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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.
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.
Yes, there are two companies that provide financing for the United States. Unfortunately, the BVI does not provide financing.
(1) Essex Credit Corporation, contact: Sheryl Boddy, Marine Finance Specialist, Fax: (402) 918-7608, Cell: (727) 463-1961, email: email@example.com, website: https://www.essexcredit.com/home/boat/rates/
(2) Offshore Financial, Annapolis, Maryland 21403, contact: Kimberly A. Madigan, Regional Manager, phone: (410) 991-6602, 1 (800) 443-8656, email: firstname.lastname@example.org
(3) Sterling Associates Mid Atlantic, Annapolis, Maryland, contact: Cindy Lewis, Marine Finance Specialist, cell (410) 903-6611, email: email@example.com, websites: www.boatbanker.com or www.recreationfinance.com
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 Some marinas with less facilities are lower cost down as low as $14/ft/month in some cases.
Yacht management companies can help manage your boat after purchase. Here are a few companies we recommend:
(1) Admiral Marine Management www.admiralbvi.com
(2) Antilles Yachts Ltd. www.antillesyachts.com
(3) Caribbean Yacht Management www.caribbeanyachtmanagement.com
(4) Island Yacht Management www.islandyacht.com
(5) Johnny’s Maritime Services, Contact: Johnny Hussan Tel: (284) 494-3661, Fax: (284) 494-0248
(6) Marine Management Services www.mmsbvi.com Feel free to contact them for further information and pricing.
There is an annual temporary import duty of $202 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.
Below are the larger and longest established companies who are experienced in purchase surveys:
(1) Caribbean Marine Surveyors www.caribbeanmarinesurveyors.com or Phone: (284) 494-2091
(2) Hirst Marine Surveyors www.hirstmarine.com or Phone: (284) 494-2399
(3) West Indies Marine Surveyors www.westindiesmarinesurveyors.com or Phone: (284) 494-0772
(4) Howe Marine Surveyors, Contact: William Howe, Phone: (340) 775-6081 Fax: (340) 775-6081 email: firstname.lastname@example.org
Their prices for prepurchase surveys range between $22.00 to $30.00 per foot and all include sea trial. We remain as neutral parties in this and do not make recommendations so please contact one or more, then choose the one that you feel best suits your requirements. They will let you know when their schedule can fit your request and we will ascertain if a short haul is available while the surveyor inspects the underwater surfaces. The cost for this is usually between $6.50 and $9.50 per foot depending on LOA and there is an extra charge if they have to clean off heavy growth. If the boat is already on land a cost of typically $11.50 to $17.25 per foot is charged to launch, then later haul again to return the boat to where you found 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. In addition to larger than normal credit card charges here, payments by credit card are revokable and therefore, not suitable for a yacht purchase, 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.
NOTE: The Government of the British Virgin Islands adheres to Money Laundering Laws. We require a "Source of Funds Declaration" with each deposit into our bank account. Forms are provided.
There are several insurance companies that service this area. Here are a list of a few that we recommend:
(1)Admiral Yacht Insurance, United Kingdom, Phone: + 44 (0) 1722 416106, Fax: + 44 (0) 1722 324455
(2)Caribbean Insurers, Contact: Jera, Road Town, Tortola, BVI, Phone: (284) 494-4467, Fax: (284) 494-4393, email: email@example.com
(3)Offshore Risk Management,PO Box 370, Cocoa, Florida 32923, Phone: (305)743-7711, Fax:(408)228-8937, email:firstname.lastname@example.org, email@example.com
Attn: William J. Coates Toll free: 1-800-773-0105 Office hours: M-T 9:00-16:00 Friday 9:00-15:00 Closed daily for lunch 12:00-13:30
(4)Nagico Insurance, Contact: Simon Cross, Road Town, Tortola, BVI, Phone: (284) 494-6433, Cell: (284) 541-4947, Fax: (284)494-6133, email: firstname.lastname@example.org
They will want to know what you will be doing with your boat in hurricane season which is designated as June 1 to November 1. It usually costs about 2.5% to 3% of insured value, annually.
Yes, registration is your boat’s passport and will be needed to exit and enter other countries.
There are two kinds of registration: National Documentation/registration and in some cases State registration.
