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Offshore yacht Registration
All yachts, ships and vessels must be registered in a country to be subject to that country´s laws and in difficult times, be able to claim the protection of that country. Yachts, ships and vessels are registered at a port of a particular country.
The United Nations Convention on the Law of the Sea, 1982, ratified by 154 countries, requires every ship to sail under one flag and also confers a right to every State to have ships flying its flag. States that exercise this right must assume the obligation to ensure that the ships are subject to its effective jurisdiction and control. The flag State is required to have laws and regulations concerning:
- Standards of construction, equipment and survey of ships.
- The manning of ships, labour conditions and training of crews.
- Safe navigation of ships.
- Reducing and controlling marine pollution.
- Investigation of casualties involving ships.
Types of Ship Registrations
Territorial (or "closed") registries
Have strict criteria for ownership. Only citizens and companies incorporated in the country qualify.
"Open" registries
A service to the international shipping community.
"Offshore" or "international" registries
Set up by the traditional registries to stem the exodus of ships from their original registries. Designed to lower operation costs and attract foreigners.
"Dual" or "bareboat" registries
Benefits of Offshore Yacht Registration
- Favorable tax regimes and legal environment.
- Lower VAT rates.
- Low registration costs.
- Flexible crew requirements.
- Yacht protection and assistance from British Embassies and Consulates throughout the world.
- Registration of a yacht can be done anonymously.
- Limited personal liabilities and risks when a yacht is transferred to a registered offshore structure.
Jurisdictions:
- Seychelles
- Isle of Man
- Portugal
- Mauritius
- Luxembourg
- Panama
- Cyprus
- Gibraltar
- British Virgin Islands
- Cayman Islands
- Bermuda
- Guernsey
- Jersey
- Costa Rica
- Liberia
- Marshall Islands