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Cayman Islands Yacht Registration Summary

Cayman Islands yacht registration summary is a free information resource designed to inform the boating public about vessel registry requirements, recording methods, and title search guidelines for the British overseas Territory of Cayman Islands. The data is maintained as an open wiki forum where readers are encouraged to participate by sharing knowledge and experiences with this particular country. Simply click on the "Wiki-Share" link to contribute further details or suggest a revision.

This information is subject to change and should be confirmed with the respective agency.

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Registration Summary

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

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

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

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

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

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.

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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:

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

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

Cayman Islands Yacht Registration By Oceanskies

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

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

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

Example Pricing

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

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

Crew Employment & Payroll for Cayman Islands Registered Yachts

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

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

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

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

Other Cayman Islands Registration Services by Oceanskies

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

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

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

Relevant Guides

More information, who to contact.

Oceanskies on Instagram

Oceanskies on twitter, guernsey office.

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

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

Malta Office

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

Email Crew: [email protected]

Email Registration: [email protected]

Call: +44 1481 711994

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

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

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

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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

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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Vessel Registration in the Cayman Islands

27 October 2020

ON THIS PAGE

Mark Santangeli

Team: Tommy Tuohy, Cline Glidden

The yachting industry, like many other travel related industries, was initially hit hard by the Covid-19 pandemic. However, we are now beginning to see 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.

At Ogier, we have extensive experience in registering vessels with the Cayman Islands Shipping Registry (the CISR ).  This briefing note summarises the registration process and sets out some of the key reasons for registering vessels in the Cayman Islands.

Why Register?

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 Cayman?

Opting to register a vessel in the Cayman Islands has a number of advantages, which include the following:

• Category 1 British Registry : The 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 except those 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 very 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 UK, the United States and Southeast Asia, the CISR can process registrations in various time zones in a prompt and efficient manner.  
• 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.  
• 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"). 

The 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 a period of 12 months and may be renewed.

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

For pleasure yachts in private use and not engaged in trade, there are minimum convention and statutory certification requirements that apply.  The precise requirements depend upon the vessel's size.  A pleasure yacht in private use (not engaged in trade) may opt to voluntarily comply with the Large Yacht Code. In these cases, whilst registration does not require such compliance, the vessel will be surveyed for compliance at the time of registration and if found compliant, then 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 checking that there are no pre-existing conditions which prohibit the vessel from being registered with the CISR.  

The CISR will accept the following ownership structures for a Cayman-flagged vessel:

• individual or joint owners; and
• companies and shipping entities.

Cayman Company :  The CISR accepts applications for vessel registration on behalf of companies / entities that are in the process of being incorporated in order to allow the registration of the owning company / entity and registration of the vessel to be progressed simultaneously. If a proposed owning company is to be a Cayman company, Ogier can also assist with the incorporation of such a company.

Registration Process : The registration forms and supporting documentation required to be submitted and the fees paid vary, depending upon the particular transaction being carried-out.  Typically, the CISR requires the following documentation in order to complete full registration of a vessel and to issue a certificate of British registry for such a vessel:

• CISR 855 and CISR 856 registration forms;
• builder's certificate if a new vessel or bill of sale if the vessel is an existing one;
• the certificate of good standing (or its equivalent if the owning company / entity is incorporated in another qualified jurisdiction) for the owning company;
• certificate of survey;
• 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 his own behalf or may appoint an authorised person to do so. If the owner (individual or body corporate) is not resident or incorporated in the Cayman Islands then 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. Ogier can assist with these appointments and / or act in these roles.

Issue of a Carving and Marking Note : Once the CISR has received all forms, supporting documentation, IMO number (if applicable), relevant fees, and the survey and audit requirements are met, the CISR then assigns an official number to the ship and issues to the owner (or their authorised or representative persons) a carving and marking note and assigns 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 7 days thereafter.

Radio Licensing

Radio licensing applications are handled by the Utility Regulation and Competition Office of the Cayman Islands ( OfReg ) rather than the CISR. The operators of the radio equipment are required to have a radio operator's certificate appropriate to the equipment fitted for the vessel. We regularly deal with OfReg in order to satisfy the radio licence requirements of registered vessels.

Completed Registration

The effect of registration with the CISR is that the port of registry for the vessel in question will be one of (i) George Town, (ii) the Creek or (iii) Bloody Bay. In addition, a vessel registered with the CISR is a "British ship" and is entitled to fly the red ensign flag and, as a British ship, come under the protection of the British Royal Navy.

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Advantages of Registering Shipping Vessels in the Cayman Islands

The Cayman Islands Shipping Registry (CISR) is recognised the world over as the leading registry for super yachts and has the highest registered tonnage of such vessels in the world.

As a Category One British Registry it is able to register vessels of any size, age and type (the only exception is commercial fishing yachts). From small pleasure crafts to super tankers and merchant ships, the organisation ensures all international standards are met.

Benefits of Registering Shipping Vessels in Cayman

Some of the many advantages of registering shipping vessels in the Cayman Islands are:

• Absence of direct taxation reducing the tax burden of ownership and operation Prompt and efficient vessel registration service
• Any vessel registered in the Cayman Islands is a “British ship” and is entitled to fly the Red Ensign flag (with or without the Cayman Islands insignia), and is under the protection of the Royal Navy.
• A choice of three ports of registry – George Town, The Creek (Cayman Brac) or Bloody Bay (Little Cayman)
• Competitive registration, survey and tonnage fees
• Professional and skilled marine survey capability
• A stable political fiscal and social climate
• Quality banking, company management, legal and accounting services
• Full assistance of the British consular services worldwide
• Excellent relationship with the US Coastguard
• Modern comprehensive maritime legislation
• Cayman’s reputation is attractive to insurers and lenders
• Choice of a wide range of ownership structures
• Full range of available registration options including full, interim, provisional, under construction, and demise charter (bareboat), together with the registration of any associated mortgages

Shipping Vessel Registration Process & Requirements

The Cayman Islands provides a prompt and efficient vessel registration service.

