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Where to register your superyacht?

Why so many island flags?

If you passed by a luxurious marina in the south of France or a Spanish island, you'll notice a lot of superyachts. But almost none of them are carrying a known flag on the jackstaff.

The flag you choose for your superyacht will have a direct impact on your taxes, privacy and the vessel's success as a business. There are no simple answers here, but there are some general rules.

Choosing an offshore state to register your superyacht makes sense especially if you will charter the vessel as a business. Registering your vessel with an offshore flag can bring many benefits: a lighter tax burden, confidentiality of ownership, better rates from banking and insurance companies. If you choose to use the yacht only for private enjoyment and not charter it, you might register the vessel in your home country.

In choosing the flag, a good starting point is the so-called White List as maintained by the Paris Memorandum of Understanding on Port State Control (Paris MoU).

The Paris MoU is made of 27 participating maritime administrations and covers the waters of the European coastal states and the North Atlantic basin. The states are ranked on three lists: white list, grey list and black list. The states on the White List have demonstrated strong performance in safety, security and environmental standards. Flags on the Grey and Black Lists are deficient and vessel risk inspections and even detentions.

Cayman Island flag

The favorite flags for the majority for superyacht owners are those of the British overseas territories, commonly known as the Red Ensign Group. Almost 80% of the yachts and superyachts are registered in the Cayman Islands, Gibraltar and Isle of Man.

Sailing under one of these flags provides protection of the British maritime law, commercial confidentiality and adherence to the Large Yacht Code (LYC)

The registry with the largest number of yachts is the Cayman Island Shipping Registry. The port of George Town is the homeport of the majority of superyachts.

Also part of the Red Ensing Group are Guernsey, Jersey, Anguilla, Bermuda, British Virgin Islands, Falkland Islands, Montserrat, St. Helena and Turks & Caicos.

Out of the 13 members, only the UK and Gibraltar are EU-flags. Another popular flag with the superyacht owners is the one of the Pacific nation of Marshall Islands.

By SuperyachtNews 31 Aug 2022

The Superyacht Owner Report is Out Now!

The highly anticipated superyacht owner report is now available online...….

The Superyacht Owner Report is now available online! For those of you who are already members, you can access the link here , for those of you who are not, you can sign up to become an Essential Member here . The quickest, most efficient, and most environmentally friendly way to access our unrivalled journalism is via our online platform, and so we encourage all our loyal readers to make the digital transition. We are also pleased to announce that we will be offering a special discounted subscription at this year's Monaco Yacht Show . You can find us in Dars Sud - Stand DS98 - to meet the team, grab a drink and learn more about our membership offers .

The brief for this year's edition of The Superyacht Owner Report was to come up with something refreshing, insightful, and revelatory. After all, it is our 30th anniversary this year and we wanted to do something special, so we opened up a dialogue with some of the most exciting and candid market commentators in the superyacht industry. Our 30 for 30 section includes rising stars, experienced gurus, and visionary thinkers from a variety of different sectors. Instead of being retrospective, we thought it would be better to look into our crystal ball for the future and highlight the key aspects of our industry that need to become our focus of attention for the next 30 years.

The report would of course be incomplete without insight from superyacht owners. Our Editor Jack Hogan interviewed Steve Sidwell, owner of M/Y Ascente, about redefining the industry's approach to sustainable construction. We also spoke with Victor Vescovo about his incredible deep-sea expeditions and the potential we have as an industry to bring about positive environmental change.

We delved into the strange world of the metaverse and realised there was plenty of room for a new and improved superyacht industry. We spoke to Bernard d’Alessandri, General Secretary and Managing Director of Yacht Club de Monaco, about the hub's evolution from a cosy yacht club to a world knowledge bank. Our intelligence team also forensically examined the state of UHNWI's wealth, with a specific look into Billionaires, Millennials and the true potential of new money entering the yacht market.

We conclude The Superyacht Owner Report by confronting the issue of predatory behaviour in the superyacht industry. This topic is of course not exclusive to the superyacht industry, but nevertheless, there is a need to put pressure on those with the power to bring about real change, so that the perpetrators of abuse on board and shoreside face the consequences of their actions.

We are fully committed to working towards a greener superyacht industry. And we, as a team, aim to do all we can to ensure that we are part of the solution. That’s why we are encouraging our loyal readership to make the switch to digital media consumption, instead of print. And the best way to do that is to become part of The Superyacht Group Community . Issues of The Superyacht Report are only available to read to those with an Essential or Executive Membership .

