What do you guys think? Should we do some more interview style videos like this? We have an opportunity now to do videos like this while we're waiting/saving to buy our boat.
There is only so much personal research a person can do to learn about certain topics. At some point real-world practical advice from experts in their respective fields become invaluable as a tool for learning what really matters. This was great in this regard. As for my own antidotal estimate for ongoing general boat maintenance and repairs: 7 percent of the purchase price each year for boats less than ten years old. 10 percent of the for boats older than ten years old.
Thanks. Great discussion. I learned a lot. I'm glad he mentioned he can help with a purchase in Europe and how to avoid the VAT because that is where I plan to purchase and spend up to a year before heading west. Your guest sounds like he really knows his stuff. He really helped me with a punch list of alot of things to consider.
Hi Ryan - I’m 2 years out but this was the best information I’ve seen yet anywhere! Great stuff here - Gary is excellent ...as were your questions ! Thank you
Really enjoyed this video and surprised at the high costs of registration, Insurance, so many other fees and upkeep costs. Comparing our future fulltime living situation; 200k Cat vs. Motorhome vs. Residential Home options, my impression now is the boats are by far the most expensive. We love the water but day use rentals and private charters may be best for us and hassle free. Great video Thanks!!
Thanks so much for your videos ! They are by far, the best, most informative and true to life that i have been watching. So much to learn and know after the sale. Your guest needs to write a few books !!!
Just listening to The Expert Gary Fretz means that what ever this guy charges for his services is WORTH IT. I really enjoyed listening to an expert who really knows what he is talking about. Learned a great deal with this video. thanks
This is a GREAT video!! The amount of information here is untoped by any other video I have EVER seen on line about taxes, fees, registration, on going fees.. it just amazing!! Great job..please keep it up. Thank you!
I like the video. Very informative. The taxes are tricky. I read that Florida capped the taxes at 18K because it costs about $20K to do a full foreign vessel. Texas has really gotten into charging use taxes for Texas residents who bring their boats here. And that is 6.25% like cars. So, as a Texas resident, if you want your boat in Galveston or are visiting Galveston, be sure of the rules.
Great video this is very important stuff. I am a Canadian, I read from someone that stated that If I purchase a boat outside of Canada, I should register it as a Canadian vessel, and that I would not have to pay the Canadian VAT tax until I brought the vessel into Canadian waters. As your broker stated that he has a way to avoid VAT taxes from other countries. I have also read about buying a vessel in Florida and to avoid the Florida state tax you take the vessel 3 or 6 miles off shore with a newspaper of that day, take a photo of the paper with the gps coordinates tp prove you were outside the state.. any more info on this would be great.
Ive just inherited a170 meter superyacht and listening to the expert makes me think i should sell but i wont out of respect. I think this is going to cost but i will be looking up the Del state once its had a refit. Thanks for the great info.
WOW - to both of you. This interactive style is easy to follow. A lot of really solid information - and - some damn good advice. Thank you for sharing...
what about the cost of repairs like how often you have to replace sales, and how much sails cost. Lines, masts, Do you have to scrub the hull from build up after a certain amount of time? Just very curious on general maintenance and upkeep. Thanks! Great video by the way
Cool I have been to Gary's web site many many times and I have emailed him a few times discussing Catamarans. It's good to have seen this video, not only does it put a face to the name, but it also displays a lot about his character, thank so much both of you.
I take care here in Portugal, to make the registrations in Holand or Belgiun,and you after make the registration, in one place or another,you only have to pay small tax every three or five yaers,and is no more than 200€. Many people is doing that change,and you only need to have enshurance here in Portugal,nothing else...
To register a Documented Vessel over 3 tons displacement in Canada $10.00 and is done through the Canada Coast Guard. To License a vessel under three ton's displacement in Canada is Free and is done through Customs Canada. The owner of any vessel is required to have a Canadian Boaters Licence and is a test with a $35.00 fee.
Hey Ryan, very interesting Thanks. So here's a situation. Let's say I live in Florida USA (Permanent Resident with Greencard) and work in the USA fulltime but I want to buy a boat in the Carribbean (made in Australia). 1) Do I have to pay 6% Florida State & Use tax immediately? or only when the boat enters US waters? 2) Assuming I don't have to pay taxes until boat enters US waters, but I want FL registration is that an option? while boat remains in the Carribbean? 3) Will insurance cover the boat (while in the Carribbean) below Hurricane Zone. 4) When is customs/import taxes due? (is it based on surveyed value or on on hull value without the equipment) as your guest mentioned?
