Lowtax Network

Back To Top

Your Lowtax Account

Madeira: Offshore Business Sectors

Ship Management and Maritime Operations

See Offshore Business Review – Shipping for a more general treatment of offshore shipping registries.

Under the Free Trade Zone Legislation vessels and yachts may be registered at the international ship registry of Madeira under the Portuguese flag provided their activities do not amount to transportation of goods between Portuguese ports. Transportation between Portuguese ports and foreign ports is allowed.

The shipping registry delegates some of its functions and recognizes certificates issued by specified classification societies. Among the functions that may be delegated are the supervision and enforcement of rules concerning stability, bulk cargo, on board security as well as the issuing of international certificates concerning conventions and resolutions of the International Maritime Organization and the OLO.

The classification societies recognized by the Madeira registry are Lloyds Register of Shipping, Bureau Veritas, Det Norske Veritas, Registro Italiano Naval, American Bureau of Shipping, Germanischer Lloyd, Rinave Portuguesa and Nippon Kaiki Kyokai. Other classification societies may in added to the list in the near future.

In assessing crew composition and minimum crew requirements the objective of the registry technical commission is to guarantee safety and the preservation of the quality of life abroad and at sea. The captain and 50% of the crew must be nationals of European Union member states, save where it is shown that such a composition is not possible or where non compliance with these conditions is justified by special circumstances. Crew composition requirements do not apply to yachts.

A fixed fee of EUR1,800 is payable to the registry upon registration. Thereafter there is an annual fixed fee of EUR1,400. Additionally a fee which varies according to tonnage must be paid both at the time of initial registration and annually.

In March, 2004, new regulations were introduced allowing the registration of charter yachts in the International Shipping Register.

See Offshore Legal and Tax Regimes for details of the taxation of ships and shipping companies in Madeira.

 

 

Back to Madeira Index »