Why is life so much simpler when you are rich?

[Tranona]

It is just this boat is running around, part of the union jack is on its ensign because of where it is registered, I doubt the owners have ever been there but the tax breaks must be good,

There are no tax advantages from just having a boat registered in the UK. What tax advantages do you enjoy if your boat is registered in the UK? There may be other advantages in the operation of the boat, particularly if it has a crew.

The usual reason for a non UK citizen or resident to register in the UK - and it can be done for many perfectly legally - is to keep that asset away from the state where the owner is resident for tax purposes as there may well be tax implications there related to ownership that the owner wants to avoid.

 

[capnsensible]

There are no tax advantages from just having a boat registered in the UK. What tax advantages do you enjoy if your boat is registered in the UK? There may be other advantages in the operation of the boat, particularly if it has a crew.

The usual reason for a non UK citizen or resident to register in the UK - and it can be done for many perfectly legally - is to keep that asset away from the state where the owner is resident for tax purposes as there may well be tax implications there related to ownership that the owner wants to avoid.

Shedloads of boats in Turkey fly a US flag and got Delaware on the back. Go figure, as they say.

 

[Kelpie]

I run a very effective tax avoidance scheme. It's called being utterly skint.

 

[FullCircle]

Shedloads of boats in Turkey fly a US flag and got Delaware on the back. Go figure, as they say.

That is easy though.
The tax liable on Turkish owned/Turkish registered luxury goods makes your eyes water, and foreign corporation tax paid demonstrates earnings abroad which are taken into account.
Boats are formed into charter companies and registered in Delaware.
Delaware has no corporation tax, zero, zilch. Ergo, no profit made in the eyes of the Turkish authorities, and therefore no tax to pay.

Of course, it is, by the letter of the law, illegal for a Turkish citizen to own a foreign registered vessel, but the company owns it via several proxy companies, so that makes it OK. Sort of.