The procedure for effecting a transfer of ownership of a pleasure yacht under the Belize flag is fast and simple, and in fact, in some instances, can be effected within a single day.
There may be several reasons one wishes to effect a transfer of ownership of an already registered boat: i.e due to the sale of the boat to a third party , a change in the structure of the company owning the boat , reorganization etc.
Upon the transfer of ownership, the yacht may be registered directly permanently in the Belize Registry or may first be registered provisionally with the permanent registration to follow in a period not exceeding six months.
Should the new owner wish to proceed directly with the permanent registration , the following are ordinarily needed:
– a duly completed and signed application form for the registration of the yacht;
– proof of ownership evidenced by a Bill of Sale in original, duly notarized;
– a power of Attorney appointing a shipping agent in Belize in original, duly notarized;
– confirmation as to the use of the yacht and the intended navigation area;
– copies of the Certificate of Tonnage and the Certificate of Compliance issued by a Recognized Organization (these might be valid from the previous registration in which case they don’t need to be reissued until their expiry);
Should there be any change in the name of the vessel, the purchaser/ new owner must first check for the availability of the new name and apply for the name accordingly, while both the International Tonnage Certificate (ITC) and Certificate of Compliance (COC) will need to be reissued under the new name of the vessel.
Should the new owner, upon the transfer of ownership, wish to proceed with the provisional registration of the boat, then copies of the requested documents will be sufficient together with an undertaking by the Recognised Organization that they shall be responsible to issue the relevant technical documentation.
In the case where the shipowner, upon originally acquiring, or registering his boat, has in mind the possibility of selling the vessel after a short period, selling the shares of the boat-owning company instead of the actual boat might be an alternative they would like to consider.
The above are only general guidelines and each case will need to be considered and reviewed on its own merits.
Please contact us to Advise you directly about your particular case .
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