One of the benefits to yachting is the fact that they operate in a Tax-Free environment. Due to the fact that majority of the worlds luxury yachts are registered in Tax Havens like the Cayman Islands, Isle of Man. When you start out in the yachting industry earning tax free dollars, it’s wise to open up an offshore tax account. There are a few offshore banks but you have to weigh up the pro’s and cons with each. Here are a couple to consider:
When it comes to the tax issue, check out our Money & Finance section for a better idea. In short, the offshore tax issue varies for every individual and each country has it’s own tax laws. The information that we offer should only be used as a guideline, as we highly suggest that you speak to a professional that has knowledge of offshore tax relating to your country of residence. Check out our soon to be coming Money & Finance section for updates relating to money and tax issues, also financial advise.