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this is true, but the vessels are not US flagged.
That some countries allow their citizens to register some boat with some state -- and then ignores the international conventions -- in no way means that some county -- say Brazil or Italy or Singapore -- will accept it as the same as US federal documentation. ================================ It turns out there is a much easier, and legal, way to do this. Certain countries such as Liberia and the Cayman Islands allow non-citizens to form corporations with the help of co-operative residents who perform these services for a fee. The offshore corporation owns the boat and charters it back to who ever initiated the transaction. It's done all the time for tax and regulatory avoidance reasons. I'm told that the standard fee is in the area of 5K to10K USD. On a mega yacht where 100s of thousands in state sales tax might be due, that is a bargain. |
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