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.
"The cure for anything is salt water... sweat, tears, or the sea" -- Isak Dinesen
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