In the Courts
Dutch paint company Dulux is being sued by the owner of superyacht A and, in New York, the family of a child who died when a boat sunk earlier this year is seeking punitive damages from numerous parties.
legal issues
Maritime Labor Convention 2006 and Its Effects on Yachting
On August 20, 2013, the Maritime Labor Convention (MLC) came into force. It will impact owners’ ability to commercially charter their yachts and will change the way we build yachts. Devised to protect the unprotected crew, the MLC adds another burdensome layer of governance on yachting.
Industry News
A new law in New York adds fines and penalties for minor boaters driving without safety training and a new option for yacht transport has joined the marine industry.
Lawmakers Revive Bill Cutting Second-Home Mortgage Deduction for Boats
Two congressmen reintroduced a bill that would prevent boat owners from writing off mortgage interest payments if they classify boats as second homes.
Sale of Yacht Path International assets is approved
Assets of Yacht Path International and its related entities were purchased by a sole bidder Monday for $250,000—an amount the company’s co-founder calls “an absolute joke.”
An Update on Taxes
It seems as though tax regulations and laws are being added, changed, or repealed all over the world this year. Here are a few things you may want to note before you plan your next cruise.
VAT or no VAT, That is the Question
For the rare uninitiated, VAT is Value Added Tax. For the past few years, more and more countries facing a shortage of revenue have put charter yachts under a microscope as potential sources of additional funds and began collecting VAT on charter fees.
The Nitty Gritty of Registering Tenders
Registering a tender not a complicated matter, but it should be taken as seriously as any yacht documentation. The type of registration required for a tender may vary but, generally, if a vessel is used independently of the mothership or is towed or delivered on its own bottom, it requires its own registration.
Brass Tacks On Taxing Yachts
When traveling internationally, or even if you're staying close to home, it can be a chore to keep track of the ever-changing laws and taxes surrounding recreational boating. Here are some recent developments you may need to know about before making your next purchase or planning your next cruise.
Charter Law
Before you turn over the yacht keys make sure you’ve crossed your Ts. Chartering a yacht isn’t as simple as handing over the keys to a friend who’s paid $1,000 to go cruising during the weekend. This article attempts to shed some light on a few fundamentals of yacht charter in the United States.