Many people have heard of the offshore bank account, and of forming an offshore company, in order to engage in asset protection.
However, many people do not realize that it is possible to enjoy certain advantages when they register a yacht or a ship offshore.
It is important to note that countries all have specific jurisdictions regarding the seas and waterways that touch their lands. When a ship or a yacht is registered in a particular country, it is subject to the laws and regulations of that country.
This means that you can choose to register your sea going vessal in a jurisdiction that offers more favorable tax advantages and other legal benefits. When you are deciding where to take advantage of offshore yacht registration, it is a good idea to consider where you would like to establish an offshore company or some other offshore bank account or trust.
If you have a good agent, you can register your yacht in the same jurisdiction where your other financial transactions are based. You will find that being able to use offshore yacht registration can help you further develop a financial plan that protects your assets and provides a number of tax and legal advantages.