Reward for lost Kraken!
Join Date: Apr 2006
Thanked 138 Times in 135 Posts
Rep Power: 11
Rog, be aware that as civilians (rather than a multi-national corporation) you will be bound to/with certain rights, obligations, and privelges depending on the flag your boat is titled with and flying. These include national laws with financial obligations, repatriation rights/expenses, and the availability (or lack of it) for protections by the agents of your flag, i.e. a particular coast guard or embassy.
You *really* want to make sure of what you are getting into before you start getting wrapped up in a flag of convenience. For instance, with an EU "registration" you may become liable for value added tax (VAT) on the boat, depending on where you and it are and for how long. I'm not very familiar with VAT issues--but then again, I don't have to be. I just try to remain aware of the issues of flying my national ensign.