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why are super yachts registered in georgetown

The super-rich and their Super-Yachts

D ubai, part of the United Arab Emirates and host of the International Boat Show, is a towering business and commercial center in the Middle East and sprawls along the southeast coast of the Persian Gulf.

Most of the buzz about this late-winter expo centered on the array of super-yachts docked there. The craft are among the biggest, grandest, most-stylish multimillion-dollar recreational vessels the world has ever seen.

These days, all the major boat shows display them, despite that the yachting industry suffered decade-long doldrums during and since the worldwide economic collapse. In fact, 2014 was the first time that seemed to show the stars aligning for a resurgence of interest in sea-going luxury from the richest people on the planet.

Their current principal objects of desire include a whole new selection of super-yachts (vessels over 40 meters – about 130 feet – in length) and even mega-yachts, roomier and grander still. These vessels are strictly for the mega-rich, the only consumers who can afford them and the first to emerge from the worldwide recession with great spending power.

Cayman ready to register

Cayman stands ready and eager to land itself an armada of such new seacraft – not for the sublime enjoyment of its residents but for the increased revenue and prestige such a fleet may bring the islands.

Government leaders hope a good portion of these vessels will be flying the Cayman flag as they cruise the seas. Such visibility could help enhance the islands’ image. Plus, all the fresh spending their owners and crews bring here will help enrich local suppliers of professional goods and services as well as government coffers through fees, levies and inspections costs.

The Cayman Islands Shipping Registry, responsible for vetting craft and their owners, conducting inspections and setting rules for their international operation, already has expressed its excitement about the industry comeback, even if just one tier is making most of the progress. That tier is the one comprised of the largest, heaviest and most luxurious of yachts.

Yacht sales increasing

The world’s super-rich have started buying their new super-yachts, industry sales numbers clearly show. But the yachting world takes that as a sign sales of the whole range of luxury craft, including smaller, more modest vessels, will lift with what looks like a rising economic tide.

In January, Joel Walton, CEO of the Cayman Islands Shipping Registry, told a group of yachting industry leaders at a meeting that also happened to be in Dubai that he had been closely watching the re-emergence of large, luxurious seacraft following years of scant sales.

Walton cautioned the shipping and maritime leaders in his audience about challenges to the yachting industry, though, including the European Union’s economic uncertainty, language and cultural issues that may result from the emergence of China as a new participant in world yachting, and the industry’s continuing globalization.

But he made sure he reminded his audience that Cayman remains an especially attractive flag of convenience for any foreign owner looking for benefits from the site where he registers his vessel. Walton focused on foreign owners, of course, since there are relatively too few Caymanians with the kind of wealth to own and maintain a major yacht.

Consider what it would take to buy and navigate a vessel like Illusion, a 275-foot Pride Yachts-made mega-craft now on the market for around $100 million. Certainly out of the reach of most on island.

That’s a good reason for the Cayman government and the CISR to persuade British, U.S., Brazilian, Chinese, or other yacht owners to pay their annual fees here. But, many wonder, what is it about big boat owners that compels them, wherever they live or operate their businesses, to seek out foreign ports to register such expensive investments?

The answer is that it’s not just ports such as Grand Cayman that win rewards for offshore yacht registration; the wealthy foreign owners of Cayman-registered craft find benefits beyond the imagination of most people of ordinary means.

Advantages in Cayman

Who better could enumerate the advantages to these owners than a maritime lawyer who focuses on helping the rich protect their wealth from being nickeled and dimed away by home government rules.

“There are so many reasons why larger yacht owners register their boats abroad,” Neblett said. “One is that if you have a U.S. flag vessel, you fall under U.S. law in crewing it.” A good-sized luxury boat can require a crew of 10 to 20 people, and if you’re flying an American flag, they might have to be American citizens.

“And in the United States, there’s a shortage of people who do that kind of work,” Neblett said. “Plus, you have to have workers compensation insurance for each of them. There’s a big savings to hiring your crew outside the U.S.”

All 50 American states have sales taxes, too. In Florida, the rate is 7 percent (though in many cases it may be capped at $18,000). “There is no such tax on vessels in Cayman,” according to Neblett. “If you have one home in Florida and one in, say, New York, you probably have to pay many fees in both states if you sail between the two, another big expense.”

The Miami lawyer also points out that liability issues for owners of large vessels could put one’s personal wealth at risk in the case of certain legal disputes. “That’s why you usually want to create a corporation to hold ownership of your boat. That also can give owners a degree of anonymity when their craft bears the flag of a foreign nation.”

The Cayman Islands, he points out, provide legal privacy to corporate officers and board members, making it hard for international figures to sue them personally over issues regarding a yacht. Plus, famous athletes, business people, and entertainers can enjoy their luxury accommodations without drawing crowds of admirers –- or enemies.

“Tax benefits, privacy, liability, crewing requirements, all these are good reasons for our high-net-worth clients to register offshore,” Neblett said.

“Another is that U.S.-flagged vessels have to have U.S. Coast Guard inspections and certifications, and that involves more costs and obligations.”

What flag a yachtsman choses involves a quid pro quo. The owner benefits, and the port or nation where one is registered gets advantages, too. To set up a corporation to hold ownership of the vessel means the employment of local lawyers and, perhaps, accountants, relationships with financial institutions and some relationship with the government.

Holding the registration of a large number of sizable yachts not only brings revenue to the government and its shipping registry, it provides a measure of economic development in the private sector, as well. Owners must pay all those professionals, hire crews, maintain proper care and security for their vessel and dock it somewhere.

Choosing an offshore registry

Choosing an offshore yacht registration site, including Cayman, the Bahamas, Singapore, Cyprus, Panama, Hong Kong, and many more, can be an enormously complex process. In the U.S., savvy owners look for a board-certified maritime admiralty attorney who specializes in recreational boating. A well-decked-out firm also likely handles insurance choices, crewing issues, and financing matters.

There are more such firms all the time as, in most countries in the world, so much wealth has been accumulating in the top stratum of income and net worth. If the world economic crisis continues to fade into the past, the full spectrum of yachting industry participants is likely to grow larger, studies show.

That means more and bigger (and more luxurious) marinas and docking facilities in ports, more marine outfitting establishments doing increased business, and more back-shop professionals available to do the paperwork that yachting generates.

Boat International, a publication that focuses on international yacht sales, has chronicled a sharply growing market for the last year and more. “We know of 27 super yacht sales in January,” the current issue reported, “the best start to the year since the global financial crisis. It was up 10 on January 2014’s tally.”

But boating analysts have been focused on an emerging market of eager buyers that may affect the future of world yachting. ChinaDaily USA recently ran an article about this new market under the headline, “China is potentially biggest global yacht market.”

The popular publication went on to report that “China’s rich are becoming more interested in the yachting culture, and their numbers are big and growing.” And it named Shanghai as “the mega-city in China where yachting is catching on big among rich Chinese.” It also reported that the whole Chinese coast is undergoing a huge expansion of marinas.

That shows that wealthy residents of the most populous nation and the one whose economy has been rising the fastest in the world are as drawn to the sea as those whose fabulously rich have been motoring and sailing about for years in their floating mansions.

Welcoming yacht owners to register their craft in the Cayman Islands as their numbers increase is not only a kind gesture to the next generation of rich, private mariners, it likely enhances the economy here as well.

Mr. Bentayou, a freelance writer out of Tampa, Florida, is a frequent contributor to Pinnacle Media publications.

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George Town Yacht Owner Among Elite Billionaire Seafarers: A 2023 Deep Dive

Key takeaways:

The ownership of luxury yachts continues to be a symbol of wealth among global billionaires.
George Town yacht owner holds a significant position among these affluent individuals.
Yachts, apart from being symbols of luxury, are often equipped with cutting-edge technology and bespoke features reflecting the owners’ personal tastes.

Understanding the Billionaire Yacht Landscape

The world of yacht ownership is a pinnacle of luxury. Often reserved for the ultra-wealthy, owning a yacht is a testament to an individual’s financial success and taste for the finer things in life. From the George Town yacht owner to globally recognized billionaires, the allure of owning a private yacht remains unwavering.

The Influence of Wealth and Taste

While vast wealth makes the purchase of such grand vessels possible, the individual taste of the owners is reflected in the design, features, and functionalities of these yachts. From classical to contemporary designs, luxurious amenities, state-of-the-art technology, and personalized details, these floating residences exhibit the distinct persona of their owners.

The George Town Yacht Owner’s Mark in Luxury Yachting

Among these billionaire yacht owners, the George Town yacht owner’s influence cannot be overlooked. Known for their exquisite taste and an eye for detail, they stand as a significant player in the realm of luxury yachting. The level of comfort, sophistication, and technology in their yacht sets a benchmark for luxury sea travel.

The Most Luxurious Yachts and Their Owners

The list of luxury yachts owned by billionaires is impressive. These range from the Musashi owned by Larry Elisson, the Senses owned by Larry Page, the Dragonfly owned by Sergey Brin, to the Symphony owned by Bernard Arnault, among others. Each yacht, uniquely designed and equipped with incredible features, represents the peak of luxury and technology at sea.

The Irresistible Appeal of the Ocean

Owning a yacht goes beyond flaunting wealth; it represents a love for the ocean and the freedom it offers. The ability to explore the world’s waters in absolute luxury is an irresistible prospect for these billionaires. As the global billionaire list expands, so too does the list of opulent yachts.

