Nowadays, the majority of yachts are registered (i.e. flagged) offshore, with the Cayman Islands, Marshall Islands and St. Vincent remaining the most popular registries, as the flag you choose for your superyacht will have a direct impact on your taxes. In most cases, flagging your vessel offshore enables to avoid taxes on the hull value. The savings can be significant, compared to the sales tax value (TVA or VAT) that would have to be paid.
When it comes to U.S. tax regulation, not only the potential buyer but also the seller have to pay certain taxes in order to settle a potential deal. In order to avoid it, as well as strict manning requirements, many yachts are originally listed for sale with a mark ‘not for sale to U.S. residents in U.S. waters’.
The general policy derives from a 111-year-old law, preventing sales of foreign-flagged yachts to U.S. citizens when the boats are in U.S. waters. The law requires foreign-flagged vessels to pay an import fee even before they are offered for sale to U.S. residents while in U.S. waters.
Over the past years, the International Yacht Brokers Association (IYBA) urged the Congress to change the form of the 1908 law. The bills that have been filed would not remove the tax paid on the boat, but would defer payment of it until after the boat is sold.
This situation also often pertains to a yacht registered in another country that is within US waters on a cruising permit.
IYBA executive director Cindy Sailor, has recently reintroduced the bill to the new Congress in an effort to boost the yachting industry and encourage more sales in U.S. waters. He explained:
We’re not asking to get any sort of forgiveness for paying the duty. We are requesting that the time of collection of the duty be changed to when the yacht is sold, rather than when it goes on the market.
He adds:
It’s counterintuitive to pay the import tax on the value of a boat before you know what the actual selling price is going to be. A 1.5 percent tax is sizable and most yacht owners don’t want to pay duty just to put the boat on the market with the hopes of selling it to a U.S. buyer.
Matt Ruane, director of JTC Marine and Aviation, cites some specific reasons the U.S. flag may not appeal to owners of large yachts.
U.S.-resident master and crew are required for all large yachts, unless operating privately and outside of U.S. waters. A U.S. flag requires US corporate or private ownership, and the concept of nominee directors and shareholders is less understood and thus, less acceptable, essentially meaning that U.S. corporate ownership is more transparent.
Still, according to HMY Yachts, the sweeping tax reform, the Tax Cuts and Jobs Act of 2017, has included some new provisions that can provide benefits on yacht purchases and also yachts for charter that are used for legitimate business purposes. The new bill codes around bonus depreciation and will come in effect through 2022.
With this, up to 100% of the purchase price can potentially be written off as bonus depreciation in the year of the purchase if all requirements are met. And there is no dollar limit to the purchase price. That same depreciation applies to any improvements made to the vessel in the same year as the purchase.
To qualify for these benefits, the buyer must be an entity—corporation, partnership, or LLC—that will use the vessel for a legitimate business purpose, for instance, by purchasing a yacht and using it for charter.
Asani emerges as a crowning achievement within the Benetti B.Now 50M family, epitomizing a harmonious blend of modernity, functionality, and creative expression. Central to its design is the acclaimed Oasis Deck®, an expansive sanctuary by the sea that boasts up to 116 square meters of space, allowing guests to immerse themselves in the beauty of their surroundings.Every aspect of Asani has been meticulously crafted to manifest the owner's vision of a welcoming, homely, and tranquil ambiance, effectively blurring the lines between indoor and outdoor living. Custom features enhance the yacht's sophisticated design, including a private terrace complete with an outdoor shower, providing an intimate space for relaxation. Generously sized exterior decks offer versatile social areas, highlighted by a stern platform that expands outward and a pool. Inside, opulent materials, bespoke furnishings, and unique artwork curated by the owner, LASS Studio, and Bergman Design House create an exquisite living environment.Main saloonBenetti's commitment to safe and comfortable yachting is exemplified in the B.Now family of steel megayachts, with the Asani standing as a testament to this philosophy. Designed in collaboration with the UK firm RWD, the yacht features elegant and sporty aesthetics, with the Oasis Deck® serving as its centerpiece. This deck provides breathtaking 270-degree views, allowing guests to enjoy the sun and sea breeze while maintaining proximity to the water throughout the day. Advanced construction technologies enable the swift delivery of yachts in this family, achieving timelines approximately 30% faster than industry norms.Main saloonAsani is constructed with a robust steel hull and an aluminum superstructure, extending across four decks with