A yacht, sailboat or other recreational sea vessel is a considerable investment. As such, you expect the manufacturer to put top-notch craftmanship and care into the construction of your vessel. It can be infuriating to have to deal with malfunctions, defects and...
Blog
3 essential elements in employment contracts for yacht crews
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...
How much does it cost to maintain a yacht?
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...
Sale of yachts in foreign trade zones
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...
Coast Guard publishes new work instructions for the Small Passenger Vessel Risk Based Inspection Program
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...
Post-Brexit EU VAT status: what has changed?
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...
Coast Guard issues warning about illegal charter boat operations
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...
New law extends tax exemptions for nonresident-owned yachts
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...
New law to help decrease boating accident injuries, fatalities
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...
What your company has to know about new CTA reporting obligations
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...