A
Anonymous
Guest
We are becoming borderline on de facto residency in Spain (>183 days in one calendar year) after which there is a possibility that the Spanish authorities might deem us to be de facto residents, charge taxes on the yacht and require her to be re-flagged. We cannot an will not let this happen as the cost would be too great.
I have heard that people protect themselves by putting the yacht on a limited company, registered in the UK. I have no other UK limited company to use so I would have to buy an off the shelf company to do this.
Does anyone here have experience of doing this or specialist knowledge, or can they point me to appropriate specialist knowledge (the general purpose accountant or solicitor might not have a working knowledge of this subject).
My questions are these:-
Presumably I buy an off the shelf company. We have no intention of trading or putting costs through the books - is this a problem? All we intend to do is to use the company to act as an intermediary so that the Spanish authorities cannot impound the yacht on the grounds of our residency.
Can I use a third party address as a registered office as I don't want to use my relative's address for this sort of thing? Are there any specialist companies that let you use their address for a small fee?
What are the annual costs for filing the annual statement, etc.? I reiterate that we will not be trading at all. I haven't owned a limited company for over twenty years and might be horribly out of touch.
As soon as the company is formed, how do we transfer the yacht? Do we have to issue an invoice to the company? What paperwork is required - this must be properly done so we don't have problems when we come to sell. How do we inform the Register (we are Part 1)?
Are there any risks in doing this? e.g. are there any taxes on yachts owned by companies, for example? Might I have trouble in unscrambling this when we sell?
Any other comments, please, or alternative suggestions.
Many thanks in anticipation.
I have heard that people protect themselves by putting the yacht on a limited company, registered in the UK. I have no other UK limited company to use so I would have to buy an off the shelf company to do this.
Does anyone here have experience of doing this or specialist knowledge, or can they point me to appropriate specialist knowledge (the general purpose accountant or solicitor might not have a working knowledge of this subject).
My questions are these:-
Presumably I buy an off the shelf company. We have no intention of trading or putting costs through the books - is this a problem? All we intend to do is to use the company to act as an intermediary so that the Spanish authorities cannot impound the yacht on the grounds of our residency.
Can I use a third party address as a registered office as I don't want to use my relative's address for this sort of thing? Are there any specialist companies that let you use their address for a small fee?
What are the annual costs for filing the annual statement, etc.? I reiterate that we will not be trading at all. I haven't owned a limited company for over twenty years and might be horribly out of touch.
As soon as the company is formed, how do we transfer the yacht? Do we have to issue an invoice to the company? What paperwork is required - this must be properly done so we don't have problems when we come to sell. How do we inform the Register (we are Part 1)?
Are there any risks in doing this? e.g. are there any taxes on yachts owned by companies, for example? Might I have trouble in unscrambling this when we sell?
Any other comments, please, or alternative suggestions.
Many thanks in anticipation.