The Ever-evolving World of Luxury Yachting

The world of luxury yachting continues to evolve, with new yacht designs, sustainable technologies, and bespoke amenities becoming increasingly common. The trend is moving towards eco-friendly designs without compromising on luxury, a trend that the George Town yacht owner and other influential figures are likely to embrace in the future.

Whether it’s the George Town yacht owner or other billionaires, yacht ownership continues to be a defining aspect of their wealth and influence. As they navigate through the high seas in their luxury vessels, they set new standards for what it means to travel in style and luxury. As we move forward, we can expect to see an increasing emphasis on sustainable practices in the creation of these oceanic wonders, merging ultimate luxury with responsibility towards our planet.

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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.

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Factsheet Registering Yacht In Cayman Islands

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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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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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:

Anguilla	France	Madeira
Argentina	French Guiana	Malta
Aruba	Germany	Martinique
Australia	Gibraltar	Marshall Islands
Austria	Greece	Monaco
Azores	Guadeloupe	Netherlands
Bahamas	Guernsey	New Zealand
Bahrain	Hong Kong	Norway
Barbados	Hungary	Peoples Republic of China
Belgium	Iceland	Portugal
Bermuda	India	Romania
Brazil	Ireland	Singapore
British Virgin Islands	Isle of Man	Slovakia
Bulgaria	Israel	Slovenia
Canada	Italy	Spain
Canary Islands	Japan	Sweden
Cyprus	Jersey	Switzerland
Czech Republic	Kingdom of Netherlands	United Arab Emirates
Denmark	Latvia	United Kingdom
Estonia	Liechtenstein	United States of America
Faroe Islands	Lithuania
Finland	Luxembourg

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.

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Boat Registration in Cayman Islands

Boat registration in the Cayman Islands is performed with the Shipping Registry (CISR), according to the type of vessel. The Registry is a division of the Maritime Authority of the Cayman Islands and it offers a range of services to those who register merchant ships or yachts and other vessels.

The Cayman Islands have a longstanding seafaring history and together with several other locations, they are part of the red Ensign Group of Category One British registries. This grants the ability to register vessels of all classes, from small ones to large ones. The only exception is for fishing vessels, a category restricted to the ones that are locally owned.

When investors decide to open a Cayman Islands exempted company they may also be interested in registering a boat owned by the company. Our team answers some of the most common questions about this process and can provide boat owners with further assistance for George Town yacht registration , as needed.

Apart from assisting with boat and maritime law issues for those who own vessels in the Islands, our team is also highly qualified to assist investors interested in setting up a Cayman Islands company . We provide complete incorporation packages that can also include bank account opening (upon request), as well as guidance and assistance throughout the process or opening an offshore business.

Table of Contents

What are the advantages of registering a boat in the Cayman Islands?

Registering a boat in the Cayman Islands allows the owner to benefit from sailing under a recognized flag, and operating in a favorable environment. The jurisdiction is a favorable location for setting up a Cayman Islands company and for operating commercial or passenger’s vessels. The maritime legislation safeguards the rights of the operation of passenger yachts and that of merchant’s vessels.

What is the boat registration process?

Boat owners in the Cayman Islands can start by reserving a boat name. This can be an important step for those who wish to propose a specific name and it includes submitting a special form, with the name proposal and reservation as well as paying the name reservation fee.

The name of a vessel can be registered in one of the three ports – George Town, The Creek and Bloody Bay. The same applies for George Town yacht registration , meaning that if the port of choice does not have a name available, the other two may allow for that specific registration. When the name is available in all three ports, it can be registered across all three to allow the owner its single use. Names are reserved for 12 months and can be renewed and they are reserved and requested by the owner, the authorized person or the representative person. Another third party can also handle this step (the shipyard, for example, in case of new ships), however, such an action is subject to approval from the Registrar.

When registering a boat , it is important to fill in the appropriate forms including the details of the owner or the representative making the registration as well as provide the following documents:

boat certificate: this is the builder’s certificate for the boat for a new vessel or the bill of sale for one that has been purchased.
the Certificate of Good Standing: this is provided by the company owning the boat; for a Cayman Islands exempted company , or another resident company, the certificate of incorporation will suffice.
the Certificate of Survey: this, along with the International Tonnage Certificate will need to be carried out on the boat, depending on size and type, the use and number of passengers.
Others: included here are the Deletion Certificate for boats previously registered elsewhere, the registration fee and the tonnage fee.

An additional registration, however, one that is not carried out the by the Cayman Islands Shipping Registry but by the Utility Regulation and Competition Office is the ship radio station licensing. The operator of the radio is also required to have an Operator’s Certificate according to the equipment that is used on the vessel. Vessels also need to register their emergency position indicating radio beacon with appropriate maritime administration (for example, the NOAA in the USA).

One of our Cayman Islands incorporation agents can give you more information about the requirements to provide the company’s registration documents.

Other services offered by the Cayman Islands Shipping Registry include the change of vessel type, the registration of a mortgage, the deletion of a vessel, the transfer of ownership or the registration of a ship under construction.

We invite you to watch the following video on boat registration:

Types of vessel registration in the Cayman Islands

There are two main categories of vessels that can be registered with the Cayman Islands authorities: George Town yacht registration and merchant vessel registration. For each of these two types, the individual who submits the registration needs to follow the steps described above, starting which choosing an available name, and then determine the ownership structure.

The ownership structure can be the following:

Companies: a company incorporated in the Cayman Islands, a country in the EU or EEA or a country included in the Third Schedule of the Cayman Islands Money Laundering Regulations; companies that do not fall under these categories may still register a vessel under the Cayman flag if they are registered in the Cayman Islands as foreign companies and have a place of business here;
Individuals: George Town yacht registration is possible for individual and joint users who are nationals of EU or EEA or a country included in the Third Schedule of the Cayman Islands Money Laundering Regulations; individuals who do not fall under these categories can be part-owners of a Cayman-registered vessel if the majority is owned by a qualified individual. This means that even though they do not qualify, individuals can still own 31 of the 64 shares in a vessel.

As far as the types of vessel registration are concerned, there are five possible cases:

Full: the complete registration of a vessel and the receipt of the Certificate of British Registry upon completion;
Interim: for the duration of a transfer of ownership for a foreign owner vessel to one that will be registered in the Cayman;
Term: a temporary exception to full vessel registration, to be used when the owner in Cayman is not yet in the possession of the Certificate of Survey;
Under construction: as the name suggests, when a vessel is still under construction;
Demise charter: demise charter out and demise charter in vessel registration (when the owner leases the vessel to the charterer for a period during which the latter will be fully liable for the use and management of the vessel).

Our team can help you if you are interested in full George Town yacht registration .

How can our Cayman Islands company formation agents assist boat owners?

Our team provides regular services for setting up a Cayman Islands company , however, we can provide dedicated services to those entrepreneurs who are interested in registering a vessel owned by the Cayman Islands exempted company . The operating environment for boat owners is as favorable as for opening a company, in a tax-neutral jurisdiction where the principles of the English Common Law govern and locally registered vessels benefit from British Consular Services and Royal Naval Assistance.

Under the conditions for registration set forth by the Maritime Authority , it is important to appoint an authorized person at the very beginning of the process when the owner of the boat is not present for the process. The representative person and the authorized person for George Town yacht registration can be the same in some cases, however, their functions are separate. The difference derives from the manner in which the person is appointed: two different forms are used, and the representative person needs to accept their appointment by submitting a declaration. When the vessel is under joint-ownership, owe of the owners can act as the authorized person through a power of attorney and in this case he is appointed through the form designated for the authorized person (form CISR 855). The owner of the vessel is still allowed to deal with the Registry directly even if he has appointed a representative. One of our agents can assist you during this step.

In most cases, George Town yacht registration is a process that can be completed within 24 hours after the receipts of all the needed documents and after all of the fees have been paid. The Registry also offers an over-the-counter service for an additional fee, through which the registration is completed immediately, also dependent on whether or not the complete documentation is submitted. The documents can be submitted in printed form or by email, however, when the originals are not provided immediately, the individual undertakes that he will supply the originals within 7 days of registration.

The following statistics were issued by the Cayman Port Authority concerning passenger and cargo transportation:

the number of cruise ship passengers in January 2019 was 217,111 while for the same month in 2018 it was 218,430.
the total vessel calls (vessels that dock during the course of a voyage ) for January 2019 was 95, with an average of 76 for the month of January in the 2010-2019 period.
as far as the container value expressed in tons according to the port of origin, in January 2019 there were 12,137 tons on vessels from Port Everglades and 10,051 tons on vessels originating from Jamaica; shipments from Port Everglades also recorded a high value (in tons) for June 2019, at 12,468.

Contact our Cayman Islands incorporation agents for more detailed answers to these questions as well as more information about the services we provide to investors and entrepreneurs.

At A Glance Guide To Registering A Yacht In The Cayman Islands

Contributor.

Download the infographic version of our At A Glance Guide to registering a yacht in the Cayman Islands here .

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

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

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

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

More than 70 countries qualify to own Cayman flagged vessels

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

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

Cayman Islands

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Why register vessels in the Cayman Islands?

By: Dryad Global on December 23, 2020 at 8:22 AM

The yachting industry, like many other travel-related industries, was initially hit hard by the COVID-19 pandemic. However, there are now signs of recovery in the area of yacht sales and charters and the Cayman Islands continues to be a key player in the vessel registration space in these unprecedented times.

