The British Virgin Islands is an overseas territory belonging to the United Kingdom, consisting of more than 50 islands. The British Virgin Islands are economically one of the most prosperous in the Caribbean, with a GDP around 38,500 dollars per citizen (2004 estimate). The British Virgin Islands are very dependent on income from tourism, which generates 45% of the national income. These Islands are the most frequent destination for Americans. Around 350,000 American tourists visit these Islands annually (1997). Other incomes are related to offshore companies taking advantage of the so called tax haven. The local economy is also closely connected with the neighboring American Virgin Islands, because their currency has been the American dollar since 1959.
What you need to know about Ship Registration in British Virgin Islands
In terms of longevity, The Ship & Yacht Registry of the British Virgin Islands, is new, but well known and respected among owners, port state control, and regulatory bodies within the industry. The Yacht Registry of the British Virgin Islands (BVI) happens to be today’s most popular registry when it comes to Mega Yachts. European yacht owners, will definitively play a wise move by registering in BVI, among the reasons that make it attractive are certain facts, like those vessels / yachts fly the Red Ensign BVI Flag, are entitled to the support of the British Consular and High Commission, and Royal Naval protection.
- Corporate taxes do not apply
- Reasonable Registration and Maintenance fees
- Worldwide acceptability
- British Judicial System and a stable commonwealth government
- BVI is the mega yacht registry of preference in the Mediterranean, and Europe as a whole.
- Provisional Patent – Once the pre survey has been carried out, a BVI authorized registered agent will initiate the registry process by applying for a Provisional Patent of Navigation and a Radio License
- Permanent Patent – During the validity period of the Provisional Patent of Navigation and Radio License, additional documentation needs to be submitted, in a broad manner we can point out on the following:
- Application form
- Declaration of Eligibility
- Original Bill of Sale / Construction Certificate / Judicial Sale
- International Tonnage Certificate
- Incorporation Certificate of the company (BVI requires that all its registered vessels must be owned by a BVI national or juridical entity)
- Deletion certificate and a Extract of Registry Certificate (if applicable)
- Documents must be Notarized and Apostilled