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

Three Steps to Renew Your Cruising License

A cruising license is a permit issued to foreign-flagged pleasure boats from certain countries that have a reciprocal agreement with the U.S. It is issued by the U.S. Customs and Border Protection office at the vessel’s port of U.S. arrival and is normally valid for up to one year. Once issued, cruising licenses exempt recreational vessels from the following formalities: Filing manifests, obtaining permits to Read More

A Brief Introduction to Boat Show Bonds

A perusal of brokerage ads in any yachting magazine will often turn up an ad for a boat listed as "Not offered for sale or charter to U.S. residents while in U.S. waters." This isn’t simply a teaser: the boat really is for sale. But it is foreign-built, and that makes a sale to the American market complicated. When a foreign-built yacht enters American waters, it has to check in with U.S. Customs and Border Read More

Boating Across Borders: What You Need to Know About Foreign Documentation

After closing on a yacht, your single most important decision is to decide where to register it. At present, the most popular yacht registries in the world are the United States, St. Vincent and the Grenadines, the Cayman Islands, the Marshall Islands, and the British Virgin Islands. In addition to its own benefits and drawbacks, each yacht registry will have its own specific set of documentation requirements, but Read More

Understanding Your Yacht Import Duties

Few things are as exciting as purchasing a Yacht, and it is something that a growing number of people are doing each year. For many, it makes sense to purchase the vessel outside of the United States due to market supply, price, personal residence, and more. When importing a yacht or other pleasure watercraft, however, it is critical that you understand what import duties are, and how they will impact you. What Read More

How to Keep Your Listings Compliant with Customs

As  U.S. Customs has taken a more pronounced stance lately in looking at the foreign yachts coming into the US it will be extra important to make sure your yacht is in compliance with federal laws this boat show season. If you are a private owner with a foreign built hull looking at offering your yacht for sale in the US you want to make sure you have your proper import paperwork available to legally list your Read More

Yacht Brokers: Don’t Let a Big Sale Turn Into a Legal Nightmare

As a yacht broker, there is nothing better than closing a major transaction. In a perfect world, everything will proceed smoothly. Both parties will be happy, all your documents will be in order, and the yacht will be exactly what your clients dreamed of. Unfortunately, we do not live in a perfect world. There is a great deal that can go wrong in the yacht brokering business, and these issues can quickly escalate Read More