Great video and wow your guys pay incredable insurance rates. I had to go check my paperwork to make sure i was actually covered on my boat as i pay $750 a year on a boat estimated last year at $125K here in Canada.
gary speaks with experience. this is one of the good ones. but it's a challenge to cover so many areas, and also to diverse audience with a whole spectrum of needs
Since buying yacht is a global transaction a lot of times, cost of delivering yacht, taxes, insurance, adapting European specs to north american, power conversion of 220V to 110V, EPA requirement, warranty coverage and whether it is transferable once imported. These are good points for you to touch upon
Thoughts on a nice weekend boat? Like a cruiser, Sundancer, Regal express? Are they a money pit or actually something worth while? 2004-2008 years with dual motors ideally…
Thank you Ryan and Gary for more excellent information. I thought I had post sale costs under control but it appears I missed some rather important ones. There may be government laws trying to tax fun loving people out of existence.
Ryan, this was an excellent, informative video once again! Such great information that you wouldn't know otherwise. I really love your videos for that reason so thanks a bunch. The interview style is fantastic, it definitely gives a more realistic perspective to those of us who are planning our escape to the sea and new to how this lifestyle really works. Love it. Peace & fair winds
Great work. Looking at a purchase in excess of 500k and need to do a little more homework thanks to your video. Lots of taxes and find it interesting he did mention Taiwan vessels. Maybe there's a different tax schedule for them? Maintenance is really a big question and it really boils down to what you can do verses what you can't due to your lack of knowledge. Like I wouldn't know how to correctly replace the "heat exchanger" on an engine but I sure know how to flush one out. Stuff like that. But it would be nice if he could provide a range. Typical 50 ft, 5 year old, twin screw, cruiser. 12k to 16k annually?
Love this video! We are two years out of buying a cat and cruising the Caribbean. Taking no sailing classes this fall and are hungry for all informations. Thanks and look forward to more!
Keep in mind that since the Fukushima disaster the Op is not as harmless as on may think, Japan has been dumping over 300 tones of radioactive waste water into the Op Daily since 2011 with no end in sight. Contrary to what you may hear, radioactive waste doesn't get diluted because it doesn't decay enough for millions of years. Radioactive waste spreads into thin areas yes, but also accumulates in algae and the food supply. Remember that the accumulation continues with no end in sight, I rather have the hurricanes and tornados than radioactivity
Awesome Video. Thank you Ryan and massive thanks to Gary, i could shout him beers and listen all day to Gary on boating. Talk about great knowledge shared from the horses mouth. Brilliant!!!!!!!
Great video Ryan. I learned a lot. I'm certainly going to want to buy our Cat with the least amount of taxes and unneeded expenses. Gary seems like a good resource to have and use.
In MD we registered the boat and then filed USCG Documentation. It cost us $24/yr for MD and $24/yr for USCG renewal. We paid the MD 5% tax. I have a friend that bought an expensive boat and did the DE thing, he got hit twice in two years for MD tax and no is USCG documented with DE Reg. Each state has it's own rules and regs but the USCG Doc trumps them all. If your boat as a Tax Paid sticker for MD and NO Reg codes on the bow the officer will look up the USCG info on it and if it's good, he moves on. I spent a 6hr class in MD dealing with this that was hosted by USCG and the State of MD/DE. They did mention Florida tax people that will force you or try to make you pay the tax but ANY vessel with a valid USCG Doc can DOCK anywhere in the USA plus Territory without penalty for any time as the USCG Reg is up to date. But that's what I was told in class by the MAN himself. Deleware rep and MD rep both said they are fighting tax avoiders pretty seriously for the last two years and will continue. DE's system was made available to all 50 states to verify documentation and they'll know if you were reported in FL for 6 months. I used CGDocument (dots) coms to get my USCG because the previous owner refused to help. They got it done cheap. But if you do it on your own it's around $150 then $24/yr. And it's listed like a State and your the Governor.
Would you mind elaborating on this if possible please ? Are you saying that you register your boat with your state and then get a USCG reg number ? I thought that when you register with your state you have to have a declared value and then you have to pay use/sales on that declared value. This is the situation with the DMV in CA anyway. I'd like to hear more if there's a way around this especially if I go state hopping and cruising. Thanks.
When we bought the boat in MD, we paid the 5% sales tax. Then filed USCG documentation. Once this is done we still pay the MD reg fee but it's a USCG Doc boat so no more state registration number. So to get around the sales tax what most do is Register in Deleware, then file USCG documentation. This is done because a USCG boat can sit in any US water. I have a friend that's done this for the last 4 years. Our boat home port is Hilton Head Island, SC with a MD registration sticker on the bow. My dock neighbor is a USVI boat home port with a Delaware reg sticker on the bow. No issue. IF your bow has a state reg number, THEN there's an issue. No number = USCG ala Federal registered vessel.
S/V Redemption, I'm a little confused. Your friend that got hit twice for MD tax, did he or did he not also have USCG registration at the time? Thanks.
Loved the Video. Would like to see more. I am currently saving and looking to purchase my first sailboat and I found this video to be very informational. THANKS!
Malta is not outside EU. There is no cruising permit for one year or any period of time. You can bring a boat in for upto 18 months without paying VAT (if you are not an EU resident).
