Choose your flag wisely!
When buying a yacht, the choice of yacht flags – jurisdiction – is one of the most important decisions to make as it has a direct effect on taxes, insurance and legal status.
It is imperative for yacht owners to realise that once a yacht is registered in a particular country all of that country’s laws and regulations apply to your yacht.
A variety of jurisdictions around the world are available – both EU and non-EU; each have their advantages but have to be determined in each case separately.
A key factor is to choose a jurisdiction that is well respected with a good reputation worldwide. Further aspects like whether the yacht is for pleasure or commercial use, vat status of the yacht, the permanent residency of the owner, are also matters to be taken into careful consideration in determining the best option for your yacht.
On a case by case basis we, at Continental Maritime, have a long standing history of expertise and experience in this area to help you make the best choice. Contact us today with your requirement and we will guide you through the process appropriately.