There are a number of reasons for registering a vessel, including:

to prove its nationality (an essential requirement for overseas voyages);
to secure title to a movable asset for the owner of the asset; and
to allow the vessel to be used as security to obtain a marine mortgage.

Why register in the Cayman Islands?

Opting to register a vessel in the Cayman Islands has a number of advantages, including as follows.

Category 1 British Registry The Cayman Islands Shipping Registry (CISR) is a member of the Red Ensign Group with Category 1 status and is authorised to certify all sizes and types of vessel (other than fishing vessels, unless owned locally and operating in Cayman waters).

Favourable operating environment The Cayman Islands is a politically stable British overseas territory. It is an efficiently regulated international finance jurisdiction at the leading edge of global best practice.

Efficient With Category 1 status, the CISR is an effective and efficient registry which is responsive to enquiries and looks to facilitate smooth and efficient vessel registrations (and has continued to do so notwithstanding the recent challenges presented by COVID-19). Vessel and mortgage registrations can be completed within 24 hours of the provision of all required documentation to the CISR.

Experienced global team With offices in the Cayman Islands, the United Kingdom, the United States and Southeast Asia, the CISR can process registrations in various time zones promptly and efficiently.

Tax neutral Given the significant expenditure involved in the purchase and maintenance of modern vessels, the tax neutrality of the Cayman Islands minimises the tax leakage involved in any deals.

Learn more- yacht management security support

Modern maritime legislation As a jurisdiction which actively seeks new vessel registrations, the Cayman Islands has enacted maritime legislation to streamline the processes involved.

Several types of registration available The CISR offers different types of vessel registration including full, interim, under construction and demise charter registrations (also known as 'bareboat charter').

Registration process

Qualifying vessel The first step is to establish whether the vessel name is available and whether the vessel qualifies for registration with the CISR. Name availability can now be searched and name reservations made online on the CISR's website. A name can be reserved for 12 months and may be renewed.

For existing commercial vessels (merchant ships or commercial yachts), it is established whether the vessel would be accepted for registration by contacting the CISR.

For pleasure yachts in private use and not engaged in trade, minimum convention and statutory certification requirements apply. The precise requirements depend on the vessel's size. A pleasure yacht in private use (not engaged in trade) may voluntarily comply with the Large Yacht Code. In these cases, registration does not require such compliance, the vessel will be surveyed for compliance at the time of registration and if found compliant, the appropriate convention and statutory certificates will be issued accordingly.

Qualifying ownership The next step is for the CISR to satisfy itself that the owner is bona fide and qualifies to own a Cayman-flagged vessel. This involves a determination of whether:

the owner has legal title; and
any pre-existing conditions prohibit the vessel from being registered with the CISR.

The CISR accepts the following ownership structures for Cayman-flagged vessels:

individual or joint owners; and
companies and shipping entities.

Cayman companies The CISR accepts applications for vessel registration on behalf of companies or entities that are in the process of being incorporated in order to allow the registration of the owning company or entity and registration of the vessel to be progressed simultaneously.

Registration process The registration forms, supporting documentation and fees vary depending on the particular transaction being carried out. The CISR typically requires the following documentation in order to complete full registration of a vessel and issue a certificate of British registry for such a vessel:

CISR 855 and CISR 856 registration forms;
a builder's certificate if the vessel is new or a bill of sale if the vessel is an existing one;
a certificate of good standing (or its equivalent if the owning company or entity is incorporated in another qualified jurisdiction) for the owning company;
a certificate of survey;
an international tonnage certificate; and
a closed transcript or deletion certificate if the vessel was previously registered elsewhere.

Agents An owner may act in registration matters on their own behalf or appoint an authorised person to do so. If the owner (individual or body corporate) is not resident or incorporated in the Cayman Islands, a resident representative person must also be appointed to act on behalf of the owner. These appointments must be made before or at the same time as submitting the vessel registration application to the CISR.

Issue of carving and marking note Once the CISR has received all forms and supporting documentation, the IMO number (if applicable) and the relevant fees and the survey and audit requirements have been met, the CISR will:

assign an official number to the ship;
issue the owner (or their authorised or representative persons) a carving and marking note; and
assign the signal letters for the vessel's radio station call sign.

Any of these parties may then arrange for the vessel to be first permanently marked and then inspected (normally by a class surveyor) for verification with the carving and marking note. If satisfied, the surveyor will sign the carving and marking note and return it to the CISR.

The completed carving and marking note may be submitted electronically within the allotted 21 days; however, the original should be returned seven days thereafter.

Radio licensing

Radio licensing applications are handled by the Utility Regulation and Competition Office of the Cayman Islands rather than the CISR. Radio equipment operators must have a radio operator's certificate appropriate to the equipment fitted for the vessel.

Completed registration

The effect of registration with the CISR is that the port of registry for the vessel in question will be:

George Town;
the Creek; or
Bloody Bay.

In addition, a vessel registered with the CISR is a 'British ship' and is thus entitled to fly the red ensign flag and come under the protection of the British Royal Navy.

Source: International Law Office

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What we know about the Bayesian superyacht that sank

The Bayesian, which capsized in the early hours of Monday, was an award-winning yacht with the second-tallest mast in the world.

News reporter @niamhielynch

Friday 23 August 2024 12:37, UK

The Bayesian, an award-winning superyacht, sank during bad weather off the coast of Sicily in the early hours of Monday.

On Thursday, authorities confirmed divers had found the bodies of British tech tycoon Mike Lynch, Morgan Stanley International boss Jonathan Bloomer, his wife Judy, and one of Mr Lynch's lawyers Chris Morvillo, and his wife Neda.

Recaldo Thomas, the on-board chef, was the first to be confirmed dead earlier this week.

Mr Lynch's wife, Angela Bacares, was rescued along with 14 others - including Charlotte Golunski, a mother who told la Repubblica she held her one-year-old baby above the waves to save her from drowning.

Mr Lynch's 18-year-old daughter Hannah is missing, but believed to be the seventh body recovered from the wreckage on Friday.

But what do we know about the ship?

The British-flagged 56-metre ship - previously called the Salute - was built in 2008 by Italian shipyard Perini Navi, and refitted in 2020.

More on Superyacht Sinking

Rescue personnel transport what is believed to be the body of Hannah Lynch, daughter of British tech entrepreneur Mike Lynch, at the scene where a luxury yacht sank, off the coast of Porticello, near the Sicilian city of Palermo, Italy, August 23, 2024. REUTERS/Louiza Vradi

Superyacht rescue efforts impressive to observe - but this was a tragedy from the beginning

Potential manslaughter being investigated in superyacht sinking, Italian prosecutor says

Superyacht sinks: Italian authorities expected to announce manslaughter investigation

Scramble to find survivors after Bayesian yacht sinks off Sicily coast

A rescue operation is ongoing for 6 missing people, including british entrepreneur mike lynch. an american was also among the missing..

One person died and six people were missing after a luxury yacht sank Monday in Italy off the coast of Palermo, the capital of Sicily, after a sudden storm hit the area, according to Italy's coast guard.

The Bayesian, a 184-feet-long, British-registered sailboat, went down just before sunrise, capsizing its 22 passengers and killing one man, the ship's cook, t he coast guard said in a statement. On Monday, rescue teams identified the body as Antiguan citizen Ricardo Thomas.

Of the 15 passengers rescued, eight were taken to a local hospital for treatment and were in stable condition, local news reported. A 1-year-old was among those rescued.

"We are providing consular support to a number of British nationals and their families following an incident in Sicily and are in contact with the local authorities," the U.K Foreign, Commonwealth and Development Office said in a statement emailed to USA TODAY.

The people missing were American, British, and Canadian nationals.

What caused the Bayesian to sink?

The ship sank after unexpectedly strong storms recently dumped heavy rainfall, causing flooding and landslides, in parts of the country. Among those missing are British tech entrepreneur Mike Lynch, and his daughter, a person familiar with the rescue operation told Reuters.

Jonathan Bloomer, chairman of Morgan Stanley International, and Chris Morvillo, a lawyer at Clifford Chance who represented Lynch in a U.S. trial , were among the missing. The wives of both men were also unaccounted for, said Salvatore Cocina, head of civil protection in Sicily.

"The fear is that the bodies got trapped inside the vessel," he told Reuters.

The yacht was owned by Lynch's family and had 22 people on board when it sank just before sunrise. The captain of a nearby ship told Reuters his crew rescued some survivors from a life raft, including three seriously injured.

"We managed to keep the ship in position and after the storm was over, we noticed that the ship behind us was gone," Karsten Borner said. The other boat "went flat on the water, and then down," he said.

"A little baby and the wife of the owner" were rescued, while the ship's owner and a child were missing, he said.

The boat was located 160 feet under the water and divers were deployed to inspect the wreck, according to the coast guard.

The search-and-rescue operation continued on Monday morning, a Reuters live feed showed . A helicopter and four coast guard ships were at the scene on Monday morning, according to the coast guard.

Bayesian had set sail off Amalfi Coast in July

Prosecutors in a nearby town have opened an investigation into the events leading up to the ship sinking.

The Bayesian set off for Palermo from Positano, a village on Italy's southern Amalfi Coast, on July 30, according to marinetraffic.com . It last docked in the town of Milazzo, in Messina, on Wednesday, according to VesselFinder.

The ship has the tallest aluminum mast in the world, according to Perini Navi , its manufacturer. It was built in 2008.

