I've always paid my taxes annually or had my employer take them out automatically. For many years I paid hardly any tax, but as years passed and my income grew and accumulated assets it's gone up. At a guess I'm paying 25% on my gross income.
Because I filed my taxes and followed the rules, I've minimized tax, built credit and done nicely.
According to my last blog, many people know and agree, dodging taxes eventually catches up with you. Especially when you’ve failed to complete a tax return back home for years.
Mainstream life demands everyone to be legitimate, have credit scores and be able to validate their income.
In the 1990’s when I got in the game nobody knew about yachting, there were virtually no real rules or licensing standards.
Yachting is regulated, and far more complicated that it was. Standards of watch keeping, training, safety, the environment, proper medical insurance, seafarer wellbeing and more stringent visa requirements is the FUTURE.
As each year passes yachting becomes more legitimate and don't think for a minute that dodging taxes is a good way to go. Because there will be a day when you realize that death and taxes are unavoidable.