Frequently Asked Questions -

FOREIGN CORPORATIONS

Again we have many contacts oversees and we organize foreign corporations routinely through out the year. For most captain and crew a foreign corporation is simply not needed. It is paramount for the yacht owner. The yacht owner saves on sales tax, estate tax and in some circumstances income taxes as well. What this means for the crew is the fact that with a penny saved maybe your salaries can increase.

A) Yacht Owners: By registering the yacht oversees in a tax haven the yacht owner will save on taxes. It is somewhat expensive to set up and to maintain, but the total fees will be more than offset by 1/100th of the taxes saved.

B) Yacht Owners: The liability saved by registering oversees is again tremendous. Before registering the yacht in a corporation the wealthy yacht owner has a movable asset in his/her own name. Although the marine insurance on the yacht should cover most damages and liabilities. However what one of the first lessons I had in law school was how to sue for more than the insurance coverage. If sued for more than the insurance coverage the wealthy yacht owner with deep pockets is liable; answer incorporate and incorporate oversees.

Yacht Links

www.yachtworld.com/SuperYacht/ The Super Yacht Society
www.jf-recruiting.com JF Recruiting is a cost effective system for obtaining yacht crew and contract workers

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