cayman islands flag yacht

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Maritime City

Why is the cayman islands a preferred choice for yacht registration worldwide.

Just like with a vehicle, there is more to owning a yacht than just buying one. Once you purchase a yacht, it needs to be registered in order to travel between waters and enter or depart from ports. As stated by the Cayman Islands Shipping Registry (CISR) , “Registration of a ship gives it a nationality and a ship without nationality enjoys no protection under international law.” Registering your vessel offshore under a company in an offshore financial centre (OFC) means that your company and by extension your vessel benefit from the jurisdiction’s legal benefits, such as tax benefits and protection under that country’s laws.

Rather than registering their vessel in their country of residence, it has now become the norm for yacht owners to do so in various OFCs across the globe because of the distinct advantages each offers. What are the benefits of doing so? And why is the Cayman Islands a preferred choice for yacht registration worldwide?

Location, Location, Location

The Cayman Islands is a jurisdiction of choice for offshore vessel registration for many reasons, the most popular of which being the tax benefits . As a tax-neutral jurisdiction, yacht owners registered in the Cayman Islands can save thousands in fees related to taxes, registration, and VAT alone. The Cayman Islands also offers convenient ease of marine vessel access with three ports of registry and several marinas across the three islands.

Another benefit of registering vessels in the Cayman Islands is that they are considered British vessels and are therefore protected by the British Royal Navy . Furthermore, these vessels fall under the Category 1 British Registry within the Red Ensign Group . This is considered a first-class flag and one of the top flags in the world by the International Chamber of Shipping (ICS) . Vessels registered under CISR also benefit from its whitelist and low-risk status at all major ports worldwide, and with 15 global locations yacht owners are afforded 24/7 support. CISR-registered vessels can also participate in the International Maritime Organization (IMO) using the British status of their vessel.

Yacht owners registered in the Cayman Islands also benefit from considerably fewer inspections, less hassle, more support, and smoother sailing…no pun intended.

CEC Caters to All Your Needs

The Cayman Islands has set itself above other tax-free locations such as Malta, Singapore, and Cyprus by offering yacht owners and shipping companies a genuine physical presence in which to place their staff in turnkey offices and generate legitimate tax-free international business income. This is accomplished through Cayman Maritime & Aviation City , a component of Cayman Enterprise City (CEC) set up specifically for businesses within the maritime industry so they can take advantage of the benefits offer by operating from the award-winning Special Economic Zone. The Cayman Islands Government has granted appealing concessions to such companies.

Benefits include a well-regulated and recognised free zone, an appropriately regulated business environment, easy access to North and Latin American markets and more. Companies within CEC are subject to no local income tax, capital gains tax, corporate tax, or sales taxes, and import duties. Furthermore, friendly immigration laws distinctive of the Cayman Islands maritime services park allow companies to get 5-year renewable work/residency visas for their staff within 5 working days.

CEC will help you to incorporate and establish your presence in the Cayman Islands so that you can have peace of mind and enjoy all the benefits of your yacht worry-free. Find more information about setting up your offshore presence with CEC here .

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FLAG Motor yacht for sale

FLAG is a 62.3m (204.4ft) yacht delivered by the renowned Dutch shipyard Feadship, Royal Van Lent in 2000, with exterior design and engineering by De Voogt. Originally built to a Winch Design her interiors were dramatically restyled by Chahan Interior Design. Always meticulously maintained by her four highly experienced owners, she underwent her last major refit in 2012 and was subsequently awarded 'Best Refitted Yacht' at the World Superyacht Awards 2013.

FLAG is a 62.3m (204.4ft) yacht delivered by the renowned Dutch shipyard Feadship, Royal Van Lent in 2000, with exterior design and engineering by De Voogt. Originally built to a Winch Design her interiors were dramatically restyled by Chahan Interior Design. Always meticulously maintained by her four highly experienced owners, she underwent her last major refit in 2012 and was subsequently awarded 'Best Refitted Yacht' at the World Superyacht Awards 2013.

Her elegant interior design is light and welcoming with an abundance of sunlight thanks to large picture windows in both the main and bridge deck lounges. The master cabin on the main deck is full beam with separate his and hers en suite bathrooms and a private study. The remaining six guest cabins on the lower deck are all spacious and well designed with en suite bathroom facilities. In total, this yacht can comfortably sleep up to 18 guests.

A guest elevator is available for easy transportation from the lower deck through to the sun deck. The yacht’s expansive sun deck has a large pool surrounded by sunpads forward, a chef station with BBQ and pizza oven, open air dining and a sun lounge aft. There is more al fresco dining and lounges on the upper deck aft and a large lounge on the main deck aft. Guests will also find a well-equipped gym on the bridge deck.

Two 2,000hp Caterpillar diesel engines give her a top speed of 16 knots and she has a transoceanic range of 6,800nm at 12 knots. Zero speed stabilisers ensure total comfort while at anchor.

View all yachts for sale

Key features

• Seven spacious cabins offer flexible accommodations for up to 18 guests
• Guest elevator service is available to all decks
• Vast deck areas provide an array of options for entertainment including multiple al fresco dining areas and a large swimming pool on the sun deck
• Light and sophisticated interior with large picture windows offers a welcome atmosphere throughout the yacht
• An impressive transoceanic range of 6,800nm

Featured yachts

EUR 14,950,000† (EU VAT paid)

• Length: 58.2m (190.9ft)
• 12 guests in 6 cabins
• Built: 2005, Proteksan Turquoise, Turkey

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• Choosing the right…

Choosing the right flag state for your yacht: the advantage of the Cayman Islands

By Natasha Bunting

10 Nov 2023

The purchase of a yacht is a pinnacle moment. But a yacht is no ordinary luxury asset and, just as with any vehicle, there are a range of factors owners must consider beyond buying and equipping the vessel itself. One of those, the choice of flag state, is one of the final steps in the purchasing journey, but absolutely critical.

The flag determines whose jurisdiction and laws the craft operates under (although local port and state laws may also apply when in dock), and who is therefore responsible for regulating and inspecting it.

Various jurisdictions have different benefits and drawbacks, and since every yacht owner’s situation is unique, selecting the right one is a decision that should be made carefully, based on appropriate advice.

Understandably, most yacht owners prefer to register their vessels in jurisdictions that have streamlined registration and taxation procedures, to minimise bureaucracy, as well as mitigate potential taxation exposure. Those that allow for multiple registrations of vessel names and owner anonymity are also popular, in order to maintain privacy.

The appeal of the Red Ensign Group

The constituent members of the “ Red Ensign Group ” (made up of the United Kingdom, the Crown Dependencies and British Overseas Territories) are among the top choices for yacht registration.

By flying the Red Ensign flag from one of these countries, vessels are provided most of the rights and privileges that the UK merchant fleet enjoys. This can include additional help with port inspections and detentions, consular support, and even protection by the Royal Navy.

Furthermore, these jurisdictions are appealing for their ease of administration, their tax rates (including favourable local corporate tax laws), and their adherence to the Paris Memorandum of Understanding on Port State Control ( Paris MoU ).

The Paris MoU is an international agreement for managing port access by ships, to which a total of 27 countries are signatories. It governs safety rules and inspections and standardises port procedures across member states. Other MoUs around the world cover different regions and countries.

Every vessel has a risk profile, which determines what inspections are required on arrival at a foreign port, and the flag the vessel is flying forms a major part of that risk profile.

It is therefore best to flag in a low-risk country which has good standing with the Paris and other MoUs, not least because, effectively, the lower the risk profile accorded to a yacht, the fewer inspections that are needed.

Another important factor is that flag registers for states signed up to MoUs allow yachts to operate under the Temporary Import Regime. This enables non-European-owned vessels to operate for 18 months without being subject to custom duties or the EU’s Value Added Tax (VAT).

Spotlight on the Cayman Islands – why register your yacht there?

Within the REG, there are a number of advantages to registering a vessel in the Cayman Islands.

• First and foremost it is a neutral, politically-stable and highly-regarded jurisdiction that has been white-listed under both the Paris and Tokyo MOUs, an REG member, and is as a transparent and well-regulated offshore finance centre. Vessels benefit from being marked with a neutral port of registry, and one which enjoys a strong reputation for quality that is familiar with port authorities around the world.
• A wide range of global citizens are entitled to register their vessels under the Cayman Islands flag, which can help to avoid the need for company formation (which otherwise can be a useful mechanism for accessing flag registries which have certain restrictions such as nationality, but which can also add complexity for owners). If the owner of the vessel is not a Cayman resident, or the owning company is not incorporated in the Cayman Islands, then a Cayman Representative Person must be appointed to represent the owning party with respect to the serving of required documents and/or instructions under Cayman law.
• Cayman Island-registered yachts are not required to physically visit the Cayman Islands – ever. It has a network of international offices to facilitate transactions across different time zones, and Cayman Islands registration is valid worldwide. Documentation is issued in English, and is widely understood and accessible – reducing friction when dealing with port authorities.
• The Cayman Islands Register of Ships provides proof of title and enables the owner to register a mortgage on the vessel. Yachts can be coded and operated as commercial charter yachts. ‘Ship Under Construction’ registration is also available, allowing yachts to be registered while they are still being built, to provide owners with greater security during the construction process.
• The Cayman Islands’ ship registry is funded, operated, backed and staffed by the government. It therefore has excellent levels of service, driven by a customer-first ethos, resulting in a quick turnaround of applications. With so many yachts on the register, its staff have a wealth of experience. Registry fees are competitive, while the Cayman Islands does not levy insurance premium tax (which, for example, stands at 6% in the UK).