At 19 mins, Gary Fretz says that Malta is not a member of the EU, so cruisers can go there to get around the residency issue and then go back 'into' the European Union. Malta has been an EU member since 2004, and joined the Eurozone (our currency union) in 2008. There are however some benefits in registering your hull in Malta, which has enjoyed a long and rich maritime culture, going back to the dawn of civilisation. Please note that this is not a 'plug' for Malta, which I've only visited once, since I am Irish and live in the Emerald Isle. From what I've heard, most cruisers shift into and out of Turkey (if in the eastern Mediterranean) or Morocco if in the west. Northern Europe does not have quite the same attraction, but you can use Norway or (from March 2019) the United Kingdom for the same purpose. Mind you, I wouldn't plan on visiting the UK in the immediate aftermath of their 'Brexit' as there is bound to be enormous confusion, both there and in the remaining members of the EU, with regard to a huge number of issues. Boating regulation is not likely to be amongst the first or most urgent matters which will be clarified, so don't risk ruining your day/week/month/year or even decade by relying on outdated regulation. Or inaccurate advice...
I really like these videos with Gary. I find them very informative and interesting. I used to own a boat and in the future would like to own again and live on it. As of late I have become more interested in the sail cats.
Have I not known the various options having purchased a yacht regarding taxes and that of registering my boat as a corporate business and subsequently saving a good percentage in ownership regarding all of the previous mention, I would be bit concern with post cost ownership. Thanks Gary! I extend the same to Jessica and Ryan. PS...I like to know what are the advantages of purchasing a boat offshore/
Ryan......what a GREAT!!! video We are exactly at the same point as you in this dream. just back from Annapolis boat show...Definitely could use more detailed vlogs cheers
Very good video. He was wrong about one thing though - you cant go to Malta to go out of EU because Malta is part of EU. He talk about cheap docking for $300 a month. Here in Sweden you can have a dock for 4m wide yacht for between 3-4000 SEK (equals today about 290-390 dollars a YEAR including Electric, suar, water.
No Sir. You are confusing Malta with Cyprus. Big mistake. Malta is ENTIRELY within the EU. Cyprus, however, was invaded by Turkey in 1974, as a result of which a Turkish-speaking "Republic of Northern Cyprus" was established. Neither the EU, nor any nation other than Turkey, recognizes this division. Although, in principle, ALL of Cyprus is part of the EU, in practice the Republic of Northern Cyprus does not function under EU rules -- including VAT tax rules. THEREFORE ,,,,,,,,,,,,,,,, If you want to keep your boat within the EU, while avoiding VAT, sailing to Malta once or twice a year will NOT help. Instead, you would need to sail to Northern Cyprus. But at that point, you might just as well sail to Turkey proper - only 50 nm away. For that matter -- you might as well just keep your boat in Turkey period. Excellent marinas, modern facilities, very nice people.
awesome...loved it...get gary to tell stories of buys/sells, smart choices made, dumb choices made...real life examples. this guy is great...cut him loose..
As a added comment as it applies to maintenance on a boat. Everyone implys that boaters hire out to repair boats hence the 1.5 or 2.0% cost. In fact most boaters do the repairs themselves so the maintenance costs should only be looked at as a worst case senero. comments welcome ???????
Good point Jim...But as we get older, contorting around an engine to replace motor mounts...and the like....becomes a larger chore. Ex Coastie here....been workin on boats fer years.... I will probably pay a young tech to install my broad band radar and chart plotter...not that I can't do it but what do you have more of...Money or time?? So it's a very unique and personalized decision. But your point is well made.
Hi E Lang I have been Eletrical / ? Mechanical Eng for 33 years ,on the tools. I can basically repair anything on the boat . The big question is where can you find a young competent tech ? I've been trying to hire good young people for a few years now . They either know more then me on there first day or they are to busy trying to get out the door at 3:59 They are very far and in between The problem in industry now is we the boat owners are paying big hourly dollars for maintenance and there a huge shortage in real competent people I see it every single day . Just a little frustration showing.... because all I ever here is the cost of maintenance and I really believe it is being totally blown out of proportion. Yes there may be a serious failure that may cost but 1. 5 to 2% over the long run??? can't see it and don't believe it. Ever take your car to a dealer ? Now just put Marine in front of that ouch!!!!!!!! No disrespect "Y" generation :):)
God point Jim, Although Gary was specifically referring to insurance companies at 3:59, It IS very difficult to find competent help these days...no work ethic etc. I tried for years to get some young blood to tag along with me with the idea of handing the business over to him or her (never married, no son..or daughter) but to no avail. So I will do most of the work myself ...for which I am qualified.... and hand the rest over to qualified help....for which I will have to be willing to pay the top dollar...But as Jim was saying, the prices vary widely...there are competent people for reasonable prices but probably not domestically. Earl
E Lang hey I'm young enough and would bend over backwards to learn from you and possibly take over your business at some point. I'm a hard worker and will bust ass to get stuff done, I love boating and need to catch a break in life. Just saying
I agree with Dusty Green. This is the kind of info contemplative boat owners need and Gary offered it up in a very experienced way. It would take years of failures to learn this information, as he said. Great stuff! Thank you! Question: This is the first video of yours that I have watched but I understand that you and Gary our fans of sailing Cats. Does this info have any significance for motor yachts or are the laws/regulations completely different?
