REGISTRATION
CREDENCE CORPORATE AND
ADVISORY SERVICES LIMITED The multi-disciplinary yachting team regularly advises owners, prospective owners, financiers and managers on the sale/acquisition of yachts and superyachts, yacht financing and registration of mortgages, yacht importation, VAT and crew-related matters. In an ever- changing environment, an international network of like-minded professionals is pivotal if one is to avoid the pitfalls of fiscal, legal and technical compliance. To this end, the Credence yachting team regularly participates in conferences and attends yacht shows to create and maintain an open channel of communication with their peers across the globe. Credence takes pride in proficiently and efficiently offering comprehensive solutions. For more details Tel: +356 2125 2893 or visit
www.credence.com.mt
commercial yachts are excluded. These registers also allow for a different application of taxation depending on the area of the change of use of the vessel.”
“I would refrain from using the term ‘offshore registers’ but would prefer using the term ‘register located in an offshore jurisdiction’,” says Chays at Jersey Registry. He adds, “This is a bit picky but I feel offshore registry has the same negative connotation as in the finance industry. Jersey is called an offshore jurisdiction for financial purposes but for registration of ships, I would not consider it as ‘offshore’ as it is part of REG and is represented internationally by the MCA in the UK (a leading white list country on the Paris MoU) that is responsible for its representation at the IMO.” He says that owners who decide to register their vessel on a register located in an offshore jurisdiction (in particular if they want to make their vessel available to charter in the EU) can benefit in many ways. This includes mitigation of certain tax burdens (i.e. VAT temporary importation scheme), confidentiality of ownership, reassuring lenders and insurance companies (providing the register is on the white list).
He adds, “Numerous offshore jurisdictions have appealing and relatively simple processes for setting up offshore corporate structures that offer favourable taxation and
MADEIRA YACHTS SHIPPING REGISTER & MANAGEMENT Established in 1999 by its director and founder, Mr. Antonio Correia, they have developed a strong network. By registering your vessel with MAR, you have immediate access to European cabotage via the Portuguese flag. In addition to the benefits associated with MAR and MIBC, shipowners can benefit from Portugal’s Non-Habitual Tax Resident (NHR) and Golden Visa programs. The Madeira Registry also offers a very competitive tax regime applicable to vessels and shipping companies licensed under the legal framework. Commercial yachts benefit from an exemption from VAT on the acquisition and registration as well as the management of the charter activity. For more details Tel: +351 291 224 859 or visit
www.madeirashipping.net
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liability protections under a stable fiscal and legal system, which is the case for Jersey. In addition they have construction, inspection and regulatory compliance regimes that can streamline the process of owning and operating a large yacht which is also the case in Jersey with the use of the MCA workboat code, the MGN280 and the REG Yacht Code.”
In short, mentions Samuel at the Virgin Islands Shipping Registry, “Owners should choose a nationality and flag that can properly and suitably support their vessel operations.”
SHOW TIME!
Here’s the spot where are our faithful contributors line up their wares to encourage new business and give us a chance to compare and contrast their registration offering. But one needs to consider that every owner is a very different beast, their wants and needs will change over time as is their want, and it’s not just about the money. Safety, compliance and good global support are key factors.
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