Among all the flags you could choose for to register your yacht, Isle of Man (IOM) red ensign is the preferred option for most yachtsmen. Not only Isle of Man 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 IOM flag enables the yacht owner, agents and operators to enjoy the favorable tax laws of Isle of Man.
Our team could assist not only with the registration of your yacht under Isle of Man 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.
There are further advantages to register under Isle of Man ensign:
– Non-EU jurisdictions for both VAT and crew employment.
– No tax on any profits earned
– 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, Isle of Man provides access to the expertise of the UK Maritime and Coastguard Agency
– No chain of title required for Isle of Man registration – only a Bill of Sale with Deletion Certificate – British entities only qualify as registered owner.
– No annual tonnage tax. 10 year Certificate of Registry renewal.
– Isle of Man requirements same as UK for 5 year chain of title – Renewable 3 month Provisional Certificate of Registry available – EU/Commonwealth companies or persons are qualified for registered ownership.
– Isle of Man Representative required for yacht over 24m. Isle of Man Representative if owned by company of different jurisdiction.
– Names approved by Registrars direct.
– Isle of Man can accept yachts up to 150GRT and charter yachts up to 24m.
– Registrar only approves markings.
– Isle of Man can accept Private Pleasure yachts up to 399GRT and charter yachts up to 24m/150GRT under Small Yacht Code (may apply on tonnage not length depending on the yacht) .
– Easy name reservation procedure.
– Simplified form of measurement for yachts under 24m.
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: