Boat registration: UK or Gibraltar Part 1

[SFH]

Hi,

I am in the process of registering my new boat.

The boat is currently registered under SSR in the UK but that is not applicable to me since I don't live in the UK nor am I an UK citizen.

I want to keep it under the red ensign and have two options:

- UK Part 1 or
- Gibraltar Yacht Registry Part 1.

EU VAT has already been paid on the boat so that is not a consideration.

No mortgage would be registered against the boat that is not an issue either

What is the preferred option?

Thanks
Steen

[Zanshin]

In order to register your boat as UK Part I you would need to have residence in the U.K. if you are not a British citizen. While a mailing address has been sufficient in the past, I recently read (online) that other evidence of residency might be asked now. In my case I did not have to provide anything apart from a signed statement when I did my Part I registration. If the sale is consummated while the boat is in the UK (or EU waters) then the VAT paid status remains after the sale. For Part I you will need to have a tonnage survey done, I had a bit of bother finding an accredited surveyor overseas but at least the boat did not need to be hauled out.
I am not sure if the Gibraltar registry would require a tonnage survey.

[SFH]

Originally Posted by Zanshin

In order to register your boat as UK Part I you would need to have residence in the U.K. if you are not a British citizen. While a mailing address has been sufficient in the past, I recently read (online) that other evidence of residency might be asked now. In my case I did not have to provide anything apart from a signed statement when I did my Part I registration. If the sale is consummated while the boat is in the UK (or EU waters) then the VAT paid status remains after the sale. For Part I you will need to have a tonnage survey done, I had a bit of bother finding an accredited surveyor overseas but at least the boat did not need to be hauled out.
I am not sure if the Gibraltar registry would require a tonnage survey.

Thanks. Very valid points

I am aware of the requirement for a Tonnage Survey. That applies both for UK and Gibraltar. They have to be YDSA approved

Important point with regard to VAT status. I know that I keep the VAT status if I register in the UK but good question if the same would be the case if I register it in Gibraltar and eventually decides to sell it at a later point in time.

/Steen

[goboatingnow]

Originally Posted by SFH

Thanks. Very valid points

I am aware of the requirement for a Tonnage Survey. That applies both for UK and Gibraltar. They have to be YDSA approved

Important point with regard to VAT status. I know that I keep the VAT status if I register in the UK but good question if the same would be the case if I register it in Gibraltar and eventually decides to sell it at a later point in time.

/Steen

Vat has nothing to do with registry. Vat is not an asset tax , it's a transaction tax. Unless you export it , sell it abroad and reimport it. You can avail of vat reliefs that mean no vat will be due.
Your boat does not have a " vat status" that's a misnomer

Dave

[Barawitzka]

Hi everybody,

iam dealing right now with simular issues, but the boat have not been purchased yet. The boat is a 1983 Taiwan built 41´sloop in average condition.

Iam wondering, if one of you would purchase a boat in CA with british Registration and Ownership and you would sail it down Panama and bring it to the caribbean, let´s say to Guatemala for my parttime/winter usage? - In which country would you do the Registration if you´r EU citicen and not britisch?

Does Panama make sence for me? If i export it out of US after purchase, how quick do i have to move on to be tax/VAT exepmt?

Any idea of costs regarding brokerage and registration- state taxes etc.? Is an accreditation of the sales papers neccesary? Whats the procedure in general? And would you buy "as is"? (..of course after the survey).

I appreciate all further reccomendations on this issue and look fwd your answers! -thanks

Tom