I think there is a lot of crossover between sail/power with regard to laws/regs. But Gary is knowledgeable about both, feel free to shoot him an email if you've some specific questions at: bigyachts@gmail.com
Wow, we travel in our rv. We pay for the rv, add insurance and which ever state you want to register it you pay registration. That’s it. If we were to buy let’s say the X-5 Equisite built in South Africa we will need attorneys and tax experts just to register it in America. No idea what goes into purchasing a vessel.
The last boat I had, cost(0) after purchase. Except I had to buy fuel. Put over time a few spark plugs, etc. I loved the boat, but it was low maintenance., no electronics except for the electric motor. But when time at work overrides the boat/leisure I had to give it up. Dammit. By the way, my boat ownership was in the early 1980s, before states got money hungry over recreational boats and so far, if it floats, it’s taxable in so many different ways.
Malta is in the EU. But it has a thriving "non-dom" market designed to enable "foreign" ownership while boats are kept/flagged in Malta. The UK and Gibraltar are no longer in the EU.
awesome....great content.....great subject matter discussion.....next time please discuss vessel safety .....including personal protection...fire protection ...theft prevention....first aid...and also food safety.......you are doing a great job Ryan......well done.....peace be still ..now for then.
Hi Guys, that was great , if only if I was in the USA. I am in Australia as you know LOL.You may have to look into having your crew to be certificate if you want to go into charter.
What do you guys think? Should we do some more interview style videos like this? We have an opportunity now to do videos like this while we're waiting/saving to buy our boat.
This is the kind of video that people are looking for. Informative, to the point, a very knowledgeable guest. Excellent video!!
There is only so much personal research a person can do to learn about certain topics. At some point real-world practical advice from experts in their respective fields become invaluable as a tool for learning what really matters. This was great in this regard. As for my own antidotal estimate for ongoing general boat maintenance and repairs: 7 percent of the purchase price each year for boats less than ten years old. 10 percent of the for boats older than ten years old.
Thanks. Great discussion. I learned a lot. I'm glad he mentioned he can help with a purchase in Europe and how to avoid the VAT because that is where I plan to purchase and spend up to a year before heading west. Your guest sounds like he really knows his stuff. He really helped me with a punch list of alot of things to consider.
VERY informative. My wife and I are planning for a few years down the road... this is very helpful for setting up future plans.
I think this was pretty helpful. Most of his information is based on cats, but I'm interested in a 30-38 foot mono.
Hi Ryan - I’m 2 years out but this was the best information I’ve seen yet anywhere! Great stuff here - Gary is excellent ...as were your questions ! Thank you
Really enjoyed this video and surprised at the high costs of registration, Insurance, so many other fees and upkeep costs. Comparing our future fulltime living situation; 200k Cat vs. Motorhome vs. Residential Home options, my impression now is the boats are by far the most expensive. We love the water but day use rentals and private charters may be best for us and hassle free. Great video Thanks!!
Thanks so much for your videos ! They are by far, the best, most informative and true to life that i have been watching. So much to learn and know after the sale. Your guest needs to write a few books !!!
Just listening to The Expert Gary Fretz means that what ever this guy charges for his services is WORTH IT. I really enjoyed listening to an expert who really knows what he is talking about. Learned a great deal with this video. thanks
This is a GREAT video!! The amount of information here is untoped by any other video I have EVER seen on line about taxes, fees, registration, on going fees.. it just amazing!!
Great job..please keep it up. Thank you!
Excellent information for all of us dreamers. Thank you.
I like the video. Very informative. The taxes are tricky. I read that Florida capped the taxes at 18K because it costs about $20K to do a full foreign vessel. Texas has really gotten into charging use taxes for Texas residents who bring their boats here. And that is 6.25% like cars. So, as a Texas resident, if you want your boat in Galveston or are visiting Galveston, be sure of the rules.
Great video this is very important stuff.
I am a Canadian, I read from someone that stated that If I purchase a boat outside of Canada, I should register it as a Canadian vessel, and that I would not have to pay the Canadian VAT tax until I brought the vessel into Canadian waters. As your broker stated that he has a way to avoid VAT taxes from other countries. I have also read about buying a vessel in Florida and to avoid the Florida state tax you take the vessel 3 or 6 miles off shore with a newspaper of that day, take a photo of the paper with the gps coordinates tp prove you were outside the state.. any more info on this would be great.