Essential Membership grants members access to the full suite of business-critical content available across SuperyachtNews.com and The Superyacht Report, including access to our complete library of back issues, and unlimited access to SuperyachtIntel . To celebrate our 30th anniversary, we are offering you £30 off Essential Membership. 

Executive Membership includes delegate access to our flagship event in Amsterdam , The Superyacht Forum Live , and the industry’s most dynamic conference programme, broadcast from the industry’s leading superyacht hubs, as well as all features included within the Essential Membership .

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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.

If you liked this article and are curious about how to apply the Nomad Capitalist lifestyle for yourself, check out the quick video below. Then, if you’d like some help doing it, click here to let me know .

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Choosing the right yacht register

Gabriel Gonzalez, Register-a-Yacht, explains how buyers should choose where to register their yacht.

Registering a newly acquired yacht is often one of the last steps that yacht owners will need to complete before they can actually sail and enjoy the vessel. Registering a yacht is like obtaining a passport. You are effectively choosing the yacht’s nationality, with all the advantages and responsibilities that this entails: not least good functionality, constructive legislation, fiscal efficiency, well-recognised legal system, political stability and diplomatic clout. A yacht owner will want a flag that is competitive, accessible and enjoys a good reputation.

“Registering a yacht is like obtaining a passport. You are effectively choosing the yacht’s nationality, with all the advantages and responsibilities that this entails”

From a private law perspective, too, your choice of Flag State can be critical. Protecting the legal title of the registered owner or the interests of mortgagees is of great importance. In fact, many financial institutions may make it a condition that a yacht is registered in a particular Flag State when providing marine finance to yacht owners. Similarly, a yacht’s Flag State may affect the ability of the owner to secure competitive insurance cover.

So while yacht registration is simply a licensing procedure, involving broadly similar requirements in most jurisdictions, it is one that yacht owners should give very careful consideration to in order to ensure the best fit for their particular circumstances.

Many countries, including some that are landlocked, maintain their own yacht registries, but only a very few attract the majority of superyacht registrations worldwide. Their popularity is based upon careful analysis of the advantages that they offer to owners and their vessels.

There are three principal factors that will undoubtedly influence an owner’s choice of flag.

Getting the right legal and administrative framework

Firstly, a Flag State’s legal and administrative framework. By conferring nationality on a yacht, a Flag State acquires certain rights as well as certain responsibilities over it. The public law functions of registration give rights to diplomatic (and naval) protection and consular assistance by the Flag State. It might also offer other privileges, such as neutrality or access to particular waters, ports, activities or services. The private law functions of registration are to protect the title of the registered owner and persons holding security interests over the vessel.

“By conferring nationality on a yacht, a Flag State acquires certain rights as well as certain responsibilities over it.”

It is essential that a Flag State Registration is a key element to a yacht’s operation because there may also be specific yacht-related legislative, fiscal and other advantages (or disadvantages) attached to a particular kind of registration regime. For instance EU-flagged yachts will encounter fewer obstacles when obtaining permits and licenses to operate commercially within EU waters in comparison to non-EU flagged yachts. There are always exceptions to the rule and flags such as the Isle of Man, while remaining outside the EU, offer very similar benefits to EU flags when operating commercially. The Marshall Islands’ flag is also exempted for having to change from private to commercial status when operating commercially in France and Monaco.

VAT and other taxes

“The question of VAT liability is open to wide interpretation and should always be considered on a case-by-case basis.”

Secondly, the VAT status of the jurisdiction in which the yacht is to be domiciled. The question of VAT liability is open to wide interpretation and should always be considered on a case-by-case basis. Yet this is generally a matter of great concern to yacht owners and is often the main criterion in deciding where to register a yacht. The EU’s Temporary Admission (often referred to as Temporary Importation) rules are a mechanism that enables non-EU resident yacht owners to bring their yachts into Europe for a limited time, such as a holiday, and under certain conditions without having to pay VAT on the value of their yachts.