a beam of 9.2 meters and a tonnage under 500 GT. The exterior styling, courtesy of RWD, harmonizes seamlessly with the interiors crafted by Benetti and Bergman Design House. Together with the owner and LASS Studio, they carefully selected materials and suppliers, ensuring a cohesive aesthetic that reflects the ocean's essence.The yacht's interiors are designed to extend the natural beauty of its surroundings, creating a seamless flow from indoor to outdoor spaces. A curated selection of art pieces celebrates both established and emerging artists, with a focus on themes inspired by nature and the sea. Vibrant hues of blue and organic forms contribute to the yacht's tranquil atmosphere, enhancing the overall sense of comfort onboard.One of the standout features of Asani is the remarkable terrace in the owner’s suite, designed for ultimate relaxation. The thoughtful layout respects traditional yachting values while maximizing comfort and functionality. Additionally, Asani is the first in the B.Now 50M series to feature an updated main saloon, providing ample space for entertaining guests.Upper deck The exterior design emphasizes hospitality and tranquility, with expansive decks that facilitate various onboard experiences. Each deck is adorned with bespoke furniture from Interdecor Design, complemented by an outdoor bar to serve guests at any time. The yacht's flowing lines and vertical bow create a dynamic silhouette, enhanced by extensive glazing that fosters a continuous dialogue between indoor and outdoor environments.The design's core philosophy centers on promoting conviviality and connection among family and friends. The Oasis Deck® shines as the heart of outdoor life, featuring fold-out wings to increase space, an infinity pool, and breathtaking views. An inviting beach area, complete with comfortable seating and a bar, further enhances the social atmosphere.Master cabin Moving to the upper deck, guests can enjoy dining at a sheltered outdoor table or relaxing on plush sofas, with a seamless connection to the sky lounge. The spacious sun deck provides additional opportunities for leisure, featuring versatile seating arrangements and a hot tub that offers panoramic views.Asani’s interiors, characterized by a sophisticated neutral palette, were designed by Benetti’s Mauro Izzo and refined by LASS Studio. The yacht is enhanced by a remarkable collection of unique artworks and bespoke furnishings, each piece telling its own story while celebrating craftsmanship.This exceptional yacht, powered by two 1,400 HP MAN V12 engines and featuring a range of 4,500 nautical miles, was recognized for excellence in yacht design at the Monaco Yacht Show 2024. Founded in 1873, Benetti is the oldest Italian shipyard specializing in luxury yachts. Benetti designs, builds and sells composite vessels from 29 to 44m and steel and aluminum boats from 37 to over 100m. The fleet consists of five categories: Class, Oasis, B.Yond, B.Now and Custom to meet all the needs of the market. Benetti belongs to the Azimut|Benetti Group, the largest privately owned luxury yachting group in the world.Credits: Benetti
December 3, 2024
Acquera is set to showcase its presence at the Antigua Charter Yacht Show from December 4th to 9th, emphasizing the strategic significance of the Caribbean region. The company has recently bolstered its operations with the opening of new offices and partnerships with esteemed local entities.Ahead of the official show opening, Acquera will host a private event this evening to kick off the Caribbean season, celebrating its regional expansion while providing guests with an in-depth overview of its operations. The event will highlight Acquera's extensive range of services and the capabilities of the AcqueraPro digital platform, aimed at industry professionals.Since its inception in 2018, Acquera has strategically expanded its Caribbean operations, now covering a wide area to offer specialized, continuous services. The Antigua Charter Yacht Show, a premier event since 1971, serves as a vital gathering for superyacht captains, international charter brokers, and marine suppliers.This year, the show will feature over 100 yachts, presenting an exceptional networking platform for Acquera to demonstrate its tailored services designed to elevate superyacht experiences. These services include port operations, customs and immigration assistance, bunkering, technical support, onboard and offshore event planning, bespoke parties, and provisioning through Squisito, Acquera Group's specialized food and beverage brand.Acquera's Caribbean services have been significantly enhanced with new acquisitions and the establishment of offices in Anguilla, St. Maarten, St. Barth, Antigua and Barbuda, Dominica, St. Lucia, and St. Vincent and the Grenadines. The region now also benefits from AcqueraPro, a digital platform that streamlines cruise management and creates personalized itineraries. This platform offers captains, crews, and charter brokers instant access to technical and entertainment information, superyacht marinas, and local specialties via a direct, complimentary promotional channel for products and services.As a leading entity in luxury yachting across the Caribbean, Mediterranean, and Middle East, Acquera has organized a launch event at the Boom Restaurant in Antigua. This gathering will unite managing directors from throughout the Caribbean, key marine industry players, captains, and clients, providing an opportunity to explore Acquera’s offerings and celebrate the commencement of its inaugural Caribbean season.During the Antigua Charter Yacht Show, Acquera will welcome clients and partners at its new office located in the Commercial Center of the Antigua Yacht Club Marina in Falmouth Harbour. This office will act as a hub for strengthening existing partnerships and cultivating new opportunities, further solidifying Acquera’s expanding footprint in the region.Credits: Acquera
