Registering a Yacht in Gibraltar
Europa Trust Company Ltd
05 August, 2016
The Gibraltar Yacht Registry is an internationally recognised, high quality registry providing an efficient and cost-effective service, it is an ideal choice for yacht owners who want the confidence of belonging to a British Register and flying the Red Ensign.
Although Gibraltar is currently within the European Union, by virtue of being a Dependant Territory of Great Britain, it is outside the Customs Union. Gibraltar is outside of the VAT zone and has no VAT system.
From a legal perspective, registering a yacht in Gibraltar offers many advantages of security and reliability:
- The yacht will fly the defaced British flag (Red Ensign). This comes with international recognition, protection and prestige.
- The ability to seek assistance from any of the British embassies and consulates worldwide where the vessel may be situated.
- Legal title of yacht ownership on registration or transfer of ownership is straightforward.
- All vital details concerning the yacht are contained in the Register, and in the Certificate of British Registry (Blue Book).
- The Register is a public record, open to inspection by interested third parties, such as buyers, and potential lenders, and offers security as to title.
- The Register enables the owner to dispose of the yacht easily in a cost-effective and timely manner.
- All legal mortgages are required to be registered, enabling interested parties to ascertain from this public record whether a yacht is free from encumbrances or registered liens.
British Citizens, British Dependent Territories citizens, British Overseas citizens or EU or EEA nationals or companies registered within the EU or EEA may register a vessel in Gibraltar provided they have a majority interest in the vessel's ownership.
If the owner (s) making up the majority interest (i.e. 33 shares) is/are not residents of Gibraltar, a Representative Person/ Registered Agent should be appointed. A body corporate shall be treated as resident if it has a place of business in Gibraltar.
The most common way to register a vessel is under a Gibraltar corporate structure. This has several advantages such as confidentiality, as it can be arranged so that your name does not appear on any yacht or company documents.
The onerous task of changing ownership details at the Yacht Registry can be overcome by simply transferring ownership of the company.
Ownership though a structure can also overcome costly inheritance tax issues, provide inheritance tax benefits and provide asset protection.
Vessels are not required to be physically inspected or surveyed within the jurisdiction. Although it is a requirement for the appropriate survey of the vessel to be carried out:
- Pleasure Yachts under 24-meters must arrange for a Tonnage Measurement Survey
- Pleasure Yachts over 24-meters require an International Tonnage Survey to be arranged with one of the approved classification societies.
Working with Europa Marine Consultants Ltd.
Europa Marine Consultants Ltd is part of the Europa Group. We have been based in Gibraltar since 1987 and have built a reputation as a stable and reputable business.
We provide a comprehensive range of marine and crew services including registration of vessels worldwide, purchase and sale contracts, operating permits, crew licenses and payment set-ups, international structures for your vessel, registration of vessels under the British flag in Gibraltar or virtually any worldwide port of registry, procurement of marine insurance, radio licensing as accounting authority and other associated services.
Our clients are an eclectic mix of international executives, authors, sportsmen, corporations, wealthy individuals, families and many more. Their individual interests and needs are at the centre of our focus.
Each client benefits from the experience and multi-jurisdiction knowledge of a dedicated Europa Marine Consultant Ltd professional. Our Group can assist with:
- Company formation management and administration
- Registered Office
- Maintenance of statutory records
- Holding of annual general meetings
- Preparation and filing of financial statements
- Professional trustees
- Foundation management
- Arrangement of banking facilities Worldwide
- Accountancy services
- Voluntary liquidation of companies
- Registration of vessels Worldwide
- Marine vessel ownership administration
- Procurement of marine insurance
- Providing radio licensing as an accounting authority
- Registration of marine vessels under British flags in Gibraltar
- Marine crew licenses and payment set-ups
- Purchase and sale contracts of vessels
- Procurement of vessel operating permits
- Procurement of legal and tax advice
- Corporate or individual relocation
- Procurement of insurance for property or possessions
- Worldwide mail, telephone, fax and message forwarding
- Will drafting service and safekeeping services
- Virtual office
- Commissioners for Oaths service
- Registration of mortgages and debentures
- Safe deposit box services
- Web Domain Registration
- Protection of intellectual property with registration of trademarks and patents
- Providing company searches on companies incorporated and company name checks
- Asset administration
- Providing certificates of good standing
- Certification of Documents and Notarisation
- For clients who require a confidential service, we offer through Europa Trust Company Ltds fully-owned subsidiaries:
- Corporate directors
- Nominee shareholders
- Company secretaries
Contact us today to find out how we can help you.
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