The Isle of Man has a long and distinguished maritime history. The first ships were registered on the Island in 1786 and, since that date, the Island’s Ship Register has grown to be one of the most respected in the world.
In 2003, the Isle of Man adopted the Megayacht Code which permitted commercial vessels of over 24 metres to be registered on the Isle of Man Shipping Register, paving the way for superyachts to be part of the Isle of Man Register.
There are significant benefits available when using the Isle of Man for the registration of commercial vessels:
- The Isle of Man Ship Register is a component part of the British Register. As such, vessels registered, fly the Red Ensign and enjoy the support of British consular services and naval protection throughout the world
- Access to one of the world’s premier ship and yacht registers, renowned for its efficient and high quality service
- The Island is recognised as a “Centre of Excellence” with comprehensive, locally based maritime expertise
- Favourable tax treatment (companies are zero rated).
- Potential VAT savings on the acquisition and on-going management of the yacht
- No annual tonnage tax
- Confidentiality for owners
- Limited liability ownership structuring
- Security of mortgages on the Island
Cavendish Trust has a team of individuals experienced in the delivery of comprehensive, high quality support for all types of international shipping and superyacht structures, to include the provision of specific technical expertise regarding the registration and ongoing management of commercially registered vessels.
Please contact any of the following members of our team with any Shipping and Superyacht enquiries: