08 Aug Flagging a classic yacht
According to the old adage, a boat owner is only happy twice in his life: the day he buys the boat and the day he sells her. There is some truth in it and we felt that quite strongly when we began to consider the administrative side of classic yacht ownership. Flagging was the first issue to be dealt with on the to-do list.
Navigating red tape
To most of us, flagging a boat might sound like getting a new registration for your car... Well, it isn't quite like that.
The flag you choose to fly from your transom can have a direct bearing on privacy, taxes, exposure to liability and boarding, the vessel’s economic sustainability, and, ultimately, the enjoyment of the yacht.
Therefore, choosing the right flag for FAIR LADY was a critical issue.
Where to flag a classic yacht
We decided to trust the team of SSMM LP (South Seas Merchants Mariners LP). Based in Dublin and serving the marine industry since 1922, they professionally assisted us in selecting the right flag for FAIR LADY.
Among a few choices, we opted for the Irish yacht ensign and we are very grateful to SSMM' team for their very efficient and professional support. They guided us to decide on the best suited flagging options for our yacht, based on the intended use of the vessel (private use, charter, VAT reclaim, export, …) as well other parameters such as taxes, insurance, mortgages and loans, yacht finance and refinancing, all to fit with our personal circumstances.
A big thanks to them!
Irish yacht ensign
For various reasons, we selected the Irish yacht ensign. Thanks for being a member of the Royal Cork Yacht Club, it came as a bonus to be entitled to fly the Irish ensign defaced with the R.C.Y.C.' badge!