation issues (even within the EU) especially in Italy!

any advice here? as I know BVI are tax free anywhere?

NOnono,
you should involve a good tax advisor to answer even the questions you do´nt know!!!
The vessel is tax free in BVI, yes, but that does´nt mean it´s tax free in the EU! If the boat has his home berth in EU you sooner or later will have to pay tax! If you charter the vessel you must pay tax immediately, regardless of the flag.
But there are very many different issues, only a GOOD tax advisor can answer. And you should take this advice for serious!

Regards
Richard

[gp333]

any advice if thsi si leasing? I will have yacht on leasing buyed 50% payed, rest leasing..
this change anything?