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Registry question

Discussion in 'General Yachting Discussion' started by NEO56, Dec 13, 2014.

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  1. NEO56, Dec 13, 2014
    #1
    NEO56

    NEO56 Member

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    This is a Hypothetical question, assuming I flag a vessel here in the U.S. And a year later I decide to change the Registry to let's say the BVI. Am I required to sell the vessel to let's say another LLC? Or can Registry be changed while maintaining current ownership?
  2. Riverdance, Dec 13, 2014
    #2
    Riverdance

    Riverdance Member

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    Current owners can reflag. If owned personally you erased all benefits of foreign flag. That is how I understand it.
    Flags of Convenience, google that
  3. dennismc, Dec 13, 2014
    #3
    dennismc

    dennismc Senior Member

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    You only erase the benefits if cruising in the US and you are US citizen, otherwise, benefits apply. If a US citizen then you need an annual cruising license to cruise within the US.
    Waiting...waiting...
  4. NEO56, Dec 13, 2014
    #4
    NEO56

    NEO56 Member

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    I wouldn't be flying a Flag of Convenience, it would be a one time permanent change. I'll contact a Maritime Attorney.
  5. NEO56, Dec 13, 2014
    #5
    NEO56

    NEO56 Member

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    As much as I would appreciate this Forum's input, would require full disclosure, and as one of our members overseas has pointed out this is an international Forum.
  6. Riverdance, Dec 14, 2014
    #6
    Riverdance

    Riverdance Member

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    • This is a serious pain in the butt required by many states. De. & MD required you to pay a fee or take on the pilot at their discretion. That is precisely why I did not but a 100' foreign flagged boat


    • All foreign flag yachts 100 feet in overall length and over, entering or departing the ports and waters of New York State, shall be required to take a state pilot.
    • Vessels that fail to comply with the NY State Navigation Law are subject to statutory penalties.
    • Any foreign flag vessel, including yachts as specified above, failing to take a pilot shall also be reported to the USCG/Captain of the Port of New York or USCG/Captain of the Port of Long Island.
  7. Capt J, Dec 14, 2014
    #7
    Capt J

    Capt J Senior Member

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    Of you are going to flag it in the US and pay the tax $18,000 in Florida. Why would you want to change it and pay the tax again to BVI's? Just put it in it's own Florida LLC. If given the opportunity I would stay FLorida US flagged.