International rules and conventions

“Through registration and technical control procedures, the Flag State monitors the legality of the vessel’s condition and activities throughout its life”

Lastly, given the freedom that Flag States have to formulate their registration requirements, they are obliged to exercise administrative, technical and social controls – applying the international rules and conventions that govern navigation, usage, safety and crewing. Through registration and technical control procedures, the Flag State monitors the legality of the vessel’s condition and activities throughout its life, and intervenes through inspections and financial concessions.

As a back up to Flag State implementation, many of the International Maritime Organisation’s (IMO) most important technical conventions contain provisions for ships to be inspected when they visit foreign ports to ensure that they meet IMO requirements, a procedure known as Port State Control.

The IMO has encouraged the establishment of regional agreements on Port State Control – Memoranda of Understanding or MOUs – covering all of the world’s oceans, of which the best known are the Paris MOU (Europe and the North Atlantic) and Tokyo MOU (Asia and the Pacific). It is therefore of great importance that a Flag State can demonstrate a good track record on its performance under such MOUs. There is scope for a flexible approach and the expertise of a Flag State’s surveyors will be crucial for prudent assessment, good support on technical issues and to guarantee safety and seaworthiness.

In addition to these three main aspects, there may be many other reasons for choosing a Flag State. These could relate to: a yacht’s age, size or type; any ownership nationality restrictions; the size of registration fees and ongoing costs; the speed and ease of registration; the accessibility and availability of technical or administrative support. In some cases, it may simply be a matter of prestige.

“It is unquestionably the Red Ensign Group that lead the rankings of most popular flags”

Of all the Flag States available worldwide, it is unquestionably the British shipping registers, collectively known as the Red Ensign Group (REG), that lead the rankings of most popular flags. British law has enacted legislation that is specific to yachting and is a familiar, popular and workable system that is well known to practitioners, captains, brokers, bankers, builders, classification societies and service providers within the yachting industry. As well as having a reputation for efficient management and administration, they also benefit from British Consular support.

Within the REG, the following are the most common flags for yacht registration purposes – the UK itself, the Cayman Islands, the British Virgin Islands, the Isle of Man, Jersey, Guernsey and Gibraltar. These seven jurisdictions offer five different tax scenarios, with the UK – as a full EU Member state and part of the EU Customs Union and VAT area – lying at one extreme, with the Cayman Islands and BVI – which are wholly outside the EU – at the other.

In between lie the Isle of Man, the Channel Islands and Gibraltar, which have differing relationships with the EU. The latter in particular, being part of the EU territory but outside the EU Customs Union and VAT area, can offer a less bureaucratic procedure for obtaining chartering licences in Europe while at the same be of use to non-EU residents in benefitting from the Temporary Admission regime.

“Flying the British flag is not always the solution and other Flag States, such as Malta or the Marshall Islands for example, have been very successful in providing yacht registration”

Notwithstanding all the benefits that the REG may offer, flying the British flag is not always the solution and other Flag States, such as Malta or the Marshall Islands for example, have been very successful in providing yacht registration to yacht owners and yacht management companies.

The pragmatic approach of Malta with tax advantages for commercial yachts and a leasing scheme for pleasure yachts has made it a very attractive alternative to the UK for those wishing to flag a yacht within the EU. Marshall Islands-registered yachts have automatic rights to a cruising permit for sailing in US territorial waters and qualifying private yachts are permitted to charter up to 84 days a year, subject to detailed surveys when on charter. Together with the new Yacht Engage in Trade (YET) regime, the Marshall Islands is taking a lead in facilitating the mixed use of yachts. Other flags to be considered, within and without the EU, are Madeira, Italy, Luxembourg, Cyprus, the Cook Islands, St Vincent & the Grenadines and The Bahamas.

Finally, it is worth mentioning that the use of a company for yacht ownership purposes may also facilitate legitimate tax and estate planning scenarios, provide access to certain flags by circumventing nationality restrictions and offer enhanced levels of confidentiality. Using a company to own and operate a yacht not only provides privacy, but will also limit the owner’s liability in the event of a claim. Contracting with third parties through an entity provides legal security and may often simplify sale and purchase processes.

For more details please contact: [email protected]

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Yacht Registry

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The RMI allows, through its national legislation and the RMI Yacht Code, the registration of private yachts, private yachts limited charter, commercial yachts, and passenger yachts. It also allows for RMI flagged private yachts to charter in French and Monégasque waters without the need for commercial registration by requesting a Temporary Certificate of Registry for Yacht Engaged in Trade.