In summary, there are several material considerations which all have a bearing on the ease with which yacht owners can enjoy their craft, and the administrative and financial burden they might incur along the way. Selecting the most appropriate flag state, in consultation with suitable maritime counsel and your yacht broker, is fundamental to this.

Get in touch

Natasha Bunting

Associate Director, Corporate and Yachts

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Yacht insurance – key considerations to protect seaborne trophy assets

Cayman Islands Yacht Registration

Introduction.

The purpose of this guide to highlight the many advantages of the Cayman Islands Shipping Registry and to introduce the comprehensive range of Cayman Islands yacht registration services that we provide.

About the Cayman Islands

The Cayman Islands are an autonomous British Overseas Territory in the western Caribbean Sea. The 264-square-kilometre (102-square-mile) territory comprises the three islands of Grand Cayman, Cayman Brac and Little Cayman, which are located to the south of Cuba and northeast of Honduras, between Jamaica and the Yucatán Peninsula. 

About the Cayman Islands Registry of Ships

The Cayman Islands Shipping Registry is a Category 1 British Register of Ships and is a division of the Maritime Authority of the Cayman Islands.

The Cayman Islands have maintained a shipping registry in the Cayman Islands since 1903.

The Cayman Islands are the number one offshore register for super yachts, with an estimated 15% of the world fleet of yachts over 30m (100ft).

In the range of yachts over 40m (130ft), some 20% of the world’s fleet is registered in the Cayman Islands.

Port of Registry

There are three Cayman Islands ports of registry, namely:

• George Town
• The Creek 

The Flag (‘Ensign’)

Cayman Islands registered vessels can fly either an undefaced red ensign or a red ensign defaced with the Cayman Islands crest 

The Certificate of British Registry

Upon completion of registration formalities a Cayman Islands registered yacht is issued with a Certificate of British Registry.

Eligibility – Yachts

The Cayman Islands will accept private pleasure yachts and commercial yachts of any size that are based and operated anywhere in the world.

Eligibility – Owners

The Cayman Islands Register of Ships is an international register meaning that the register is not just restricted to Cayman citizens or Cayman registered companies.

Citizens and companies from countries listed in the following table are able to register in the Cayman Islands directly in their own name:

Summary of Features & Benefits of Yacht Registration in the Cayman Islands

• The Cayman Islands are a neutral, politically stable and well-regarded jurisdiction that has been white-listed as a transparent and well-regulated offshore finance centre
• Member of the coveted ‘Red Ensign Group’ of British ship registries and Cayman Islands yacht registration enables the prestigious red ensign to be flown
• Government funded, operated, backed and staffed ship registry
• Neutral port of registry marked on the vessel holding the reputation of a quality register that is familiar to port and customs authorities around the world
• High service levels driven by a customer first service ethos resulting in quick turnaround of applications
• The availability of a ‘Ship Under Construction’ registration allows yachts to be registered whilst under construction to provide owners with greater security during the build of their vessels 
• Wealth of experience – many yachts current on the register
• Competitive registry fees
• No insurance premium tax (6% in UK)
• International offices facilitate the ease of transacting in different time zones 
• Cayman Islands registration is valid internationally and documentation issued in English so widely understood.
• Cayman Islands registered yachts do not have to ever physically visit the Cayman Islands
• The Cayman Islands Register of Ships provides proof of title and enables the owner to register a mortgage on the vessel
• Yachts can be coded and operated as commercial charter yachts on the register
• Entitlement to register includes a wide range of global citizens which can avoid the need for company formation for the majority of potential clients
• Cayman Islands registered yachts are entitled to diplomatic protection, British consular assistance and Royal Naval protection (dependent on availability of assets/& nature of the threat)

Cayman Islands Yacht Registration By Oceanskies

Oceanskies provides a fixed fee yacht registration service to all yacht owners wishing to take advantage of the benefits of Cayman Islands registration for their yacht.

The registration service results in Oceanskies taking responsibility for the entire registration process on behalf of the owner.

Our fees include all registry fees and disbursements providing the internationally recognised Cayman Islands Certificate of British Registry and a lifetime radio licence allocating the vessel’s call sign and MMSI number.

Example Pricing

Our fixed fee yacht registration package for the Cayman Islands  registration of any  private yacht under 24 metres in registered length lying within the EU costs only £5,250.00 in year one and then £1,450.00 per annum in second and subsequent years and includes:

• Full Certificate of British registry
• Provision of Cayman Islands  representative person
• Tonnage Survey Onboard vessel lying in EU
• All registry fees
• Radio licence allocating call sign & MMSI number

Crew Employment & Payroll for Cayman Islands Registered Yachts

Through Oceanskies Crew Limited we are able to provide crew payroll outsourcing services from for crew working onboard Cayman Islands registered vessels.

This service is a very popular ‘bolt on’ service for our clients as it simplifies the employment of the crew of their Cayman Islands registered yacht.

The yacht owner engages Oceanskies Crew Limited to employ and pay the crew of their vessel through a crew services agreement. As employers, Oceanskies Crew Limited issues the crew with contracts in line with the Marine Labour Convention guidelines, pays them, issues payslips, sea service testimonials etc.

For further information please refer to the crew employment and payroll section of our website .

Other Cayman Islands Registration Services by Oceanskies

Oceanskies are able to provide a range of stand-alone fixed fee additional registration services including:

• Arrangement of Cayman Islands representative person facilities;
• Registration of yachts under construction as ‘Ship Under Construction’;
• Registration of new owner details in event of vessel transferring to a new owner qualified to maintain Cayman Islands registration;
• Drafting of sale documents such as a Bill of Sale in the Cayman Islands format and any supporting documentation required by the Buyer of the vessel;
• Transfers of vessel registration to the Cayman Islands from other British registries, (and vice versa);
• Performance of tonnage surveys and issue of Certificates of Survey for Cayman Islands registration on vessels under 24 metres in loadline length;
• Effect change of vessel name;
• Make amendments to registered particulars of vessel;
• Manufacture and supply of tonnage plates displaying official number for Carving & Marking purposes;
• Registration / discharge of marine mortgages;
• Arrange deletion / cancellation of Cayman Islands registration to provide a Closed Transcript of Registry (Deletion Certificate); and
• Obtain Current Transcripts of Registry to provide at the time of issue a ‘snapshot’ of the register confirming: – Vessel dimensions and particulars such as the builder, length, breadth, tonnage, year of build and engine details; – Details of the current registered owner; and – Details of any mortgages or encumbrances such as a bank loan registered against the vessel.

Please do not hesitate to contact for a free no obligation proposal for any of our Cayman Islands yacht registration services or any general yacht registration query that you might have.

Relevant Guides

More information, who to contact.

Oceanskies on Instagram

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Oceanskies Limited Castle Emplacement St. Peter Port, Guernsey GY1 1AU Channel Islands, Great Britain

Oceanskies Support Services Limited International House Solent International Business Park George Curl Way Southampton SO18 2RZ Great Britain

Malta Office

Oceanskies (Malta) Limited Premiere Business Centre, Suite 1, Level 2 Constitution Street Mosta MST 1750 Malta

Email Crew: [email protected]

Email Registration: [email protected]

Call: +44 1481 711994

Oceanskies Limited is registered in Guernsey (company number 56102) | Registered Office: Castle Emplacement, St.Peter Port, Guernsey GY1 1AU, Channel Islands, Great Britain

Oceanskies Support Services Limited is registered in the United Kingdom (company number 14539527) | Registered Office: 80 Grove Lane, Holt, Norfolk, United Kingdom, NR25 6ED

Oceanskies Malta Limited is registered in Malta (company number C 77899) | Registered Office: Premiere Business Centre Suite 1, Level 2, Constitution Street, MOSTA, MST 1750, Malta

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At A Glance Guide to registering a yacht in the Cayman Islands

01 May 2024

ON THIS PAGE

James Bergstrom

Team: Jonathan Hughes, Anthony Partridge, Mark Santangeli, Tommy Tuohy

Ogier has considerable experience in all aspects of vessel acquisition, sales, registration, de-registration and financing. Whether it's a super-yacht or smaller vessel, our dedicated global team offers responsive, straight to the point advice across European, Asian and Caribbean time zones.

Our shipping services complement our extensive private wealth offering, which includes estate planning, the establishment of private wealth structures, property, immigration and relocation services.

