Regulations regarding citizenship requirements for documentation pertain to specific vesting scenarios, and may change without notice. The general citizenship requirements are as follows:
- Individual Owners: Vessel owner must be a US Citizen. Ownership may be held as follows: Tenants in Common with divided or undivided interests, Joint Tenants with Right of Survivorship, Tenants by the Entirety, Community Property, or any other method authorized by jurisdictional laws.
- Corporation: When the vessel is documented under a Corporation’s name, the Corporation itself must be registered under the laws of the state or the Unites States. The corporation’s President or Chief Executive Officer must be a U.S citizen, and there may be no more alien directors than the minority of the number required for a quorum. These are requirements pertaining to stock ownership, according to the use of the vessel.
- Limited Liability Company (LLC): as long as all members/directors individually meet citizenship requirements, the vessel may be documented in the name of the LLC.
- Partnerships: Documentation is listed in the name of the partnership as long as all partners are U.S citizens. A certain percentage of other interests must meet citizenship requirements if a commercial endorsement is requested. Please contact us for further information.
- Estate: The representative of the estate must be a U.S citizen.
- Trusts: each trustee and beneficiary must be a U.S citizen. Documentation ownership of a trust is listed in the name of the trustees. A certain percentage of other interests must meet citizenship requirements if a commercial endorsement is requested. Please contact us for further information.