Help for a Brit required - Purchasing a boat in the US

[h002]

We are currently looking to buy a boat in the US, probably in the Annapolis area. Our plan is to remove the boat to the Mediterranean for 5-6 years before returning to the US. We are looking for advice in the following areas. Wife is US citizen so I have several question regarding this.

1. Would it be advantageous to leave the boat US registered in the wife's name, or should I just re-register in the UK?

2. What is required before I can leave the US with the vessel....permits etc.

3. What taxes would be due in the US prior to leaving?

4. If US registered, what would be the Tax/VAT implications taking the boat into EU waters. I know that as a visiting boat(US flagged) the boat can remain VAT free for 18 months and then must leave or pay, but after that it all becomes a bit cloudy. For instance, if one leaves before paying the EU tax, how long must one leave for and can one return again for a further tax free period?

It may be easier if someone could point us in the direction of a website where it may be possible to find some of this info.

Thanks in advance

George

[Andina Marie]

1. I would leave it in the US registration until it becomes a problem.

2. You don't need any permits to leave.

3. No taxes would be due as a result of leaving but depending on where you purchase there may be local sales tax. By choosing the physical location for conducting the sale you can minimize or even eliminate those taxes.

4. I would suggest taking advantage of the 18 months grace period. So often cruising plans are altered due to unforseen circumstances. Toward the end of the period you could then take a look at getting the UK registration.

Maintain all the documentation papers on the US registration and that will save you paying import duties if you ever bring it back to the US.

These are not legal opinions and it is 15 years since we went through the exercise.

[catamarans]

You should be able to find answers to your questions by visiting
http://www.catamarans.com. You could look through their archives or email a broker that could answer your question.