Thanks for the great video. Gary is the real deal. It's great hearing people who actually know what they're talking about!!!
I had no idea it was this complex thank you for clearing it up.
Oh, yeah, David. That's why my nonprofit corporation owns the boa: then it is exempt from all taxes.
My wife and I are planning on doing the cruising lyfestyle and this is the most informative video I have seen
Ive just inherited a170 meter superyacht and listening to the expert makes me think i should sell but i wont out of respect. I think this is going to cost but i will be looking up the Del state once its had a refit. Thanks for the great info.
Good luck hope u get to use it
interesting, Thank You .a lot of things to think about , be prepaired to have a binder FULL of documentation depending on what and where
WOW - to both of you. This interactive style is easy to follow. A lot of really solid information - and - some damn good advice.
Thank you for sharing...
what about the cost of repairs like how often you have to replace sales, and how much sails cost. Lines, masts, Do you have to scrub the hull from build up after a certain amount of time? Just very curious on general maintenance and upkeep. Thanks! Great video by the way
Cool I have been to Gary's web site many many times and I have emailed him a few times discussing Catamarans. It's good to have seen this video, not only does it put a face to the name, but it also displays a lot about his character, thank so much both of you.
I take care here in Portugal, to make the registrations in Holand or Belgiun,and you after make the registration, in one place or another,you only have to pay small tax every three or five yaers,and is no more than 200€.
Many people is doing that change,and you only need to have enshurance here in Portugal,nothing else...
Excellent information. This gent knows his business.
Wow, the state of Delaware is also where most new startup companies incorporate their businesses regardless of where they are based. Fascinating!
Very very informative!
Gary is a great guy with allot of knowledge.
Please make more of this kinda stuff.
Keep vlogging!
Will do! Thanks for the comment. :)
To register a Documented Vessel over 3 tons displacement in Canada $10.00 and is done through the Canada Coast Guard. To License a vessel under three ton's displacement in Canada is Free and is done through Customs Canada. The owner of any vessel is required to have a Canadian Boaters Licence and is a test with a $35.00 fee.
Hey Ryan, very interesting Thanks. So here's a situation. Let's say I live in Florida USA (Permanent Resident with Greencard) and work in the USA fulltime but I want to buy a boat in the Carribbean (made in Australia).
1) Do I have to pay 6% Florida State & Use tax immediately? or only when the boat enters US waters?
2) Assuming I don't have to pay taxes until boat enters US waters, but I want FL registration is that an option? while boat remains in the Carribbean?
3) Will insurance cover the boat (while in the Carribbean) below Hurricane Zone.
4) When is customs/import taxes due? (is it based on surveyed value or on on hull value without the equipment) as your guest mentioned?
EXCELLENT INFO.
The more you know before you buy makes all the difference in the world.
Great video and wow your guys pay incredable insurance rates. I had to go check my paperwork to make sure i was actually covered on my boat as i pay $750 a year on a boat estimated last year at $125K here in Canada.
I just love the shirt.
gary speaks with experience. this is one of the good ones. but it's a challenge to cover so many areas, and also to diverse audience with a whole spectrum of needs
Since buying yacht is a global transaction a lot of times, cost of delivering yacht, taxes, insurance, adapting European specs to north american, power conversion of 220V to 110V, EPA requirement, warranty coverage and whether it is transferable once imported. These are good points for you to touch upon
And Many Thanx again for your Floor Plan tool. It helps with saloon comparison and hull beam on various cats as I learn about design.
Thoughts on a nice weekend boat? Like a cruiser, Sundancer, Regal express? Are they a money pit or actually something worth while? 2004-2008 years with dual motors ideally…
Tax and care. That's what people usually don't know in detail. With this video can provide an overview. Thanks.
Very good video! Well thought out and informative. It's nice having other professionals bring their experience and knowledge too!! Thanks
I am using Gary for my Catamaran. A wealth of knowledge. Highly recommend.
Thank you Ryan and Gary for more excellent information. I thought I had post sale costs under control but it appears I missed some rather important ones. There may be government laws trying to tax fun loving people out of existence.
To everyone who is thinking of starting their own business, believe in yourself and never give up.Your future self will be thankful
Money left in savings always end up used with returns.
True though unfortunately mine always end with losses
You do not really need someone to tell you how to invest your coins, you can make research on your own and trade with expert to guild you through
In few years time a lot of people will regret why they miss this great opportunity of earning.
I have heard of many brokers I do hope they can help me
This has been very informative, thank you.
Ryan, this was an excellent, informative video once again! Such great information that you wouldn't know otherwise. I really love your videos for that reason so thanks a bunch. The interview style is fantastic, it definitely gives a more realistic perspective to those of us who are planning our escape to the sea and new to how this lifestyle really works. Love it. Peace & fair winds
Thanks Kia, glad we could help! :)
Great work. Looking at a purchase in excess of 500k and need to do a little more homework thanks to your video. Lots of taxes and find it interesting he did mention Taiwan vessels. Maybe there's a different tax schedule for them?
