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Tax Free 'ResidenSea' To Set Sail in 2001

Tax-news.com

15 November 1999


'ResidenSea', a floating village that will cruise the globe all year round is due to set sail in December 2001. The boat is currently being built in Norway and nearly half of its 101 apartments have been sold. ResidenSea's UK agent has said that the majority of buyers are 'very wealthy people from 35 to 55, who want to enjoy a new kind of lifestyle at sea'. The remaining units are being sold now and start at £1.6 million sterling, with the most expensive apartments going for over £6 million sterling each.

The ResidenSea is the brainchild of Norwegian shipping tycoon Knut Kloster Jnr and offers its owners the chance to enjoy a tax-free life on a Bahamas-registered ocean liner bigger than the QE2, which will sail from port to port stopping only for big events such as the olympics. Residents will have access to a high-tech office centre to run their businesses as well as guest suites to accommodate staff and clients. The ship will also feature a shopping mall, restaurants, cinema and theatre, swimming-pools and tennis courts, casino, golf and hospital.

Owners will pay a annual service charge of about four per cent of the cost of their apartment, for the operation of the ship and its ample facilities, which on a £1.6 million apartment will be a hefty £64,000 a year.

Anyone for e-commerce? Your freshly-shot Scottish grouse with Perigord truffles will be dropped by helicopter from the nearest LOWTAX-listed tax haven.

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