I knew their were more reasons to me not owning a US flagged super yacht then just the price.

@shaunsandow2073

2 ай бұрын

Yes - they’re a bit cheap, tacky and tasteless

@navaho5430

2 ай бұрын

@@shaunsandow2073 What the flag cheers.

@Live-Life-Freely

Ай бұрын

You Smaaat!

Nobody wants to flag their boat or ship in the U.S. unless they have to.

@KevinReeve

2 ай бұрын

And no US flag means they can hire foreign workers and pay them nothing.

A US billionaire dodging Taxes? Nooooo way man!

@vorjay

2 ай бұрын

people with accountants lowering their expenses and taxes. SAY IT AINT SO!

@redwolfexr

2 ай бұрын

Actually if it wasn't for all the OTHER laws involved I think most billionaires would not mind registering in the US. But the employment, crew requirements, ect just don't work for ships that sail all over the world. Taxes are the LEAST of it.

@grondhero

2 ай бұрын

You "dodge" taxes as well every time you declare a deduction on your W-2. 🤷‍♂ Remember, the government is run by politicians and _friends_ of politicians. It's not run by businessmen or experts, aside from 2017-2021.

@mixalis6168

Ай бұрын

EX President if saying he does..

@rcampbell4967

Ай бұрын

What US billionaire doesn't pay taxes? I suggest you look up the IRS data on taxpayer income brackets and percentage of income collected from each bracket. It might be eye opening for you.

good to see zuck doing his part for climate change 😂

@scottw5315

2 ай бұрын

Hypocrisy is the calling card of leftists losers.

1. Everyone hates paying taxes. 2. Those who push more government spending the most, try the hardest to avoid paying taxes. 3. Rich people often don't pay their bills.

@jwyzdm

Ай бұрын

You were doing great until #3. Successful people pay their bills. It's the poor slugs of society that want free food, rent, energy, college and whatever else they can get the working people to pay for.

Sweet video mate thanks again

Avoiding yacht taxes ….see MA Senator John Kerry who moored his 75ft, $4M sailboat in Rhode Island to avoid more than $400K sales tax if it was in MA. Rhode Island had repealed its boat sales tax in early ‘90s, this becoming bit of a haven for selling yachts. He and wife Teresa Heinz (the $800+M ketchup heir) eventually moved it to MA and paid the tax. JK, Charleston

Thanks again for updated Ships my friend..... A very old F-4 Shoe🇺🇸

People will register a $1000 trailer in another state, in order to save money on taxes. It's why you see "Maine" tags on half the trailers on the east coast of the USA. What makes people think that millionaires and billionaires won't take advantage of similar shelters, when tens or hundreds of millions of dollars is on the line?

@--Valek--

2 ай бұрын

because billionaires like to lecture the rest of us

@UncleKennysPlace

2 ай бұрын

@@--Valek-- Not really. Ya see, the high earners pay the vast majority of income taxes. Take the folks that earn half of the income; do you think they then pay half the income tax? No, that 50% of income pays more than 80% of the taxes.

@festerofest4374

2 ай бұрын

@@UncleKennysPlace In the US, the top 10% pay 80% of all taxes, or approximately that. There are A TON of people on the lower end of the income spectrum who FILE taxes but essentially pay zero taxes after child credits etc.

@scottw5315

2 ай бұрын

He a socialist. He should be happy to pay taxes.

@pat36a

2 ай бұрын

I'm seeing California and Washington tags on cars that I know have been in Arizona for more than a year. That's the buffer ADMV gives you when you move to the state.

Headline: Rich people look for every way to avoid paying taxes! Insert your favorite rich person and it works.

@scottc287

Ай бұрын

Rich or poor, I don't see anyone lining up to give the government extra money they'll just waste.

@ivancnh8667

Ай бұрын

He literally listed a million good points to not register it in the US, it does not look like a friendly place that wants to do business in the yachting world

@recentlyretired

Ай бұрын

Not just rich people, anyone that pays taxes looks to avoid paying taxes!

i would do the same exact thing. every loop hole. not a single affluent person IN THE WORLD says "hey government plz take as much of my money in taxes as you possibly can.

3:45 Wouldn't carrying cargo between two places in the US be illegal in a foreign flagged yacht? I thought there were rules on specifically that aspect of moving cargo between places in the US

@steveallen1340

Ай бұрын

I think it is illegal for a foreign vessel to depart a US port and then arrive at a US port without first docking at a foreign port. This is why all cruise ships leaving the US always go to a foreign port before returning to the US.

I love the shirt!! hows the RS?