Acquisition We advise on acquisition, sales and transfer services for vessels registered in, or to be registered in the Cayman Islands

Ownerships structures We advise on and establish ownership structures including companies, trusts or other holding structures

Financing Our team advises on all aspects of the financing and leasing of yachts. We represent both borrowers and lenders alike and work with an established network of law firms based in North America, Europe and Asia

Registration Advise on all types of yacht registrations with the Cayman Islands Shipping Registry, ongoing registration services, de-registration, and managing the registration of mortgages and other related security matters

Employment We advise on crew contracts and Cayman Islands related employment matters. Where necessary, our specialist team can ensure that your crew contracts comply with all relevant Cayman Islands legislation

Administration Registered office, trustee, director and secretarial services, representative persons services for non-Caymanian owned vessels and radio licensing with the Utility Regulation and Competition Office of the Cayman Islands

Security Enforcement of security and vessel arrests and detentions

Why register a yacht in the Cayman Islands?

It is one of the most prestigious flag states in the world and an efficient, tax-neutral, international finance jurisdiction

Cayman is a category 1 British Registry, according Cayman registered vessels all British Flag privileges including full British Consular services, Royal Naval  assistance and worldwide protection for Cayman-agged vessels

Modern, comprehensive maritime legislation based on English Common Law allows flexibility and offers excellent mortgage protection provisions to secure the rights of mortgagees, financiers and other creditors

The Cayman Islands offers a wide range of attractive ownership structures that are recognised throughout the world. This includes exempted companies, limited liability companies, exempted limited partnerships, limited liability partnerships and trust arrangements. Entities can be established quickly with an express formation option available for most entity types

More than 70 countries qualify to own Cayman flagged vessels

The Cayman Islands Shipping Registry has a responsive, client-focused reputation (vessel and mortgage registration can be effected within 24 hours), and offers a competitive fee structure and a full range of registration types

The Cayman Islands Shipping Registry has an extended Global footprint and is located in 15 countries and 19 locations, and offers a choice of three ports: George Town, the Creek and Bloody Bay

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Partner | Legal

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Anthony Partridge

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The Red Ensign Flag – Registering a Yacht in the Cayman Islands

A part of Affinity’s growth in 2021 has entailed an expansion into a new jurisdiction, the Cayman Islands. The strategy behind the expansion is to encompass more opportunities for our clients in multiple jurisdictions and to offer further flexibility and solutions.

Our position in the yachting sector in the Isle of Man and Malta has formed over many years of experience, whereby we have developed an integral understanding of each jurisdiction’s maritime legislation, fiscal regimes and flag states.

In this case, we are able to provide our clients with expert knowledge and professional advice which is tailored to their individual circumstances. We thereafter create the most efficient strategy and ownership structure for our clients that we are able to put into effect with tried and tested practices. Our office in Cayman provides our clients with the opportunity to operate in new jurisdiction, under a different flag.

Cayman’s Environment

As a British Overseas Territory, the Cayman Islands is part of the Red Ensign Group and has a Red Ensign flag which is highly regarded in the Superyacht Industry with a prestigious, international reputation. The Cayman Islands is recognised as the premier offshore jurisdiction to register Superyachts, holding 15% of yachts over 30m in the world.

The Cayman Islands Ship Registry (CISR) falls under Category 1 the highest ranking in the Red Ensign Group which approves ships of all sizes and types, all ships registered in Cayman are granted protection from the British Royal Navy due to sailing under a Red Ensign flag. The Cayman Islands Ship Registry has been recognised globally for their superior quality of service, qualifying in the United States Coast Guard (USCG) Qualship 21 Programme for their excellent Port State Control and commitment to quality shipping. The Paris MoU Annual Report releases “White, Grey and Black (WGB) Lists that act as a spectrum for flag quality. The Cayman Islands ranked 9th on the White List in 2018-2021, achieved 1st on the ‘White List’ in the 2016 and have been on it for 12 consecutive years. The Cayman Islands Ship Registry (CISR) has its head office in Cayman and has 10 representative offices  in different countries across the world including a European Regional office in the UK. The Ship Registry is therefore able to provide a consistent high level of client service which covers multiple time zones.

The CISR dates back to 1903, however the Island boasts an impressive maritime heritage, originally a convenient place for historic mariners to stop for fresh water. The Cayman maritime sector is protected by its robust, modern maritime legislation that is based on English Common Law, which more recently has been revisited to attract and enhance the efficiency when registering a yacht in Cayman. As a key determining factor, the environment is critical when choosing where to register a yacht. Defined by the social, economic and legal practices set in place, Cayman has consistently boasted a secure location, with a stable parliamentary democracy since 1831.

In addition to this, as an offshore landscape with a competitive neutral fiscal regime, Cayman is internationally recognised as a well-regulated, first-tier jurisdiction for finance and business services. As an international Corporate Service Provider with offices in the Isle of Man and Malta, Affinity Group are well placed in Cayman to assist with the entire process of registering a yacht.  In this case, professional advice is utilised to initially qualify a yacht and the yacht owner.

Registering a Yacht

To qualify a yacht, the vessel chooses a suitable name that must be available on the CISR register. As Cayman accepts vessels of any size and type, there are various ownership structures available that have various requirements. As for registering a commercial yacht, a ‘Registration Matrix’ is used to determine the vessels standards to meet the minimum safety and operational standards. 

As for private yachts registered for leisure use, convention and statutory certificates will be issued, whereby requirements vary slightly depending on the vessels size.

Types of registration:

There are various types of registration that a yacht can operate under to cater for different circumstances. The types of registration has varied required documents and fees.

Once the required registration forms, supporting documentation and fees have been completed, the full registration of the vessel is granted, with a receipt of a Certificate of British Registry (COBR)

The requirement of relevant registration forms, supporting documentation and fees will grant an interim registration which entails registration in the process of a transfer of ownership.

Under Construction

An avenue that allows the registration of a yacht whilst it’s under construction, after completing the relevant registration forms, supporting documentation and fees.

Demise (‘bareboat charter’)

An option to register the yacht to operate as Bareboat charter, which grants the permission to charter the vessel and the vessel alone, without the assistance of crew or any other provisions, under the completion of the relevant registration forms, documentation and fees.

Along with the mentioned registration options available to choose from, registering a yacht in Cayman brings many other benefits such as competitive registry fees, a reputable flag, a highly regarded register recognised to customs around the world and a wide range of ownership structures available.

Individual or Joint Owners

Once the yachts registration has been approved, the owner of the yacht must also be verified to ensure that individual is legally eligible to own the vessel. The requirements for an individual depend on the ownership structure they use and whether the owner has a legal title or will have one in the immediate future. As a measure of compliance to prove authenticity of the individual, the individual must be in one of the 70 qualifying countries that Cayman approves, which requires the individual to hold a passport from; a European Union (EU) or European Economic Area (EEA) country or, countries which are included in Third Schedule of the Cayman Islands Money Laundering Regulations 2021.

In the circumstance that the individual cannot meet these set requirements, the individual is able to be a part-owner of the vessel if there is another qualified owner, however the part-owner is restricted to 31 out of the 64 shares in a vessel.

Company and Shipping Entity

Another type of ownership structure that Cayman accepts is the incorporation of a corporate entity on behalf of the vessel, which would be processed whilst registering the yacht. The entity would be treated as per the individual and must be in one of the 70 qualifying countries, the entity could be formed in the Cayman Islands or; the European Union (EU) or European Economic Area (EEA) country or a country included in the Third Schedule of the Cayman Islands Money Laundering Regulations.

In the case of companies that fall outside of the set criteria, but registered in Cayman as foreign companies and having a place of business in Cayman may also qualify .A place of business means the place where meetings of the Directors of the company are held. ( not to sure where the original text came from re R/O etc so changed it to reflect wording used in CISR web site

Cayman Local Representative

A local representative person who is a resident in Cayman must be appointed to act on behalf of the owners if the vessels owner (individual, joint- owners or Company) is not resident or incorporated in Cayman. The representative person must be appointed prior to registering the vessel to act on behalf of the vessels owner. In this case, Affinity’s office in Cayman is well-placed to act as a local representative on behalf of clients wishing to register a yacht in Cayman.

Affinity’s Services

As an established corporate service provider in the yachting sector, Affinity is experienced in multiple jurisdictions with all types of ownership structures and holds an integral understanding of the various registration processes. Our personal approach is comprehensive which involves close support in every step of registering a yacht.

Affinity services include;

• Implementation of tax-efficient ownership structures
• VAT, compliance and administration
• Multi-jurisdictional EU VAT registrations
• VAT efficient importation into the EU
• Administration of the ownership structure
• Yacht registration
• Management and administration of crew payroll
• Liaison with banks and advisors in relation to financing the yacht
• Registration of mortgages
• Liaison with legal advisors and brokers in respect of purchase and sale
• Payment of supplier invoices and management of crew expenditure and limits
• Preparation of budgets, periodic management reports and annual financial statements
• Statutory administration services

For more information contact

Eliza Rayner

Group Strategy Analyst

Email: eliza@affinityco.com

Mobile: : + 44 7624 460996

www.affinityco.com

• Aug 28, 2023

Navigating Flag Choices for Your Caribbean-Based Charter Yacht: An In-Depth Exploration

In the sophisticated world of yachting, the flag under which a vessel sails signifies more than just identity. It casts implications on legal rights, operational flexibility, and financial considerations. Presented by Mainstay Consulting Group Ltd, this guide illuminates the myriad considerations behind choosing an ideal flag registry, offering an acute insight into the esteemed Red Ensign Group and contrasting it with other renowned maritime jurisdictions.