Yacht owners can choose the home port of either Bikini or Jaluit. Two yachts may share a common name as long as they are registered in different home ports.

Like commercial vessels, ownership of yachts registered in the RMI must be through an RMI corporation, limited or general partnership, limited liability company, or a qualified foreign maritime entity.

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5 - 7 Dec 2024

Superyacht owners registration.

With the re-opening of Thailand to international travellers, the yachting industry is ready to welcome the returning superyacht fleet to Phuket.

As part of the “Welcome Back” celebrations we invite those returning boats to register to attend the 8 th Annual Kata Rocks Superyacht Rendezvous in the form provided below :-

• Captain / Boat owner name * First Last
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Russian Company OOO "GLOBUS"

Brief profile.

active Commercial

Facts to Consider

An encumbrance over the founders’ share is reported.

The founder of the organization has changed.

show 1 more significant fact

A significant amount of the taxes paid (352 mln. RUB.).

The organization has an auditor's opinion.

show 3 more positive facts

Complete Profile

• 1. General Information
• 2. Registration in the Russian Federation
• 3. Company's Activities
• 4. Legal Address
• 5. Owners, Founders of the Entity
• 6. OOO "GLOBUS" CEO
• 7. Entities Founded by Company
• 8. Number of Employees
• 9. Company Finance
• 10. Entities related to OOO "GLOBUS"
• 11. Timeline of key events
• 12. Latest Changes in the Unified State Register of Legal Entities (USRLE)

General Information

Full name of the organization: OBSHCHESTVO S OGRANICHENNOI OTVETSTVENNOSTIU "GLOBUS"

TIN: 5031075380

KPP: 505301001

PSRN: 1075031005565

Location: 144000, Moscow Oblast, Elektrostal, ul. Pervomaiskaia, 15 str. 3

Line of business: Production, transmission and distribution of steam and hot water; air conditioning (OKVED code 35.30)

Organization status: Commercial, active

Form of incorporation: Limited liability companies (code 12300 according to OKOPF)

Registration in the Russian Federation

The tax authority where the legal entity is registered: Mezhraionnaia inspektsiia Federalnoi nalogovoi sluzhby №6 po Moskovskoi oblasti (inspection code – 5031). The tax authority before 08/23/2021 – Inspektsiia Federalnoi nalogovoi sluzhby po g. Elektrostali Moskovskoi oblasti (code 5053).

Registration with the Pension Fund: registration number 060055023355 dated 26 November 2015.

Registration with the Social Insurance Fund: registration number 503100729150191 dated 25 November 2015.

Company's Activities

The main activity of the organization is Production, transmission and distribution of steam and hot water; air conditioning (OKVED code 35.30).

Additionally, the organization listed the following activities:

OOO "GLOBUS" holds license entitling to carry out the following activities:

Legal Address

OOO "GLOBUS" is registered at 144000, Moscow Oblast, Elektrostal, ul. Pervomaiskaia, 15 str. 3. ( show on a map )

No other organizations are listed at the current registered address.

Owners, Founders of the Entity

The founder of OOO "GLOBUS" is

Below are the former founders:

Subject to the entire chain of the current founders, the list of OOO "GLOBUS" ultimate founders is as follows:

OOO "GLOBUS" CEO

The head of the organization (a person who has the right to act on behalf of a legal entity without a power of attorney) since 16 May 2018 is general manager Koval Konstantin Leonidovich (TIN: 500105870510).

Also Koval Konstantin Leonidovich is a founder of OOO "EIUTSK 1" .

Previously the organization was managed by (general manager from 09/12/2014 until 05/16/2018 * ).

Entities Founded by Company

Previously the organization was listed as a founder in:

• AO "EIUTSK" (Moscow Oblast, Elektrostal; 51%; 181 million RUB) - until 12/07/2021
• OOO "CHISTYI GOROD" (Moscow Oblast, Elektrostal; 99.96%; 78.4 million RUB) - until 11/09/2018

Number of Employees

In 2023, the average number of employees of OOO "GLOBUS" was 272 people. This is 3 people less than in 2022.

Company Finance

The Authorized capital of OOO "GLOBUS" is 8.2 million RUB. This is significantly higher than the minimum authorized capital established by law for LTD (10 thousand RUB).

In 2023, the organization received the revenue of 1.7 billion RUB, which is 85.9 million RUB, or by 4.8 %, less than a year ago.

