While Nice is the most substantial of Riviera cities, Antibes (just half an hour west of Nice) is smaller and cuter. As you walk from the train station to the old town along its harbor, the yachts get bigger and bigger. Finally, at the end, you reach the “Quai des Milliardaires” (billionaires’ dock), where yacht-length envy inspires unfathomable conspicuous consumption. Click these photos for some thoughts on yachts.
On the French Riviera, local guides memorize lists of the world’s largest yachts. A fun dimension of Antibes is its bars, which cater to the crews of yachts like this one.
Walking along a row of a dozen or so of these mammoth yachts, I noticed they all flew the same flag: the Cayman Islands, a nation where none of their owners actually lives. If you’re that rich, it’s just common sense to avoid taxes by not registering your yacht in your homeland. Or is it? Each one of these people is wealthy enough to own a yacht that has a full-time, year-round staff, yet they typically only use their floating palace 5 to 10 days a year. They don’t know what to do with all of their wealth, and yet they still feel the need to figure out a clever way to avoid paying their taxes. It’s legal, but is it right?
Ugh….I’m not jealous, just revolted.
You Rick have a MUCH richer life than ANY of those who may have fat bank accounts, but who are morally and spiritually bankrupt. I’m sure YOUR life (as is mine) is MUCH happier.
The only thing that would make me happy having as much money as these guys (even AFTER paying my fair share of taxes)…would be setting up grants, helping people and making trips to Europe/Asia and other continents MANDATORY so they can become citizens of the world.
Happy Travels
It’s legal but unethical. There should be a tax on all dwellings, especially yachts!
Reminds me of the story years ago of John Kerry docking his $7M yacht in RI to avoid $500k of Mass. excise taxes….For the most part, I have no problem with it because lots of taxes are being paid. VAT/sales tax paid on initial purchase, payroll taxes paid for crew if in port for extended period of time, massive taxes paid on fuel and dock fees/taxes. France is getting plenty of revenue having these yachts docked in their ports. Although there are tax advantages on registration with these low tax jurisdictions, I believe the main advantages are in the limitation of liability and that there are no restrictions or rules as to nationality of crew. Why Cayman’s over say Liberia? Vessels flagged in the Cayman Islands fly the Red Ensign flag and, as British ships, come under the protection of the British Royal Navy.
It is certainly a sign of the times; no one wants to pay taxes. So the infrastructure is falling apart and the poor suffer. Aynne is right; this may be legal, but it is also unethical.
Wasn’t Steve Jobs building a yacht when he died? So many better things to do with money and time. A yacht will not morn you when you’re gone.
Perhaps these yacht owners have seen how careless and reckless most governments are with their tax revenues and decided they are better decision makers when it comes to how their money is spent than are feckless, corrupt and incompetent governments.
“They don’t know what to do with all of their wealth, and yet they still feel the need to figure out a clever way to avoid paying their taxes. It’s legal, but is it right?”
1. Some millionaires give their wealth to charities, others buy expensive boats and homes and such. is that right?
2. Some come from countries that don’t have taxes. “but is it right?”
3. Others follow the tax laws and still have enough to buy what they think is good for them. “but is it right?”
4. I have been going to Europe, Middle East, and Africa since November 1963. Usually twice a year for 2 or 3 weeks at a time. Just got back from London, Rome, Florence, Venice and Paris on June 1. Many of my friends are jealous of me being able to travel and I should give them money that I have honestly earned, so they can go for free. “but is it right?”
Maybe you should stick to the travel books and not be unnecessarily critical of boat owners who you know nothing about. Now that’s right?
I think Rick states at the outset that if you don’t want to hear his political opinions and thoughts, don’t read his blog. I imagine he would not mind your respectfully disagreeing with him and engaging in a conversation, but telling him to basically, “be quiet Mr. Travel Guide” is…..well, why ARE you reading his blog anyway?
I for one like that Rick is opinionated. That’s why his books are a hit; he says what he feels.