As an Antiguan/Guernseyman I was running an American flagged fishing boat out of Venezuela. ALL Navies told me to sod-off, just too much paperwork.

@life_of_riley88

Ай бұрын

Pretty smart on your part

@life_of_riley88

Ай бұрын

Pretty smart on your part

exactly - if I had a fleet of super-yachts would do the same - not something have to worry about but good to know // excellent ''irony'' delivery video spot on tick ----- //

Thank you for sharing soo much about the yachting scene. Wow, so. having a American owner of a super yacht with that large hard to have the US flag flying. Now I start to see why people have other flags flying from their yachts.😊

The only taxes you would pay on a yacht in the U.S. would be if you were chartering the yacht or selling it in the U.S. (that would be subject to income tax) This is what U.S. Homeland Security said. A foreign flagged yacht would only be subject to a VAT tax if it remains in Florida waters for a specified period and/or goes from one Florida port to another Florida port without leaving Florida waters. Homeland Security has a publication that explains this. You would not owe the U.S. government a VAT Tax. Only Florida charges a VAT tax. Also the U.S. State Department said the only time they would recommend flagging the yacht with a U.S. Flag is if you are just going to use the yacht in U.S. territorial waters or close, like the Bahamas and the Virgin Islands. For a yacht that is going to sail worldwide, the State department suggested that flagging the vessel with a U.S. flag may be painting a target on the vessel.

Where can we get the captain's footage of the yacht

Interesting!

Always defending ultra rich! Love your channel.

Love the classic blue hulls ⛳

Even with an American flagged yacht, taxes can be minimized by selecting certain states to home-port the vessel. Rhode Island doesn't charge any sales or use tax on boats whatsoever. Several other states have maximums such as Florida, set at $18,000. So it's really not a tax issue at all. In states where there is sales tax, an American flagged vessel merely performs an "offshore closing" and stays out of U.S. and state waters for some duration of time after the sale, usually one year. The real pain of a U.S. flag is the construction, inspection and crewing costs, along with the use restrictions. I'm not certain if federal import duty is charged when a U.S. flagged vessel is first brought into U.S. waters.

@boerewors79

Ай бұрын

State sales taxes pale in comparison to Federal taxes in the grand scheme of things. Tax avoidance is quite legal and should be looked at as prudent.

thanks you for bringing the flag state issue regarding the US to our attention.

The picture of Aviva in the port of Port Of Spain in Trinidad is not a recent picture. Not sure if this was an archived picture. Reason being is that the 4 smoke stacks in the background was "felled" some 3 months ago.

You would never want a Canadian flagged yacht, the restrictions from the INSURANCE providers are horrendous.

@electricaviationchannelvid7863

Ай бұрын

? Example?

@jaquigreenlees

Ай бұрын

@@electricaviationchannelvid7863 well, it is only 1 restriction they all share: buy a yacht on the west coast and flag it in Canada, you can use it between Tacoma Washington and Juneau Alaksa and 23 nautical miles west of the mouth of the Straight of Juan De Fuca. Buy it anywhere else in Canada and you can go from 23 nautical miles west of the Alaska + Yukon border on the Arctic Ocean to the American Virgin Islands in the Carribean including the Atlantic side of the Panama canal. 1 provider will allow extention of the area(s) after 5 years and on a per trip basis. They make no allowances for yacht type, sea rating ( aka CE category A ) nothing. register and flag in the Caymens, you can travel anywhere you can navigate.

wasn't Don's yacht's name Ivana? or Princess?? Was Kashoggi's old boat, went through Brunei first though.

Really, does it surprise you!

Most people do this. Like high priced cars are registered in Montane no sales tax but are garaged in other states.

Great content, and thanks for the very interesting information about why a Yacht is registered outside the US - besides the tax reasons. Very informative.

Damn thats big 😎

Stunning boat.

This was very informative, thanks. No surprise US laws are ridiculous.

It's the same reason most tankers are registered in Panama, Liberia etc.

Savana is back in fort lauderdale

RMI is a good choice for yacht Flag. Quality and technical support top notch.

US flag is like painting a target on your vessel if you wish to travel internationally, then there is the crew issue, visa work permits for crew become complicated.

Nicely put, thanks for sharing.😊

It’s not “dodging” taxes… it’s utilizing the tax structure that has been in place for years…. It comes across as “dodging” to those who aren’t in a place to take advantage of the same system…. If it was illegal, those in place who could make the necessary changes, would have….

👍

Star of David?

2:47 "...but that's for another story." 🤣🤣🤣

There are many different things that go into the registry of boats of various types and sizes. He should be able to register his yatch in any country he wants to. It's his money.