Maintenance is really a big question and it really boils down to what you can do verses what you can't due to your lack of knowledge. Like I wouldn't know how to correctly replace the "heat exchanger" on an engine but I sure know how to flush one out. Stuff like that. But it would be nice if he could provide a range. Typical 50 ft, 5 year old, twin screw, cruiser. 12k to 16k annually?
This was very informative even for those that have had boats before. Good job.
Dude thank you so much ! big help !!! in short call Gary and pay him to handle it ;) got it
Love this video! We are two years out of buying a cat and cruising the Caribbean. Taking no sailing classes this fall and are hungry for all informations. Thanks and look forward to more!
Very cool! Thanks for the comment. :)
Keep in mind that since the Fukushima disaster the Op is not as harmless as on may think, Japan has been dumping over 300 tones of radioactive waste water into the Op Daily since 2011 with no end in sight. Contrary to what you may hear, radioactive waste doesn't get diluted because it doesn't decay enough for millions of years. Radioactive waste spreads into thin areas yes, but also accumulates in algae and the food supply. Remember that the accumulation continues with no end in sight, I rather have the hurricanes and tornados than radioactivity
Awesome Video. Thank you Ryan and massive thanks to Gary, i could shout him beers and listen all day to Gary on boating. Talk about great knowledge shared from the horses mouth. Brilliant!!!!!!!
I loved this interview. Very informative.
Very informative, practical tips from real life that are very useful, thanks for posting.
Great video Ryan. I learned a lot. I'm certainly going to want to buy our Cat with the least amount of taxes and unneeded expenses. Gary seems like a good resource to have and use.
Thanks. Yeah he's a good resource and can definitely help you get it done.
In MD we registered the boat and then filed USCG Documentation. It cost us $24/yr for MD and $24/yr for USCG renewal. We paid the MD 5% tax. I have a friend that bought an expensive boat and did the DE thing, he got hit twice in two years for MD tax and no is USCG documented with DE Reg. Each state has it's own rules and regs but the USCG Doc trumps them all. If your boat as a Tax Paid sticker for MD and NO Reg codes on the bow the officer will look up the USCG info on it and if it's good, he moves on. I spent a 6hr class in MD dealing with this that was hosted by USCG and the State of MD/DE. They did mention Florida tax people that will force you or try to make you pay the tax but ANY vessel with a valid USCG Doc can DOCK anywhere in the USA plus Territory without penalty for any time as the USCG Reg is up to date. But that's what I was told in class by the MAN himself. Deleware rep and MD rep both said they are fighting tax avoiders pretty seriously for the last two years and will continue. DE's system was made available to all 50 states to verify documentation and they'll know if you were reported in FL for 6 months.
I used CGDocument (dots) coms to get my USCG because the previous owner refused to help. They got it done cheap. But if you do it on your own it's around $150 then $24/yr. And it's listed like a State and your the Governor.
Would you mind elaborating on this if possible please ? Are you saying that you register your boat with your state and then get a USCG reg number ? I thought that when you register with your state you have to have a declared value and then you have to pay use/sales on that declared value. This is the situation with the DMV in CA anyway. I'd like to hear more if there's a way around this especially if I go state hopping and cruising. Thanks.
When we bought the boat in MD, we paid the 5% sales tax. Then filed USCG documentation. Once this is done we still pay the MD reg fee but it's a USCG Doc boat so no more state registration number. So to get around the sales tax what most do is Register in Deleware, then file USCG documentation. This is done because a USCG boat can sit in any US water. I have a friend that's done this for the last 4 years. Our boat home port is Hilton Head Island, SC with a MD registration sticker on the bow. My dock neighbor is a USVI boat home port with a Delaware reg sticker on the bow. No issue. IF your bow has a state reg number, THEN there's an issue. No number = USCG ala Federal registered vessel.
S/V Redemption, I'm a little confused. Your friend that got hit twice for MD tax, did he or did he not also have USCG registration at the time? Thanks.
Gazza,
You are exactly right. I just sent a question to viewer above about his Hawaii Amazing deal. I'll share with you when he responds.
Great video, Ryan, you are a skilled interviewer and Gary was a great guest. I learned so much!
great video. Really appreciate the hard work that you put in to make these videos
Great vid. You just answered 50 questions that i didn't even know I'll have until next spring.
Thank you so much to you both for all the extremely valuable data found in this video
Loved the Video. Would like to see more. I am currently saving and looking to purchase my first sailboat and I found this video to be very informational. THANKS!
Great show looking forward to more information
Thx Ryan and Gary for making this video. I have a better understanding of this subject...
Malta is not outside EU. There is no cruising permit for one year or any period of time. You can bring a boat in for upto 18 months without paying VAT (if you are not an EU resident).