Understanding the Red Ensign Group

At the heart of maritime excellence, the Red Ensign Group (REG) unifies the UK, its Crown Dependencies, and certain UK Overseas Territories that are authorized to register ships. These jurisdictions, sailing under the revered Red Ensign flag, have etched a global mark for their unwavering commitment to safety, regulatory finesse, and unmatched maritime quality.

1. The Influence of Lenders on Flag Choice

Lenders exert significant sway over flag selection. Their primary considerations lie in the safeguarding of their investments. They incline towards flag states that endorse stringent maritime standards, possess unassailable legal frameworks, and assure swift repossession procedures in potential default scenarios. The stability and global recognition of a flag state's jurisdiction infuse lenders with the confidence that their investments remain secure. Interestingly, while many flag states enjoy frequent commendation by lenders, others may not consistently be their preferred choice due to specific jurisdictional peculiarities.

Lender Preferences

Lenders prioritize jurisdictions renowned for their clarity, transparent legal systems, and robust operational standards. The certainty of a jurisdiction's financial and legal environment can lead to enhanced financial terms for yacht owners.

Red Ensign Group :

UK : Highly esteemed by lenders due to its storied maritime legacy and robust legal foundation.

Bermuda : Its well-established financial ecosystem reinforces lender trust.

Gibraltar : Valued for its geostrategic importance.

Isle of Man : Known for its dedication to maritime regulations.

Cayman Islands : A fusion of Caribbean charm and Red Ensign standards.

British Virgin Islands (BVI) : Melding regional acumen with global compliance, though some lenders might approach with added diligence.

USA : Its transparent legal framework is particularly attractive to lenders.

Marshall Islands : Lenders are closely watching its avant-garde fleet and adaptability.

Jamaica : Lenders keenly track its steadfast commitment to upholding maritime benchmarks.

Canada : Its globally esteemed legal architecture makes it a top choice.

EU Flags : Lenders value the cohesiveness of EU jurisprudence, with each member bringing a unique regulatory perspective.

2. The Influence of Insurers on Flag Choice

Insurance companies play a pivotal role in the flag selection process. Their primary concerns revolve around risk management. Insurers prefer flags that boast strong track records for safety, have stringent vessel inspection procedures, and adhere to global maritime standards. The flag under which a yacht operates can significantly impact insurance premiums and coverage terms. A registry known for its rigorous safety and maintenance standards often translates to favourable insurance terms, providing yacht owners with both financial and operational advantages.

Insurer Preferences

For insurers, the safety standards, maritime reputation, and compliance of a jurisdiction play a pivotal role. These parameters influence the perceived risks and thus impact coverage terms and premiums.

UK : Admired by insurers for its rigorous safety regulations. The UK pioneered marine insurance.

Bermuda : Recognized for maritime compliance.

Gibraltar : Its unwavering commitment to maritime safety is a strong point.

Isle of Man : Its sterling safety record is a major attraction.

Cayman Islands : Especially favoured by insurers eyeing high-end yachts.

British Virgin Islands (BVI) : Agreeable for insurers due to its commitment to global compliance.

USA : Its strict adherence to safety norms endears it to insurers.

Marshall Islands : Rising as a preference for insurers, especially those focusing on contemporary vessels.

Jamaica : Earning insurer trust due to its commitment to maritime benchmarks.

Canada : Renowned for its unyielding safety guidelines.

EU Flags : Insurers find solace in the consistent safety ethos each EU member maintains.

3. The Significance of Regulatory Regimes

The maritime regulatory landscape is multifaceted and dynamic. Different flag states have varying regulatory regimes, influenced by international conventions, regional specifics, and local priorities. Regulatory regimes shape everything from vessel construction standards and emission guidelines to crew welfare protocols. For yacht owners, aligning with a flag state that offers a robust yet flexible regulatory environment can pave the way for operational ease and global recognition. Navigating these waters becomes simpler when the chosen flag state has a reputation for proactive adaptation to international standards while catering to the unique needs of yachts.

Regulatory Compliance

In the vast expanse of maritime operations, regulatory compliance stands as a beacon of safety, environmental responsibility, and crew welfare. Adherence to these standards not only safeguards the vessel and its occupants but also fortifies the yacht’s standing in international waters, paving the way for unhindered global navigation.

UK : Continuously updating and aligning with international maritime conventions, the UK leads with its safety-first approach. Its regulations cater to both vessel standards and crew welfare.

Bermuda : With regulations mirroring the UK’s meticulous standards, Bermuda ensures that yachts maintain top-tier safety and environmental protocols.

Gibraltar : Upholding maritime safety and environmental conservation, Gibraltar has tailored regulations fitting its strategic Mediterranean location.

Isle of Man : With consistent surveillance and timely regulatory updates, it ensures vessels under its flag are compliant with the best global practices.

Cayman Islands : Offering specialized guidance for luxury yachts, Cayman ensures both environmental responsibility and guest safety.

British Virgin Islands (BVI) : Adopting a blend of regional nuances with global standards, BVI ensures that yachts maintain a favourable stance in international maritime spheres.

USA : The US Coast Guard ensures rigorous adherence to international maritime conventions. The USA's compliance with safety, environmental, and crew welfare standards is exemplary, making it a go-to for many yacht owners.

Marshall Islands : Prioritizing both safety and environmental conservation, the Marshall Islands have modernized their fleet standards, ensuring they are at par with international expectations.

Jamaica : As a member of the International Maritime Organization (IMO), Jamaica continuously refines its regulations to mirror global best practices while catering to the unique Caribbean maritime environment.

Canada : Transport Canada Marine Safety and Security ensures that all vessels maintain impeccable safety records, adhere to environmental guidelines, and uphold crew rights.

EU Flags : Within the EU, each member state is committed to upholding the various maritime conventions of the IMO. While harmonized in their approach, each member brings a touch of regional specificity, ensuring yachts are well-equipped to navigate both European and international waters.

These regulatory systems offer more than just a checklist; they symbolize a commitment to the highest standards of maritime operations.

4. The Influence of Taxation on Flag State Choices

Taxation forms a cornerstone of decision-making in the maritime sector. The fiscal climate within a flag state can directly impact a yacht's operational costs and overall profitability. Owners often evaluate potential tax liabilities, available incentives, and any bilateral treaties that might offer fiscal advantages. As tax frameworks evolve, yacht owners must prioritize both current benefits and the stability of a country's taxation environment.

Taxation Implications Across Flag States

Choosing a flag state isn't merely a regulatory decision; it's also a fiscal one. Here's a snapshot of the taxation environment across prominent flag states:

UK : The UK has a well-structured tonnage tax regime, offering competitive advantages for certain vessel types. There are also specific VAT implications depending on the yacht's operational scope.

Bermuda : While free from local taxes, yacht owners might still need to consider other financial implications based on their residency or vessel usage.

Gibraltar : Known for its attractive corporate tax rates, Gibraltar can be a lucrative choice for yacht owners prioritizing fiscal efficiency.

Isle of Man : It offers a favourable VAT regime for yachts, making it an attractive option for many owners.

Cayman Islands : With no direct taxes, the Cayman Islands stands out as a favourable jurisdiction from a fiscal standpoint.

British Virgin Islands (BVI) : Similar to Cayman, the BVI offers a tax-neutral environment, enticing many yacht owners.

USA : While the US offers a robust maritime infrastructure, taxation can vary based on vessel registration, ownership structure, and operation areas. State-specific taxes can also play a role.

Marshall Islands : Known for its corporate-friendly tax regime, it's becoming an increasingly attractive choice for yacht registration.

Jamaica : As an emerging maritime hub, Jamaica offers competitive tonnage tax rates and other incentives for yacht owners.

Canada : Canada’s tax implications are multifaceted, considering federal and provincial taxes. However, specific incentives might benefit yacht operations.

EU Flags : Within the EU, yacht taxation is harmonized to a degree, but nuances exist based on individual member states. VAT considerations, particularly, can vary across EU jurisdictions.

Navigating taxation waters requires a keen understanding of both local nuances and international conventions. The choice of flag can potentially translate to significant savings or unforeseen liabilities, depending on the jurisdiction’s fiscal framework.

4. The Influence of Privacy in Flag State Choices

For many yacht owners, privacy is more than a luxury—it's a necessity. The choice of flag can significantly influence the level of anonymity or exposure one might encounter in maritime operations. While some jurisdictions offer enhanced confidentiality, ensuring the privacy of ownership structures and operational details, others might lean more towards transparency, influenced by international pressures and bilateral agreements. The flag state's stance on privacy can directly affect decisions regarding yacht registration, especially for high-profile individuals or those sensitive to data exposure.

