Why Hardly any US Flags on SuperYachts?
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- čas přidán 4. 07. 2024
- #superyacht #superyachts #yachts #boats
Since the 1920s there have not been any Yachts over 300GT registered in the US. Why is this? Also why are most SuperYachts registered in a British commonwealth country, such as the most popular, Cayman Islands? All will be disclosed in this video.
Link to LY2 Codes (under 300GT):
www.gov.uk/government/collect...
Link to LY3 Codes (under 3000GT):
www.gov.uk/government/publica...
MegaYachtNew.com article:
megayachtnews.com/2018/08/u-s...
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Thanks for the explanation, it now makes sense to me why billionaires who live in the US don't fly our flag and I am not all that surprised that we have different rules (just look at our governing bodies right now). I really enjoy all your videos, thanks for posting them.
I get these laws are ment for safety but it just sounds like there charging yacht owners for anything they can.
It's just criminal government doing what they do best.
@@HorizonsleatherBlogspot2012
ORGANIZED CRIME SYNDICATE
"laws are ment for safety..." They never are.
I agree over charging too many fees
I like the informal 'chat' format. Love your stuff. I'll never own one or be lucky enough to embark on a voyage with one. But I really enjoy your channel.
Actually that crew requirement (all us on us flag) is the reason why us commercial shipping is basically dead.
Which is ironic, since the purpose of the act was to protect US shipping.
Also the U.S. Built requirement. U.S. vessels take many far longer to be built for exorbitantly higher prices when compared to vessels made overseas with newer technology.
Also other countries are subsidizing theirs. In fact this is starting to happen in aviation too.
Why so few US flagged yachts?
* The Jones Act
* US labor laws
* US immigration laws (for non US crew)
* US safety regulations
* US liability laws
* US taxes, also.
@@grondhero Good point.
You can not go to Cuba.
@@RodneyLenker Cuba is nice, but for a super yacht Cuba isn't a great destination.
The Jones Act is still the biggest impediment, since it requires a U.S. flagged vessel be built in the U.S. There are exceptions, but they did require an Act of Congress (seriously) to exempt a foreign-built vessel from joining the U.S. registry. One of the most notable U.S. flagged megayacht, *Limitless*, was built by Lurssen in Germany, but thanks to Section 1121 of the Coast Guard Authorization Act of 1996, was specifically exempted and reclassified as a 300 gross ton vessel, even though in reality it exceeded 2,000 GT. A lot of political hoops to jump through, but I admire the owner for his insistence on flying the Stars and Stripes early with such a beautiful and visible vessel.
The recently enacted Small Vessel Waiver program offers the same foreign-built exemption that wasn't available back in 1996. About time.
Also, a U.S. flagged vessel is subject to state one-time sales and annual use, registration and property taxes. Rhode Island, as one extreme example, levies no sales tax and only charges $310 annually for registration for large yachts and allows non-residents (remember John Kerry?) to register their boats in-state. Compare that with California and their near 10% sales tax and 1.1% annual property tax rates. You'd have to be insane to homeport your $100M megayacht anywhere in California.
With all the pain that surrounds getting onto the U.S. registry, you do get some benefits: Ostensible protection by the U.S. Navy and Coast Guard worldwide. Plus you can freely move between U.S. ports without paperwork.
As an American working on a yacht, I seldom ran into other American crew members. But that is one of the great things about working on a yacht, you get to meet really great people from all over the world. Sweet Riva!
Where would Americans go to begin training other than Navy?
@@oa127 Various merchant marine academies here in the U.S. The U.S. Merchant Marine Academy is in Kings Point, New York. In my state, California, we have a first rate academy at Cal Maritime in Vallejo near San Francisco. It's part of the Cal State University system.
@@oa127 as a retired navy officer and a graduate of a merchant marine school (NY Maritime); and a former yacht captain, your best bet is to google yacht training and fort lauderdaie. There are several companies offering training that is recognized by the UK . You’ll need STCW training or RYA Yachtmaster Oceans, or both/more. Try MPT and Bluewater. Check their websites.
It’s not how big your Riva is, it’s how you enjoy it ! 😂
Sorry man size matters. The motion of the ocean does matter but it takes a long time to get to China in a rowboat
I like mine baked in butter and squeeze a lemon on it. With potatoes.
Where other channels show how it is to live, work or have fun on a yacht, this channel goes deeper into various subjects.
I like it's educational and informative style. Thank You and until the next video.
Thanks for explaining that so well. I always wondered about the flags.
Bow flag represents the area you are visiting.
Thanks for the video. I would also love to know more about naming ships and renaming them when owners switch.
Yes, that's really interesting. Do owners keep the name, or do the buyers just want their own choice of name? It seems a shame to change the name of a famous yacht.
Naming a vessel is owner's choice. Not much to it really. Some owners like Usmanov prefer to retain the name for their newest yacht, while some dont.
As long as there isn't another vessel on the flag register with the same name, the owner is good to name it as they wish.
Thanks for explaining this so well while still making it simple for viewers with little Yachting knowledge. Always curious about this and always tried to research and got very confused.
Thanks for your work, always informative.