Let's check it out...Oops wrong dude.

what would you do on a boat like that?

5:36 How do you run into a tanker? These gazion dollar ships have cutting-edge radar and crew looking out for this sort of thing.

Based on the described limitations placed on US-flagged “super yachts,” why would anyone register it in the US ? Seriously, you buy a $100M+ yacht but can’t carry your own cargo? And a US-citizen-only crew? Huh?

Good for him 😀

Lots of these large mega yachts are registered as a charter business and just don’t take guests. They register it that way so they don’t pay the taxes on it. I believe they can only do this for up to 5 years.

What does it mean that regulation is ‘expensive’ when you are worth $181 Billion. That crazy to even think about avoiding taxes at that stage…

@jimarcher5255

Ай бұрын

And that’s one reason you will never be a billionaire.

@delxinogaming6046

Ай бұрын

@@jimarcher5255 Noticed you didnt answer…

Ridiculous one couldn't use their own super yacht to haul cargo within U. S. CA- Hawaii as example.

The other reason is any work done on yacht must be done at a USA shipyard. That reason and not being able to pick the best crew available is why I would not flag in USA.

Outside of US Navy & Coast Guard, is it possible to have a US flagged vessel?

My goodness I’m a yacht Captain, myself and all my crew rely on these tax loopholes so lets try not to shine too much light on this…..fkn out here doing more damage than below deck

SOP for any ship owner No one registers thier ships in US. There should be a law....

You got the boat for free and sold it for £300m. Theres your tax 🤣

❤

Of course it's the taxes. Why should he pay taxes, he's a billionaire.

Def won't expect ANYTHING less from someone that stole the idea of the site from others!😢

Bottom line - it doesn't make any sense at all to register in US.

Good info

There are many using those loop hole and why not given the odd rules.

It’s in the water why does he need a us flag

Everyone of us would do the same

So basically, a superyacht registered in the USA would be like having your house and its kitchen come under regulations intended for restaurants and hotels. That can and should be fixed.

Given Facebook isn't exactly clean either - why isn't terrorism on the table, or espionage, building individual profiles of its clients?

Love your channel, that said. Mark resides in America he should follow America rules, laws and restrictions. Reason being, he made his wealth with the help of American infrastructure. Now he uses his wealth to avoid paying his share.

Tax minimisation is a must, I couldn't imagine the taxes already paid building it alone

Of course he's not flagging the vessel in the USA as you'll notice no other super yacht or Giga yacht does and for good reason. Many of the ones you mentioned and many surrounding movement. Do consider whenever he's moving the yacht anywhere he is employing armies of people at high rates of pay. Super yachts are floating employment and cash influx centers wherever they dock.

There goes your Facebook page...lol..

So, if you buy a yacht over 300 gross tons, don’t register it under a U.S. flag. As for cargo under a U.S. flag, that cargo restriction should be for commercial profit. The same is true for private aircraft: people can’t flip flop back and forth between commercial and private use.

That's what the rich do??? avoid tax, but this has NOTHING to do with US tax law.🤷‍♂ some people need to fact find before complaining. 🤣

So one account wanted to make you leave twitter😂😂😂. It’s funny your not mad at the tax scam

A smart boy

Crazy thing is utopia iv yacht had guests that did dives with our company that whole week and when that accident happened they left our country and never settled their outstanding debt with our dive shop

“The difference between avoidance and evasion? About 20 years.” - IRS saying.

photo credit to Les Wexner?

@eSysmanSuperYachts

Ай бұрын

Not ‘the’ Les Wexner Bath Bath etc.

Doesn’t almost every yacht owner do this (and lots more) to avoid taxes? It’s the true American way 😅

Haha, he only flossed his budcheaks with the mericun flag!

Paul Allen had his 414ft Octopus registered in the Marshall Islands as well I believe. This isnt new.

i bet the twitter post was toxic, russian flag in the background

I don't blame him for doing it. I blame the U.S. Tax code for allowing it !!!

If you've ever been on a cruise ship you'd know that despite the company being based in the U.S the majority of the vessels fly the flag of The Bahamas or some other country from that area. It's no secret. The cruise lines don't have to comply with U.S. policies or regulations. They would pay alot more in Tarrifs & would be subject to U.S Maritime Law.

He can’t help it

Can foreign flagged yachts carry cargo? Wouldn’t that make them not a yacht, as well?

He owns Tottingham. hahahahah. HWTL

Wasn´t able to watch this past first two minutes or so. If z avoiding taxes was a big thing in our list of world problems, I´d like to live in that world.

