Purchasing a yacht is a huge investment and requires a lot of research and thought. There are several possible options available, other than deciding on the type of yacht or cost. The legal ramifications including asset protection must be considered.
Before making the purchase and to protect yourself, your personal and other business assets, and your family it might be a better solution to consider owning the boat in a corporation.
If you agree, then the state of Delaware seems like the better option since it offers a favorable tax climate including:
No Sales taxYou can be a Non-Citizen Owned Corporation to register a boat in Delaware.
For Delaware State Registration Call Our Office: 800-219-9359
Vessel Size A - less than 16' through 30 ' |
1 year - $150.00 | 3 year - $350.00 |
Vessel Size B - 30' or over and less than 45': | 1 year - $180.00 | 3 year - $380.00 |
Vessel Size C - 45' or over and less than 65' | 1 year - $220.00 | 3 year - $440.00 |
Vessel Size D - 65' or over |
1 year - $250.00 | 3 year - $500.00 |
Documentation is the national form of registering vessels. It is handled by the US Coast Guard and establishes unquestionable ownership and acts as the vessel’s passport in foreign waters. Documentation is required for the operation of vessels in certain trades and serves as evidence of nationality.
Documentation provides :
Fishing vessels, cruise ships and boats for hire must be documented with the USCG.
Yacht Documentation is the national form of registering vessels. It is handled by the US Coast Guard and establishes unquestionable ownership and acts as the vessel’s passport in foreign waters. Documentation is required for the operation of vessels in certain trades and serves as evidence of nationality.
First Preferred Ship's Mortgage -$225.00
A preferred ship mortgage is a mortgage that is given status as a maritime lien. many financial institutions require vessels that are eligible for documentation to be documented and to have preferred ship mortgages recorded against them. The owner of the vessel is prohibited from making certain changes in documentation such as change of vessel ownership, name and hailing port without the consent of the mortgagee.