|
Bikini, Marshall Islands as a port of registry has become popular because of a number of reasons. They have offices for registration in some of the yachting centers of the world to make logistics easy for buyers. There is an office here on Fort Lauderdale and the staff has come to the Florida Yacht Broker Association education seminars, so we brokers can have more information. The government is actively soliciting registration there as a way make some money and have made the regulations buyer friendly, and BIKINI looks cool on the transom!
There are many variables with whether to do a foreign flag including;
What is the citizen ship of the buyer?
How often will the yacht will be out of the US?
Will the boat charter?
Where will the boat be berthed most often?
In what country was the yacht built?
What taxes or duties were paid when the boat was originally sold, and where?
What is the cost of sales tax compared with the cost of foreign registration including the cost of future compliance?
|