Newport, Rhode Island is often referred to as ” the sailing capital of the world.” So it is not a surprise many savvy yacht buyers come to Rhode Island to make their purchases.
If you are looking to buy a yacht, you may want to look into the advantages of purchasing in Newport. Here are just a few:
One of the most significant advantages to purchasing your yacht in Newport is Rhode Island does not charge sales tax on boat purchases. The Ocean State enacted this measure in 1993 as a way to encourage boating as one of the state’s economic strengths. In addition, there is no sales tax on boating services, either. So it makes sense to keep your boat in Rhode Island once you have purchased it. Services such as dockage, mooring fees, repairs and storage are all tax-free in Newport; Rhode Island also does not charge property tax on boats.
Assistance in purchasing
As you likely already know, buying a yacht is not like buying a more modest purchase such as a car. Vessel sale, finance and purchase are complicated issues. There are a lot of factors to take into consideration, and if you neglect any of them, you may be setting yourself up for future legal issues. For example, you must ensure the yacht you want to purchase meets the appropriate safety standards, and it must be in compliance with inspection and regulatory requirements.
Beyond the necessary documentation, you should also be aware of your emotional involvement in the process. If you make decisions based on impulsive feelings rather than well-thought-out considerations, you may have regrets. Since buying a yacht is a big decision, it can help to have experienced assistance to guide you through the process.
One way to help you avoid the possible pitfalls of both legal requirements as well as getting too carried away without thinking through all the details is by consulting with and hiring an attorney who has experience assisting buyers in purchasing yachts. You may find the advice and guidance a qualified attorney can provide is an extra layer of peace of mind to ensure your purchase proceeds smoothly.