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Discussion Starter · #1 ·
Five adults and a child are safe after the Coast Guard rescued them from their sinking sailboat off the New Jersey coast.

The 68-foot Irvmiren was headed from Fort Lauderdale, Florida, to Nantucket, Massachusetts, when it began taking on water about 25 miles from Cape May on Wednesday night.

6 Rescued From Sinking Nantucket-Bound Sailboat Off New Jersey Coast « CBS Boston

Looks like a 68 foot Swan from 1993?
 

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Discussion Starter · #13 ·
Its a tax thing.

For example if the boat was sold in Florida it would encounter a state sales tax of 5% or whatever it is. 5% of $950,000 = $47,000 so its well worth it to drive the boat off shore 12 nms to close the deal.

:)

Mark
PS Laws vary, tax rates vary, this was just generalisation :)
PPS if you bring a boat to Australia to sell you pay 15% of the value of the boat to the government BEFORE you are allowed to advertise it.
Actually it means that the boat was never "sold" in Florida...and no sales tax was EVER paid. These are flags of convenience....you setup an offshore corporiation in Bikini, Marshal Islands, Virgin Islands...etc. Then the corporation owns the boat, making the payment of sales tax not necessary. And you can keep the boat in FLorida all you want.
 
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