March 04, 2022
Buying a yacht is an investment of an international nature. Deciding upon the best country for yacht registration is a decision for which professional advice is required, to avoid exposing your assets to unnecessary taxes and liabilities. Choice of registry is one of the most significant decisions that, as a yacht owner, you will have to make. The nationality of the vessel and the jurisdiction of its operation are regulated by the port of registry. The flag flown and the port of registry determines the identity and the standards to which the vessel is being operated.
We specialize in the registration of yachts of any size, assisting and simplifying the choice process, providing complete, cost-effective services for yacht owners, whether existing or at the build stage. We are able to assist with the registration process, transfers of ownership, assist with the filing requirements, transfer of registry and register any mortgages or charges.
We take away the complexity, leaving you with the benefits.
Red Ensign Group
A large majority of yachts are flagged in British Overseas Territories, known as the ‘Red Ensign Group’ — comprised of UK Overseas Territories and the Crown Dependencies, which includes Gibraltar.
The Red Ensign Group divides the British Shipping Registries in two categories.
Category 1 – this will register ships of unlimited tonnage and type.
Category 2 – this will register commercial ships and pleasure vessels of up to 150 gross tons (GT).
This limit can be extended to 400GT with an agreement in place with the UK.
Gibraltar Yacht Registry is an internationally recognised registry. Gibraltar is an ideal choice for those who want the security in belonging to a British Register and flying the British Red Ensign, an internationally recognised and respected flag, whilst taking advantage of the legislation which is based on English Common Law.
British law allows a transferable registration to be accomplished from one port to another without any further requirements, simply by filling an application with the corresponding ship registry.
Red Ensign benefits
- Technical Support
- Delegation possibilities
- Worldwide located with individual legislation in each jurisdiction
Advantages of registering in Gibraltar
Gibraltar is internationally renowned for its robust regulatory environment and for being a jurisdiction which favours entrepreneurship, innovation and creativity.
Temporary Importation Regime
The EU Customs Code allows the use of yachts in EU waters without paying VAT, in the following case:
1) If the yacht flies the flag of a non-EU country.
2) If the users are not residents of the EU.
3) If the yacht is for private use.
Yachts registered in Gibraltar may benefit from this Temporary Importation Regime. Yachts can sail into EU waters for over a period of 18 months without being subjected to VAT. However, it is of great importance to seek advice so as not to fall foul of the rules.
Why register in Gibraltar?
- Worldwide recognition
- Outside of the EU VAT zone
- British maritime protection
- Tax-free fuel
- Good reputation
- Low cost set-up fee
- Register of mortgages providing protection for lenders
- Smooth and efficient registration process
Our experienced team takes a holistic approach to each clients’ needs and circumstances. As well as registration of vessels, we provide comprehensive supplementary services. Please contact us on email@example.com to find out more information on how we can support you.