Owning and operating any type of vessel can be complex and requires significant attention to a number of considerations.
With a comprehensive understanding of the yachting industry, our members have been assisting owners and their representatives in understanding the diverse requirements associated with the ownership, registration and management of a range of vessels, for many years.
With the legislative and regulatory requirements of the industry continually changing, our members understand that staying abreast of any new developments is of utmost importance, to ensure that any vessels under their management remain compliant.
Giving consideration to how and where a vessel will be used is important, in order to ascertain any tax or VAT exposures, whether the asset is intended to generate income and subsequently, whether tailored tax planning could offer any fiscal benefits and /or minimise any liabilities.
Whether for pleasure or commercial use, a yacht is a significant investment made up of time, effort and money.
In an age of increased litigation, experts recommend that ownership of a high value asset that moves from country to country, exposing itself to differing jurisdictions’ legislative requirements and tax laws, is owned by a corporate structure rather than in an individual’s name.
A corporate structure affords the advantage of segregating the inherent risks involved whilst also providing privacy of ownership.
When purchasing a high value asset such as a yacht, it is essential to consider whether there may be wider financial or other liability implications. Owners should consider:
- What type of entity they should use?
- Will the use of a corporate entity offer more privacy?
- Will their vessel be used on a pleasure only basis or will it be chartered for financial return?
- Where will the vessel be operated?
- Will cruising within the EU raise a VAT issue?
The Isle of Man is a well-established, respected and regulated jurisdiction, with a strong history and heritage in maritime and is home to one of the fastest growing and most respected ship registers in Europe.
Supported by service providers like those among our membership, makes the Isle of Man the ideal place for owners looking for a tailored solution that manages risk, tax and privacy.
- Establishment and administration of yacht ownership structures
- Provision of Officers and Statutory Services
- Acquisition and Sale of vessels
- International yacht registration
- VAT Registration, Administration & Compliance
- Tax Compliance
- Bookkeeping & Accounting
- Crew Employment & Payroll Solutions
For more information, please speak to one of our members, below:
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Contact: Kate Shaw Email: kate@affinityco.com Website: www.affinityco.com |
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Contact: Oscar Brown Email: oscar.brown@bakertilly.im Website: www.bakertilly.im |
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Contact: Rachael Hughes Email: rhughes@bostonmfo.com Website: www.bostonmfo.com |
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Contact: Lesley-Anne Walker Email: lesley@sentientinternational.com Website: www.sentientinternational.com |
ISLE OF MAN MARITIME
Isle of Man Maritime Limited is a not-for-profit organisation, which was formed to develop, support and promote the Isle of Man’s growing maritime sector.
For more information on Isle of Man Maritime or our Membership, contact membership@maritime.im.