Contributing: Reuters

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At Least 1 Dead and 6 Missing After Yacht Sinks Off Sicily

Fifteen other people were rescued. Expert divers were called in to carry out search operations in the deep water. Among the missing was a British software mogul, Mike Lynch.

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Several boats including coast guard vessels near each other at sea.

By Elisabetta Povoledo

At least one person was killed and six others, including a British software mogul, were missing on Monday after a sailing yacht carrying 22 people sank during a violent storm off the coast of Sicily, Italian officials said.

The yacht sank after a storm “with strong winds” struck around 5 a.m., according to Luciano Pischedda, the Italian Coast Guard official overseeing the rescue operations. The vessel had been anchored about a half-mile off Porticello, about 12 miles east of the Sicilian capital, Palermo.

Camper & Nicholsons, managers of the sailing yacht, said in an emailed statement that there were 12 guests and 10 crew onboard.

The authorities have yet to determine what caused the yacht to sink. “This will be ascertained later,” Mr. Pischedda said, adding that several crew members were in the hospital and had not spoken to investigators.

Among the dead and missing, four were British, two were American, and one was a man with dual citizenship from Canada and Antigua, he said.

One of those unaccounted for is Mike Lynch, a British software mogul who was acquitted in the United States in June of fraud, according to a person with knowledge of the matter who spoke on the condition of anonymity because they were not authorized to speak publicly about it.

His wife, Angela Bacares, was rescued. Mr. Lynch, who once was described as Britain’s Bill Gates, had fought for more than a decade against accusations that he had defrauded Hewlett-Packard when he sold it his company, Autonomy, for $11 billion. The legal battle represented one of the biggest fraud cases in Silicon Valley history.

Salvatore Cocina, a top official with Sicily’s civil protection agency, said that Mr. Lynch’s daughter, Hannah Lynch, was also among the six people missing. All were passengers on the yacht, the Coast Guard said.

Mr. Cocina said the body that had been recovered was that of the yacht’s cook.

A passenger ship sailing under the flag of the Netherlands, the Sir Robert Baden Powell, anchored nearby, provided immediate assistance to the 15 surviving passengers, Mr. Pischedda said.

Karsten Börner, the captain of the Sir Robert, said in a telephone interview that he’d had to steady his ship to “keep it in position” during what he described as very strong winds. During the storm, the yacht seemed to disappear, he said. “At a certain moment she was gone behind us,” he said.

After the wind dropped down, “we couldn’t see the yacht any more, and then we saw a red flare,” he added. When he and a colleague went to check out the flare’s position, they spotted a “life raft adrift with 15 people on board, one of them a baby and four people injured,” he said. They were taken aboard the Sir Robert and Captain Börner contacted the Coast Guard, which brought the survivors to shore.

Captain Börner said he didn’t know when the ship went down because the storm made it difficult to see clearly. The wind was “really violent,” he said.

For the most part, the survivors didn’t speak much he said. “They were all under shock,” he said. “It was a bad, bad situation.”

Monday’s storm surprised experts with its intensity.

Col. Attilio Di Diodato, director of the Italian Air Force’s Center for Aerospace Meteorology and Climatology, said the agency had registered intense lightning activity and strong gusts of wind in the area at the time of the accident.

“It was very intense and brief in duration,” he said of the storm. He could not rule out that it had been a waterspout, or small tornado, but nevertheless called it “an important event.”

Italy’s firefighter corps said that its divers had started carrying out a search and rescue mission at dawn.

On Monday afternoon, expert divers with the firefighter corps arrived in Porticello to search the sunken vessel, which was under about 165 feet of water.

Operations at that depth, were “complicated,” and required specialized divers, said Luca Cari, a spokesman for the firefighters.

Fabio Cefalù, a fisherman in Porticello, told the Italian newspaper La Repubblica that he saw a waterspout — a sort of mini-tornado — that lasted “about 12 minutes” off the shore of Porticello shortly before 4 a.m.

Around 4:10, he said he saw a red flare go off “about 500 meters from the shore.” He said he waited for the weather to calm down, and went out about 20 minutes later to the site where the flare had gone off.

“We found only the cushions, and a few planks” floating in the water, he told the newspaper. There was no sign of the ship, and he immediately called the coast guard.

The boat, identified by Italian officials as the Bayesian, is an Italian-made 56-meter-long sailing yacht first launched in 2008, according to the website marinetraffic.com , which tracks ships. It sails under the flag of Britain, and was built by Perini Navi, an Italian luxury yacht maker.

Eight of the 15 passengers who were rescued were taken to hospitals in Palermo, the coast guard said. Camper & Nicholsons, the managers of the yacht, said its priority was to “provide all necessary support to the rescued passengers and crew.”

Giuseppe D’Agostino, the mayor of Santa Flavia, which includes Porticello, said the survivors would be cared for at a local hotel. The city had also brought them immediate necessities, like toiletries and clothes.

He said in a telephone interview that he had not spoken to the survivors since “they’re in shock.”

The youngest passenger onboard, a 1-year-old girl named Sophie, was taken to the Di Cristina hospital in Palermo with her mother, Charlotte, who had some scrapes and cuts, said Domenico Cipolla, director of the pediatric emergency room at the hospital.

Sophie’s father was in the hospital’s adult emergency room and had been in contact with his wife and daughter by phone, Dr. Cipolla said. He was not permitted to release the family’s surname. Both mother and child were in good condition apart from “great emotional stress” he added in a telephone interview.

“We’re comforting them more than curing them,” he said.

Michael J. de la Merced contributed reporting.

Elisabetta Povoledo is a reporter based in Rome, covering Italy, the Vatican and the culture of the region. She has been a journalist for 35 years. More about Elisabetta Povoledo

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This is the Dynasty, the first megayacht to overwinter at Malaga's marina for luxury craft

The vessel is valued at an eye-watering 200 million dollars and it will be docked in the city until spring 2024, while it undergoes maintenance.

Ignacio Lillo

Monday, 16 October 2023 | Updated 17/10/2023 11:09h.

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It's name is I Dynasty and it is a 101-metre superyacht that has just anchored at the Port of Malaga and will remain there for the whole winter.

It's the first luxury vessel scheduled to spend the cooler months in the Marqués de Guadiaro basin, the reformed area in the city port for luxury craft and megayachts. The marina was designed and built several years ago to receive large vessels and provide them with the necessary services during the low season, such as high-power electrical connections.

The I Dynasty, with a crew of 30, is scheduled to remain in Malaga throughout the autumn and winter, until the spring of 2024, according to port sources.

Business opportunities

The megayacht will undergo maintenance throughout the winter, for which the concessionaire of the marina, IGY Málaga Marina, is looking for various suppliers in the province which specialise in various technical tasks.

Maintenance required may include sanding, hull painting, welding, electrical, mechanics, carpentry and plumbing. IGY Málaga Marina is creating a database of interested companies, for which they ask anyone interested to contact them directly.

The I Dynasty is a modern megayacht built in 2015 on behalf of Alijan Ibragimov, a billionaire from Kazakhstan. He is the co-founder of the multinational Eurasian Natural Resources Corporation (ENRC) and is involved in diversified natural resources such as mining, processing, energy and logistics. Its owner died in February 2021, reportedly due to Covid-19.

The vessel was built at the Kusch Yachts shipyard in Germany, with interior design by Massari Design. It can accommodate 22 guests in 11 luxury cabins; and 30 crew in another 15 cabins. Among its features, it has a 30-square-metre indoor swimming pool, which also serves as a dock for dinghies and pleasure boats.

The ship is powered by a Rolls-Royce diesel-electric propulsion system, with a top speed of 17 knots, and a cruising speed of 14 knots. It has a range of 6,500 nautical miles (about 12,000 kilometres), making it particularly suitable for journeys between the Mediterranean and the Caribbean. It is valued at around 200 million dollars, with maintenance costs estimated at 15 to 20 million dollars a year.

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Cars, Jets & Yachts

How the Spectacular Superyacht Scout is Making Waves

Named for one of her owners’ dogs, Scout is a base from which they can explore the world.

By Ellie Brade

In 2019, over 150 brand-new superyachts were delivered; one of the standout designs of the year was the 209-ft yacht Scout , built for owner James Berwind and his partner, Kevin Clark. Named for one of her owners’ beloved dogs, she is set to be a semi-permanent base from which they can explore the world — canine companions and all.

The story of Scout begins with a simple napkin. “We started with a sketch on a napkin before interviewing any designers,” say Berwind and Clark. “Our wish list was to have a capable, comfortable explorer to travel the world, and we got a long-range ice-classed yacht with ample crew and guest areas, advanced systems for fuel efficiency, telecommunications and responsible waste management.” From the moment of that very first sketch, the couple was extremely hands on throughout every stage of the build, resulting in an incredibly personal yacht. “During the build we were involved 110%, in every aspect of the project,” they say.

Once they’d developed an initial concept for the yacht, a range of designers were approached, with UK-based H2 Yacht Design eventually being commissioned for both the exterior and interior design. “Jonny Horsfield was a fantastic collaborator; he and his team executed our vision impeccably,” say Berwind and Clark. The decision was made to build at Hakvoort Shipyard in the Netherlands; Scout is now the biggest yacht that the 100-year-old yard has built to date.

