The owners of large yachts and mega yachts often have had significant experience with numerous types of organizational contracts. From operational guidelines to restrictive covenants, business owners and managers alike must be familiar with drafting and enforcing...
Anyone interested in purchasing a yacht should consider the operating expenses the luxury item will incur over its lifespan. If you are considering taking the leap into the yachting life, you will need to plan a yearly budget that will account for: Fuel: Your yacht...
Buyers and sellers of yachts in the U.S. are taking advantage of favorable laws that have ushered in the establishment of foreign trade zones (FTZs). In years past, if a buyer in the U.S. wanted to purchase a foreign-flagged yacht, he or she would have to pay hefty...
The Coast Guard Office of Commercial Vessel Compliance (CVC) has issued new work instructions for its Small Passenger Vessel Risk Based Inspection Program, according to the Coast Guard Maritime Commons blog. The instructions provide inspection program guidance to...
When the United Kingdom (UK) left the European Union (EU) on December 31st of 2020, owners of yachts registered in the UK faced a great deal of uncertainty on their Value Added Tax (VAT) liabilities. To clarify the complexity of post-Brexit VAT status, a consortium of...
Now that summer is just around the corner and people are ready for a long-awaited vacation, the U.S. Coast Guard expects increased boating traffic in San Francisco’s Bay Area. Many tourists likely will flock to Northern California once coronavirus restrictions lift on...
On April 4, 2021, Washington Gov. Jay Inslee signed HB 1107 — a law extending tax exemptions for nonresident-owned yachts. Washington State now will allow nonresident entity-owned yachts to acquire two 60-day permits a year to stay in the state without tax. This is in...
The polite name for the life-saving device is “engine cut-off switch” (ECOS). In common usage, however, it’s known as a kill switch. Both names describe the switch’s function: it immediately turns off a boat’s engine. The ECOS or kill switch can save the life of the...
The Corporate Transparency Act came into effect earlier this year. The Act introduces new reporting obligations for companies that qualify as “reporting companies,” as well as steep penalties for failure to complete the required reporting. It is essential that every...
The owner of a 48-foot yacht had a solid insurance plan in place. But when disaster struck, he found that his insurance coverage was void because of his failure to disclose sufficient details to the insurance company. This unfortunate case illustrates the absolute...
