Thread: Help with registration of a new yacht

Originally Posted by tblackj

Being 10 days away from finishing a 100' yacht and doesn't have any information on the documents needed to float the thing? Can I talk to him about some investments I have for him?

I was just trying to save him a like 20k usd... (In his defense, his wife is expecting a daughter this week, so he got other things in mind)

Originally Posted by 2Props

^this^
If he's serious, contact me via PM and I'll give you the contact info for our agent in the Cook Islands.
Georgetown C.I. is also very popular, but again, there are a long list of questions and conditions to be asked before you head down that path.

Who will underwrite the P&I on the boat? As that will vary on where you'll want to register your boat, and what cruising grounds you'll spend you time in flying courtesy flags on visas. It's best that your Father consult with a maritime attorney, rather than an internet forum.

Thanks, will PM you

Originally Posted by 3R10

I was just trying to save him a like 20k usd... (In his defense, his wife is expecting a daughter this week, so he got other things in mind)



Thanks, will PM you

$20,000 savings in taxes on a multimillion dollar yacht is absolutely NOT worth the savings to register in a foreign country. You'd spend that in one trip in fuel for documentation.. $20,000 in $10,000,000 is a drop in the bucket to be honest. Taxes at 3% on an estimated $5m yacht would be $150,000. If you register in another country and able to save a half percent wouldnt be worth it in my opinion. You'll spend roughly $10,000-$15,000 in lawyer fees to get it done properly. Its a wash if you're trying to save a couple points..

But like everyone else is saying, you're always welcome to ask opinions on it but be prepare for a little flak as to why your uncles nephew is taking care of the taxes, knows nothing of the boat, its price or the procedures, on a non-boating forum.. Its akin to asking what air freshener to put in your new murcielago.. on an airplane forum..

Originally Posted by waterboy222

But like everyone else is saying, you're always welcome to ask opinions on it but be prepare for a little flak as to why your uncles nephew is taking care of the taxes, knows nothing of the boat, its price or the procedures, on a non-boating forum.. Its akin to asking what air freshener to put in your new murcielago.. on an airplane forum..

I take my hat off to you, sir. Funnies thing to read in a while. Just wanted to help him. Thought people here had some experience.

I still don't think that someone who is buying a yacht of that size does it casually, I understand as your just told us that his wife is having a baby, but usually someone who owns a yacht that big has a respectable fortune of over $75 million and probably has professionals and assistants to handle these types of matters. Also if he can afford a yacht of that size, I don't think he worries about the $20,000, when people build yachts that large they throw budget and savings out the door.

Agreed, If you want to know how to do it, we'll tell ya.. just don't need a story to get the answers bro! And the only reason anyone would question is it is because people come on here daily asking questions trying to represent something they don't have.. If this is the real deal, all apologies and understand our side.. A few gruff responses shouldn't run you off, consider it a hazing to seperate the real from the not..

Adding to the point that foreign registration isn't done for cost savings per say, but for greater privacy. This is different though for non-US citizens flagging outside of US waters, who don't cruise in US waters, particularly with crew, especially if their foreign crew with a US owner, so long as the crew aren't US citizens. Again, this isn't a quick and dirty decision to assess if you need or want to register outside of US water. Read up on the Jones Act if you want some bathroom reading. Disregard all of the above if you're not a US citizen. you get to follow an even more complicated rule set. (and... pay duty at some point in time).

Needless to day, your boat builder should be pretty versed in these dealings and would also be able to point you in a proper direction. And if he's building a 30meter boat, it will have a build project manager, who will also be versed in this domain.

Who's the builder?

Originally Posted by waterboy222

Agreed, If you want to know how to do it, we'll tell ya.. just don't need a story to get the answers bro! And the only reason anyone would question is it is because people come on here daily asking questions trying to represent something they don't have.. If this is the real deal, all apologies and understand our side.. A few gruff responses shouldn't run you off, consider it a hazing to seperate the real from the not..

I understand and I have to agree with you. But I have to assure you I'm no poser. Long story short he needed to pay 20% VAT of the yacht's value for the it's registration in Europe, so his lawyer found someone who could help him register it in the Marshall Islands via a dummy corporation with an annual fee of 22 000 GBP (34k usd). I had read somewhere that registration in the Caymans, was a lot lower.
He told me that if I found a cheper option, I could keep the difference...

That's the whole truth and nothing but the truth.

I've been saving everything lately to finance a dream of mine, that "difference" would be golden.

Originally Posted by 2Props

Who's the builder?

The builder is Gulf Craft, and the yacht is a Majesty 95 model.

Yes. She (if it's the 95EXP) made her debut at the Dubai Yacht Show in 2011. Your Uncle's boat should then be hull #2 if my recollection serves me correctly. Majesty has built a few others recently as well. The 125 and 135's are recently hit the water.

Because the builder is in the UAE, You may also consider Seychelles. Read up on it at Seychelles International Business Authority: Ship/Yacht Registration and Yacht registration in the Seychelles - OCRA (Mauritius) Limited

With a little information, we can get you pointed in the right direction.
You may put a call into Aurora Yachts in Dubai. Speak to Anrey Shevchenko. They work closely with Majesty on builds and will know the ropes on foreign registration to the UAE.

Originally Posted by 2Props

Yes. She (if it's the 95EXP) made her debut at the Dubai Yacht Show in 2011. Your Uncle's boat should then be hull #2 if my recollection serves me correctly. Majesty has built a few others recently as well. The 125 and 135's are recently hit the water.

Because the builder is in the UAE, You may also consider Seychelles. Read up on it at Seychelles International Business Authority: Ship/Yacht Registration and Yacht registration in the Seychelles - OCRA (Mauritius) Limited

With a little information, we can get you pointed in the right direction.
You may put a call into Aurora Yachts in Dubai. Speak to Anrey Shevchenko. They work closely with Majesty on builds and will know the ropes on foreign registration to the UAE.

Once again, thank you sir! You've been very helpful!