Privacy Considerations Across Flag States

Balancing transparency with confidentiality is a dance that flag states have choreographed uniquely. Here’s an insight into privacy considerations:

UK : With beneficial ownership registers becoming public, the UK has taken strides towards transparency. While offering robust legal frameworks, the level of privacy might be a concern for some.

Bermuda : Strikes a balance between transparency and confidentiality, ensuring that while data is accessible for legal requisites, general exposure is limited.

Gibraltar : Adheres to EU directives on transparency, making certain ownership details available, yet it safeguards sensitive data with stringent regulations.

Isle of Man : Offers a degree of confidentiality, but the push towards global transparency is shaping its privacy norms.

Cayman Islands : Historically known for confidentiality, recent pressures have seen shifts towards more transparency, but with a keen eye on data protection.

British Virgin Islands (BVI) : Similar to Cayman, BVI has adapted its privacy norms, ensuring a balance that caters to both international requisites and individual privacy.

USA : The US offers robust data protection, but transparency norms vary state by state. Federal requirements can also influence ownership data accessibility.

Marshall Islands : A favourable jurisdiction for privacy, offering confidentiality in ownership structures while adhering to international transparency norms.

Jamaica : While prioritizing data protection, Jamaica ensures that its transparency commitments are in line with international standards.

Canada : Privacy is upheld, but with recent pushes for transparency in corporate structures, certain data might be more accessible.

EU Flags : EU jurisdictions largely adhere to the EU's transparency directives, ensuring data protection but making certain ownership data available for scrutiny.

When choosing a flag state, it's vital to consider both the immediate privacy implications and the jurisdiction's adaptability to evolving global norms.

5. The Weight of Procedures and Costs in Flag State Decisions

Simplicity, efficiency, and cost-effectiveness – these are the attributes yacht owners ardently seek when navigating registration processes. The length, complexity, and costs associated with flagging under a particular jurisdiction can be a determining factor, especially for commercial yacht operators. While some states offer streamlined, digital-first processes, others may involve intricate, time-consuming steps. Balancing between regulatory robustness and operational ease becomes a strategic manoeuvre, often influencing the final flag choice.

Registration Procedures and Costs Across Flag States

As each flag state brandishes its unique registration protocol and fee structure, here’s a comparative glimpse:

UK : With a well-established maritime history, the UK offers structured yet straightforward registration, with moderate fees.

Bermuda : Known for its efficient digital-first approach, Bermuda provides a streamlined process, though with slightly premium costs.

Gibraltar : Offering competitive fees, Gibraltar has made strides in simplifying its registration steps in recent years.

Isle of Man : A blend of traditional and modern, its procedures are comprehensive, with costs aligning with industry standards.

Cayman Islands : Famed for its efficiency, Cayman ensures swift processes but with a more premium fee structure.

British Virgin Islands (BVI) : BVI registration is relatively straightforward with moderate costs.

USA : Varied based on state, the US overall provides a robust infrastructure for yacht registration with a range of associated costs.

Marshall Islands : Recognized for its quick and efficient procedures, its costs are competitive, enticing many global yacht operators.

Jamaica : An emerging maritime hub, Jamaica offers simplified procedures with very competitive fees, positioning itself as a cost-effective choice.

Canada : Boasting a transparent and streamlined process, Canada's fees are moderate, reflecting its commitment to fostering maritime growth.

EU Flags : Within the EU, procedures and costs vary considerably. While some states prioritize digital processes and competitive fees, others remain more traditional with higher associated costs.

The balance between procedure simplicity and associated costs is paramount. The ease of registering a yacht and the transparency in cost structures can profoundly influence owners' decisions, particularly when juxtaposed against the myriad of other considerations.

In Conclusion

Selecting the ideal flag for a Caribbean-based charter yacht is not merely an administrative procedure; it's a multidimensional decision that touches the core of maritime operations, financial implications, and legal considerations. In navigating this intricate landscape, the value of an experienced maritime attorney cannot be understated. Such professionals, deeply entrenched in both the registration and regulatory worlds, prove invaluable.

However, a word of caution to both owners and agents: Seek attorneys who prioritize your unique aspirations and requirements, rather than those who might indiscriminately point towards their favored flag state partners. The attorney's dedication to the success of your specific application, their familiarity with the nuances of various jurisdictions, and their ability to provide tailored advice can make all the difference in the flagging journey.

Recognizing these complexities, Mainstay Consulting Group Ltd. extends its expertise in not just consulting but also in directing yacht owners and agents toward qualified maritime attorneys. We're not just invested in providing information; we're dedicated to ensuring that your maritime aspirations are realized with precision and efficiency. Whether it's insights into flagging, regulatory nuances, or referrals to top-tier maritime legal professionals, Mainstay is your trusted partner in ensuring a smooth sail across all maritime horizons.

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Busting the myths of MLC and flag state laws.

The Maritime Labor Convention was written in 2006. It took until 2015 for it to be ratified and made a big impact when it came into effect in 2016. Establishing basic rights for seafarers, the MLC has been widely scrutinized by professionals who feel that its drafters did not consider the superyacht industry.

• Q: How many vacation days am I entitled to in a year? A: MLC requires that seafarers employed on ships that fly its flag are given paid annual leave under appropriate conditions. In the case of Cayman Islands Flag State, crew members are to be granted 38 days of leave for every 12 months of work. They are broken into two sections; 30 vacation days and eight public holiday days. You shall accrue vacation days at 3.2 days a month. Each Flag State’s allocation of public holiday days differs slightly.
• Q: Can weekend days be counted as vacation days? A: Under the Merchant Shipping Regulations, there is no such thing as a ‘standard working week’. Public holidays, weekend days, and all days of the week can be counted as vacation days.
• Q: If I take off the entire month of June for my vacation, how many days will this of leave will this count as? A: This would count as 30 days of leave.
• Q: The boat I work on sits at the dock for extended periods of time, and the captain gives us weekends off. Can either of my weekend days off start being deducted from my annual vacation time? A: No. Temporary shore leave cannot be counted as part of annual vacation time. There needs to be a distinction between ‘temporary shore leave’ and ‘extended shore leave’. A captain can issue an extended shore leave notice to a crewmember which will count as vacation days.
• Q: Under maritime laws, am I owed any days off in a standard work week? A: MLC laws fall under the laws of the International Labor Organization who state that for every six days, there will be one day off owed in lieu.
• Q: If I have agreed to taking a set amount of ‘temporary shore leave’, do I need to sleep off the vessel? A: There is no requirement under the laws that state that a crew member must sleep off the boat. If the employer is willing to let the crew member sleep onboard that is okay.
• Q: A public holiday occurs over my vacation time. Does this not count as a day of leave since it is a holiday? A: It will still count as a day of vacation since there are already eight days of paid leave (under Cayman Island flag state) that cover public holidays.
• Q: How many vacation days would I be owed if I quit my job after only 8 months? A: Again, this comes back to flag state. In the case of Cayman Islands, annual leave shall be accrued at 3.2 days per month and, where a seafarer does not serve a full year, this shall be calculated on a prorated basis. In this case, you would be owed 26 days (rounded up from 25.6).

When the Maritime Labor Convention (MLC) was established as the ‘fourth pillar’ of international maritime law (the other three are SOLAS, STCW and MARPOL). Its intention was to enforce regulations that would bring better standards to seafarers’ lives. These laws apply across the board to all mariners, but do not always take into consideration our unique superyacht industry. The result of this can unfortunately be more confusion for the yachting community.

As we all know every yacht’s schedule is different. Most yacht crew get the odd day off here or there, but yachting is certainly not an industry in which holidays or weekends are anticipated to be non-working days. There is no set definition of a “Standard Working Week” under the Merchant Shipping Law. There are clear laws under the Merchant Shipping Regulations (certification, safe manning, hours of work and watchkeeping) that state a seafarer must be provided with 77 hours rest in any seven-day period. There is no requirement to which days these hours are to be taken on. In addition, MLC enforces a maximum of 14 hours of work in a 24-hour period, or a maximum of 72 hours of work in a seven-day period.

In the case of a day off given by the captain, a distinction between ‘temporary shore leave’ and ‘extended shore leave’ would be highly beneficial. Temporary shore leave granted to a seafarer cannot be counted as part of annual leave pursuant to the regulations however shore leave can, and will be deducted from your annual leave.

Vessels that sit at the dock for extended periods of time and are often granted more ‘temporary shore leave’. If the captain choses to give crew members two days off a week, regardless of which day it is they cannot be counted against the crew’s ‘extended shore leave’ time. This can get a little tricky in some cases where a yacht sits at a dock for lengthy amount of time, and crew are regularly being granted two days off a week. To some owners, their crew accumulating vacation days while only working five days a week may seem like a bit of a double standard, but this is compliant with MLC/Cayman Islands laws.

On another note, not all yachts are required to be compliant with MLC. From a Cayman Islands perspective, MLC does not apply to pleasure yachts. There are numerous MLC regulations under Cayman Islands Merchant Shipping law that all contain specific language clarifying this. A vessel that is privately owned and not engaged in commercial activities, that is to say the yacht is not engaged in trade, is not required to be compliant with the laws.

