THE ADVANTAGES AND BENEFITS GIVEN
BY LATVIAN FLAG
What does it mean in practice? You may fully enjoy the advantages of your company's incorporation place (for example, confidentiality and tax regime) and simultaneously advantages of respectable and recognized European union state flag. Everyone who has navigated under a non European union state flag (especially under offshore state or territories flag), for example in Mediterranean sea, will fully realize the benefits given by European union state flag.
There are no nationality requirements for the owners of registered recreational crafts* .
There are no nationality requirements for captain and crew.
There are no luxury taxes or annual fees in relation to recreational crafts.
There is no compulsory requirement for the insurance of the recreational craft as a prerequisite of registration.
The local rules and requirements concerning the registration of recreational crafts under Latvian flag comply with the generally accepted international conventions on maritime shipping.
Registered owner of recreational craft doesn`t have to bring out the genuine beneficiary of registered owner.
According to the local maritime legislation there isn`t set the maximum length of recreational craft. in other words - there is available registration of recreational crafts with length more than 24 meters.
Navigation under Latvian flag guarantees access to European waters without any type of restrictions.
Registration under Latvian flag guarantees that recreational craft meets all the requirements being in force in European union in relation to recreational crafts.
Feasible to register recreational craft irrespective of length for commercial use as well.
No obligatory requirement to bring your recreational craft to Latvian waters. Stay wherever you are and marine surveyors of maritime administration of Latvia will come to you at any port worldwide.
There is a possibility to make a survey on the basis of lodged documents without a physical survey in case of a newly built or if recreational craft is less than 2 years old and won`t be used for commercial purposes.
There is possible to register recreational craft on the basis of bareboat charter agreement Certificate of registry of recreational craft is valid up to 5 years.
It is easy and fast to register a mortgage at Latvian ships register. There are no restrictions for the status of mortgagee (local legal entity, individual, foreign company).
* Latvian non residents must have a representative in Latvia authorised by Latvian ships register who will be responsible for the registration procedure, fulfilment all the local requirements a communication to maritime administration of Latvia while recreational craft is registered under Latvian flag.