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The registration of ships and yachts in the Turks and Caicos Islands offers many advantages. The British Flag (red ensign) offers vessels sailing under it both prestige and practicality. As a British Overseas Territory, the British Flag is obtainable in the Turks and Caicos Islands. The registration of vessels in the Turks and Caicos Islands is governed by the British Merchant Shipping Act which regulates the flagging of British vessels and determines what types and classes of vessels can be registered under the British Flag thereby creating determinable standards and effective quality control. This gives rise to a number of obvious advantages. Insurance companies recognize that if a vessel is registered under the British Flag it will be of an acceptable standard and rates are likely to be lower. Charter companies and guests also look for the British Flag to ensure the quality of the vessel. In order for a vessel to qualify for registration in the Turks
and Caicos Islands, the owner of the vessel must be either a
British Subject or a Turks and Caicos Islands Company. This allows
a non-British Subject to use a Company incorporated in the Turks
and Caicos Islands to own the vessel and thereby be permitted
to register under the British Flag. Turks and Caicos Islands
Companies are recognized as being British for the purposes of
flagging a vessel. On completion of registration of the vessel,
a Certificate of British Registry is issued by the Registrar
of Shipping. Another compelling reason for considering registration in the Turks and Caicos Islands is the modest registration fees. The initial registration fee is based on the registered (net) tonnage of the vessel in accordance with the following scale: 1. For registration of a vessel of 5 tons or less - $ 50.00 2. For registration of a vessel between 5 tons and 20 tons - $ 75.00 3. For registration of a vessel between 20 tons and 100 tons - $200.00 4. For registration of a vessel over 100 tons - $200.00 plus $50.00 for every additional 100 tons in excess of the initial 100 tons. The government fee for registering a transfer of ownership in the prescribed form is $100.00. Once the vessel is registered the annual Government fee to keep the registration current is $1.00 per registered (net) ton. For persons operating a vessel outside of U.S. waters, another important reason for considering the registration of the vessel in the Turks and Caicos Islands is the zero-tax status of the jurisdiction. There is no personal or corporate income tax payable in the Turks and Caicos Islands. We suggest that you contact your accountant to determine if registration of your vessel in the Turks and Caicos Islands could result in a tax-exempt status for you or for the operation of your vessel As part of the registration process, the vessel must be measured and surveyed in compliance with the statutory requirements. Generally, this must be conducted by the recognized Classification Societies such as Bureau Veritas, Lloyd's Register of Shipping, American Bureau of Shipping, Germanisher Lloyd or Det Norske Veritas. In case of vessels under 100 tons gross there are persons resident in the Islands authorized to carry out the work. Upon completion of the survey a Certificate of Survey is issued to the Registrar of Ships by the Surveyor. Registration of the vessel can usually be completed in three to ten working days. Turks & Caicos may be a great jurisdiction to register your vessel but it is even better way to take care of your crew. In some cases, we can offer services for paying your crew a tax-free income, absent of U.S. withholding and income tax. We also offer offshore credit cards, international health insurance, including the all-important air ambulance service, and a choice of retirement plans for your traveling crew. Explore the many advantages of boat registration and crew registration offshore by calling or sending e-mail today! Need better cruising insurance when fishing these latitudes, let us help! FORMS TO REGISTER
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FishingTCI.com -- Captains Mark Leathley and Darren Doonan fishing -- reservations -- activities -- travel info -- where to stay -- tournament -- weather -- photo gallery -- registry -- tax planning -- home |
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"Gwendolyn" is located behind Sharkbite Bar & Grill and Baci Ristorante Telephone: 649-946-5321 E-mail: Gwendolyn@Provo.net
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