As of December 31, 2023, the organization's total assets were 2.1 billion RUB This is 7.1 million RUB (by 0.3 %) less than a year earlier.

The net assets of OOO "GLOBUS" as of 12/31/2023 totaled 473 million RUB.

The OOO "GLOBUS"’s operation in 2023 resulted in the profit of 64.1 million RUB. This is by 39 % more than in 2022.

The organization is not subject to special taxation regimes (operates under a common regime).

Information about the taxes and fees paid by the organization for 2022

The organization had no tax arrears as of 02/10/2024.

Entities related to OOO "GLOBUS"

Based on the data from the Unified State Register of Legal Entities, the following legal entities and people are directly or indirectly related to the organization.

Timeline of key events

• The new founder – OOO "TEPLOVAIA GENERATSIIA" .
• is no longer listed as the founder in the Unified State Register of Legal Entities.
• Rostov Veniamin Vladimirovich is no longer listed as the founder in the Unified State Register of Legal Entities.

Latest Changes in the Unified State Register of Legal Entities (USRLE)

• 03/28/2023 . Change of information about a legal entity contained in the Unified State Register of Legal Entities.
• 09/27/2022 . Change of information about a legal entity contained in the Unified State Register of Legal Entities.
• 08/23/2021 . Entering information about accounting with the tax authority.
• 04/09/2021 . Change of information about a legal entity contained in the Unified State Register of Legal Entities.
• 04/07/2021 . Change of information about a legal entity contained in the Unified State Register of Legal Entities.
• 12/25/2020 . Change of information about a legal entity contained in the Unified State Register of Legal Entities.
• 10/09/2020 . Change of information about a legal entity contained in the Unified State Register of Legal Entities.
• 03/08/2020 . Changes to the information contained in the Unified State Register of Legal Entities in connection with the renaming (resubordination) of address objects.
• 10/01/2019 . Submission by the licensing authority of information on the renewal of documents confirming the existence of a license (information on the renewal of a license).
• 12/28/2018 . Change of information about a legal entity contained in the Unified State Register of Legal Entities.

* The date of change in the Unified State Register of Legal Entities is shown (may be different from the actual date).

The data presented on this page have been obtained from official sources: the Unified State Register of Legal Entities (USRLE), the State Information Resource for Financial Statements, the website of the Federal Tax Service (FTS), the Ministry of Finance and the Federal State Statistics Service.

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• Pup Deck? These Superyachts Were Designed With Their Owners’ Dogs in Mind

Electronic pee-pads, dog-height door sensors, nanotech coated fabrics, and kennels in guest staterooms are recent additions to the luxe interiors and lavish beach clubs.

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While Oceanco may have found itself something of a specialist in housing unusual marine life onboard, the most popular pet to design a superyacht around are our favorite four-legged friends: dogs .

Feadship ’s Lady Christine has sensors placed at the height of the owner’s dogs that opened doors as they passed through the yacht, while another Feadship, Aquarius , has a special door in the owner’s study to let the dogs in and out. The yard is now building a yacht with an automated canine pee-pad.

Over at Heesen, a pee-pad is referred to by the more PC “canine relief area.” One was incorporated into Ultra G , a custom 197-foot superyacht launched in 2023. This self-flushing space on the side deck is finished in synthetic grass and comes complete with sensors, cameras and sprinklers.

“Ultrahigh net-worth individuals have been looking at solutions to adapt their preferred mode of transport to welcome their pets as they travel,” Heesen CCO Mark Cavendish told Robb Report . Dog ownership is booming—almost 9 million dogs were purchased during the pandemic alone—and this is now reflected in designs for both bespoke and semi-custom yachts .

“When pets are onboard, the cabin is equipped with secure cages, ensuring their safety and comfort during the voyage. However, when the dogs are off the boat, the cabin transforms into a guest accommodation,” said Marta Kaszuba, Sunreef’s Interior Manager.

While the on-board kennel is a one-off, Sunreef gets regular requests for built-in dog bowls and even nets to provide extra safety on board, Kaszuba adds.

On a 60 Sunreef Power already in the water, the yard has incorporated a dog-friendly paddle pool, where the platform is equipped with a special net to create a safe swimming place. While the on-board kennel is an extreme, Sunreef gets regular Special dog bowls and nets to provide extra safety on board are two of the most popular features that owners enquire about, Kaszuba adds.

