What Are Temporary Importation Bonds?

Anyone wanting to import a yacht into the United States for personal use is normally required to pay 1.5% duty on the value of the vessel, unless it is from a country with a trade agreement in place. They are also subject to a merchandise processing fee of .21%, with a maximum total of $485. There are times, however, when you want to temporarily import a yacht into the United States. Examples of such situations Read More

Understanding Sales of Repossessed Vessels

Like cars, yachts and other pleasure craft are subject to repossession under certain conditions, usually due to a mortgage default. In this instance the boat’s owners have fallen behind in their payments, so the lender takes possession of its floating collateral and puts it up for sale in an attempt to recoup any losses. If you’ve never purchased a repossessed vessel before, the process is different from buying Read More

Buyer Beware: 5 Things to Look for When Buying a Used Yacht, Boat, or Other Water Vessel

According to the National Marine Manufacturers Association, an estimated 60% of first-time boat buyers opt to purchase a used vessel. Part of the appeal is price: when you’re new to the joys of yachting, you might not be ready for a bigger financial investment. Another reason is that the boat has been tried and tested and is, presumably, reliable. Or is it? The fact that the boat was pre-owned does not mean that Read More

Common Logistical Issues for Yacht Imports

If you live in the United States and the yacht of your dreams is in Canada, Europe, or an even more remote location, there are ways and means of properly importing it. The challenge is in making sure that all paperwork and processes have been completed correctly. Below are some common logistical issues for foreign yacht imports, as well as why they can pose a problem: Going for a Gray Import Also known as a Read More

EPA Enforcing Compliance on All Engine Imports

The US EPA is a now heavily enforcing compliance on all engine imports into the U.S..    For us in particular, it is affecting the import of foreign built yachts being imported for sale in the U.S., or boats purchased by U.S. residents hoping to import the yacht into the U.S. and register the vessel here for private use. For Marine Compression (Diesel) engines here are some key parameters to make note of: For Read More

What to Do and What Not to Do When Purchasing an International Yacht

When you’ve found the boat you want at a price you can afford, should the fact that it’s located overseas stop you? Not quite: there are actually many benefits associated with an international purchase. In certain market conditions, you can save money. If you want to spend time in whatever country the boat is located, you can do so and then sail your new acquisition back to the U.S.. There are, however, certain Read More

What Will Your Yacht Title Search Uncover?

Buying a yacht can be a lot like buying a new home in that due diligence must be carried out to confirm that the title is both marketable and free of encumbrances like liens. Title searches for boats can be challenging given the complexities surrounding boat registration, titling and liens as well as Coast Guard documentation, but there are some clear signs that something is amiss with the transaction. Below is a Read More

What You Need to Know About Yacht Duty Drawbacks

Duty drawbacks are monetary refunds on goods that are imported into the U.S. via Customs. Should these goods be exported or destroyed under U.S. Customs and Border Protection supervision within three years of entering the country, the following parties are eligible for duty drawbacks: Manufacturers Importers Exporters These drawbacks have been a part of international trade policy in the United States Read More

Understanding Temporary Import Bonds

A temporary import bond, or TIB, allows you to temporarily import goods into the United States under bond without having to pay the duty that would normally apply. The goods in question must not be imported for sale and have to be either exported or destroyed within a certain period of time. When it comes to yachts, the most common TIB options are: Entering the United States to undergo repairs Entering for Read More

Delaware Corporations and Yacht Ownership

Over the past three decades, Delaware has become the state of choice when it comes to corporate or LLC ownership of mobile assets. The latter includes antique and cutting-edge automobiles, private jets, and, of course, yachts. Walk around any marina across the globe and chances are that you’ll see several yachts with a “Delaware” designation. This is because a Delaware corporation provides asset protection, Read More