The captain plays a vital role onboard the yacht, as an advocate for both the owner and the crew. Finding reliable employees can be challenging in a saturated market, and once you acquire the right people you do what you can to hold on to them. Yachting is a fast-paced, sometimes cut-throat industry, often with high turnover. It is not uncommon for crew to get burnt out and ‘jump ship’ after less than a year.

In addition to the controversial subject of vacation days, captains and owners are also running into the issue of crew trying to finagle the repatriation laws. It is not uncommon for crew members to work an entire 12-month period onboard, take their annual vacation, only to return to the vessel after a paid holiday, and resign in the thirteenth month. Crew members then expect another flight back to their home country (or prior determined port of return) to be paid by the boat on their behalf. This is completely legal, but is obviously going to leave a sour taste in the owners and captains mouths, and something the yachting industry needs to somehow rectify.

One way Luxury Yacht Group suggests remedying this situation is by drawing up one-year contracts for crew members. This way crew members can take their annual leave and vacation flights, and if they chose to, come back to the vessel and re-sign another one year contract. This creates a much fairer playing field for both the owner and crew.

• Q: If I resign from my job onboard, is the boat required to pay for my flight home? A: Crew members are protected by MLC laws which state that if the seafarer has not breached their contract, they shall be repatriated by lowest cost airline to the place where you signed your employment agreement, your country of residence, or such other place as mutually agreed with the ship-owner when you sign the employment agreement.
• Q: If I did not take all my leave owed to me from one year, can I carry it over to the following year? A: All paid annual leave must be taken in the year in which it accrues. There is also no provision for payment to be made in lieu of untaken leave except where paid annual leave has accrued but has not been taken at the date of termination of employment.
• Q: My crew member terminated their contract in breach of the terms of the agreement. Is the owner still required to cover repatriation costs? A: If the seafarer breached the contract then the employer may treat this as misconduct and recover up to a maximum of $1,000 for repatriation costs.

Holding a position on a superyacht is an honor and something to be proud of. Yacht crew work long days and nights delivering the highest level of service to their bosses or guests. Dependent upon the yachts’ schedule, they can work for months at a time with no days off at all. These are some of the reasons why the crew are generally paid such unusually high salaries by comparison to any land based job in a similar form. Their work is commendable, and at times incredibly exhausting, but crew will agree that the good far outweighs the bad.

Great captains will take care of the crew to their best ability. They will also gently educate yacht owners as to how important this is, whilst at the same time keeping their boss’ best interests at heart, and protecting their assets - one of which is their crew. A brilliant captain will create a harmonious relationship between all parties involved.

Experienced yacht owners can easily recognize that having a stable crew onboard is a vital asset. It is crucial not only for the maintenance of the vessel, but is also directly linked to their level of happiness and satisfaction whilst onboard. As a rule, most yacht owners realize this, so they are willing to pay these high salaries, and offer generous contracts to their crew.

With various employee contracts - dependent upon the gross tonnage, and whether the vessel is private or charter, pre-MLC and post MLC, we can help you customize your crew contracts to your needs. We also have an official agreement drawn up for days of shore leave taken which can serve as a legal document when noting official days off.

If you have any further questions or need any help regarding matter like this one, please contact us at [email protected] we would be glad to assist you further.

Engineering License Changes

The MCA has restructured the engineering certifications. The MEOL course has been done away with, and the AEC course made mandatory and more thorough. Luxury Yacht Group explains all these changes, what engineers progressing through the ranks can do now, and how Y ticket holders can convert their licenses over to the structure.

14 Mar 2018

A Day in the Life Series – Chief Stewardess

For a yacht to run smoothly, it requires many working parts, and the interior department is a large component of this. The chief stewardess oversees this department and makes sure all the stewardesses onboard know what their tasks and responsibilities are. The interior department is largely in charge of the guest services whilst they are onboard, and responsible for interior maintenance of the yacht when they are not.

18 Dec 2017

A Day in the Life Of Series - Entry Stewardess

Joining the yachting industry is an exciting and daunting undertaking. In this two part interview we speak with Melanie about why she decided to join the superyacht industry, what her hopes and goals are, and what she has learnt so far as an entry level stewardess.

29 Nov 2017

DriveMag Boats

Your ultimate resource for anything ship-related

Where to register your superyacht?

Why so many island flags?

If you passed by a luxurious marina in the south of France or a Spanish island, you'll notice a lot of superyachts. But almost none of them are carrying a known flag on the jackstaff.

The flag you choose for your superyacht will have a direct impact on your taxes, privacy and the vessel's success as a business. There are no simple answers here, but there are some general rules.

Choosing an offshore state to register your superyacht makes sense especially if you will charter the vessel as a business. Registering your vessel with an offshore flag can bring many benefits: a lighter tax burden, confidentiality of ownership, better rates from banking and insurance companies. If you choose to use the yacht only for private enjoyment and not charter it, you might register the vessel in your home country.

In choosing the flag, a good starting point is the so-called White List as maintained by the Paris Memorandum of Understanding on Port State Control (Paris MoU).

The Paris MoU is made of 27 participating maritime administrations and covers the waters of the European coastal states and the North Atlantic basin. The states are ranked on three lists: white list, grey list and black list. The states on the White List have demonstrated strong performance in safety, security and environmental standards. Flags on the Grey and Black Lists are deficient and vessel risk inspections and even detentions.

Cayman Island flag

The favorite flags for the majority for superyacht owners are those of the British overseas territories, commonly known as the Red Ensign Group. Almost 80% of the yachts and superyachts are registered in the Cayman Islands, Gibraltar and Isle of Man.

Sailing under one of these flags provides protection of the British maritime law, commercial confidentiality and adherence to the Large Yacht Code (LYC)

The registry with the largest number of yachts is the Cayman Island Shipping Registry. The port of George Town is the homeport of the majority of superyachts.

Also part of the Red Ensing Group are Guernsey, Jersey, Anguilla, Bermuda, British Virgin Islands, Falkland Islands, Montserrat, St. Helena and Turks & Caicos.

Out of the 13 members, only the UK and Gibraltar are EU-flags. Another popular flag with the superyacht owners is the one of the Pacific nation of Marshall Islands.

Yacht, IMO 1006697

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The current position of FLAG is at West Mediterranean reported 16 mins ago by AIS. The vessel arrived at the port of La Ciotat, France on Aug 25, 07:07 UTC. The vessel FLAG (IMO 1006697, MMSI 319571000) is a Yacht built in 2000 (24 years old) and currently sailing under the flag of Cayman Islands .

