Why Register Offshore
It is common knowledge that a yacht or any vessel must comply with the regulations of the country in which it is registered. Conventional flags often impose strict regulations and restrictions on owners and their vessels, which make ship or yacht owners to have their vessels registered in jurisdictions that offer favorable tax regimes and legal environment.
Today, more than half of the world’s merchant ships and private yachts are registered under so-called flags of convenience, formally referred to as “open registries”. Although the concept of flags of convenience has a long history, the modern concept began in 1919 when the Belen Quezada became the first foreign-owned vessel registered with the Panamanian registry.
If you are a regular yachtsman, you may have noticed that conventional flags on tops of yacht masts are being gradually substituted with flags of various exotic countries. And there is no wonder why: registering a yacht under a flag of convenience, for instance, in Panama, Marshall Islands, Seychelles, British Virgin Islands, Malta or Gibraltar, allows significantly to cut down on registration costs and taxes.
Some flags may offer additional benefits for the yacht and ship owners like payment of reduced VAT rates, more flexible crew requirements, etc. One of good examples is the Red Ensign flag, which offers international recognition, prestige and protection. Yachts or ships, registered under Red Ensign flags, like flags of BVI, Bermuda or the Isle of Man, are under protection of Royal Navy and may seek assistance from any of the many British Embassies and Consulates throughout the world.
Should you prefer not to disclose your identity as a yacht or ship owner, we can register an offshore structure, of which you will be the owner, and transfer the vessel to this structure. You will own your vessel through the structure, thus limiting your personal liabilities and risks. Such a solution would allow using the yacht privately, without your name appearing on official records or disclosure of your ownership.
We will provide a complete set of services including legal advice, registration of an offshore company or trust, actual yacht or ship registration, obtaining the registration certificate and radio license, etc. We shall further follow annual renewal of the registration and licenses.
Contact Us to get professional assistance with your yacht or ship registration requirements.