Are there taxes involved in buying a boat in the British Virgin Islands?

There is no sales tax in the BVI when purchasing anything but there is a 7% tax on hotels and car rentals, and an import duty of 5% on marine parts - more on other items. Taking your boat back into the USA or Europe may involve some taxes or fees so check what the laws are where you plan on keeping her.

What is the currency in the BVI?

The US dollar is the official currency of the British Virgin Islands. It is one of the very few countries or territories (other than the USA and its protectorates, of course) that does so.

What are marina charges like in the BVI?

Nanny Cay Marina (where we are located) is quite representative with their marina rates - you can find them on their web site which also includes information on their facilities.www.nannycay.com

Is there someone who can look after my boat for me?

Yacht management company information:
(1) Johnny’s Maritime Services www.nannycay.com/services/johnnysmaritime.htm
(2) Admiral Marine Management www.admiralbvi.com
(3) Island Yacht Management www.islandyacht.com

Besides marina charges, are there costs to keep my boat in the BVI?

There is an annual temporary import duty of $200 for a private yacht or, for shorter visits, there is a cruising tax of $2 per person per day December through April and $.75 per person May through November.

How do we go about arranging a pre-purchase marine survey?

Contact us for a list of all the marine surveyors with trade licenses to operate in the BVI and USVI. Email one or all of them for quotes, their prices range between $15.00 to $17.00 per foot and some include sea trial. Some of them also have web sites. We remain as neutral parties in this and do not make recommendations so you must choose one and contact them. They will let you know when their schedule can fit your request and we will ascertain if a lift facility is available for a short time (usually the lunch hour) while the surveyor inspects the underwater surfaces. The cost for this is usually around $4 per foot and there is an extra charge if they have to clean off heavy growth.

How do we get deposits and balances to you and what happens to it?

We have an escrow account where the funds are kept and we ask that these transactions are done by wire transfer as off-island checks (that is, written on any bank not in the BVI) can take 21 days to clear. Even checks written on a BVI bank will take a minimum of 3 days to clear. As this territory has a large off-shore banking industry, the banks adhere to a strict policy of funds transfer and large amounts of cash are not accepted for deposit. The banks also charge large fees to process credit cards of any kind and so we do not accept credit cards for any payment of funds. The funds sit in our escrow account until either a deposit is completely refunded to the buyer or else the purchase funds are transferred to the seller on Closing Day.

Is insurance available for a boat in the Caribbean and how much will it cost?

There are several insurance companies that service this area. (Contact us for a list.) They will want to know what you will be doing with your boat in hurricane season which they claim is June 1 to October 31. Insurance is cheaper if you have your boat in the yard for this time or else have it taken to Grenada or further south, out of the hurricane zone. It usually cost about 1.75% of hull value annually.

Do I have to register my boat?

Yes, registration is your boat’s passport and will be needed to exit and enter other countries.

What kind of registrations are there and which should I choose?

There are two kinds of registration: documentation registration and state registration.
Documentation registration (such as US Coast Guard, British and Canadian) is the best but you need very clear title and all of the paperwork in order. It is usually done through your country of citizenship but can be arranged through a corporation formed for the purpose in most places. There are International Documentation companies that specialize in this type of registration and we hightly recommend that you contact one such as Lisa Borkowski at ASAP Marine Documentation & Registration, Inc. (www.asapmarinedocumentation.com)for assistance.
State registration like the USVI or Delaware will get you to most places and is easily processed but the French islands in particular, will give you a hard time and may even levy a fine as they do not recognize state registration.
British Registration is the local registration and is an alternative, although you will have to start a BVI Corporation if you are not already a resident of the territory - you can get help with this from Maitland Trust Mid Ocean Management and Trust services (bvi ltd). www.maitlandgroup.com

If I want to put my boat into charter service, how would I do this?

Firstly, A-fleet companies (Moorings, Sunsail, etc.) will only accept new boats - usually sold to you by them, and most B-fleet companies (older boats) won’t accept a boat for charter that is over 10 years of age so your boat must be younger than this. Then you will need to inquire of the various charter companies what their management package is as this varies from company to company. Some good options in the BVI are:
(1) BVI Yacht Charters. www.bviyachtcharters.com
(2) Conch Charters www.conchcharters.com
(3) Horizon Yacht Charters www.horizoncharters.com
(4) Pro Valor Charters www.provalorcharters.com
NOTE: They will be able to answer your questions better if you have a specific yacht in mind.

How can I get my new yacht from the BVI back to North America or Europe if I can’t bring it back myself?

There are two ways to do this: she can be delivered by sea by hiring a delivery captain and crew or you can have her transported on a ship. The costs will depend, of course, on which way you do it and how far you are having her taken. Contact us for more specific information on both of these methods.