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Foreign Flagged Boat US Citizen buyer requirements
What are the pros/cons and "nice-to-haves" of reflagging a boat from foreign flag to USA flag when purchasing? It is required, or can it remain an English flagged boat owned/operated by US Citizen? Will that impact Customs/Check-In/Exit etc. other issues?
I am US Citizen.
Buying a foreign flagged boat (England), VAT paid.
Purchasing in Grenada.
The boat will leave Grenada but will remain in the Caribbean.
There are no plans to Import boat into US or USVI.
It will be resold in 12 months (up to 18 months max) when we head back to the states and get our jobs back.
Boat financing with a US Bank does require USGC documentation. Assuming no bank financing, are there any other benefits and advantages or legal requirements to reflag the boat?