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Address Website - Email - Address Website Email ISM Manager - Address - Website - Email - P&I Club - Classification Society   FLAG current position and history of port calls are received by AIS. Technical specifications, tonnages and management details are derived from VesselFinder database. The data is for informational purposes only and VesselFinder is not responsible for the accuracy and reliability of FLAG data. Yacht Registration - What's in a Flag? Contributor. Statistics Establishment of title Prevailing law Privacy Tax Yacht financing Flag state restrictions Assistance in foreign ports Protection at sea Insurance considerations Representation at international maritime conventions Litigation, Mediation & Arbitration Cayman islands. Mondaq uses cookies on this website. By using our website you agree to our use of cookies as set out in our Privacy Policy. 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FLAG is a 62.33 m Motor Yacht, built in Netherlands by Feadship and delivered in 2000. Her top speed is 17.0 kn, her cruising speed is 16.0 kn, and she boasts a maximum cruising range of 5800.0 nm at 13.0 kn, with power coming from two Caterpillar diesel engines. She can accommodate up to 12 guests in 7 staterooms, with 16 crew members. She has a gross tonnage of 1078.0 GT and a 10.79 m beam. She was designed by Feadship De Voogt Naval Architects , who also completed the naval architecture. Feadship De Voogt Naval Architects has designed 49 yachts and created the naval architecture for 105 yachts for yachts above 24 metres. Her interior was designed by Liz Dalton (2 other superyacht interiors designed) and Winch Design (74 other superyacht interiors designed) - she is built with a Teak deck, a Steel hull, and Aluminium superstructure. FLAG is in the top 5% by LOA in the world. She is one of 206 motor yachts in the 60-70m size range, and, compared to similarly sized motor yachts, her cruising speed is 1.91 kn above the average, and her top speed 0.39 kn above the average. FLAG is currently sailing under the Cayman Islands flag, the 2nd most popular flag state for superyachts with a total of 1414 yachts registered. She is known to be an active superyacht and has most recently been spotted cruising near France. For more information regarding FLAG's movements, find out more about BOATPro AIS . Specifications Previous Names: CAKEWALK,FORTUNATO,FAITH Yacht Type: Motor Yacht Yacht Subtype: Displacement Builder: Feadship Naval Architect: Feadship De Voogt Naval Architects Exterior Designer: Feadship De Voogt Naval Architects Interior Designer: Liz Dalton , Winch Design Refits: 2005,2007,2012,2012,2021,2021,2022,2022,2023,2023,2023,2024,2024,2024 Available for sale Available for charter, yacht featured in, yachts like this, from our partners, sponsored listings. Commercial Property Escrow Services Intellectual Property Medicinal Cannabis Foundations Multi Family office Residency & Citizenship Affinity Navigator Affinity Sports Isle of Man Cayman Islands Our Company Our Heritage Meet the Team Join our Team Our Clients Let’s work together Like our work? Arrange a meeting with us at our office, We'll be happy to work with you! Wanna join our crazy team? We are always looking for new talents and we were expecting you. Time to apply, buddy! Multi Family Office Residency & Citizenship Our Journey Recent Posts. The upcoming changes in the UK Non-Dom status and considerations for strategic offshore planning July 18, 2024 Why do igaming operators and other businesses choose Malta to structure their intellectual property? July 5, 2024 We are very delighted to announce the recent promotions of Gary Harrison to the position of Group Chief Commercial Officer and Neil Kelly to Director of Affinity Group. July 4, 2024 Meet the Team: Jackie May 29, 2024 A Collaboration for Medicinal Cannabis Companies May 14, 2024 The Red Ensign Flag – Registering a Yacht in the Cayman Islands A part of Affinity’s growth in 2021 has entailed an expansion into a new jurisdiction, the Cayman Islands. The strategy behind the expansion is to encompass more opportunities for our clients in multiple jurisdictions to offer further flexibility and solutions. Our position in the yachting sector in the Isle of Man and Malta has formed over many years of experience, whereby we have developed an integral understanding of each jurisdiction’s maritime legislation, fiscal regimes and flag states. In this case, we are able to provide our clients with expert knowledge and professional advice which is tailored to their individual circumstances. We thereafter create the most efficient strategy for our clients that we are able to put into effect with tried and tested practices. Our office in Cayman provides our clients with the opportunity to operate in new jurisdiction, under a different flag. Cayman’s Environment As a British Oversees Territory, the Cayman Islands is part of the Red Ensign Group and has a Red Ensign flag which is highly regarded in the Superyacht Industry with a prestigious, international reputation. The Cayman Islands is recognised as the premium offshore jurisdiction to register Superyachts, holding 15% of yachts over 30m in the world. The Cayman Islands Ship Registry (CISR) falls under Category 1 the highest ranking in the Red Ensign Group which approves ships of all sizes and types, all ships registered in Cayman are granted protection from the British Royal Navy due to sailing under a Red Ensign flag. The Cayman Islands Ship Registry has been recognised globally for their superior quality of service, qualifying in the United States Coast Guard (USCG) Qualship 21 Programme for their excellent Port State Control and commitment to quality shipping. The Paris MoU Annual Report releases “White, Grey and Black (WGB) Lists that act as a spectrum for flag quality. The Cayman Islands ranked 9 th on the White List in 2018-2021, achieved 1 st on the ‘White List’ in the 2016 and have been on it for 12 consecutive years. The Cayman Islands Ship Registry (CISR) holds a head office in Cayman and has 10 representatives all in different countries across the world including a European Regional office in the UK. The Ship Registry is therefore able to provide a consistent high level of client service which covers multiple time zones. The CISR dates back to 1903, however the Island boasts an impressive maritime heritage, originally a convenient place for historic mariners to stop for fresh water. Cayman maritime sector is protected by its robust, modern maritime legislation that is based on English Common Law, which more recently has been revisited to attract and enhance the efficiency when registering a yacht in Cayman. As a key determining factor, the environment is critical when choosing where to register a yacht. Defined by the social, economic and legal practices set in place, Cayman has consistently boasted a secure location, with a stable parliamentary democracy since 1831. In addition to this, as an offshore landscape with a competitive neutral fiscal regime, Cayman is internationally recognised as a well-regulated, first-tier jurisdiction for finance and business services. As a support to the Ship Registry, as an international Corporate Service Provider with offices in the Isle of Man and Malta, Affinity Group are well placed in Cayman to assist with the entire process of registering a yacht.  In this case, professional advice is utilised to initially qualify a yacht and the yacht owner. Registering a Yacht To qualify a yacht, the vessel chooses a suitable name that must be available on the CISR register. As Cayman accepts vessels of any size and type, there are various ownership structures available that have various requirements. As for registering a commercial yacht, a ‘Registration Matrix’ is used to determine the vessels standards to meet the minimum safety and operational standards.  As for private yachts registered for leisure use, convention and statutory certificates will be issued, whereby requirements vary slightly depending on the vessels size. Types of registration: There are various types of registration that a yacht can operate under to cater for different circumstances. The types of registration has varied required documents and fees. Once the required registration forms, supporting documentation and fees have been completed, the full registration of the vessel is granted, with a receipt of a Certificate of British Registry (COBR) The requirement of relevant registration forms, supporting documentation and fees will grant an interim registration which entails registration in the process of a transfer of ownership. Under Construction An avenue that allows the registration of a yacht whilst it’s under construction, after completing the relevant registration forms, supporting documentation and fees. Demise (‘bareboat charter’) An option to register the yacht to operate as Bareboat charter, which grants the permission to charter the vessel and the vessel alone, without the assistance of crew or any other provisions, under the completion of registration relevant forms, documentation and fees. Along with the mentioned registration options available to choose from, registering a yacht in Cayman brings many other benefits such as competitive registry fees, a reputable flag, a highly regarded register recognised to customs around the world and a wide range of ownership structures available. Individual or Joint Owners Once the yachts registration has been approved, the owner of the yacht must be verified too to ensure that individual is legally eligible to own the vessel. The requirements for an individual depend on the ownership structure they use and whether the owner has a legal title or will have one in the immediate future. As a measure of compliance to prove authenticity of the individual, the individual must be in one of the 70 qualifying countries that Cayman approves, which requires the individual to hold a passport from; a European Union (EU) or European Economic Area (EEA) country or, countries which are included in Third Schedule of the Cayman Islands Money Laundering Regulations 2021. In the circumstance that the individual cannot meet these set requirements, the individual is able to be a part-owner of the vessel if there is another qualified owner, however the part-owner is restricted to 31 out of the 64 shares in a vessel. Company and Shipping Entity Another type of ownership structure that Cayman accepts the incorporation of a Cayman entity on behalf of the vessel, which would be processed whilst registering the yacht. The entity would be treated as per the individual and must be in one of the 70 qualifying countries, the entity could be formed in the Cayman Islands or; the European Union (EU) or European Economic Area (EEA) country or a country included in the Third Schedule of the Cayman Islands Money Laundering Regulations. In the case of companies that fall outside of the set criteria, Cayman considers them as foreign companies which must set up a registered office in Cayman that conducts regular business affairs in order to qualify to register a Cayman vessel. Cayman Local Representative A local representative person who is a resident in Cayman can be appointed if the vessel owner is non Caymanian resident or owner of a Cayman entity. The representative person must be appointed prior to registering the vessel to act on behalf of the vessel owner. In this case, Affinity’s office in Cayman is well-placed as to act a local representative on behalf of clients wishing to register a yacht in Cayman. Affinity’s Services As an established corporate service provider in the yachting sector, Affinity is experienced in multiple jurisdictions with all types of ownership structures and holds an integral understanding of the various registration processes. Our personal approach is comprehensive which involves close support in every step of registering a yacht. Affinity services include; Implementation of tax-efficient ownership structures VAT, compliance and administration Multi-jurisdictional EU VAT