Very interesting! I've always wondered why this is the case. I suspected it had to do with taxes, but I was not aware of all the other factors.
Very interesting, great as usual, keep up the great work.
Always a great and informative and entertaining video. I am a 35 year fishing boat owner operator and you have taught me so much. Keep on making these great videos. Still have so much to learn. Paca Paca
Very interesting & informative, I didn't know there was so much to it. Stay Safe !!
Great video as always. Your experience and knowledge make this a stand out channel.
Very well done and very informative. Thank you for making it.
Great video, really interesting. If only i'd known about this career sooner!!
You answer questions to topics I have not thought to ask. Great videos . Thank you
As always, very informative. This is something about which I have often wondered. Thanks!
I found your channel because of the war in Ukraine, we have family there so we don’t take more of an interest in the topic. So I watched a couple of videos about the boats being seized. Then off I went down the rabbit hole…a click here, a click there and I was fascinated! So much information about a subject I didn’t even know existed. It definitely appeals to the mild autistic spectrum side of me 😀
It’s also lovely to see nice scenery with sunshine and beautiful clear blue skies while I’m home in the uk in the cold. I have indulged in your videos while it snowed 😂 I almost just closed the curtains and pretended that it wasn’t really snowing 😂
Thanks for covering that, I had always wondered
Well done again. Topics covered from Life-Health-Safety to billionaires filching on taxes, and all leads to the flagging, fascinating as usual. Almost went to Strathclyde, thought about marine architecture but took another path. Design is a creative challenge but always comes back to code and engineering. There again that is why coolest architecture is often not in the US.
thank you, for your simple explanation of an often very complex set of rules and regs in place for yacht ownership
Your Utubes are fascinating. I'm a land bound NYC licensed Tour Guide and information maven. Started watching because of Russian boat arrests. Now.. I'm hooked on your easy breakdowns of industry facts and figures. BRAVO.
Y
U
Thanks for a well thought out and thorough answer.
Great vid...Very informative!!!
Enjoyed this vid. One of the most informative. Good work
Great video, always wondered about the flags, Was going to ask about the model on the window sill, but you answered it. Love that model
Always appreciate your time and information...stay safe..
Thank you so much for the super great information you provide !!!
Well done … very informative. Keep up the good work/
Cracking informative video, well done mate.
Superyacht "Usher"... 481 tons... hailing port is Miami and U.S. flagged. Currently moored in Annapolis... made me happy to see her there!
Yes as I said in the video you don’t see many and offered the reason why. But since 2018 there has been a way forward for people who want to register their yachts in the US.
I was watching and listening to this video like I was studying for a test! Lol
Oh crap another test?
Hi. I am a new subscriber to your channel ...it is well done and I enjoy learning from your videos! Very informative and interesting.. Thanks
Very interesting and a model of clarity. Enjoyed that.
love the channel!
Thanx learned alott n enjoy how u explain everything so calmly n very understanding of n explaining! Was so easy to understand u r my favorite to explain u r very notaligable n no what u r telling us thanx
That was very educational, thanks for sharing! Cheers from Canada eh!
This is a great channel !!!
I currently work on the M/V Pride of America. Per US law up to 25% of the crew is permissible to be NRAC (non-resident alien crew). We only have approximately 900 crew in full operation. In the early days, with three ships, we did have problems finding enough crew. Though major cause for the reduction to one ship was because of supply/demand. We had too much for the demand for the Hawaiian market. Aside from this unfortunate mess of COVID-19, 1 or 2 midsize US flag ships would meet the normal demand for this market. Staying in the Hawaiian islands for a week is preferred to spending a week transiting from Mexico to do less.
Thank you for your post. The Jones act requires the vessel to be made in the US for new vessels. If vessel is over 3 years old it can apply for an exemption. Is your vessel over 3 years old?
Superb job!!!! Thx for the info.
Great overview, keep going it was very interesting.
Leslie Wexford of Victoria Secret fame who owns m/y Limitless which is 3000GT is U.S. flagged. He had to go through an act of Congress in 1997 to get it registered in the U.S. I believe his yacht will always remain the largest yacht registered in the U.S. It's 96.25 meters.
Thank you, this is very informative.
This video was very insightful. Thank you!
Thank you a very informative video.
I had no idea! Thanks for the information,, very interesting
The whole tax thing is really difficult. Even smaller vessels inside Europe seems to favor a Malta registration. Not sure if it's the VAT or another added tax deciding it.
Yes, Malta has the lowest superyacht VAT rate in the EU. So, if you want an EU registered vessel, for instance for Mediterranean charter, that’s the place to go.
Interesting! Your channel is appreciated. Nothing better than to be clued-up when you seat at the marina’s terraces mesmerising those Architecrural and engineering masterpieces ⭐️⭐️⭐️⭐️⭐️
Great episode. Very, very interesting. I love the Riva as well, it looks like an Aquarama.
Very informative. Really enjoy your explanations. Of course the US and other countries have ridiculous tax laws which prevents owners from displaying their country's flag. It's all about money.
Thanks so much, this was very informative
Very interesting. I knew a lot of this, but your brought it all together. Your more interesting than anything in cable TV.
