Using Your Yacht to Escape High Taxes
You already know your yacht is an investment that will bring you financial opportunities as well as years of joy and memorable experiences. However, what you may not know is that your yacht counts as a permanent residence in Florida. What this means for you, is that if you have a residence in another high-tax state, it is certainly possible to have your yacht pull extra duty for you, and use it as a permanent residence in Florida to allow for you to avoid those high taxes. Sound interesting? Let’s break it down with you a little bit further.
By moving your permanent residence to Florida you will be able to avoid the high taxes that you can incur in other parts of the country. The state of Florida has no income tax, and by using a boat as your permanent residence, you are saving again by not paying property tax on a permanent dwelling on land. Florida is consistently a top choice for successful people who are looking to keep more of their money in their pockets. To add to the appeal, by using your yacht as a residence you are free to explore all that Florida has to offer! Want to visit the Keys? The option is yours. Does South Beach in Miami speak more to your taste? By all means, spend your time there. By living aboard your vessel, you have the freedom to move to whichever part of the State you desire, whenever the destination calls to you.
While there are legalities to moving the address of your residency, there are Florida Lawyers who specialize in this aspect, specifically. Of course, your home state wants to keep your money, so negotiating the move is best left to those who work in the field. However, it has become so common for yacht owners to do this, that there are many great South Florida law firms waiting to help you make the move. The reality is, with so many direct flights from major cities across the States, it is no problem to get back and forth between Florida and New York, for example, whenever business or pleasure calls. The question is really, why not?
Are you ready to invest in the vessel of your dreams while keeping more of your hard earned cash in your pockets? We have the yacht that is perfectly matched to your lifestyle and your achievements. We are so much more than yachting brokers- we are your full-service concierges! Visit our Facebook page at www.facebook.com/StotlerYachts or give us a call at 866.607.5393 to see all that we are able to offer you! Do not wait a minute longer to purchase the yacht of your dreams; after all, if you don’t buy it now, we know your heirs certainly will!
and the Stotler Yachts Team.