UK registration

[AndrewJ]

Was considering registering my boat in UK, vice Bahamas, etc.
Am a US citizen, if I register in UK what taxes would I be liable for?
thanks...

<hr width=100% size=1>

 

[tony_brighton]

probably VAT at 17.5% on the current market value of the vessel. How old is it?

<hr width=100% size=1>

 

[AndrewB]

None. However to get a UK( or Offshore) Part 1 company based registration costs a bit. There are Guernsey and Gibraltar firms that specialise. I think - but I'm not sure - you will also have to pay for an annual VHF licence, currently about £20 pa.

If you keep the yacht in the US I believe you will be liable for a Cruising Permit, and the yacht has to be taken out the US every 6 months. (The Bahamas now charge $300 admission).

PS: VAT only applies to EC residents, or if you plan to keep the yacht long-term in the EC, or sell it there.

 

[AndrewJ]

Thank u for the information. I'll try the guernsey and gib web site

<hr width=100% size=1>

 

[AuntyRinum]

Registered British Vessels are divided into 64 shares. To be added to the Register a British subject or a company registered in and having its principal place of business in one of Her Majesty's Dominions must own the majority of shares in a vessel (that is 33). So I think as a US citizen you would have to find a British majority partner or the vessel must be owned by a company that meets those requirements.

<hr width=100% size=1>