Mercatoria Services - Ship and Yacht Registration

By: Mercatoria  09-12-2011

Ship and Yacht Registration

The purchase of a yacht requires careful planning in order to achieve VAT and other tax reduction benefits. Yacht registration may be obtained in the Isle of Man and in other reputable offshore financial centres. Some of the key benefits of registering a yacht or super yacht in an offshore jurisdiction include the following:

  • Low tax treatment
  • No annual tonnage
  • Favourable VAT arrangements
  • Security of mortgage registry (if registered in the Isle of Man)
  • A Bareboat (Demise) Charter Register enabling vessels to be demise chartered registered (Isle of Man)
  • Prestige of British Red Ensign and support of consular services (Isle of Man)
  • Efficient and quick registration
  • One-off low initial registration fee

For registrations in the Isle of Man, the following Classification Societies are recognised by the Isle of Man Marine Administration:

  • Lloyds Register of Shipping (LR)
  • Germanischer Lloyd (GL)
  • Bureau Veritas (BV)
  • Det Norske Veritas (DNV)
  • American Bureau of Shipping (ABS)
  • Registro Italiano Navale (RINA)
  • Nippon Kaiji Kyokai (Class NK)

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