Nice!!!!!(very informative....Thank You!)
Yeah I learned about the taxes and hiring the crew and all of that stuff the hard way.
Love you channel by the way, just stumbled onto it a few weeks ago
Very interesting and well explained, thanks. Like your yacht, small but nice 👌
If I remember correctly a lot changed in the US when under the Carter administration the tax laws were changed re large yachts. As a result the yacht building industry was hit hard as many owners decided to buy overseas built boats.
Very informative video, thank you.
Very interesting. I hope you do the follow up video. Very informative. Thanks
Very interesting, I always wondered about that topic
Always wanted to know this, thank you!
Great info, thanks.
Excellent video just curious if you could do another video based off your knowledge of the differences in fuel prices around the world (what are the best prices) with route choices and why they would choose particular places over others to sail to
... a glorious endless Buffet of info ... deeply informative for me as I'm new here ... I am plunging right in to everything SuperYacht .. I've sent a recommend to my youngest brother, who is a model Ship builder, such as I ... he's been into ancient ships; Egypt to Chinese ... but, I must mention how much I enjoy your Riva Aquarama; Italian flag, in the background ... nice wood ... reminds me of the old (Ed) Monk Yachts from here on the West Coast of Canada ... Monk as in surname, not occupation ... last one seen tragically abandoned locally; a real mess ... so sad ... a Monk Sedan 46 ft. 1963.... one recently seen for $55.000.00 US Washington State ... gorgeous wood, I just love the woods ...
Love to learn more!
Excellent!! More, Please!!
;-) 👍👍
For all the US Flagged vessels I have boarded at sea, the only nationality we checked on was the Captain. And this was on commercial vessels.
Yes, the one US flagged ship is due to the Jones Act that does not allow foreign ships to "trade" in US routes. (if you ever noticed -- ALL cruises ALWAYS have a foreign port of call, like Vancouver or Ensenada or Bahamas) en.wikipedia.org/wiki/Merchant_Marine_Act_of_1920
The US flagged ship is out in the Hawaiian chain and there isn't a convenient foreign port in range or they wouldn't be flagged US. It doesn't actually have to be 100% US citizens as crew, but the Captain must be American and either 50 or 75% of the rest of the crew. (can't remember) US minimum wages, workplace rules, ect. Plus USCGs rather strict commercial ship rules.
It is an expensive ship compared to most others. For obvious reasons.
eSysman thank you so much for this video. Im STCW Chief Engineer Unimited and to be honest i didnt know a lot of thing that you very well explains in this video. I have some questions but i want to watch all your videos before ask. Thank you so much.
Great resource! Thank you! Yes please do more about the regulatory conditions that affect Super yacht ownership.
it deppend hu u are hu du u know haha
I don't care what they say I'm going to 'hire' you Esysman. I'll double whatever your making now. Just hold on,it's going to take me a minute to meet those qualifications 😂. very interesting and informative video!
Do more similar to this presentation style,very informative.
On the name of MY Skat, being half Danish recognize that the name has the same meaning as darling/honey in English but I was missing the link. Here is however the connection from Wikipedia: The owner is Charles Simonyi, a former Software Engineer from Microsoft and the fifth space tourist. The yacht is 71 metres (233 ft) long. Simonyi once had a Danish girlfriend who called him skat, literally "treasure", a common term of endearment similar to "honey" in English.
I've talked about this in other videos such as the videos about Skat.
Another great video...thanks as always...Jealous over the model of the Riva, its a beautiful boat.
Very informative thank you
Thanks for the educational video.
Very interesting video indeed, had always wondered this!
Thanks for the explanation bloke, very informative. You are very knowledgable for a Scotsman.
Thanks again for a great blog ,,, from a very wet South Wales
Rally interesting. Thank you!
Heads up, the Y3 chief limitations are 500gt-3000Kw not 3000gt-3000Kw. Your posts are good, keep at it. When people ask me what its like to work on a super yacht I send them a link to one of your vlogs. Cheers.
Very interesting, thanks.
Nice Yacht you have :)
Very informative video.
thank you and very interesting topic.
Noticed the Riva Immediately and wondered where you got it............They remind me of my childhood when we would holiday on lake Garda in the 60's
Thanks for info
So very interesting on the tax laws and flags of confidence which I had heard about but not understood fully.
Thank you for your very interesting insight of the super yacht world.
Really interesting video... Many thanks for sharing the information... Almost mirrors the registration of our jets... Isle of Man is a very popular place for private owners to register there aircraft, for many financially beneficial reasons.
Interesting facts thankyou
This video was very informative and I love the Riva toy.
Wow never knew any of this, and now that I have watched this it does make sense now. It was a hmmm moment for me.....lol great video
Nice video and nice riva yacht :).
Fascinating! Thanks for the interesting explanation. Just one more way tax avoidance changes behavior.
Very informative
Very interesting. Thank you
I saw that Riva in the background, and, thought, “ geez he bought himself a model of the Riva, to tell everyone that he now bought himself a Riva!!!” Interesting video of Flags and The Russian couple and their son!!