Zuckerberg Dodging Taxes by Not Flying US Flag on New Superyacht? | SY News Ep319
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- Опубликовано: 5 июн 2024
- #superyacht #superyachts #yachts #boats
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00:00 Is Zuckerberg dodging taxes by not flying a US flag?
04:25 How the Jones Act creates problems for yacht owners
05:51 ‘YotSpot’ Aviva, and iDynasty
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I knew their were more reasons to me not owning a US flagged super yacht then just the price.
Yes - they’re a bit cheap, tacky and tasteless
@@shaunsandow2073 What the flag cheers.
You Smaaat!
Nobody wants to flag their boat or ship in the U.S. unless they have to.
And no US flag means they can hire foreign workers and pay them nothing.
A US billionaire dodging Taxes? Nooooo way man!
people with accountants lowering their expenses and taxes. SAY IT AINT SO!
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.
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.
EX President if saying he does..
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 😂
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.
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.
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 Rhode Island had repealed its boat sales tax in early ‘90s, this becoming bit of a haven for selling yachts.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
Sweet video mate thanks again
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?
because billionaires like to lecture the rest of us
@@--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.
@@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.
He a socialist. He should be happy to pay taxes.
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.
Thanks again for updated Ships my friend.....
A very old F-4 Shoe🇺🇸
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.
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.
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.
Headline: Rich people look for every way to avoid paying taxes! Insert your favorite rich person and it works.
Rich or poor, I don't see anyone lining up to give the government extra money they'll just waste.
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
Not just rich people, anyone that pays taxes looks to avoid paying taxes!
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
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.
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.
Pretty smart on your part
Pretty smart on your part
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.
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.😊
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 ----- //
You would never want a Canadian flagged yacht, the restrictions from the INSURANCE providers are horrendous.
? Example?
@@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.
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.
I love the shirt!! hows the RS?
Interesting!
Always defending ultra rich! Love your channel.
Love the classic blue hulls ⛳
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….
wasn't Don's yacht's name Ivana? or Princess?? Was Kashoggi's old boat, went through Brunei first though.
thanks you for bringing the flag state issue regarding the US to our attention.
Where can we get the captain's footage of the yacht
Really, does it surprise you!
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?
Most people do this. Like high priced cars are registered in Montane no sales tax but are garaged in other states.
This was very informative, thanks. No surprise US laws are ridiculous.
Savana is back in fort lauderdale
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.
Damn thats big 😎
Great content, and thanks for the very interesting information about why a Yacht is registered outside the US - besides the tax reasons. Very informative.
It's the same reason most tankers are registered in Panama, Liberia etc.
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…
And that’s one reason you will never be a billionaire.
@@jimarcher5255 Noticed you didnt answer…
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.
RMI is a good choice for yacht Flag. Quality and technical support top notch.
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 would you do on a boat like that?
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.
Star of David?
Outside of US Navy & Coast Guard, is it possible to have a US flagged vessel?
Stunning boat.
Def won't expect ANYTHING less from someone that stole the idea of the site from others!😢
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.
Nicely put, thanks for sharing.😊
Ridiculous one couldn't use their own super yacht to haul cargo within U. S. CA- Hawaii as example.
Good info
Given Facebook isn't exactly clean either - why isn't terrorism on the table, or espionage, building individual profiles of its clients?
Let's check it out...Oops wrong dude.
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
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. 🤣
Of course it's the taxes. Why should he pay taxes, he's a billionaire.
2:47 "...but that's for another story." 🤣🤣🤣
There are many using those loop hole and why not given the odd rules.
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
SOP for any ship owner No one registers thier ships in US. There should be a law....
Bottom line - it doesn't make any sense at all to register in US.
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.
You got the boat for free and sold it for £300m. Theres your tax 🤣
Tax minimisation is a must, I couldn't imagine the taxes already paid building it alone
It’s in the water why does he need a us flag
👍
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.
“The difference between avoidance and evasion? About 20 years.” - IRS saying.
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.
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.
Doesn’t almost every yacht owner do this (and lots more) to avoid taxes? It’s the true American way 😅
So one account wanted to make you leave twitter😂😂😂. It’s funny your not mad at the tax scam
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"
Can foreign flagged yachts carry cargo? Wouldn’t that make them not a yacht, as well?
photo credit to Les Wexner?
Not ‘the’ Les Wexner Bath Bath etc.
Good for him 😀
I want to hear about Trump and his yacht. That must have been many years ago.
There goes your Facebook page...lol..
i bet the twitter post was toxic, russian flag in the background
Paul Allen had his 414ft Octopus registered in the Marshall Islands as well I believe. This isnt new.
Haha, he only flossed his budcheaks with the mericun flag!
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.
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.
The USCG operate under the authority of Port State Control, the inspections ARE NOT a request. Read SOLAS, IMO and the Paris MOU.
@@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 .
Are you not supposed to fly the flag of the port you are in along side the country of registration?
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.
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.
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.
he has smart lawyers. what about his bunker in HI?
So he does what every cruise line corporation does. Wow, a real shocker.
Everyone of us would do the same
like all poor starving billionaires, he *can't afford* to pay tax, so, like all poor starving billionaires, he has a battalion of accountants to ensure he doesn't.
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.
I don't blame him for doing it. I blame the U.S. Tax code for allowing it !!!
No harbor big enough on Kauai to park Zuck's super yacht!
USA IRS can always tax non USA flagged ships extra to enter USA waters and ports…
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.
@@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.
@@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
A smart boy
Super yachts in South Florida the overwhelming majority are flying foreign flags.
It’s the same reason expensive cars and motorhomes are registered in Montana , yet never go there. Tax strategy. Private jets are registered in the isle of Mann, Cayman Islands, even San Marino ( where there is no airport) to shelter owners from high taxes. It’s called being smart. Don’t always have a “little guy” mentality. Strive for more in your life than worrying about what others do. Zuckerberg paying more or less taxes doesn’t change your tax obligation. Do something to improve your own situation
Of course he is. Thats what everyone else does. Its all about the money. Nobody wants to give it to the government. They'll just blow it anyhow. 😅
Fun Fact: Mega Yachts made in the US are tax exempt. Why? Bribery.
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'.
So? Everyone paying taxes looks for ways to lowering their tax bills.