Scout ’s fun detailing and a quirky design approach, paired with a contemporary and practical layout, make the yacht eminently usable while still bursting with personality. “ Scout ’s design was influenced by Fritz Lang’s Metropolis , the interiors of Jules Verne’s Nautilus submarine, every James Bond villain’s lair, with a touch of Looney Tunes ,” say Berwind and Clark. “Everything about the interior focuses on the outside views with abundant windows and sliding glass walls.”

[See also: Yersin: The Eco Superyacht for Sustainable Explorers]

Her distinct exterior design pairs hardy explorer capabilities, striking lines and a hint of trawler influence. While this sounds slightly odd on paper, in real life it works in a stunning way. This is a yacht with her own style — inside and out — that turns heads wherever she goes. Distinctive design elements include a high freeboard, exposed tenders in the bow with cut-down bulwarks and integrated forward-sloping windows.

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Her gray hull and white superstructure are complemented by playful pops of yellow. “She is a very unique vessel that really captures the owners’ passion for being on the water and their fun outlook on yachting,” says Captain Kynan McDonald. “It’s been an exciting project to be a part of.”

On board the yacht, in addition to her owners, Scout is able to welcome up to eight guests in four cabins, each with its own nautical-inspired theme. The main deck is a focal guest space, with a beautiful main saloon that includes an LCD ceiling that mirrors the outside scenes. Complementing the main saloon is a large winter garden — a social hub that is perfect for year-round use, thanks to frameless glass panels that provide shelter when needed and retract when not in use, plus full air conditioning.

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The winter garden space features a cocktail bar for sharing fresh beverages and a dining table for 14; it’s no surprise that this is a favorite spot for hosting. Aft of the winter garden is an intimate C-shaped fire pit that’s ideal for gathering around as the sun sets, with atmospheric flames flickering in front of the horizon.

A beautiful private owner’s apartment is accessed via a library studded with nautical-themed artifacts. The apartment is a stylish retreat with multiple spaces including an observation lounge forward — this characterful space includes a hidden bar area within a globe structure, seating around stone-topped tables inset with constellations and a carbon fiber squid sculpture by British artist Alistair Gibson hanging from the ceiling. The owners’ full-beam bedroom suite has two large bathrooms, walk-in closets and frosted full-length windows to port and starboard.

The master suite leads out to what the owners affectionately call “Puppy Park,” a custom-designed garden area for their two dogs, Scout and Brio, to enjoy. With their pets set to be on board for long stretches of time, it was very important to design the boat with this specialist usage in mind. “The dogs have their own ‘yard,’ all materials on board are pet-friendly, and all access points, such as the gates, scuppers and door sensors, are ‘puppy proofed,’” say Berwind and Clark. This passion for animals also extended to the construction of the yacht itself. “As animal rights activists, we used no animal-based materials — no fur, no hide, no bone, etc. — on board.”

Above the main deck, the bridge deck is home to the modern bridge, which has sophisticated operating systems and comfortable seating for those wanting to watch the captain at work. This deck also features another very personal space — dubbed the ‘greenhouse’ — which has been designed around the owners’ passion for gardening, and includes its own potting shed, sink and gardening equipment.

Outdoors, a favorite spot has proved to be the vast, multipurpose sundeck. “We live up there with our guests and dogs, and we also love the open fore to aft space,” say Berwind and Clark. The sundeck is an impressive open space, even by superyacht standards, with features including an inviting Jacuzzi and sweeping views across the ocean.

[See also: How Much Does a Yacht Cost to Build?]

[See also: Top 10 Explorer Yachts in the World]

A helipad on the foredeck allows guests to arrive and depart in style by chopper, while an impressive crane ensures easy deployment of the vessel’s two 26-ft tenders. A packed lineup of toys and water equipment ensures that Scout ’s guests can enjoy their ocean playground no matter where they cruise. The yacht’s custom limousine tender, built by Cockwells, has been finished in the same color scheme as Scout and can carry up to 10 guests while reaching a thrilling top speed of 37 knots.

While the average superyacht is used for just six weeks a year, Scout will buck the trend, with her owners hoping to spend up to seven months of the year on board: It will be a true home away from home. “We plan to use Scout as our primary home for the next several years and hope to travel extensively wherever, whenever, with safety as a primary concern,” say Berwind and Clark.

“Bucket list locations include the British Isles, the Far East and Hawaii .” With her ice-classed hull, very little of the world will be off limits, and there is no doubt that her owners are set to enjoy cruising on board just as much as they enjoyed the build process. Scout truly embodies the endless possibilities of custom yacht building where, if you can dream it, it can be made a reality.

Images: Jeff Brown — Breed Media

[See also: The Best Luxury Yacht Builders in the World]

Ellie Brade

Latest in luxury, the explorer.

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The 98.4m superyacht Aviva was built for British businessman Joe Lewis who owns Tottenham Hotspur Football Club

Aviva: Inside the 98.4m Abeking & Rasmussen flagship yacht

The owner of Aviva challenged his design team to build a yacht around a padel tennis court — and 98m, 4,966GT and a mere three years later, she was launched.

She’s big — let’s get that out of the way. At 98.4 metres, Aviva became the 46th longest yacht in the world when she was delivered by Abeking & Rasmussen in 2017, and there are very few boats of her length that can match her for volume.

Her 17.24 metre beam is so generous that the designers pulled in the bridge deck superstructure to add side decks — improving crew circulation and refining the profile — because “we just didn’t need that much beam”.

They were right: spaces on board are magnificently expansive, from guest suites the size of the master suite on a 50 metre to an owner’s wardrobe that is, designer Andrew Langton notes quite seriously, “bigger than my house in France”. The fact that scale sits fairly low down on the list of Aviva ’s extraordinary features speaks to the imagination and belief-beggaring ambition of this project.

Aviva is the third yacht of her name delivered to owner Joe Lewis, British businessman and major shareholder in Tottenham Hotspur Football Club. The first, a 62 metre Winch design, was built at Feadship in the Netherlands; the second, a 68 metre Reymond Langton design , at Abeking & Rasmussen on the banks of the Weser river in Lemwerder, near Bremen.

For his grandest project yet Lewis returned to Abeking. “They were, surprisingly, much less conservative than other people. Maybe it’s because of the military stuff they do,” says Toby Silverton, head of design on the project, working with Reymond Langton, and who was also involved in Lewis’s two previous projects.

The yard’s biggest project had been 82.48 metre Secret and to take on Aviva it extended its build shed to accommodate yachts of up to 125 metres — a bold move into a larger size category. And its courage didn’t end there.

“Build a big yacht around a padel tennis court was the main brief, I guess,” says the yard’s project manager Andreas Hering, with admirable understatement. “In three years.”

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A project of this size might easily take five years, even if the yard already had a shed big enough for the purpose. And this was a highly unusual project. Design was accelerated too: the complex interior was penned in six months, when they would have liked a year; and the exterior in just one month, when it might more comfortably have taken six.

Knowing that makes Aviva ’s elegant profile even more impressive. “There was a lot of work to [visually] break up the mass, using facets,” says Langton. “We also tried to keep the lines long, so the sheer line is very long and jumps up forward with a clean line.”

They also minimised the details that act as size references, to disguise the scale. Rub rails are eliminated, stanchions replaced with glass, crew quarters windows are grouped to create long lines of glazing and even the anchor pocket has been elongated and disguised, lest a little square of gleaming stainless gives the game away.

Some upright elements of the silver superstructure were also picked out in a darker shade. “They disappear a bit, which makes the slope of the boat more raked,” says Langton.

The long bow adds to the effect, but the aesthetic is the beneficiary of a practical decision: this boat will roam far and the long covered bow makes it likely to survive the kind of rogue waves that have battered a few cruise ships over the years.

“I talked to the captain of the QE2 who went through a wave, and what happens is all the wheelhouse windows smash, they had four foot of water, you then lose all your instruments and they had no ability to control the boat, communicate or navigate,” says Silverton.

To strengthen Aviva he added extra watertight doors and armoured the two forward VIP cabins and superyacht wheelhouse so that they could be sealed off to save the boat. “You can lose everything on the bridge and you can still navigate and control the boat from the engine room,” he says.

Apart from safety, the main aim of the naval architecture was stability. Before the build of Lewis’s second Aviva , Silverton had been frustrated by a lack of data on how rolling motion affects passengers, so he put 36 people in a motion simulator for three days.

“There’s two things: one is the period of roll and the second is the way it rolls,” he says. “The typical roll period of the 62 metre would be around 7.5-7.8 seconds, one of two roll periods people were particularly upset by. And we found that if it was a soft stop and then a soft movement away again, people were much more tolerant of it.”

The design of the second boat addressed those concerns and the new Aviva ’s hull — patent pending — is an evolution of that. It has a nipped in “waist” which bulges back out below the waterline. This both slows and softens the roll. Her near-vertical bow and narrow sailing boat-like stern (which helps reduce pitching) also aid efficiency.

So much so that they were able to go down two engine sizes from the original spec (she has two MTU 16V4000 M73Ls, which put out 2,880kW each) and still hit 20.3 knots in sea trials. Silverton notes that she runs most comfortably at a zippy 16.5 knots, despite an official cruising speed of 14 knots.

Supplementary electric motors offer smooth manoeuvring and silent 11 knot running at night, while extra solidity comes from MAGLift stabilisers aft and one pair of fin stabilisers forward.

But it is the padel tennis court that lies literally and metaphorically at the heart of this project. This high intensity squash-tennis hybrid is a daily routine for Lewis and his explorations with his previous yachts had been limited to destinations with courts.