Wow. A salesman with ethics.
Thank you
I've seen a few of your videos! But this is the type of video that made me subscribe. Very good info.
...you should invite Mr. Know How's like Mr. Gary Fretz.
At 19 mins, Gary Fretz says that Malta is not a member of the EU, so cruisers can go there to get around the residency issue and then go back 'into' the European Union.
Malta has been an EU member since 2004, and joined the Eurozone (our currency union) in 2008. There are however some benefits in registering your hull in Malta, which has enjoyed a long and rich maritime culture, going back to the dawn of civilisation.
Please note that this is not a 'plug' for Malta, which I've only visited once, since I am Irish and live in the Emerald Isle.
From what I've heard, most cruisers shift into and out of Turkey (if in the eastern Mediterranean) or Morocco if in the west. Northern Europe does not have quite the same attraction, but you can use Norway or (from March 2019) the United Kingdom for the same purpose.
Mind you, I wouldn't plan on visiting the UK in the immediate aftermath of their 'Brexit' as there is bound to be enormous confusion, both there and in the remaining members of the EU, with regard to a huge number of issues. Boating regulation is not likely to be amongst the first or most urgent matters which will be clarified, so don't risk ruining your day/week/month/year or even decade by relying on outdated regulation.
Or inaccurate advice...
Go to the UK it won't be part EU soon !! This might be a big boon for European cruisers !!!
Excellent and so informative video....thanks Ryan and Gary.... great tips.... I saved Gary's website into my favorites..
I really like these videos with Gary. I find them very informative and interesting. I used to own a boat and in the future would like to own again and live on it. As of late I have become more interested in the sail cats.
Ryan, this is all good information. Everyone can learn something from these videos
Have I not known the various options having purchased a yacht regarding taxes and that of registering my boat as a corporate business and subsequently saving a good percentage in ownership regarding all of the previous mention, I would be bit concern with post cost ownership. Thanks Gary! I extend the same to Jessica and Ryan. PS...I like to know what are the advantages of purchasing a boat offshore/
Hi. I’d like to know more about insurance and cruising area limitations and issues related to insuring an older boat. Thanks!
Just for Mr. Fretz information: Malta is a European Union (EU) country.
Ryan......what a GREAT!!! video We are exactly at the same point as you in this dream.
just back from Annapolis boat show...Definitely could use more detailed vlogs cheers
Glad it could help, we plan on chatting more with Gary and will definitely share it on youtube like this. :)
Really enjoyed the video. Gary spoke to boats that "age well" and I wonder if you ever discussed that issue in any of your pod casts. Thanks.
Very informative, I'm thinking about a cruiser around 42' live aboard and the tax situation is an eye opener. Thank you.
Very good video. He was wrong about one thing though - you cant go to Malta to go out of EU because Malta is part of EU.
He talk about cheap docking for $300 a month. Here in Sweden you can have a dock for 4m wide yacht for between 3-4000 SEK (equals today about 290-390 dollars a YEAR including Electric, suar, water.
Half of Malta is in EU and half of it is Turkish (i.e. out of European Union)...
No Sir. You are confusing Malta with Cyprus. Big mistake.
Malta is ENTIRELY within the EU.
Cyprus, however, was invaded by Turkey in 1974, as a result of which a Turkish-speaking "Republic of Northern Cyprus" was established. Neither the EU, nor any nation other than Turkey, recognizes this division.
Although, in principle, ALL of Cyprus is part of the EU, in practice the Republic of Northern Cyprus does not function under EU rules -- including VAT tax rules.
THEREFORE ,,,,,,,,,,,,,,,, If you want to keep your boat within the EU, while avoiding VAT, sailing to Malta once or twice a year will NOT help. Instead, you would need to sail to Northern Cyprus.
But at that point, you might just as well sail to Turkey proper - only 50 nm away.
For that matter -- you might as well just keep your boat in Turkey period. Excellent marinas, modern facilities, very nice people.
Wow. So much for the freedom of living on your boat
Great information, thank you for sharing.
awesome...loved it...get gary to tell stories of buys/sells, smart choices made, dumb choices made...real life examples. this guy is great...cut him loose..
As a added comment as it applies to maintenance on a boat.
Everyone implys that boaters hire out to repair boats hence the 1.5 or 2.0% cost. In fact most boaters do the repairs themselves so the maintenance costs should only be looked at as a worst case senero.
comments welcome ???????
Good point Jim...But as we get older, contorting around an engine to replace motor mounts...and the like....becomes a larger chore. Ex Coastie here....been workin on boats fer years.... I will probably pay a young tech to install my broad band radar and chart plotter...not that I can't do it but what do you have more of...Money or time?? So it's a very unique and personalized decision. But your point is well made.
Hi E Lang I have been Eletrical / ?
Mechanical Eng for 33 years ,on the tools. I can basically repair anything on the boat . The big question is where can you find a young competent tech ? I've been trying to hire good young people for a few years now .