The procedure involves the completion of a number of standard forms and dealing with a number of formalities, such as approval of the proposed name for a vessel and appointment of an authorised officer or agent in the case of corporate ownership. The application to register a shipping vessel should be accompanied by certain supporting documentation, including the following:

• Builder’s Certificate
• Bill of Sale
• Certificate of Good Standing (or equivalent)
• Certificate of Incorporation (for company owned yachts)
• Certificate of Survey and International Tonnage Certificate
• Certified copy of passport (for individually owned yachts)

Once the CISR is satisfied with all documentation, a Carving and Marking Note is issued to the owner and the Registrar issues a Certificate of British Registry along with the Tonnage Certificate.

Getting Help with Vessel Registration

For full details of the registration requirements and appropriate Government Fees, see visit the Cayman Islands Shipping Registry website.

If you’d like to simplify the process, Cayman Management can take care of this for you. Upon receipt of the specifications of the vessel and the appropriate documentation, Cayman Management will attend to vessel registration and any other needs you may have.

Call +1 (345) 949 4018 or email [email protected]

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Cayman is the Caribbean International Maritime Centre with a century-old ship and yacht registry that is United Coast Guards (USCG) Qualship and 21 Rated and white listed on the Paris and Tokyo Memoranda of Understanding (MOUS) on Port State Control (PSC), as well as being part of Category 1 Red Ensign Group. 

Offshore Yacht and Merchant Shipping Registration

Cayman is a leader for offshore mega-yacht & super-yacht registrations, as well as commercial vessel registrations. Cayman’s Registry is among the top 15 flags in the world, and known for high quality service and technical excellence. Our seafaring heritage, our location at the crossroads of major shipping lanes, and our business-friendly government makes us a reliable partner in international waters.

Cayman Islands Shipping Registry

The Cayman Islands Shipping Registry  (CISR) provides a dynamic environment that supports its clients’ efforts to maximise their respective stakeholders’ interests in global shipping, while promoting compliance with international maritime Conventions in the areas of maritime safety and security, environmental protection and the welfare of seafarers. Its services include vessel registration, survey and certification, crew compliance, vessel construction supervision and maritime consultancy.

A Favourable Operating Environment

Cayman is a safe, stable and secure entity, which offers a solid political, legal, fiscal and social environment with a stable parliamentary democracy since 1831 and modern, comprehensive maritime legislation based on English Common Law.  This allows flexibility for owners without compromising safety and offers excellent mortgage protection provisions to secure the rights of mortgagees and financiers

The Registry provides a customer-focused, responsive, high-quality service and has global reach, being located in 15 countries and 19 locations including the Cayman Islands, Brazil, China, France, Germany, Greece, Italy, Japan, The Netherlands, Panama, Philippines, Singapore, South Africa, United Kingdom, and the United States.

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Check our FAQ

With the most common questions, anything missing, just contact us by phone or email and we will explain in detail, faq for cayman islands boat registrations, frequently asked questions.

See our most common questions related to the Cayman Islands boat registration.

The Cayman Islands Shipping Registry mandates that the vessel's owner, the corporation that owns the vessel, or the charterer of the vessel must be a citizen or company incorporated in the Cayman Islands.

Indeed, a necessary inspection by a licensed surveyor is required before a yacht can be registered under the Cayman Islands' flag. The inspection confirms that the ship satisfies the Cayman Islands Shipping Registry's requirements for safety and technical specifications.

Yes, it is possible to register a jet ski in the Cayman Islands.

• Bill of sale copy
• Copy of registration document
• Radio operator license
• Details of the equipments installed
• New owner’s Passport/ID copy
• Bill of Sale or Ownership Document
• Original registry certificate
• Clearance document
• George Town

You can register your pleasure yachts and commercial yachts of any size in the Cayman Islands.

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

• Passport/ID copy
• Proof of insurance
• Copy of the Vessel’s Bill of Sale
• Certificate of Good Standing
• Deletion Certificate
• Certificate of Survey and International Tonnage Certificate

The registration of vessels in the Cayman Islands is issued in both paper and electronic formats.

Cayman Islands registration is valid for 12 months.

Yes, we can provide you the provisional in 24 business hours.

Documents are accepted in English language. If any paperwork is not in English, they will need to be translated by a qualified translator and notarized. (We'll handle the official translation.)

Yes, we do.

The cost for the registration depend on the tonnage of your vessel and if you are registering the ownership of the vessel as a PRIVATE or CORPORATE owned vessel.

Under normal circumstances, transactions are completed within 24 hours upon receipt of all forms, supporting documentation and applicable fees. You will first receive a provisional registration, which allows you to use your vessel, within 3 months you will receive original registration.

In the Cayman Islands, a person operating a vessel that is less than 60 feet in length and does not carry passengers for hire is not required to have a license.

If the vessel is over 60 feet in length or carries passengers for hire, the operator will be required to hold a valid license or certificate of competency issued by a recognized maritime authority.

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