“The original idea I had was to put it on the aft end main deck and have folding panels and sliding walls,” says Langton. “It never even entered my head to put it inside, because it’s so big.”

Not only would putting the court at the back have made for a profile that Langton likens to a pick-up truck, but Silverton notes that the court would not have been playable at main-deck level. “You’re way above the roll centre, so it’s moving sideways – humans can’t cope with sideways movement of the ground,” says Silverton. “So we looked at putting it as low down as possible.”

Achieving such a large area in that position was an engineering feat but the results are spectacular. Its dimensions short-circuit spatial understanding — it seems impossible that this towering 6.65 metre tall space could be accommodated in Aviva ’s profile.

But it is, and it functions beautifully. “We’re running along at 19 knots, white horses everywhere, and they’re downstairs playing padel having no idea that there’s any sea at all,” says Silverton.

This sort of intelligent ambition has transformed every space on board into something special. “The owner has been in many businesses – hospitality, hotels – so he really understands how spaces work,” says Silverton.

Apart from strategically placed pantries and concealed crew entrances, there are three massive dumb waiters, a lower deck entrance for loading supplies, a dedicated crew galley and much more. The final GA was version 57.

On the more glamorous side of this equation, the upper saloon is a highly functional family room that’s comfortable, bright and airy. The sofas are extra squashy, and there’s a games table as well as a sculptural Bogányi piano.

The head height is 2.6 metres and nine metres of openable full-height windows run along each side of the room – with balconies. Rather than the usual glass, doors to the aft deck are leather clad, making the room feel more private. In fine weather, with those doors open, glass panels slide out to surround the aft deck dining area, creating one long, protected inside/outside space.

Designing such a huge area without pillars for support was a challenge and the corners are, says Hering, packed with extra structure. “Also, in the ceiling, all the girders are very thick because the unsupported length is just enormous.”

In contrast to this space, the main saloon below is a glamorous introduction to Aviva , up the sweeping superyacht staircase from the swim platform and inside to take in starry pieces from the owner’s art collection from a round of sunken seating. Adding a dash of intrigue there’s a secret cinema forward of the space, behind a hidden door.

The master suite is in the nose of the main deck rather than higher up, for extra stability. It stretches from a full-beam cabin to a massive bathroom centred with a monolithic Corian bathtub (there’s a spa just aft of the cabin for even more serious pampering), to a wardrobe-cum-dressing room of spectacular scale and glamour, inspired by Chanel boutiques.

But while some spaces are grand in scale, others are decidedly intimate. Rather than a dining saloon, there are two art-filled “bistros” on board for cosy meals, and many other small dining areas elsewhere. The owner’s bridge deck office is also modestly proportioned, with a conference room next door for larger meetings.

In terms of interior style, the owner’s brief was for something revolutionary. “He didn’t want anything to be symmetrical, it had to be curvy or organic,” says Langton. “He wanted it to be very different. No wood, nothing traditional.”

From the furniture and fittings to walls and overheads, there is barely a straight line on this boat. That was no mean feat for Abeking & Rasmussen’s outfitter Rodiek, which, as well as building most of the yacht’s bespoke furniture in organic forms, produced undulating wall panels from high density CNC-milled foam. “Five or ten years ago this was only used to do models or moulds for the car industry. It is very expensive,” says Langton.

It is, however, perfect for creating curves. “For this boat we decided to use a lot of new materials, even for the base materials, because of the big curved ceiling spaces,” says Hilmar Westermeyer, COO of Rodiek, who had to buy a new CNC milling machine for the project. Rodiek works only for Abeking & Rasmussen (and vice versa) in a symbiotic relationship.

In terms of the interior styling, the ethos was love it or lose it — at least visually. “This door disappears when it is closed and becomes part of the wall,” says Langton in one of the forward VIPs, swinging it to the latch, where its undulations perfectly meet those on the wall. “You either make a door a feature, make it beautiful, or you make it disappear.” The same goes for handles: those on wardrobes are invisible, but ones used on cabin doors are gnarled and textural, incorporated into a cracked bronze plate “like desert clay”.

“Because we’ve not used any wood, basically the whole interior is a mixture of leather and lacquer, it’s really almost tailored.” Take the artfully stitched cream leather of window frames, or the iridescent shot silk that runs down the broad main deck corridor, printed with a bespoke cartographical motif.

A neutral palette is enriched with precious materials: sunset-toned onyx, vanilla marble, shagreen, shimmering leathers. There are glossy panels dripping with resin and acrylic by Alex Turco in the lobby, and panels of velvet mottled with gold, by Sabina Fay Braxton, above guest beds. Staircases are works of art; one with floating treads like turbine blades, another a leather and glass form that spirals up from the floor.

This interior — where, as Langton puts it, almost every surface has “richness and form” – melts into the deck spaces via visual tricks: organic patterns in the Esthec decking that continue in the interior carpets; or the bar that is half in the main saloon and half on the aft deck, a mirror image joining the two spaces.

The superyacht sundeck is the exterior equivalent of the upper saloon — a comfortable family lounge. This massive space, with sunshine yellow upholstery, runs from a shaded central area for dining, with a projector for movie nights, to an aft sunbathing area with sunpads (with a wedge shape to sit as well as lie) and another forward around a spa pool, set low against a glass windbreak for spectacular views.

This forward end is a cosy space like so many on board. It’s that understanding of usable, enjoyable spaces, of human scale, human comfort and passions that makes Aviva a truly grand design. Those 98 metres just help pack it all on board.

First published in the April 2018 edition of BOAT International. Get this magazine sent straight to your door, or subscribe and never miss an issue.

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Where to Register Your Yacht Offshore: the Ultimate Guide

Dateline: Belgrade, Serbia

For the person who has successfully opened an offshore bank account , got a second passport and is living the lifestyle of their dreams traveling the world, the time has come to move on to the next level of flag theory. This new level is one where the focus shifts from acquisitions that are largely for diversification purposes toward purchases meant purely to improve your lifestyle – like boating.

For many who reach this stage, the next step is to combine travel and leisure by investing in the purchase of a yacht.

Unlike buying a new car – or even a house – buying a yacht is an investment of an international nature, and deciding upon the best country for yacht registration is a decision for which you need professional advice so you do not expose your assets to unnecessary taxes and liabilities. If you go into the process uneducated, your exciting new purchase might just become nothing more than a hole in the water into which you pour unnecessary amounts of money.

As with other international strategies, the country in which you register your yacht can have an enormous effect on the amount of money you will be able to save, as well as your freedom of travel. Some countries keep you from freely traveling to other jurisdictions, others charge high tax percentages or registration fees, and others do none of those things.

Choose Your Flag Wisely

When buying a yacht, the choice of yacht flags is one of the most important decisions you have to make because it can have a direct effect on your privacy, taxes, and your exposure to liability. Just as you would create a corporate structure to protect your other assets, you should do the same when it comes to yacht registration.

For this reason, many boat owners opt to register their yacht in places like the Cayman Islands to avoid the onerous taxes and regulations of the United States and other western governments. Panama , with its favorable registration policies, is the largest ship registry in the world with over 9,000 ships flying its flag.

However, it’s also very important to do your due diligence in selecting a country for yacht registration by working with a professional. Once your vessel is registered in a country, all of the country’s laws will apply to your boat. Many countries that have attractive tax structures have other issues that you’ll want to avoid, such as laws that require you to hire a crew completely composed of nationals from that country.

You will also want to register your yacht in a country that is well respected by the US and the EU. If you choose a country with a bad reputation, it can limit where you are allowed to travel, or at the very least, make you subject to more detentions and inspections.

The flag state has the responsibility to enforce regulations over vessels registered under its flag, so yacht registration under countries on the Paris Memorandum of Understanding (Paris MoU) on Port State Control’s black or gray list will come under more scrutiny in inspections. Because of this, a large majority of yachts are flagged in British Overseas Territories, known as the ‘Red Ensign Group’ — including Bermuda, Gibraltar and the Isle of Man.

These countries have acceptable safety regulations for travel in EU countries, while also having more attractive tax structures than the UK. In fact, company tax is set at 0% in the Channel Islands , the Isle of Man, the Cayman Islands, and Bermuda .

This is particularly useful for those who wish to spend time in European Union waters, as vessels owned or used by EU residents are subject to the EU’s Value Added Tax (VAT). Private yacht registration with a non-EU flag allows an owner to operate under a “temporary importation structure” which allows for 18 months free of these taxes or customs duties. After the 18 months are over, the boat owner can re-apply for this status.

Bearing this in mind, let’s take a look at some of my favorite countries for yacht registration.

1.The Cayman Islands

The Cayman Islands Shipping Registry is a favorite among people who own both pleasure and commercial yachts worldwide. This ship registry has been at the Port of George Town, Cayman Islands since 1903. There are two other ports in the Cayman Islands as well: The Creek in Canyon Brac and Bloody Bay in Little Cayman.

The Merchant Shipping Law, which was revised in 2016, is the governing legislation for all boats registered in the Cayman Islands. The law offers many different types of yacht registration, including full registration, interim registration, provisional registration, a ship under construction registration, and demise charter/bareboat registration. An owner who is having a vessel built might find this convenient so he or she can register it as a boat under construction and then change to full yacht registration later.

As I mentioned above, the Cayman Islands is a part of the Red Ensign Group. This means that getting your yacht registration in the Cayman Islands flags your vessels as a British Ship, granting it protection by the British Royal Navy.

