Buying a yacht

You want to buy a yacht? Why not? With consistent trade winds, generally calm waters, and dozens of islands to visit, the British Virgin Islands is home to some of the best boating in the world, and a yacht offers a luxurious way to explore the islands. Even though many of the beaches, even the most isolated ones, are reachable by land, there are even more untouched aquamarine bays that are accessible only by boat. There’s nothing like taking a picnic to the back of Ginger Island, collecting salt from the Salt Island salt pond, or visiting exclusive resorts like Oil Nut Bay Resort, Necker Island, or Guana Island.

The BVI is one of the best places in the world to buy a boat because there is no sales tax! There is also a lot of competition which gives an advantage to the buyer.

Before you decide which yacht to buy, try chartering several different sizes and types of yachts and cruise around the British Virgin Islands. This will allow you to determine if you want a sailboat or a motor boat, a monohull or a catamaran, a fully crewed superyacht or a bareboat with one cabin. Once you’ve decided on your ideal boat, give yourself about six months’ lead time to start looking and to get an idea of what’s out there. Monohulls are typically for sailing enthusiasts; catamarans, both sailing and motor, offer large living and dining spaces; crewed superyachts are for those who can afford to be waited on hand and foot; and one-cabin bareboat catamarans are for happy honeymooners or the lonely sailor seeking solitude and the meaning of life in the sound of the waves.

Once you have decided on what you’re looking for in a boat, contact a yacht broker to help you find exactly what you want within your budget. Just like buying a house, make a list of requirements, preferences, and wishes. Brokers also have a great deal of knowledge about the market, materials, surveyors, manufacturers, registration, insurance, chandleries, technicians, and other brokers.

If you aren’t ready to fully commit to buying a boat outright, another option is to invest in a charter yacht that is part of a fleet. In this case, a charter company would manage your boat when you’re not using it, and it can be put into charter service. The charter company then pays you a return on your funds for the use of the boat. You have a set number of weeks per year that you are allowed to use the boat while it’s part of their fleet. Think of it as a time-share condo that floats except that at the end of five years, the boat is yours. This process allows you to offset the cost of owning and maintaining a yacht by putting it into a charter fleet and still getting to spend several weeks a year on your own yacht.

Buying a boat can also be an alternative to buying a home for those who choose to live aboard their boats year-round. When that’s the case, you buy the boat and then pay a mooring or dockage fee, depending on where you plan to have your home base. There are plenty of house boats for sale in the British Virgin Islands, but this is a lifestyle for a unique individual who likes sleeping in enclosed spaces or waking up in a different bay each day. This alternative is also a brilliant choice if you can’t decide where to live—you can take your house with you wherever you go. You can even take your house racing!