Join Date: Apr 2006
Thanked 161 Times in 158 Posts
Rep Power: 12
Re: Inconvenient Bahama sailing
Christian, if the boat is foreign flagged you need a cruising permit, which is NOT assured, and permission to enter every time you come in. And again if it is foreign flagged, some foreigner has to own it. For megayachts with corporate entities owning them it can pay to set up and run the corporation behind them, but for an individual just trying to keep a cheap boat?
Very different ball game.
And if you don't play the game correctly and the IRS declares your ownership to be a "sham corporation", the boat goes bye-bye along with many other assets until after you have gone to tax court.