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 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.
What is the currency in the BVI?
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.
What are marina charges like in the BVI?
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 $12/ft/month in some cases.
Is there someone who can look after my boat for me?
Yacht management companies can help manage your boat after purchase. Here are a few companies we recommend:
(1) Admiral Marine Management
(2) Antilles Yachts Ltd.
(3) Caribbean Yacht Management
(4) Island Yacht Management
(5) Johnny’s Maritime Services, Contact:
Tel: (284) 494-3661,
Fax: (284) 494-0248
(6) Marine Management Services
Feel free to contact them for further information and pricing.
Besides marina charges, are there costs to keep my boat in the BVI?
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.
How do we go about arranging a pre-purchase marine survey?
Here are a few marine surveyor companies that you can contact for quotations:
(1) Caribbean Marine Surveyors
(2) RW Hirst Marine Surveyors
(3) West Indies Marine Surveyors
(4) Howe Marine Surveyors, Contact: William Howe, Phone: (340) 775-6081 Fax: (340) 775-6081 email: email@example.com
(5) For a Marine Surveyor in Florida, Contact: Gary A. Gillespie, Phone: (561) 301-1728 Fax: (561) 277-2420 website: www.enginesurveyor.com
Otherwise, contact us for a list of all the marine surveyors with trade licenses to operate in the BVI and USVI. Their prices range between $15.00 to $22.00 per foot and some include sea trial. We remain as neutral parties in this and do not make recommendations so you must choose one and contact them. They 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 (usually the lunch hour) while the surveyor inspects the underwater surfaces. The cost for this is usually around $5 per foot 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 $10/ft is charged to launch, then later haul again to return the boat to where you found it.
How do we get deposits and balances to you and what happens to 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. The banks also charge large fees to process credit cards of any kind and 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.
Is insurance available for a boat in the Caribbean and how much will it cost?
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: firstname.lastname@example.org
(3)Offshore Risk Management,PO Box 370, Cocoa, Florida 32923, Phone: (305)743-7711, Fax:(408)228-8937, email:email@example.com, firstname.lastname@example.org
Website: www.offshorerisk.com www.offshorerisk.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
They 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 else have it taken to Grenada or further south, out of the hurricane zone. It usually cost about 2.5% of insured value, annually.
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 two kinds of registration: National Documentation registration and in some cases state registration.
Documentation (such as US Coast Guard, British Type 1 and Canadian) is the best but you need very clear title and all of the paperwork in order. 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 this type of registration and we highly recommend that you contact one such as Lisa Borkowski at ASAP Marine Documentation & Registration, Inc. (www.asapmarinedocumentation.com)for assistance.
State registration like the USVI or Delaware will get you to most places and is easily processed but the French islands in particular, will give you a hard time and may even levy a fine as they do not recognize state registration.
British Virgin Island Documentation is the local registration and is an alternative, although you will have to start a BVI Corporation if you are not already a resident of the territory - you can get help with this from ABM Corporate Services,BVI Ltd.
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 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.
Who can I can I contact for maintenance that needs to be done on my boat?
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
(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
(6) Parts & Power Ltd.
Graphics and Decals
(1) Japhix Studio & Graphic Design, Contact: Shem, Phone: (284) 494-9173 or (284) 494-9104, email: email@example.com
Outboard Maintenance/Sales, Dinghy Sales
(1) Tradewinds Yachting Services (Yamaha/Caribe)
(2) Marine Power Service Ltd., Contact: Wycliffe, Phone: (284) 494-2738 or (294) 494-4935, email: firstname.lastname@example.org, (Mercury/Mercruiser)
(3) Nanny Cay, Budget Marine
Shipwrights, Fiberglass, Wood, Painting
(1) BVI Painters
(2) ML Pro Boat, Contact: Marcelo Santos, Phone: (284) 442-5365, email: email@example.com
(3) Tony's Marine Refinishing Services, Contact: Tony, Phone/Fax: (284) 494-0140, Cell: (284) 499-4189, email: firstname.lastname@example.org
(4) VI Marine Refinishing, Contact: Eddie Wyke, Phone: (284) 494-0361 or (284) 499-1636, email: email@example.com or firstname.lastname@example.org
(5) The Woodshop, Contact: Gerard & Els Kraakman, Phone: (284) 494-2393, Fax: (284) 494-1183, email: email@example.com
(6) The Work Bench (Virgin Gorda), Phone: (284) 495-5310, Fax: (284) 495-5352, email: firstname.lastname@example.org
(7) The Yacht Shop, Contact: Miles Muzyka, Phone: (284) 545-6030, email: email@example.com
(1) Cay Electronics Ltd.
(2) Ecom.com Ltd., Dave Gibson, Phone:(284) 499-0036, email: firstname.lastname@example.org www.bviecom.com
(1) Richardson's Rigging
(2) Wickham's Cay II Rigging, Contact: Isaac, Phone: (284) 494-3979, Fax: (284) 494-4417, email: email@example.com
(1) Quantum Sails
(2) Doyle Sails
Once again, feel free to contact us for further information or other vendors.