Naval architect Tommaso Spadolini believes that while ensuring pets have a comfortable presence onboard is achievable, the adaptability of dogs to boat life depends on their breeds. 

Spadolini worked with late fashion designer Roberto Cavalli to create Cavalli’s 88-foot CCN  (Cerri Cantieri Navali) superyacht Freedom with his beloved German Shepherds, Lupo and Lapo, in mind. “Every pathway was carefully planned to ensure the dogs could move around easily and enjoy the onboard experience stress-free,” says Spadolini. The incline of the internal stairs was tailored specifically to allow them to ascend and descend effortlessly.

A smart design also enabled the aft gangway to transform to the appropriate angle to serve as a ladder for the dogs to enter and exit the water. “It was a delight to witness their enjoyment of it,” Spadolini, a dog lover, says.

Amare II ’s nine crew have adapted to running a superyacht with dogs: alongside the design features incorporated into the build, all the furniture has a special nanotech coating for protection (“we still have our original carpets,” Powell shares) and there are even doggy freezers to store food in and defrost when required. “We carry a month’s supply of food for them,” Powell says.

When the yacht is under way in rough conditions, the dogs are dressed in lifejackets. Usually, however, the itinerary is more relaxed, hugging the Mediterranean coast. And, instead of fussing for last-minute beach club reservations in Mykonos or Saint-Tropez, the crew scope out dog-friendly trails using apps like AllTrails and Google Street View. “We will already have a walk organized for the boss to take the dogs,” Powell says. “We don’t want him to get told off for being with them where he shouldn’t.”

The crew love having the pooches on board, Powell adds, even if there’s sometimes some confusion over who is real the boss. “The Swiss shepherd barks at me, because occasionally he feels like I’m trying to be the captain,” he says. “He clearly thinks there’s only one captain on the boat.”

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Rhode Island asking kei car owners to turn in their registration

There are about 30 kei trucks in the state.

There are about 30 kei cars registered in Rhode Island, according to DMV records, and lawmakers want to take them all off the road. State officials have started asking kei car owners to turn in their registration, which would make the vehicles illegal to drive on a public road.

Rhode Island policymakers first floated the idea of banning kei cars in 2021, and they launched a second offensive earlier in 2024. DMV administrator Walter Craddock argued that kei cars should be banned from driving on the Ocean State's roads because they "were never manufactured in compliance with Federal Motor Vehicle Safety Standards." Federal law allows any vehicle that's at least 25 years old to be legally imported to the United States, but each state has the power to decide what motorists are and aren't allowed to drive on its roads.

While a lot of the talk surrounding the ban has focused on trucks , such as the Honda Acty (pictured), lawmakers are targeting any kind of kei vehicle. If you want to register, say, a Suzuki Cappuccino or an Autozam AZ-1 in Rhode Island, you'll soon be out of luck. There might be a dim, flickering light at the end of the tunnel, however. Rhode Island senator Lou DiPalma and District 71 representative Michelle McGaw proposed legislation that would allow enthusiasts who registered a kei vehicle before August 1, 2021, to legally keep their car on the road.

Although the registration would remain valid, it wouldn't be transferable — driving a kei car would be legal; selling one in-state wouldn't. And, owners wouldn't be allowed to take a kei car on "limited-access highways, state highways, or through highways ... or on any public highway or roadway with a speed limit of more than [35 mph]." For context, you can go faster than 35 mph on a 125cc Honda SuperCub moped .

The DMV opposes the bill, according to local news channel WPRI .

Enthusiasts in other states are facing a similarly steep uphill battle. Maine began de-registering Mitsubishi Delica vans in 2021. It's not a kei car, but it's a Japanese-market model that wasn't developed with American regulations in mind. Texas tried refusing to register kei cars, though a group of owners successfully fought back . Georgia and New York have both banned motorists from registering a kei car.

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2 rescued from sinking 80-foot yacht off St. Augustine Beach, Florida

Two people were rescued Saturday after the luxury yacht they were on started sinking three miles off St. Augustine Beach, the U.S. Coast Guard reported.

The boat's operator reportedly told the Coast Guard the 80-foot Atlantis motor yacht took on water after striking an object. St. John's County Fire Rescue said in a Facebook post the yacht struck a dredge pipe piling .

