Yacht and Ship Registration

The United Kingdom

The UK is the heart of the Red Ensign Group and the world’s most respected flag. It is therefore the flag of choice for UK vessels operating in domestic and international waters.

Jersey

Jersey is a member of the Red Ensign Group and offer an excellent marine infrastructure augmented in May 2010 with the launch of Jersey Maritime International (JMI). JMI is a conglomeration of marine specialists including yacht and crew management, legal services and insurance. Jersey offers a very competitive tax regime from which to operate commercial and charter vessels. Jersey does not impose VAT.

British Virgin Islands

The British Virgin Islands are a dependant territory of the United Kingdom and are a category 1 member of the Red Ensign Group. The BVI boast some of the best recreational waters and whilst the yacht charter business forms a large proportion of marine business, category 1 status allows for unlimited tonnage restriction on the registration of commercial vessels.

The BVI impose no tax on income or capital gains hence offer a very attractive fiscal environment from which to operate.

Cyprus

The Cyprus maritime industry is synonymous with shipping – at 31st December 2009 there were 1647 vessels on the permanent register. Cyprus offers generous tax concessions on shipping companies which enjoy a tax rate of 4.25% (as opposed to the standard rate of 10%). Cyprus flagged vessels operating in international waters are not liable to tax at all.

As a full member of the European Union, and with a favourable VAT rate of 15%, Cyprus offers an excellent environment for the registration of pleasure and commercial vessels sailing within EU waters.

Seychelles

The Seychelles are an independent country with a long legacy of commercial, and more recently, luxury yachting facilities. Eden Island, a specially created marine is designed to attract high end executive yachts. Local companies owning vessels may apply for a special licence reducing local taxation to 1.5%, and importantly, granting access to a network of double tax treaties.