At sea, a yacht’s flag or pennants are used to communicate, affirm, indicate, and show respect to many different people, groups, and territories. Flags have been an important part of sailing for many years and their proper use is respected all over the world. The general principle of raising the flag and pennants on each yacht is similar. The most important flag should be placed … Continue reading Rules for flagging yachts with flags and pennants
As I wrote in my post , one of the most important decisions we have to make is choosing the flag of the yacht. Remember that the flag you choose will have a direct impact on the use of the yacht. I mean – law, taxes, liability and yacht inspections. It is important for you to realize that a yacht is not just a luxury toy. The purchase of … Continue reading Flag state – why is important for you?
We associate the price of a yacht with very impressive numbers with lots of zeros at the end. While it is true that these assets can be worth huge amounts of money, the actual values of the yachts are strictly calculated and it is rare for an owner to simply pay the price without being confident that he is paying the fair market value of the … Continue reading Yacht price – what does it depend on?
If the yacht sails in the territorial waters of the European Union, you should remember to pay the value added tax (VAT). The VAT payment will also be related to the prior selection of the flag state, the yacht ownership structure and the place of tax residence of the yacht owner. I wrote more about it here . The EU’s Sixth VAT Directive was amended in 1993. One of … Continue reading Yacht temporary admission procedure in the European Union
The Department of Shipping Safety and Port Security of the Ministry of Infrastructure has developed materials in English on the requirements for yachts under Polish law. This is a response to the great interest in registering yachts under the Polish flag. Requirements and documents of Seagoing Yachts and other watercraft of less than 24 m in length flying the Polish flag Watercraft Registration Certificate Issued … Continue reading Registration of a yacht up to 24 m under the Polish flag
In a situation where a natural person purchases a yacht from another natural person from abroad, such an event does not give rise to VAT consequences. The situation is completely different when it is the purchase of a new yacht. Definition of a new means of transport According to Art. 2 point 10 of the Act of March 11, 2004 on tax on goods and services (Journal of … Continue reading Purchase of a new yacht in another EU country and IAC
More and more entrepreneurs are planning to buy a yacht, often on lease, to conduct business meetings on it, rent it to entrepreneurs for promotional purposes. They also plan to make it available for private use by the management and shareholders of the company that is also its owner. It sounds interesting …? But is it possible at all and how to account for the expenses? And what about … Continue reading How to settle expenses for a yacht in a Polish company?
Let’s assume that you live outside the European Union and do not have a permanent residence permit in one of the EU countries. What options do you have to register a yacht in the EU? Basically there are two options. Remember that the purpose for which the yacht is used and the area of territorial waters in which you want to sail affect the choice of flag. Purpose of using … Continue reading What are the options for registering a yacht in the EU for non-EU citizens?