They either know more then me on there first day or they are to busy trying to get out the door at 3:59
They are very far and in between
The problem in industry now is we the boat owners are paying big hourly dollars for maintenance and there a huge shortage in real competent people
I see it every single day .
Just a little frustration showing.... because all I ever here is the cost of maintenance and I really believe it is being totally blown out of proportion. Yes there may be a serious failure that may cost but 1.
5 to 2% over the long run??? can't see it and don't believe it.
Ever take your car to a dealer ? Now just put Marine in front of that
ouch!!!!!!!!
No disrespect "Y" generation :):)
God point Jim, Although Gary was specifically referring to insurance companies at 3:59, It IS very difficult to find competent help these days...no work ethic etc. I tried for years to get some young blood to tag along with me with the idea of handing the business over to him or her (never married, no son..or daughter) but to no avail. So I will do most of the work myself ...for which I am qualified.... and hand the rest over to qualified help....for which I will have to be willing to pay the top dollar...But as Jim was saying, the prices vary widely...there are competent people for reasonable prices but probably not domestically. Earl
Jim Anderson
E Lang hey I'm young enough and would bend over backwards to learn from you and possibly take over your business at some point. I'm a hard worker and will bust ass to get stuff done, I love boating and need to catch a break in life. Just saying
Wow very informative! Thank you both! It does give me some ideas on cost. 👍👍👍👍👍👍
Excellent video, awesome info and advice! Thank you!!
I agree with Dusty Green. This is the kind of info contemplative boat owners need and Gary offered it up in a very experienced way. It would take years of failures to learn this information, as he said. Great stuff! Thank you!
Question: This is the first video of yours that I have watched but I understand that you and Gary our fans of sailing Cats. Does this info have any significance for motor yachts or are the laws/regulations completely different?
I think there is a lot of crossover between sail/power with regard to laws/regs. But Gary is knowledgeable about both, feel free to shoot him an email if you've some specific questions at: bigyachts@gmail.com
Great GREAT video. Just subscribed to your channel. Thank you!
Gosh it's just one big rip from start to finish would've been interesting to know how much a sales person charges when purchasing a boat.
Wow, we travel in our rv. We pay for the rv, add insurance and which ever state you want to register it you pay registration. That’s it. If we were to buy let’s say the X-5 Equisite built in South Africa we will need attorneys and tax experts just to register it in America. No idea what goes into purchasing a vessel.
Another well thought out and informative video. Thanks! Great job! (liked)
I purchased my lagoon 450f new last July 16 for £489 k inc tax. I've just had it valued 1 year on for £525 k. Boom. Yacht Celcius.
Hi dear do you need help getting a new boat?
Great video thank you 😊 so much for the information
The last boat I had, cost(0) after purchase. Except I had to buy fuel. Put over time a few spark plugs, etc. I loved the boat, but it was low maintenance., no electronics except for the electric motor. But when time at work overrides the boat/leisure I had to give it up. Dammit. By the way, my boat ownership was in the early 1980s, before states got money hungry over recreational boats and so far, if it floats, it’s taxable in so many different ways.
what are the economics of cruising and then finding clients to rent your boat as a skippered charter?
Malta is in the EU. But it has a thriving "non-dom" market designed to enable "foreign" ownership while boats are kept/flagged in Malta. The UK and Gibraltar are no longer in the EU.
Good information as I am currently starting my plan to get a boat and being dual national UK/EU I was debating where the boat should be registered.
Great info and video! Thanks!
GREAT Very informative and much appreciated.
Great Video, great info! More more more! Thanks so much!
lol. Thanks!
This video is solid gold.
Great video. One of your best. Wish you asked him the average cost of a survey, And most of all, How accountable the server is for what he tells you.
it goes by the foot and there are several people how have posted their surveys being done on YT if you look for them. they include prices paid
We're going to do some more video's with Gary and I can definitely ask him to go deeper on the survey stuff.
My first view of your video & very informative thanks for sharing & great job.
Great and informative video, Thanks
awesome....great content.....great subject matter discussion.....next time please discuss vessel safety .....including personal protection...fire protection ...theft prevention....first aid...and also food safety.......you are doing a great job Ryan......well done.....peace be still ..now for then.
Thanks!
Very good video, informative and accurate.
Some great info here. Great tip for cheap docking.
3 years out... very excellent info! ty
Informative. Thank you
WOW! learn a lot! Thanks for sharing!
I did not know Michel Platini was expert in boating too! Joke aside it is full of very useful information, thanks!
This was a GREAT video.!!! Thank you.
Hi Guys, that was great , if only if I was in the USA. I am in Australia as you know LOL.You may have to look into having your crew to be certificate if you want to go into charter.
Yeah, good point. Im not sure what they are but I do think there are rules here. At least with regard to the captain, not sure about the crew.