Acquiring a yacht is one of the major assets for which there are several procedures to be followed like the registration of the yacht for ownership, choosing the right flag for it and ownership confidentiality which cannot be avoided.
Owning a yacht is highly credible in its own way and choosing the right consultant makes your journey much more smooth and seamless. AbroadBiz is one of the leading consultants in guiding clients who are aspiring to purchase a yacht. We guide you through the entire process at each and every step, right from the selection of the flag to incorporating a corporate vehicle that helps in holding and protecting the yacht. We also assist clients with structuring and implementing tax effective schemes to cut-down the tax burden on the yacht (yachts which will sail in the EU waters and have not paid the VAT need tax schemes).
You can leverage of strong experience and expertise team by choosing us and gain the most-cost effective services we offer.
In order to initiate the process, there are some of the documents required as given below:
1) Defining the purpose of the yacht, whether it will be used for private or commercial purposes, as the registration procedure depends on the type of usage.
2) As per the standard norms in certain jurisdictions, it is mandatory to incorporate an offshore company that can hold the yacht or it can be registered in the name of the client. If the yacht is registered on an individual’s name or a company, the individual/owner of the company and the prospective directors need to furnish following documents:
- a valid passport copy that is certified by an authorized Public Notary;
- A residence address proof document should a recent copy of utility bills, bank account statement or credit card statements. The document should not be older than 3 months and just PO box mentioned document is also not accepted.
- In case if the individual furnishes a bank reference letter issued by any bank then it should show that the bank has known the individual for at least two years. The bank account statement should be able to showcase the individual-bank satisfactory relationship of two years.
3) The yacht registration process including a variety of documents out of which some are procured by the clients only. The following are the list of documents which customers need to obtain:
- The builder’s certificate is needed in case the yacht has been newly built or never been registered under any flag or the bill of sale will be needed if it is a resale yacht and the previous ownership is transferred to the new owner, i.e. individual or your company
- The client needs to also obtain the Deletion Certificate or evidence to confirm that the yacht is no more registered with any of the previous Ship Registry or Maritime Authority;
- The Ship Registry or the maritime authority provides a certificate named ‘Certificate of Survey/Tonnage Measurement’ which needs to be obtained (we can guide you with the selection of surveyors based on the country in which you/your company wants to register)
As the registration process varies country to country, it is always recommended to submit all the documents for further processing. However, the list of documents mentioned in the point number 4 is required by almost all the registration authorities.