Yacht Management In The Isle of Man
August 13, 2008
Yacht Management is a necessity if you or your company owns a mega-yacht. Purchasing and running a yacht is expensive in its own right - but having your yacht or ship managed offshore can mean saving an enormous amount of tax!
The Isle of Man is the ideal location to register your Yacht or Ship due to its association with the United Kingdom and its favourable tax treatment.
Yachts and Ships registered in the Isle of Man will fly the ‘British Red Ensign’ which entitles the Yacht to UK Consular services and the protection of the Royal Navy. The Yacht will also enjoy zero rate of tax on shipping related activities and may reclaim VAT on purchases and expenses.
Benefits of registering a vessel on the Isle of Man include:
- A zero rate of tax
- No annual tonnage dues
- A low registration fee
- Attractive VAT arrangements
- Security of mortgages registered on the Island
- A Demise Charter Register, both in and out
- British Flag and support of British Consular services
- Flexibility in the requirements for registered owners including limited partnerships
Many types of Ships are accepted for registry – including Tankers, Gas and Chemical Carriers, Offshore Support Vessels, Container Ships, Cargo Ships and Passenger Ships. There is also the “mega-Yacht Code” which allows for commercial yachts over 24 metres to be registered.
Yacht and Shipping Management services extend to assistance with ad hoc projects through to providing the complete yacht management service. Care should be taken when choosing a Yacht Management company - as they will be responsible for your ‘baby’ and you need a company that doesn’t hassle you constantly - but also that you can contact, night or day, if a problem arises.
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