Frequently Asked Questions
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 an annual temporary import duty of $202 for a private yacht staying in the area longer than a month.
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.
Can I get financing to buy a yacht?
Not in the BVI, but there are financing companies in the US.
NOTE: The Government of the British Virgin Islands adheres to Anti-Money Laundering Laws. We will advise on the necessary steps and provide forms for this.
How do we go about arranging a pre-purchase marine survey?
We can provide you with a list of all the marine surveyors with trade licenses to operate in the BVI and USVI. We remain a neutral party in this and do not make recommendations so you must choose one and contact them.
The surveyor 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 while the surveyor inspects the underwater surfaces.
Is insurance available for a boat in the Caribbean and how much will it cost?
There are several insurance companies that service this area. We can provide you with a list of recommended insurers. It usually costs about 2.5% – 3% of insured value, annually.
Your insurer 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 slightly cheaper if you have your boat in the yard for this time or have it taken to Grenada or further south, out of the hurricane zone.
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 various kinds of registration depending on your citizenship and where you wish to register the vessel. There are international documentation companies specialising in this, that we can refer you to.
British Virgin Island Documentation is the British registration and is an alternative, although you will need to either be a British citizen or start a BVI Corporation if you are not a resident of the territory. We can put you in touch with the right company to assist you with this.
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 a delivery captain and crew or you can have her transported on a ship. The cost will depend 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.