KNOWLEDGE BASE

YACHT & SHIP OWNERSHIP

Isle of Man Yacht & Ship Registration

Overview Key Benefits Classification

OVERVIEW

Our status as a Representative enables yacht and ship owners, managers and charterers to take advantage of the Isle of Man's legislation and its favourable tax regime.

The Isle of Man has a long and distinguished maritime history and today is recognised as one of the most prestigious Flag states. Consequently, we primarily register yachts and ships under this jurisdiction. However, Registrations can also be made upon request in other reputable jurisdictions.

KEY BENEFITS

Some of the key benefits for registering in the Isle of Man include:

  • Favourable tax treatment
  • No annual tonnage tax
  • Beneficial VAT arrangements
  • Security of mortgages on the Island
  • A Bareboat (Demise) Charter Register enabling vessels to be demise Chartered registered
  • The prestige of the British Red Ensign and the support of consular services
  • A quick and efficient registration process
  • Political Stability in the Isle of Man is maintained (1,000 years of continuous Parliament)
  • Flexibility in registered ownership requirements A one-off low initial registration fee

CLASSIFICATION

The Classification Societies recognised by the Isle of Man Ship Registry are:

  • Lloyds Register of Shipping (LR)
  • Germanischer Lloyd (GL)
  • Bureau Veritas (BV)
  • Det Norske Veritas (DNV)
  • American Bureau of Shipping (ABS)
  • Registro Italiano Navale (RINA)
  • Nippon Kaiji Kyokai (Class NK)
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CONTACT A CONSULTANT

Purchasing a yacht is a major acquisition which requires careful planning and consideration. As a dedicated division of OCRA Worldwide, OCRA Marine is positioned to assist at every level. We invite you to contact the consultant listed below for a Free Initial Consultation.

Our professional services go beyond yacht registration and include ownership structuring that provides for beneficial VAT planning and tax mitigation (and/or deferral). We are also able to arrange for yacht finance and vessel insurance, and will take care of any project management requirements in addition to the day-to-day maintenance and management of the vessel. In short, we take care of all aspects of yacht ownership providing owners with a single and dedicated point of contact for the ongoing management of their vessel.

If you would prefer to make contact with a consultant at one of our offices who speaks your language, click here for a full list of our office contact details, otherwise follow the details below to make contact.

Alternatively, click on the link below to complete and submit our yacht questionnaire:
Yacht Questionnaire or visit our website www.ocramarine.com for more information.

OCRA Marine                      

Tel: 
Fax: 
Email: 
+44 0 20 7317 0600
+44 0 20 7317 0610
yachts@ocramarine.com

Languages spoken in this office: English

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Disclaimer: Whilst every effort has been made to ensure that the details contained herein are correct and up-to-date, it does not constitute legal or other
professional advice. OCRA Worldwide does not accept any responsibility, legal or otherwise, for any errors or omission.