Can I Benefit from Tax Planning Advice?

Without doubt in recent years there has been a great transfer of merchant navy registration from traditional areas like Britain, Norway and Greece to offshore shipping jurisdictions such as Panama, Liberia, the Isle of Man, Cyprus and the British West Indies. Correctly advised, an individual can also benefit from such tax free/low tax environments. Apart from the lower registration fees it may also be possible to rent or charter a vessel without any significant, or even any tax repercussions. Such benefits together with the ability to maintain a respectable flag - if a vessel is registered in the Channel Islands or a British colony it is fully entitled to fly the "Red Ensign" as if it was a native British vessel - have meant that few private yachts of any size are today registered in their home territory. In addition, in certain circumstances it may also be possible to purchase a yacht through the Isle of Man with a local tax exempt company and then reclaim back any VAT paid by registering for VAT on the Island. Where VAT cannot be reclaimed and a vessel operates within EU waters then purchasing the vessel through a Madeiran (Portuguese) Lda registered with the SDM in Funchal will allow VAT to be paid at only 12% - For further details please discuss your needs with one of our consultants