Among all the flags you could choose for to register your yacht, Bermuda is the preferred option for most yachtsmen. Not only the Bermudian yacht ensign provides the advantages of a tax efficient and stable jurisdiction, as being part of the Red Ensign group which comprises most of the Royal Commonwealth Countries and Dominions, it is a recognized flag worldwide which enable flexible management and use of your yacht, either for your own private use, chartering or professional operations. Registering under Bermuda' flag enables the yacht owner, agents and operators to enjoy the favorable tax laws of Bermuda.
Our team could assist not only with the registration of your yacht under Bermuda red ensign, but also obtain the radio call signs and related services as well set up for you any holding company in this jurisdiction if required.
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Why Bermuda ?
Bermuda is a UK Overseas Territory which has its own Parliament and which makes its own national laws. The UK extends international maritime and other conventions to Bermuda where they are enacted into Bermuda law for Bermuda ships. The territory has a sound legal framework for company law and shipping law, based on UK practice and is a reputable jurisdiction for carrying out ship registry and finance transactions. Bermuda offers the option to set up exempt companies to carry on international trade and is a base of choice for a great many well known large shipping interests and is a tax efficient jurisdiction.
Bermuda YACHT REGISTRATION ADVANTAGES
- NO CORPORATE TAXES, making Bermuda an interesting place to own a boat as a vehicle towards tax efficiency;
- There is no sales tax in Bermuda when purchasing anything;
- Your ship will sail as a member of the Red Ensign Group. Your ship will be entitled to British Diplomatic and Consular support, including Royal Navy Protection. Also, the Bermuda provides access to the expertise of the UK Maritime and Coastguard Agency;
- Bermuda tax exempts based on Bermuda’s positive reputation of leading offshore financial centre;
- Low Registration and Maintenance fees;
- Yacht registration and Certificates recognized worldwide;
- Bermuda has stable government and working British Judicial System;
- Bermuda is the yachting centre of the Caribbean...
WHAT KIND OF VESSELS CAN BE REGISTERED IN BERMUDA?
- General cargo ships of unlimited tonnage;
- Yachts of up to 3000 gross tons; and
- Vessels previously covered under Category 2.
- Recreational craft and yachts of up to 400 gross tons (about 45m in length);
- Cargo and commercial craft of up to 150 gross tons (roughly 24m in length); and
- Domestic passenger ships on domestic voyages.
By tradition, ownership in a Bermudian Ship is divided into 64 shares. Majority share of the boat (at least 33 of the 64 shares) must be owned by qualified persons (Bermuda Companies, even fully owned by a non-Bermudia citizen).
Our team of professional yacht agents will happily guide you to decide on the best suited flagging options for your yacht, based on the intended use of the vessel (private use, charter, VAT reclaim, export, ...) as well other parameters such as taxes, insurance, mortgages and loans, boat & yacht finance and refinancing, all to fit with your personal circumstances.
While we are happy to register your vessel in the country of your choice, including through purpose-built holding companies and tax efficient ownership legal structures if necessary, we do have Memorandum of Understanding (MoU) to enable fast track registration with the following commercial ships and pleasure yachts registries: