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REGISTRATION


CHETCUTI CAUCHI


NEW LEGISLATION The new Red Ensign Group (REG) Code came into force on 1 January 2019. The code consolidates an updated version of the Large Yacht Code (LY3), and the latest version of the Passenger Yacht Code (PYC). The new Code also has what is known as a ‘retrospective application clause’. This means that there are sections within the Code that will be applied not just to new vessels, but to existing vessels also that are currently certificated under the existing Large Yacht Code or Passenger Yacht Code, from the first annual survey after 1st January 2019. The revised Marpol Annex 5 under regulation MEPC 70 came into effect on 1st March 2018. The main change for yacht owners is the additional category (E-Waste) to be included in the garbage record book. The Republic of Panama decided to adopt the REG YACHT CODE, edition January 2019, part A, for


the yachts up to 12 passengers and part B, for the yacht up to 36 passengers.


THE BENEFITS Binta Jallow sums up succinctly the reasons a yacht would register with the British Virgin Islands: Its reputation and expertise flies high internationally; It’s easy for a vessel and any mortgage to be registered with ensured security in a politically stable environment with a British-based legal system and infrastructure. The (VISR) is a member of the Red Ensign Group. Any vessel registered within the REG, is a ‘British ship’ and is entitled to fly the Red Ensign flag and reap the benefits.


PANAMA YACHT REGISTRY The General Consulate of Panama located in the legendary Vieux-Port of Marseille. Together with the vessel registration, the Consulate also provides the Seaman Books for officials and ratings within a rapid timeframe. The clients may pay their taxes and other services directly, without any intermediaries in the Consulate, having the same official prices of the Panama Maritime Authority. This Consulate of Marine Marchants e offers a wide range of services, including authentication of signatures and legalisation of documents needed for sales and mortgages. The Panama Ship Registry is one of the most trustworthy and respected flag states in the world. For more details Tel: +33 (0) 4.91.90.05.84 or visit www.consulatgeneraldepanamamarseille.com


Why Panama? We ask. Mag. Virna J. Ayala looks aghast. You ask me this? She replies. “Because, Panama yacht registry is a public institution, not a private office. Our clients may pay their taxes and other services directly in any of 64 Marine Merchant Consulates around the word, at the same official price as the Panama Maritime Authority, without any intermediaries. Moreover, the Consulates provide the Seaman


ADVOCATES An international law firm with offices in Malta, Cyprus, London, Zurich and Hong Kong, Chetcuti Cauchi Advocates is a multidisciplinary practice with a highly experienced team specialising in shipping and yachting. Chetcuti Cauchi Advocates assists with the full spectrum of vessel ownership – from vessel sale and purchase to tax advice, to marine mortgages and registration of vessel, as well as ship owning and the set up and administration for VAT Yacht Leasing Structures. The specialist team constantly ensure a high quality of service to clients seeking the most effective solutions. For more details Tel: +356 22056606 or visit www.chetcuticauchi.com


Books offer official log books for Panamanian vessels and yachts. Our registry has a tradition of more than 100 years and we are an A Group member of the IMO.”


Dr Zammit from Chetcuti Cauchi Advocates warns, “It is vital to keep a close eye on the benefits for each possible flag. New legislations and regulations are constantly being proposed and put forward for the betterment of security, environmental protection and for improving transparency in the maritime sector. Proper planning and a trusted partner that has a wide range of international knowledge is vital.”


Clear? The owner draws a slug from a large glass of whisky. “Tell me again,” he says. “From the top. And slowly this time.”


ONBOARD | SUMMER 2019 | 117


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