Transport Company

Many important offshore jurisdictions (Panama, Liberia, the Isle of Man, Madeira, Jersey, Gibraltar, Cyprus, the Bahamas, Belize and Mauritius) have modern ship and pleasure craft registration facilities for the purpose of providing low cost registration fees and exemption from tax on income derived from shipping and chartering activities. The owners of pleasure craft operating within EU waters for extended periods require specialist advice with regard to VAT.

It has long been a tradition for ships and yachts to be registered and flagged offshore so that the profits derived from ownership and chartering may be accumulated in a tax-free environment. The company owning the vessel would normally be incorporated in the same jurisdiction in which the ship or yacht is registered and flagged.

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30/09/2006
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