December 3, 2024
Vicem Yachts has unveiled the upgraded Vicem 65 Classic, an embodiment of exquisite craftsmanship and elegant design that has made the shipyard a leader in luxury motor yachts since 1991. Renowned for its artisanal skills, Vicem Yachts seamlessly integrates timeless aesthetics with contemporary performance, utilizing traditional composite construction techniques enhanced by advanced cold-molding methods. Recently, the brand has expanded its repertoire to include optional fiberglass (GRP) versions, appealing to owners who prefer a modern alternative to wood.The Vicem 65 Classic captures the brand's illustrious heritage while introducing subtle contemporary design elements. Noelle Semmes, Director of Sales at Vicem Yachts, emphasizes the yacht's adaptability: “The new Vicem 65 Classic is a remarkable addition to our fleet, showcasing our three decades of yacht-building expertise paired with modern materials and finishes. Owners can tailor their yachts to their specific preferences, a rarity in this size category.”Recently delivered to an American owner, this custom version of the 65 Classic offers expansive indoor and outdoor spaces. Its single-pane side glazing floods the interior with natural light while providing stunning views. The aft saloon connects seamlessly to the cockpit and features an L-shaped sofa that can convert into a double berth for guests wishing to extend their stay. A pop-up television situated in the low portside cabinet enhances the relaxed atmosphere, making it perfect for entertainment.At the forward end of the saloon lies a transverse galley opposite the helm, promoting an open and sociable layout. The galley is equipped with modern conveniences, including a four-plate cooktop, microwave, dishwasher, ice-maker, and fridge, with a wine cooler conveniently located within reach. The warm yet contemporary interior showcases teak flooring and a pale palette that adds a touch of luxury.Descending to the accommodation deck, guests are greeted by a lower saloon, perfect for families seeking privacy. The VIP cabin features an ensuite, while a second guest cabin includes twin beds that can convert to a double, plus an additional Pullman-style bunk. The midship master cabin, benefiting from the yacht's full beam, boasts a transversely positioned bed, a vanity unit, and an ensuite with marble finishes, enhancing the overall sense of space.On deck, the Vicem 65 Classic features an inviting cockpit with L-shaped seating, a high-low control table, and amenities for alfresco living, including a sink, fridge, and grill. The foredeck, equipped with spacious sunpads, offers an ideal spot for relaxation.Beneath its elegant lines, the 65 Classic is powered by twin MAN engines, each delivering 1,400hp. The yacht's graceful design is complemented by high-quality fittings and hardware, ensuring both performance and style.“This latest addition to our classic range showcases our capabilities even at 21 meters,” Semmes states. “With two more 65 Classics under construction, each tailored to individual tastes, every Vicem yacht remains a unique masterpiece.”Vicem Yachts was founded by Sebahattin HafizogluIt. The Vicem yacht range includes Classic, Flybridge, Cruiser, Vulcan, Sportfish and Bahama Bay lines. Credits: Pozitif Studio
December 3, 2024
Apreamare presents the world premiere of the Maestro 88, a full-custom semi-planing yacht that stretches over 27 meters. This remarkable vessel is poised to redefine maritime experiences, combining impressive space, timeless elegance, and an unparalleled quality of life on board. Designed to ensure safety and reliability, the Maestro 88 showcases the exceptional navigational prowess that has long characterized the Maestro line, now expertly reimagined by the talented duo of Architect Marco Casali and Engineer Umberto Tagliavini.The inception of the Maestro line traces back to the 2005 Genoa Boat Show, where the visionary Cataldo Aprea sketched the initial ideas for a motor yacht designed for comfort, safety, and style. This legacy of innovation culminated in the birth of the Maestro 88, a response to the desires of a dedicated Apreamare owner for a larger vessel capable of accommodating extended journeys in varying weather conditions.Collaborating closely with the owner, Apreamare aimed to create a flagship that exceeds 27 meters while remaining below the 24-meter regulatory limit. The result is a fully customized navetta with a semi-planing hull that retains the