Because time is crucial for so many people, the Cayman Islands Ship Registry (CISR) can also expedite the registration process for those who need to be registered immediately if they pay their expedition fee. In addition, the CISR has representative offices in Fort Lauderdale, London, Cannes, Athens, Tokyo, and Singapore where you can have ship registry certificates issued immediately if needed.

Yachts that are registered with the Cayman Islands as pleasure yachts and are not engaged in trade are granted a License to Cruise the water of the United States which will allow them to enter, depart, and cruise within U.S. waters. These vessels will only need to report to U.S. customs when entering the country or changing customs districts.

Assuming you meet all of the required qualifications, there are no restrictions or rules concerning the nationality of the master or the crew of your ship. In addition to the Cayman Islands being a tax neutral environment, the jurisdiction provides vessel owners with banking facilities and directorship services.

Overall, vessels registered in the Cayman Islands benefit from all the privileges of the British flag, while simultaneously having the tax-free and confidentiality perks of the Cayman Islands.

2. The Netherlands

Many people consider Holland to be an ideal location for yacht registration because the country is flexible and straightforward, whereas most other European countries follow stricter rules and regulations. The registration process is fast compared to that of other countries and requirements are minimal.

To register under the Dutch flag, the process is easiest if you are either an EU citizen, Swiss, Norwegian, or own a company registered in the EU.

One of the main advantages of the Netherlands is that you can be registered under the Dutch flag in as little as three days. That is why Holland is typically preferred over countries like Italy, France, and Spain where there is a longboat registration process in addition to high registration fees. A lot of yacht owners solve this problem by registering under the Dutch flag. Taxes and registration requirements in the Netherlands are minimal, allowing the whole process to be completed in three days, assuming you meet the necessary criteria.

Boat owners do not have to be of Dutch nationality, nor do they have to have a residence in the country. The only documents you must have are an ID card or passport and you must provide proof of ownership of your boat. Because so little documentation is needed, renewing your yacht registration is also a fairly simple process.

The process is easiest, however, for people who are Dutch, Swiss, Norwegian or have a company based in the EU. If you are not Dutch, Swiss, or Norwegian, and if you do not have a company registered in the EU, you can still register by paying a fee to have a United Kingdom Ltd. set up in your name.

The Ltd. will cost you 349 EUR upfront and 249 EUR every year after that. Once the Ltd. is set up, you’ll receive your registration within three to five days. The documentation needed is still the same. It only costs about 299 EUR for yacht registration in Holland if you are an EU citizen. It costs 648 EUR for non-EU citizens and your registration license can be delivered overnight anywhere in the world. Those prices include everything from the taxes to the mandatory Dutch address and all the costs for shipping and consultation.

There is also no requirement to have your boat inspected, making the vessel documentation process even simpler.

Types of yacht registration under the Dutch flag:

1. Light registration

Light yacht registration is for people who want fast and easy registration for navigating EU waters. With light registration, you can only sail European Union waters and the length of your yacht may not exceed 24m.

2. Global registration

Global yacht registration is for yachts that will navigate outside of European Union waters, sail worldwide, or be engaged in commercial chartering. People with Global registration can sail worldwide. Global registration is also available to Swiss or Norwegian persons regardless of whether or not they have a company in the EU.

3. The Marshall Islands

The Marshall Islands ship registry was formed in 1988. In 2001, it was expanded to allow those with commercial and private yachts to register as well, which has made the Marshall Islands a popular place to register over the last sixteen years.

The jurisdiction has also gained a lot of recognition over the years by having regional offices in major maritime cities around the world, allowing them to provide same day service to anyone, regardless of the location or time zone in which they reside.

The Marshall Islands Registry is the third-largest in the world and you can register under a one or three-year program.

You must be a Marshall Islands citizen, national, or qualified foreign maritime entity to register in the Marshall Islands. The terms “citizen” and “national” refer to Marshall Islands corporations, limited liability companies, partnerships, and associations of individuals. (You can easily complete the process to have a Marshall Islands company registered in your name so you can register your ship there.)

Assuming you complete all the necessary documents and meet all requirements, you can have your ship registered within 24 hours; you can also register your yacht as a ‘ship under construction’ if needed. You can obtain a U.S. cruising permit as a boat registered in the Marshall Islands and commercially compliant yachts can charter in Europe. In other words, you are not confined to the waters of the Marshall Islands alone, which is convenient for those who want to see more of the world.

As long as you meet proper flag requirements, yachts measuring 18m or longer that weigh less than 500 gross tons can be chartered out for up to 84 days as a private yacht limited charter (PYLC).

In addition to being white-listed under Paris and Tokyo’s MoUs, the Marshall Islands also meets the flag criteria for a low-risk ship under the Paris New Inspection Regime. Additionally, the Marshall Islands has been a part of the U.S. Coast Guard’s Qualship 21 roster for 11 consecutive years.

The Marshall Islands Registry is low tax and respected worldwide; the country is a presidential republic in free association with the United States and enjoys similar benefits to its British Overseas Territory counterparts making it a great jurisdiction for yacht registration.

Cyprus is the third largest island in the Mediterranean after Sicily and Sardinia. The country’s ship registry ranks 10th in the world with a gross tonnage of over 21 million pounds.

A ship can be registered in Cyprus if more than 50% of the shares of the registering company are owned by a Cypriot or if your company is registered in the Republic of Cyprus. An offshore company can also be registered in Cyprus if the company’s control is in the hands of Cypriots.

The Republic of Cyprus can easily register your company under their flag so you can register your yacht there. The costs of yacht registration and management are the lowest in Europe , making the jurisdiction an ideal, convenient place for many owners to register their ship.

There are many tax benefits that come with yacht registration under the Cyprus flag. An owner whose ship is registered in Cyprus is fully exempt from income taxes from operations in international waters. Additionally, no tax is payable for the wages of the crew that operates in international waters. No tax is payable on any dividend received from a shipping company in Cyprus.

Cyprus has maritime offices around the world, allowing them to work with anyone anywhere at any time. Some of their main offices are located in New York, London, Rotterdam, Piraeus, Brussels, and Hamburg. Upon registering in one of these offices, you will have the benefits of flying an EU flag, which is respected worldwide. According to the EU registry, “Sailing under EU flags demonstrates strength and represents a strong reputation.”

Like some of the other countries I have mentioned, Cyprus has been white-listed among the Paris and Tokyo MoUs, meaning it is a high-quality flag with low risk compared to many other countries who have been gray or black-listed.

It should also be noted that Cyprus is excluded from the “list of targeted flag states,” which is kept by the U.S. Coast Guard. Cyprus’s absence from the list means that inspections of the yacht with a Cypriot flag are kept to a minimum and they will experience no unnecessary delays when entering and leaving ports.

Types of yacht registration:

Cyprus offers three types of registration, including provisional registration, permanent registration, and parallel (bareboat) registration.

1. Provisional remains in effect for 6 months; after expiration, it can only be renewed once more for 3 more months.

2. Permanent Yacht Registration goes into effect 6 to 9 months from the date your yacht was provisionally registered.

3. For Parallel / Bareboat Registration your ship must hoist the Cyprus flag and “Limassol” must be marked as your port of registry. Parallel-in lasts for two years and is renewable. For parallel-out registration, your ship must hoist the foreign flag rather than the Cyprus flag and your port of registry must be the port of the foreign country. Parallel-out lasts for three years and is also renewable.

Liberia is the oldest democracy in Africa and one of the first offshore, zero tax jurisdictions. The Liberian ship registry is a favorite among owners of large vessels; the country has the second-largest registry in the world and makes up 12% of registered ships worldwide.

One of the perks of The Liberian Yacht Registration is that it is open to any ship-owner in the world and there are absolutely no restrictions on the nationality of your crew or country of construction. This makes Liberia appealing to many ship-owners who either cannot register somewhere because of their nationality or can only register by paying an additional fee.

Liberia has been white-listed on the Paris and Tokyo MoUs and has also been approved by the International Maritime Organization AND the U.S. Coast Guard. This, combined with the country’s other features, means that the Liberian Registry is known as “the world’s largest quality registry, renowned for excellence, efficiency, safety and innovative service”.

The following types of vessels can be registered in Liberia:

Vessels under construction, new buildings, vessels being transferred from other flags, offshore vessels, vessels in lay-up, and vessels involved in international, coastal, or domestic trading. You may also have a dual flag if your ship is bareboat registered.

The Liberian Registry is owned and operated by the United States. Additionally, service is available 24 hours a day, 7 days a week, making things very convenient for those wishing to do yacht registration under the Liberian flag. There are over 400 nautical inspectors, so there is always someone available to attend to vessels.

Vessels registered in Liberia are taxed with a fixed fee, which depends on the tonnage of your ship. The tax is applied yearly, so there should be no surprises. However, t here are no taxes on operations and your profits are not assessed.

The Liberian flag is accepted in many EU countries — the United Kingdom, Germany, and Holland are only a few countries in the European Union that accept the Liberian flag. In addition, Liberia is highly rated for safety and accident prevention, which makes this country even more attractive for your yacht registration.

Liberia is recognized every year for having high standards. The country has an above-average performance in safety and accident prevention as well as in independent statistical reports. Liberia also has a network of 100 security inspectors to inspect ships when necessary; this is something that was implemented post-9/11.