registrations VAT efficient importation into the EU Administration of the ownership structure Yacht registration Management and administration of crew payroll Liaison with banks and advisors in relation to financing the yacht Registration of mortgages Liaison with legal advisors and brokers in respect of purchase and sale Payment of supplier invoices and management of crew expenditure and limits Preparation of budgets, periodic management reports and annual financial statements Statutory administration services For more information, contact our team at [email protected] You are using an outdated browser. Please upgrade your browser or activate Google Chrome Frame to improve your experience. Link to search page US: +1 (561) 833 4462 US: +1 (206) 209-1920 MC: +377 99 90 74 63 Yachts for Sale Flag: Cayman Island View yacht LAUREL, available for sale LAUREL , yacht for sale View yacht Casino Royale, available for sale Casino Royale , yacht for sale View yacht N1, available for sale N1 , yacht for sale View yacht ALI BABA, available for sale ALI BABA , yacht for sale View yacht ARETI I, available for sale ARETI I , yacht for sale View yacht FIORENTE, available for sale FIORENTE , yacht for sale View yacht GATSBY, available for sale GATSBY , yacht for sale View yacht RIES, available for sale RIES , yacht for sale View yacht Impetus, available for sale Impetus , yacht for sale Can't find what you're looking for contact a broker for information about off-market yachts for sale.. Manage Account Press and Journal ePaper Evening Express ePaper Newsletters Liverpool FC owner’s £66 million superyacht docks in Aberdeen The 66-metre-long vessel, which has an outdoor swimming pool and a helipad, has arrived in the Granite City. A £66 million yacht belonging to the owner of Liverpool FC has docked in Aberdeen. Elysian, a 66-metre-long vessel owned by John W Henry – majority shareholder for the Anfield club – appeared at Aberdeen Harbour on Saturday. The vessel, which sails under the Cayman Islands flag, had departed from Leith in Edinburgh earlier in the day. It is not known how long the yacht will stay in Aberdeen. It comes after one of Sir Jim Ratcliffe’s yachts docked in Aberdeen earlier this year. Elysian was built in Germany by Bremen-based company Lurssen Yachts. Previously named Ester III, the luxury yacht was owned by Russian entrepreneur Georgy Bedzhamov. However, Henry acquired it in 2016. Superyacht has swimming pool, gym and helipad Elysian ranks among the top five per cent of the world’s largest yachts, according to Boat International . The superyacht has an outdoor swimming pool, a spa centre, a gym and a helipad among its features. Mr Henry’s gem can accommodate up to 12 guests in six staterooms, and 17 crew members in separate quarters. Who is Elysian superyacht owner John W Henry? Henry is the founder of investment management firm John W Henry & Company. The 74-year-old has been Liverpool FC’s majority shareholder since 2010, when Fenway Sports Group took over the club. He’s also the principal owner of baseball club Boston Red Sox, hockey team Pittsburgh Penguins and American daily newspaper The Boston Globe. According to Forbes, he has an estimated net worth of £3.86 billion. 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To participate in the conversation, please adjust your cookie preferences in order to enable comments. 256 IMAGES Luxury Yacht flying the Cayman Islands Flag, Puerto Banus, Costa del Luxury Yacht flying the Cayman Islands Flag Puerto Banus Costa del Sol [OC] Ship under the maritime flag of the Cayman Islands. This is a Z The cayman islands luxury hi-res stock photography and images Welcome to MACI Affinity Group COMMENTS Flag Cayman Carving and Marking. All vessels registered under Cayman are required to be marked with its Port of Registry, Official Number and Net Tonnage (for vessels 24 metres and over) or Register Tonnage (for vessels under 24 metres) within 21 days of the issue date of the vessel's Certificate of British Registry. How to choose your yacht's flag state The red ensign of the Cayman Islands is widely recognised as the most popular large-yacht flag Flags of different colours Most flag registries, while either an agency of a government or acting on behalf of the government, are to some extent, in competition with each other for business and offer various angles that may benefit the needs of some ... Steps to Register a Vessel Steps to Register a Vessel. Flagging a vessel with the Cayman Islands involves the following activities: Step One. Step Two. Step Three. Step Four. Step Five. Qualification of Vessel and Vessel Name Availability. Determining whether the vessel itself qualifies for registration is based on its safety record. Why Is the Cayman Islands a Preferred Choice for Yacht Registration The Cayman Islands is a jurisdiction of choice for offshore vessel registration for many reasons, the most popular of which being the tax benefits. As a tax-neutral jurisdiction, yacht owners registered in the Cayman Islands can save thousands in fees related to taxes, registration, and VAT alone. The Cayman Islands also offers convenient ease ... FLAG Superyacht Full specification. FLAG is a 62.3m (204.4ft) yacht delivered by the renowned Dutch shipyard Feadship, Royal Van Lent in 2000, with exterior design and engineering by De Voogt. Originally built to a Winch Design her interiors were dramatically restyled by Chahan Interior Design. Always meticulously maintained by her four highly experienced ... Choosing the right flag state for yacht registration The constituent members of the " Red Ensign Group " (made up of the United Kingdom, the Crown Dependencies and British Overseas Territories) are among the top choices for yacht registration. By flying the Red Ensign flag from one of these countries, vessels are provided most of the rights and privileges that the UK merchant fleet enjoys. SHERPA yacht (Feadship, 73.6m, 2018) SHERPA is currently sailing under the Cayman Islands flag, the 2nd most popular flag state for superyachts with a total of 1414 yachts registered. She is known to be an active superyacht and has most recently been spotted cruising near Canada. For more information regarding SHERPA's movements, find out more about BOATPro AIS. Oceanskies The Flag ('Ensign') Cayman Islands registered vessels can fly either an undefaced red ensign or a red ensign defaced with the Cayman Islands crest . The Certificate of British Registry. Upon completion of registration formalities a Cayman Islands registered yacht is issued with a Certificate of British Registry. Eligibility - Yachts At A Glance Guide To Registering A Yacht In The Cayman Islands Why register a yacht in the Cayman Islands? It is one of the most prestigious flag states in the world and an efficient, tax-neutral, international finance jurisdiction. Cayman is a category 1 British Registry, according Cayman registered vessels all British Flag privileges including full British Consular services, Royal Naval assistance and ... At A Glance Guide to registering a yacht in the Cayman Islands Why register a yacht in the Cayman Islands? It is one of the most prestigious flag states in the world and an efficient, tax-neutral, international finance jurisdiction. Cayman is a category 1 British Registry, according Cayman registered vessels all British Flag privileges including full British Consular services, Royal Naval assistance and ... MLR, Yacht Yacht, IMO 9777955. The current position of MLR is at North West Atlantic Ocean reported 25 mins ago by AIS. The vessel arrived at the port of Palm Beach, United States (USA) on Apr 13, 16:54 UTC. The vessel MLR (IMO 9777955, MMSI 319153100) is a Yacht built in 2019 (5 years old) and currently sailing under the flag of Cayman Islands . The Red Ensign Flag As a British Overseas Territory, the Cayman Islands is part of the Red Ensign Group and has a Red Ensign flag which is highly regarded in the Superyacht Industry with a prestigious, international reputation. The Cayman Islands is recognised as the premier offshore jurisdiction to register Superyachts, holding 15% of yachts over 30m in the world ... Navigating Flag Choices for Your Caribbean-Based Charter Yacht: An In Cayman Islands: A fusion of Caribbean charm and Red Ensign standards. British Virgin Islands (BVI): ... The flag under which a yacht operates can significantly impact insurance premiums and coverage terms. A registry known for its rigorous safety and maintenance standards often translates to favourable insurance terms, providing yacht owners ... Busting the myths of MLC and flag state laws. In the case of Cayman Islands Flag State, crew members are to be granted 38 days of leave for every 12 months of work. They are broken into two sections; 30 vacation days and eight public holiday days. You shall accrue vacation days at 3.2 days a month. Each Flag State's allocation of public holiday days differs slightly. Yacht Registration in Cayman Islands The benefits of registering a yacht in the Cayman Islands include tax exemptions, a reputable flag, a flexible registration system and a modern well developed legal framework. The Cayman Islands Shipping Registry has offices located globally and as part of the Red Ensign Group, Cayman registered yachts fall under the protection of the British ... Where to register your superyacht? Almost 80% of the yachts and superyachts are registered in the Cayman Islands, Gibraltar and Isle of Man. Sailing under one of these flags provides protection of the British maritime law, commercial confidentiality and adherence to the Large Yacht Code (LYC) The registry with the largest number of yachts is the Cayman Island Shipping Registry. PDF Yachts engaged in trade Cayman Islands Yacht engaged in trade. These may differ from the procedures that you are familiar ... another Flag is acceptable.2 Ship's Cooks Cayman Islands Regulations3 require Pleasure Yachts engaged in trade, with 10 or more seafarers, on voyages of more than 3 days or more than 36 hours from a safe port, to carry a certified Yachts for Sale: Flag View every yacht for sale with a cayman islands flag in one place; through beautiful hi-res images, deck-plans, detailed descriptions & videos. FLAG, Yacht The current position of FLAG is at West Mediterranean reported 3 mins ago by AIS. The vessel arrived at the port of Antibes, France on Apr 25, 16:13 UTC. The vessel FLAG (IMO 1006697, MMSI 319571000) is a Yacht built in 2000 (24 years old) and currently sailing under the flag of Cayman Islands. Yacht Registration The Cayman Islands are now the number one offshore register for superyachts, with about 150 yachts over 100 ft LOA and some 250 yachts over 75 ft LOA. Although the average length for all yachts on the register is 76 ft, the incidence of peak registration lies between 40 ft to 55 ft, marking the register's attractiveness to smaller yacht owners ... FLAG yacht (Feadship, 62.33m, 2000) FLAG is currently sailing under the Cayman Islands flag, the 2nd most popular flag state for superyachts with a total of 1408 yachts registered. She is known to be an active superyacht and has most recently been spotted cruising near Italy. For more information regarding FLAG's movements, find out more about BOAT Pro AIS. The Red Ensign Flag As a British Oversees Territory, the Cayman Islands is part of the Red Ensign Group and has a Red Ensign flag which is highly regarded in the Superyacht Industry with a prestigious, international reputation. The Cayman Islands is recognised as the premium offshore jurisdiction to register Superyachts, holding 15% of yachts over 30m in the world. Yachts for Sale: Flag View every yacht for sale with a cayman island flag in one place; through beautiful hi-res images, deck-plans, detailed descriptions & videos. Liverpool FC owner £66 million superyacht docks in Aberdeen The vessel, which sails under the Cayman Islands flag, departed from Edinburgh's Leith Port this morning. The yacht is currently berthed in Aberdeen Harbour but it is unknown how long it will ... catamaran gulet motorboat powerboat riverboat sailboat trimaran yacht