Documentation/registration (such as US Coast Guard, British Type 1 and Canadian) is the best. 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 handling your documentation/registration and are licenced and bonded. If this option appeals, we recommend that you contact ASAP Marine Documentation & Registration, Inc. (www.asapmarinedocumentation.com)for assistance.Sha FrameDocumentation Specialist ASAP Marine Documentation & Registration, Inc.2200 South Dixie Highway Suite 504Miami FL 33133PH: 954-926-2387Direct Line: 954-463-6442FX: 954-920-2145Toll Free: 1-800-492-8362
British Virgin Island registration is an alternative, although you will have to open a BVI Corporation if you are not an EU or BVI citizen - you can get help with this from SHRM www.shrm.lu/web
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
There are several companies through out the BVI/USVI we can recommend, however, here are a few for your convience:
(1) Aquadoc Marine Services, Contact: Lincoln, Phone: (284) 494-0305, email: email@example.com
(2) BVI Marine Management www.rescuer1.com
(3) CRC Ltd., Virgin Gorda, Phone: 284-495-5310, Fax: 284-495-5352, email: firstname.lastname@example.org
(4) Marine Consultants BVI Ltd., Contact: Mike Maclean, Phone: (284) 494-0600, Fax: (284) 494-0601, email: email@example.com
(5) Marine Maintenance Services (BVI) Ltd., Contact: Tim Dabbs, Phone:(284) 494-3494, Fax: (284) 494-8491, 24hr Emergency: (284)542-2413, email: firstname.lastname@example.org or email@example.com
(6) Parts & Power Ltd. www.partsandpower.com
Graphics and Decals
(1) Japhix Studio & Graphic Design, Contact: Shem, Phone: (284) 494-9173 or (284) 494-9104, email: firstname.lastname@example.org
Outboard Maintenance/Sales, Dinghy Sales
(1) Tradewinds Yachting Services (Yamaha/Caribe) www.tradewindsbvi.com
(2) Marine Power Service Ltd., Contact: Wycliffe, Phone: (284) 494-2738 or (294) 494-4935, email: email@example.com, (Mercury/Mercruiser)
(3) Nanny Cay, Budget Marine www.nannycay.com/chandlery
Shipwrights, Fiberglass, Refinishing, Electricians, Riggers and Sailmakers
(1) BVI Painters www.bvipainters.com
(2) ML Pro Boat, Contact: Marcelo Santos, Phone: (284) 442-5365, email: firstname.lastname@example.org
(3) Tony's Marine Refinishing Services, Contact: Tony, Phone/Fax: (284) 494-0140, Cell: (284) 499-4189, email: email@example.com
(4) VI Marine Refinishing, Contact: Eddie Wyke, Phone: (284) 494-0361 or (284) 499-1636, email: firstname.lastname@example.org or email@example.com
(5) The Woodshop, Contact: Gerard & Els Kraakman, Phone: (284) 494-2393, Fax: (284) 494-1183, email: firstname.lastname@example.org
(6) The Work Bench (Virgin Gorda), Phone: (284) 495-5310, Fax: (284) 495-5352, email: email@example.com
(7) The Yacht Shop, Contact: Miles Muzyka, Phone: (284) 545-6030, email: firstname.lastname@example.org
(1) Cay Electronics Ltd. www.cayelectronics.com
(2) Ecom.com Ltd., www.bviecom.com
(1) Richardson's Rigging www.richardsonsrigging.com
(1) Quantum Sails www.quantumsails.com
(2) Doyle Sails www.doylesails.com
Todd Duff, who formerly worked for BVI Yacht Sales, has now returned to our company as a Broker and Offshore Cruising Consultant in our Nanny Cay Office. Todd is also an Accredited Marine Surveyor and is a well-known writer for many of the sailing magazines.
Here are some links to some of his articles.
Caribbean VS Pacific sailing: http://www.allatsea.net/caribbean-vs-pacific-sailing/
What’s so great about the boatyards in the BVI: http://www.caribbeancompass.com/refit.html
Cruising Panama, Ecuador and the Galapagos: http://www.bwsailing.com/bw/author/tduff/
Cruising Hawaii: http://www.cruisingworld.com/authors/todd-duff
Cruising the South Pacific: http://www.cruisingworld.com/south-seas-sojourn
Cruising yachts for a small budget: http://www.goodoldboat.com/promo_pdfs/Jan13_Promo.pdf
What is a Marine Surveyor?: http://www.allatsea.net/what-to-consider-in-a-marine-survey/
What about a steel boat?: http://www.allatsea.net/why-a-steel-boat/