According to information provided by the Liberian Registry website, “The “Maritime Services Award” is for exceptional achievement or contribution to any service sector of the America’s maritime industry by a company, individual, or organization. According to Lloyd’s List criteria for this award, “The winner must be able to demonstrate how they have set themselves apart, going above and beyond best practice to offer the shipping industry something exceptional.”

The Maltese ship registry is the largest in Europe and one of the largest in the world; it is one of the most popular countries in the world for pleasure yacht registration. The country has EU compliant legislation, clear laws relating to yacht mortgages, low registration costs and is well respected across the globe.

Malta became a member of the European Union in 2004, so yacht registration here comes with the perks of sailing an EU flag, including protection by the British Royal Navy. Like the other countries I’ve mentioned, Malta has been white-listed, providing ship-owners with a sense of security when you go through the yacht registration process under the Maltese flag.

If you’re an EU, EEA, or Swiss national, you can hold your vessel in your personal capacity. However, if you’re a non-EU/EEA/Swiss citizen you must hold your yacht through a Maltese or foreign company.

When it comes to taxes, it is important to note that companies operating commercial yachts out of Malta are exempt from income tax on any income generated by the operation of their yachts. They are also exempt from any VAT tax on the high seas. What sets Malta apart from many other countries besides tax policy is that there are no restrictions on the nationality of the master, officers, or crew of your ship.

Another perk that Malta shares with Liberia is that there is round-the-clock service, so you can feel safe and secure registering in the country. And, as long as you meet all flag requirements, any type of vessel can be registered — that means pleasure yachts, oil rigs, vessels under construction, and anything in between.

W hen it comes to the age or trading, boats between 10 and 15 years must pass inspection by an authorized inspector within one month of provisional registration and ships over 15 years old must pass inspection before being provisionally registered.

7. The British Virgin Islands

yacht-registration-british-virgin-islands

The British Virgin Islands is the latest country to join the Red Ensign Group (2014). Now, the British Virgin Islands can register any type of ship and any size. Not only that, yacht registration under the BVI flag grants access to all the ports in the world. There are restrictions with almost all other registries when it comes to this, so the fact that a BVI flag gives you access anywhere sets the country far apart from the rest.

Another advantage that makes the jurisdiction one of the most attractive is that the British Virgin Islands is tax neutral. The islands are outside the scope of the EU value added tax (VAT) laws, meaning that there is no sales tax when purchasing goods or services.

As is the case with the Cayman Islands and Malta, the Red Ensign Group flag grants protection by the British Royal Navy to those vessels registered under the British Virgin Islands flag. Similar to the other countries listed, you can register under the BVI flag even if you are not a citizen and even if you do not own a company there; you will need to register a company in the BVI to do so, but this can be completed in a matter of hours.

When it comes to the registration process, it usually takes two to six months, meaning that it is not as short as some of the other countries, but it’s still not too terribly long.

As I have mentioned in previous articles, the British Virgin Islands has one of the most stable governments and economies in the world, which makes ship owners who register there feel very safe and secure when compared to other countries who have more enemies or corruption within the government.

Panama is not only a popular place when it comes to offshore banking or getting a second passport, it also holds the largest ship registry in the world, having over 9,000 ships registered under the country’s flag.

Most countries require a minimum amount of weight, but Panama does not. The only exception to this rule is if your ship is older than 20 years, requiring that the ship is inspected in order to be registered.

There is usually some downtime when someone transfers their ship from one flag to another, but that is not the case when you are transferring to Panama. Panama has a very simple transferring process; for example, numerous other countries make you dry dock for inspection and Panama does not. Because their process is so easy, it eliminates the concern that ship and business owners have concerning downtime.

The good news for all the shipping companies, ship owners, and merchant shipping companies is that you can have dual ship registry in Panama, but if you were registered in the other country first, you must have consent from that country to register in Panama, too.

Instead of taking your ship’s size or tonnage into consideration, Panama charges a flat yacht registration fee to keep things simple. If you are not a Panamanian or an owner of a Panamanian business, you’ll pay a flat fee of $1,500 to register your yacht. If you are Panamanian, it costs $1,000 to register your yacht. Once you are registered, you will have access to Panama’s round-the-clock service.

Additionally, once you are assigned provisional yacht registration, you have six months to provide the proper vessel documentation to transfer your provisional yacht registration to permanent registration. Your yacht registration certificate is valid for two years and renewal costs are low.

Many countries require yacht owners to pay taxes when they register their ship, but Panama does not. There are also no taxes on profit that is made through international trade. You do not have to pay taxes on wages for your crew members either. The main reason people choose to register in Panama is this lack of taxes. When registering in Panama, people are legally reducing tax costs and that would not be the case if they were to register in many other jurisdictions.

There is no one best ship registry in the world, but there are many you can choose from to keep your investment safe. Finding the right one for you will depend on what you value when it comes to naval protection, taxes, privacy, and ease of travel.

If you have already registered your vessel, where did you choose to go for your yacht registration and would you recommend it to others? Feel free to comment below.

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Basics a Buyer Should Know Regarding Yacht Registration

by Danielle Butler, Luxury Law Group

(Reprinted with permission from IYBA. Originally published in Compass Magazine , 2019)

The single most important decision a Buyer must make before closing on a yacht is where the yacht will be registered, as the Buyer should understand the benefits and drawbacks of each registry before making this decision. Presently, the most well-known yacht registrations are United States, Marshall Islands, Cayman Islands, St. Vincent and the Grenadines and the British Virgin Islands.

Let’s start with the “grand old flag” of the United States. Concerning documenting in the U.S. with the National Vessel Documentation Center (“NVDC”), the advantages of flying a U.S. flag are as follows: 1. There is an affordable documentation fee. 2. The renewal each year is free, as long as you renew within 30 days of the expiration date. 3. The yacht ownership may be via an individual, a partnership or a company. 4. Lenders may record mortgages or debt on the yachts abstract, meaning that, anyone will have access to this information. 5. Duplicative names are allowed. 6. The Certificate of Documentation (“COD”) notes all important yacht information and is internationally recognized. 7. Yachts can proudly fly the U.S. flag.

The disadvantages to documenting in U.S. are as follows: 1. The U.S. Coast Guard reports all newly documented yachts at the end of each month to each State’s Department of Revenue. 2. In most cases, the owner must be a U.S. citizen. 3. Depending on the State in which the company is formed, almost all U.S. companies are now required to list directors, officers, and sometimes shareholders, to the State in which the company was formed, diminishing the confidentiality. 4. Only U.S.-built yachts may charter in the U.S., unless the yacht owner has obtained a MARAD waiver to overcome this requirement. 5. For the most part, when chartering the yacht’s crew must be U.S. citizens. 6. Anyone can easily record a debt against the yacht with little or no verification necessary. 7. The COD is only valid for one year and must be renewed yearly. 8. The NVDC is usually always behind, so obtaining the COD takes, on average, two months.

Let’s turn to the good, the bad and the ugly regarding registering with the State of Florida. The advantages of registering in Florida are as follows: 1. Any person or company, domestic or international, can register a yacht in Florida. 2. There is an affordable registration fee after paying the sales tax and quick turn-around time to receive the registration. 3. Assuming all Federal issues are met, yachts registered in Florida may also charter in Florida without concern of taxation on the charter. 4. If the sales tax was paid, then the owner may list the yacht for sale without needing to give care, custody and control over to a licensed Florida Yacht Broker.

Concerning registering in Florida, the disadvantages are as follows: 1. If not documented with USCG, then Owner must display Florida numbers on the bow of the boat. 2. If the yacht is not also documented with the U.S., then the yacht may not be a U.S. flagged boat, as the nationality of the yacht is the same as the nationality of its owners. 3. Regardless of being registered in Florida, if the yacht is flying a foreign flag, then the yacht is still subjected to U.S. Customs regulations. 4. If the yacht is only registered in Florida, then it is not recommended for use outside of the U.S., except perhaps the Bahamas. 5. Although a mortgage can be recorded on the Florida Title, the mortgage is only considered a lien and does not afford the protections of a recorded mortgage.

Now, how does this all compare with registering with a foreign jurisdiction? Listed below are the advantages of foreign registration: 1. In most of the foreign jurisdictions common to yachting, any citizenship of that jurisdiction is not a requirement to form a company in that jurisdiction. 2. Most foreign jurisdictions provide better anonymity and asset protection. 3. Crew nationality is not an issue. 4. It is more difficult to record a maritime lien with foreign jurisdictions. 5. Foreign registered yachts may still opt to pay Florida sales tax and register in Florida. 6. There are more options for chartering, particularly in the Mediterranean.

The disadvantages to foreign registration are as follows: 1. It is more costly to obtain and maintain than documenting in the U.S. and/or registering with Florida. 2. In most jurisdictions, only one name can be used on a yacht per hailing port. 3. When cruising within the U.S., the yacht must either clear in and out of each Custom’s port or obtain a Cruising License which must be renewed each year. 4. When cruising within the U.S. even with a Cruising License, the yacht must call and report into each USCG district she enters.

The pros and cons listed above are not an exhaustive list; only a snapshot of what a Buyer must consider when selecting a registration for the yacht. Choosing a registration jurisdiction is a critical decision and will ensure that the Buyer enjoys the yacht and is not burdened with administrative issues post-closing. Lastly, if you don’t have the expertise to make these comparisons, or if the Buyer does not have a firm understanding of WHY they are going with a certain registry, then refer the Buyer to someone who does.

*The information offered in this column is a summary in nature and should not be considered a legal opinion.

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