Offshore Trawler Registration - Should you?

[FIRE]

Looking for decision making direction/resources/experience/pros/cons on where to register (here in the US or elsewhere). I am about 18 mos out from a significant purchase and want to better understand why so many fly a non US flag. Most would say it is done for tax or liability or crew considerations. Maybe they want the cool flag of another country or the protection of the British Navy?

Crew will be my wife and I so that is not an issue, and I have heard that many states cap the tax paid on a new purchase (FL I think is $18,000). Would love to hear your thoughts.

 

[READY]

Lots of online info on this subject. My personal view is there is really no practical way to avoid paying if you plan to live in the us and use your boat here. No matter where you register if you visit some states for more than X months you will owe taxes. Just decide where you plan to domicile and or keep the boat and pay the taxes.

 

[woolf]

The US has an exceptionally restrictive set of rules for non-US flagged vessels, like the states's pilotage regulations and restrictions / reporting of movement under a cruising permit.

You may want to check that out for your cruising area before deciding on a foreign flag.

 

[mvweebles]

Common foreign flags coincide with countries known for certain lenient or privacy-favored banking practices (eg Cayman Islands). These fully crewed boats are of course setup as corporations with lawyers in pure silk guyaberas and Gucci flip-flops.

I don't mean to be snippy, but if the OP is in that league, TF probably isn't the right forum for this type of information. My wine cellar is a few errant bottles of cheap wine lost in the bilge somewhere.

Peter

 

[O C Diver]

I hit the Florida sales tax cap when I bought my boat, don't remember what it was. I live in Florida even though I cruise the East coast. Decided it wasn't worth the offshore hassle or playing the other games. Read the Florida laws which are quite specific for Florida residents, and decided I didn't need to get caught later.

Florida doesn't have income tax, so I figured I was ahead of the game, and legal.

Ted

 

[denverd0n]

I hit the Florida sales tax cap when I bought my boat, don't remember what it was.

For at least a half dozen years or so (maybe quite a bit longer) the cap here in Florida has been $18k.