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-   -   Another Boat Registration and Tax Question (for the Med) (http://www.cruiserlog.com/forums/f36/another-boat-registration-and-tax-question-for-the-med-8598.html)

Movinon 11-04-2014 01:46 PM

Another Boat Registration and Tax Question (for the Med)
 
Hi, I hope someone can he me here....
My partner and I are thinking of buying and living on a boat in the Med, probably second hand and in the 150k euro range. Currently we are "perpetual travelers". We are not tax residents of any country as our income is sourced globally (online business), we have no ties with any country and we travel constantly. We both have EU passports and I also have dual citizenship with New Zealand. My questions are
- is it possible to buy a boat and have it registered without an address (we don't have one, of course)
- are there any advantages, tax or otherwise, for us in our situation
- if we buy a boat already registered in the EU is there any advantage in re registering it somewhere else and if so where.
Any advice (or advice on where to get advice!) would be appreciated.

haiqu 11-05-2014 09:04 AM

A properly set up PT has an address in a tax-free nation. Mail redirection normally handles the official paperwork. Refer to "three flag theory" and "five flag theory".

There would seem to be no advantages over the situation you are already in i.e. you're already paying no (or very little) tax. The obvious disadvantage is that it's very difficult to run an online business from a yacht in which internet access is poor and random at best. It is, however, a pretty good lifestyle. :-)

Registering in Panama is the usual avenue for large ships, due to simplicity of their regulations. This is termed a "flag of convenience" and there is no minimum tonnage requirement. You can also have dual registration with an EU nation. Normally only done if the vessel itself is the source of income (charter, freight, etc)

Interesting lifestyle choice actually, although I would have thought international banking fees and GST would reduce the fun somewhat.


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