family resemblance of the previous Maestro models while introducing cutting-edge solutions for comfort and livability, akin to the iconic Gozzo line.The Maestro 88 features a thoughtfully designed cockpit and harmoniously coordinated exteriors and interiors. The innovative hull geometry developed by Umberto Tagliavini is tailored to provide stability and comfort, even in challenging sea conditions, ensuring a secure and enjoyable experience for all on board. Unlike its predecessors, this new model adopts a semi-planing hull optimized for cruising at 18 knots while maintaining comfort and tranquility. With the potential to reach speeds exceeding 22 knots, the yacht is powered by two efficient 1,600hp MAN engines, with options for a more powerful 2,000hp configuration for enhanced long-range performance.The yacht’s exterior, crafted by Marco Casali, boasts elegance and visual appeal, seamlessly connecting the indoor and outdoor environments. This design philosophy ensures uninterrupted views of the sea, with extensive glazing that floods the interior with natural light, enhancing the onboard ambiance. The spacious aft deck, bow lounge, and expansive beach club create a luxurious outdoor experience, while the elevated bow design includes an 80 cm rail for added safety.The flybridge, designed for relaxation both at anchor and underway, features a sleek T-Top and solar panels to power onboard systems. The transom garage accommodates a 4-meter tender and water toys, enhancing the recreational offerings for guests.Inside, the Maestro 88 can be fully personalized, with options for varying cabin layouts and furnishings. The first hull includes four cabins and four bathrooms, with the potential for up to five guest cabins and two crew cabins. This flexibility exemplifies Apreamare’s commitment to bespoke craftsmanship, allowing owners to select from a vast array of materials, fabrics, and colors.The interior décor reflects a modern marine aesthetic, characterized by elegant details like white slatted ceilings and abundant teak. Notable furniture pieces by Poltrona Frau enhance comfort and style, showcasing Italian craftsmanship through high-quality materials and meticulous attention to detail.With the launch of the Maestro 88, Apreamare solidifies its reputation as a "boutique" shipyard, blending artisanal tradition with innovative design. The history of the shipyard starts in 1849, when Giovanni Aprea started to handbuild rowing and sailing boats used for fishing in Sorrento, basing his craft on the shape and form of the traditional “gozzo sorrentino”. Now the shipyard range includes the Apreamare and Maestro yachts.Credits: Apreamare
December 2, 2024
The seventh unit of the Flexplorer series has officially found a new owner. Vasco Buonpensiere, co-founder and CEO of Cantiere delle Marche (CdM), expressed pride in this latest sale, which marks the first of three contracts expected to be finalized in the upcoming weeks. "This commercial success, following an extraordinary season at the boat shows, is a clear indicator of the trust the market places in our shipyard," he stated. "The Flexplorer series showcases our dedication to innovation, craftsmanship, and a deep understanding of the unique desires of our discerning clients. This sale marks the third Flexplorer 165 sold in 2024."The sale was facilitated by Chris Holtzheuser from Allied Marine and was commissioned by a seasoned North American yacht owner who viewed the Flexplorer 165 as the perfect fit for their adventurous lifestyle and family-oriented requirements. Notably, this marks the third sale to an American owner this year. The Flexplorer 165 caters to the owner's passion for fishing, featuring a Grady-White Freedom 285 - 28' Dual Console tender. To facilitate the launching and retrieval of this sturdy motorboat, the A-frame crane capacity has been enhanced to 4.5 tons. In addition, two other tenders are included, further emphasizing the yacht's adventurous nature.The yacht's interiors are crafted by Giorgio M. Cassetta, whose creative vision transcends conventional limits, ensuring a harmonious blend of style and functionality.With a focus on accommodating large families, the Flexplorer 165 boasts a flexible layout. The Sky Lounge can be effortlessly transformed into an additional cabin, while a cabin located on the lower deck's port side can serve as either a private lounge or an extra guest room. This versatility guarantees a comfortable and personalized experience for every journey.Stretching just shy of 50 meters, the Flexplorer 165 has a Gross Tonnage of nearly 500GT, a beam of 9.00 meters, and a draft of 2.30 meters.Equipped with twin Caterpillar C32 ACERT engines generating 970 kW at 1800 rpm, the yacht can reach a top speed of 15 knots (at full power) and boasts an impressive range of over 5,000 nautical miles at a cruising speed of 10 knots.CdM's story begins in 2010. The facilities cover an overall surface of 16˙000 square meters, including 7˙000 sq. m of workshops and 1˙000 sq. m of docks. Since 2015, the shipyard has been the world’s leading builder of explorer yachts. Based in Ancona, Cantiere delle Marche builds yachts from 26m to 43m in length.Credits: CdM
December 2, 2024