According to the Coast Guard, the yacht's operator activated an emergency position indicating radio beacon which helped validate the vessel’s position.

St. John's County Fire Rescue and St. Augustine Police Department marine units assisted the Coast Guard by responding to the scene and rescuing both occupants from the yacht.

One of the boat's occupants was taken to the hospital for treatment of minor injuries, St. John's County Fire Rescue said.

“We extend our heartfelt gratitude to our partner agencies for their invaluable assistance during this case," U.S. Coast Guard Senior Chief Petty Officer Ricardo Santacana said.

“With the weather improving and mariners heading out onto the water, it's imperative for everyone to verify the presence of all necessary safety equipment aboard their vessel. This ensures that responders, as demonstrated in this case, can swiftly locate you and render assistance when an emergency arises.”

The boat's owner will arrange salvage, the Coast Guard said.

The incident is under investigation.

Boating accidents in Florida

Florida led the nation in registered boats , with 1,035,911 registered in 2023, according to a Florida Fish and Wildlife report.

Collisions with fixed objects were named as the leading cause in 659 boating accidents reported in Florida in 2023. The accidents resulted in 56 fatalities.

More recently, 15-year-old Ella Riley Adler was struck and killed by a boat in a hit-and-run while wakeboarding in Key Biscayne on May 11, 2024.

The driver of the boat was later identified as 78-year-old Carlos Guillermo Alonso , of Coral Gables. Alonso's attorney told USA TODAY he did not know he struck anyone on the water.

Killer whales ram, sink boats: Scientists now may know why, report says

Florida boating safety tips

Florida Fish and Wildlife has these safety recommendations for Florida boaters:

• Wear a life jacket
• Be aware of your surroundings
• Designate a sober driver
• Take a Boating Safety Course
• Check your safety gear
• File a Float Plan
• Watch the Weather
• Stay with the boat
• Report boating violations and dangerous or irresponsible vessel operation to the Wildlife Alert Program .
• Know and follow the rules .

Support local journalism by  subscribing to a Florida news organization .

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This Decade-Old Turkish Superyacht Got a Makeover That Made It 40 Feet Longer

There’s a new Turkish delight on the high seas.

A superyacht that Turkish yard Concept Marine delivered in 2012 has hit the water following an epic transformation. The 13-year-old cruiser, originally named Greyzone , underwent an extensive rebuild at Florida’s Serenity Yacht that included stripping down the body to bare metal, extending the stern and aft decks, and upgrading the flybridge. Christened Thanuja , the revamped vessel is now bigger and better than its decade-old predecessor. The overall length increased from 125 to 164 feet and the interior volume jumped from 380 to 440 GT, in fact.

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Interestingly, the project initially began as a simple refit but quickly morphed into a major conversion. German firm iYacht spearheaded the exterior design and naval architecture, starting off by reverse engineering the existing superyacht. In June 2020, iYacht’s team flew to the south of France to measure and create an accurate 3-D model of Greyzone that they could design from. Four weeks later, the first concepts were complete. The team proposed a new galley, an updated foredeck, a Jacuzzi on the flybridge, and a larger stern platform. They also redesigned the beach club to ensure the 2012 superyacht appealed to modern seafarers.

As the refit commenced, the decision was made to turn the existing 124-footer into a high-tech superyacht in line with the latest North European standards. The technical spaces were reconstructed, with Thanuja gaining a new engine room, bow, stern thrusters, pipes, cabling, engines, and generators. The aluminum superstructure was rewelded, too.

Onboard, the superyacht gained fresh teak decking and new furniture throughout. Katharina Raczek and her team brought the interiors to life, balancing new and old elements and combining existing structures with new construction. After the upgrade, Thanuja can comfortably accommodate up to 10 guests in five staterooms and seven crew across six cabins.

The rebuild required tens of thousands of hours of coordination, planning, and engineering. “Leveraging the expertise of our studio, we were able to support the owner and the yard in every phase,” iYacht CEO Udo A. Hafner said in a statement. “As the project complexity grew, it required us to bring in additional expertise from different disciplines.” Serenity also built a team of around 100 to complete the mammoth task. The hard work appears to have paid off, with Thanuja at the pinnacle of tech, design, and innovation. The superyacht has received approval for commercial charter under the Luxembourg flag, meaning you could soon jump aboard the Turkish delight.

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