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Registration of Foreign owned Ships and Yachts in New Zealand
To provide proof of name, address, nationality and ownership every
yacht and ship has to be registered in an internationally recognised
jurisdiction. A yacht assumes the nationality of the jurisdiction
where it is registered and is therefore subject to the regulations
laid down by the governing register.
Very often companies and private individuals enjoy major advantages
and legal tax savings by registering their yachts in an appropriate
jurisdiction, providing confidentiality and the protection and privileges
offered by such registration. We can register a specifically tailored
corporate structure for holding and protecting a vessel. Many yacht
and ship owners prefer to keep their ownership confidential, therefore
the majority of yachts and ships are owned by companies and corporations
rather than individuals. The structure will also provide limited
liability to provide enhanced asset security for the owner.
Selecting a suitable jurisdiction and a flag for the vessel is
important. There are a number of factors to take into consideration,
with the major factors being registration costs, annual fees, the
flag and the jurisdiction reputation, tax implications, nationality
and residency of the owner and the expected area of operation.
New Zealand offers advantages to foreign owners should they register
their ship or yacht in this jurisdiction. Ownership of the vessel
could continue to be held by the foreign owner, or alternatively
transferred to a New Zealand business structure NZ Securities could
provide advice.
The advantages are:
1.
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There is no tax, stamp duty or other costs
involved in transferring the vessel to New Zealand.
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2.
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The costs of registration with Maritime authority in New
Zealand are comparatively small.
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3.
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New Zealand Nationality is provided. Flying the New Zealand
flag as evidence that this is a New Zealand owned vessel,
should facilitate entry into every port of every jurisdiction
in the World.
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4.
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Give evidence of Title (proof of ownership) and
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5.
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The facility to register mortgages.
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6.
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Improved asset security as New Zealand is recognised as
a safe jurisdiction and is not black listed by any jurisdiction
or body in the World.
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7.
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If the correct New Zealand structure is provided by NZ Securities
Limited, then this can provide tax free income in New Zealand.
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Please advise us at NZ Securities your requirements and
questions and we will assist you with offshore yacht and ship
registration.
For further information please contact us here
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