Hello all, I’m looking for advice on what would be the best place for me to register a boat. Since I currently have no boat ownership experience, I’m trying to figure out some of the plans far in advance of the actual purchase. I’m also having trouble expressing my questions, because I don’t know what I don’t know, if you know what I mean. Apologies if my post rambles a little.
As I mentioned in the ”Welcome Mat” I’m Canadian but currently living in Singapore (permanent resident here, pay taxes here etc). My wife (Singaporean citizen) and I are looking at buying a boat perhaps 5-8 years from now, when we are both retired.
For tax and residency reasons we would prefer to remain domiciled in Singapore and keep a permanent address at our home here, even though we would be cruising in the PNW most of the time. We would plan to spend less than 6 months in each the US or Canada while also making holiday trips (leaving the boat behind) to other countries, also back to Singapore. We would also be using medical/travel insurance to cover any medical bills in whatever country we happen to be in.
So my question is, if we are not residents of the place where we would keep the boat, where should we register the boat? We would likely buy a used boat somewhere in the PNW. First off, is changing the registration even necessary, or can we transfer ownership but keep the exisiting registration?
If new registration is required or more practical then I guess the registration options would be something like this:
Singapore. They only allow registration of pleasure craft less than 17 years old and we are looking at older boats. Also, they require a 3-yearly haul-out and inspection at one of 6 licensed boatyards, all of which are located in Singapore, which would mean getting the boat back into Singapore waters every 3 years. Not really feasible.
US. I know nothing about this, and would appreciate any info you have. I heard that US-registered boats get hit with some kind of Washington State excise tax if they remain in Washington waters for more than 60 days. Not sure if there is something similar for other states. Costs like this are not an outright deal-killer, but I would like to know about them beforehand.
Canada. I also know nothing about this, and would appreciate any info. I am a little concerned that, being Canadian, if I have a boat registered there the tax authorities would try to declare me a resident and liable for income tax. This would be a big problem.
A third country, like the Cayman Islands. I also know nothing about this. It seems relatively straightforward to get the boat registered, but I’m not sure if this would complicate the insurance? Can I go to an insurance broker in say Vancouver or Seattle and get insurance for a foreign-registered boat? Is it any more difficult for a CI-registered boat to get cruising permits?
One other salient point is that we would likely be wanting to hire a captain for the first little while, until we (and probably the insurance company) are more comfortable in our handling of the boat. I believe that the country of registration may also dictate who you can hire as crew, although I don't see this as a big problem.
If anyone has any information, or advice, or opinions about any of these options, please let me know. Thanks very much and have a nice day.
Regards,
Kevin
As I mentioned in the ”Welcome Mat” I’m Canadian but currently living in Singapore (permanent resident here, pay taxes here etc). My wife (Singaporean citizen) and I are looking at buying a boat perhaps 5-8 years from now, when we are both retired.
For tax and residency reasons we would prefer to remain domiciled in Singapore and keep a permanent address at our home here, even though we would be cruising in the PNW most of the time. We would plan to spend less than 6 months in each the US or Canada while also making holiday trips (leaving the boat behind) to other countries, also back to Singapore. We would also be using medical/travel insurance to cover any medical bills in whatever country we happen to be in.
So my question is, if we are not residents of the place where we would keep the boat, where should we register the boat? We would likely buy a used boat somewhere in the PNW. First off, is changing the registration even necessary, or can we transfer ownership but keep the exisiting registration?
If new registration is required or more practical then I guess the registration options would be something like this:
Singapore. They only allow registration of pleasure craft less than 17 years old and we are looking at older boats. Also, they require a 3-yearly haul-out and inspection at one of 6 licensed boatyards, all of which are located in Singapore, which would mean getting the boat back into Singapore waters every 3 years. Not really feasible.
US. I know nothing about this, and would appreciate any info you have. I heard that US-registered boats get hit with some kind of Washington State excise tax if they remain in Washington waters for more than 60 days. Not sure if there is something similar for other states. Costs like this are not an outright deal-killer, but I would like to know about them beforehand.
Canada. I also know nothing about this, and would appreciate any info. I am a little concerned that, being Canadian, if I have a boat registered there the tax authorities would try to declare me a resident and liable for income tax. This would be a big problem.
A third country, like the Cayman Islands. I also know nothing about this. It seems relatively straightforward to get the boat registered, but I’m not sure if this would complicate the insurance? Can I go to an insurance broker in say Vancouver or Seattle and get insurance for a foreign-registered boat? Is it any more difficult for a CI-registered boat to get cruising permits?
One other salient point is that we would likely be wanting to hire a captain for the first little while, until we (and probably the insurance company) are more comfortable in our handling of the boat. I believe that the country of registration may also dictate who you can hire as crew, although I don't see this as a big problem.
If anyone has any information, or advice, or opinions about any of these options, please let me know. Thanks very much and have a nice day.
Regards,
Kevin