So he does what every cruise line corporation does. Wow, a real shocker.

I want to hear about Trump and his yacht. That must have been many years ago.

Well, if he saves a bunch of money by registering his yacht in the Marshall Islands, it’s a smart idea. Plenty of other reasons too.

Are you not supposed to fly the flag of the port you are in along side the country of registration?

he has smart lawyers. what about his bunker in HI?

No harbor big enough on Kauai to park Zuck's super yacht!

1st off, residents of the Marshall Islands are U.S. nationals. Secondly, according to an article I read in Boat International, it stated that the owner of Limitless by act of Congress, his yacht will always be the largest yacht registered in the U.S. Therefore Zuckerberg couldn't register the yacht in the U.S. Also most consultants don't suggest any owner register their yacht in the U.S. Also according to another article I read in Boat International, a serial yacht owner, Tillman Fertita was instrumental instrumental in getting the rules changed in the U.S. in '18. Subsequently, his latest yacht, while having less volume than Limitless is not registered in the U.S. His old yacht was a Westport 50 meter. Boardwalk, his latest is 77 meter Feadship. His brother and cousin also own superyachts and their both Feadships ironically or intentionally. I believe Lorenzo owns the 87 meter Lonian and the support vessel Hodor. I can't remember the cousin's(I believe name), but he owns the 94 meter Viva.

@eSysmanSuperYachts

21 күн бұрын

US State Department: RMI citizens are not U.S. citizens or nationals. The Compact, as amended, regulates immigration between the RMI and the U.S. and states that most RMI citizens are eligible to live and work in the U.S. in a nonimmigrant status without a visa.

Advanced countries need to adopt a tax on net assets, wherever they are held. No more flagging your mega yacht in some backwater as a tax dodge.

But mostly it's the tax. and we all knownit.

Fun Fact: Mega Yachts made in the US are tax exempt. Why? Bribery.

@geneard639

Ай бұрын

Fun Fact: Mega Yacht owners can and do list them as commercial boats and all those 'guests' they have on board? Each pay $1 on the books per passenger as a charter, and then on any US taxes they realize an actual loss writing off the yacht's operating expenses. So buying and operating a yacht a yacht in the US can be not just cost neutral but generate tax credits. Happens all the time... but hey, us common folk don't have pet SCotUS 'justices' so its 'law'.

Coast Guard can still do inspections , at port call but its a request . over 36 years I captained 90 % foreign flags of convenience and my licenses - USA,Panama, Vanuatu , and Bahamas . But to have a Foreign masters license you must have a USA flag to match passport.

@csjrogerson2377

2 ай бұрын

The USCG operate under the authority of Port State Control, the inspections ARE NOT a request. Read SOLAS, IMO and the Paris MOU.

@oceanspat

Ай бұрын

@@csjrogerson2377 your correct as far as Law- but when entering a port while underway with Pilot I have had numerous state and USCG , request an inspection and most times they allow vessel to proceed to berth and then do an inspection. Most times at Port they will call for a time to come onboard. Only snap inspection came from (before 9/11) DEA, ATF ,USCG or Fish n Game. Every time everyone was polite . Have always enjoyed them board gives me a chance to catch up on news or what ever .

The late Kerry Packer stated "I am not evading tax in any way, shape or form. Now of course I am minimising my tax and if anybody in this country doesn't minimise their tax they want their heads read because as a government I can tell you you're not spending it that well"

Why is this a bad thing. Don’t we all pay to much tax to gov that doesn’t perform? Cheers to him ❤❤❤❤❤❤

USA IRS can always tax non USA flagged ships extra to enter USA waters and ports…

@zf4hp24

2 ай бұрын

No, they cannot. The IRS only collects *income* tax. Outside of a cruising permit ($19, good for one year), there is no additional fees or taxes placed on foreign flagged yachts entering U.S. waters and moving from port to port. U.S. states and territories collect sales and use taxes on U.S. registered vessels.

@idacoetzee

Ай бұрын

@@zf4hp24 Fair enough perhaps the IRS can’t but congress ie our elected officials can but the vast majority of congress is owned by super yacht owners, so highly unlikely that USA citizens who own super yachts and avoid taxes by flying foreign flags on their vessels will ever be taxed.

@natekons

Ай бұрын

​@@idacoetzeeThen marinas would lose millions on docking fees. They simply wouldn't bring them here. Very flawed concept. Do you know how many jobs in the states a superya creates just by being docked? Cleaning, mechanic,catering, charter, fuel, detailer, wood work, electrical, etc. It'll be making the law for attacks you'll never collect or if you ever do it will be on very few boats. AOC tyblogic