Isle of Man embraces Monaco and Switzerland into Registry
The Isle of Man Parliament has passed legislation allowing its Ship Registry to accept vessels with ownership structures in Monaco or Switzerland. The countries were found to be a nexus for corporate structures buying and financing vessels.…
The Isle of Man Parliament has passed legislation allowing its Ship Registry to accept vessels with ownership structures in Monaco or Switzerland.
Isle of Man yacht industry urged the reform after arguing it would bring potential for new business.
“I am delighted to have been able to establish regulations to extend our ownership criteria to include the important financial centres of Monaco and Switzerland. The private sector yacht management companies on the Island see great potential in this latest move,” said Alex Downie, OBE, MLC, politician for shipping.
“I hope to see more yachts financed in these countries flying the Manx ensign in the future.”
Dick Welsh, director of the Isle of Man Ship Registry, said the list was established in 2007 based on a formula that would automatically make EU member countries eligible. In recent years they realised important countries for corporate structures buying and financing vessels would therefore not be added. Monaco and Switzerland were not seen as important territories at that time, but the Isle of Man yachting community has since impressed their stature.
“I’m happy that the door is now open for Monaco and Switzerland,” said Welsh.
“It’s an important move and a great demonstration of how we work with the private sector here because they told us we were missing out on something, it’s important in the world of superyachts to get these two countries on board.”
Amended regulations extend the list of qualified owners already approved to include citizens, bodies corporate incorporated in Monaco or Switzerland, or limited partnerships with their principal place of business in those countries.
There are currently 100 Isle of Man-flagged superyachts, according to data agency, Superyacht Intelligence. The Isle of Man ranked amongst the top 13 flags in The International Chamber of Shipping (ICS) 2012 Flag State Performance Table published this January.
Isle of Man yacht industry urged the reform after arguing it would bring potential for new business.
“I am delighted to have been able to establish regulations to extend our ownership criteria to include the important financial centres of Monaco and Switzerland. The private sector yacht management companies on the Island see great potential in this latest move,” said Alex Downie, OBE, MLC, politician for shipping.
“I hope to see more yachts financed in these countries flying the Manx ensign in the future.”
Alex Downie, OBE, MLC, politician for shipping, Isle of Man
Dick Welsh, director of the Isle of Man Ship Registry, said the list was established in 2007 based on a formula that would automatically make EU member countries eligible. In recent years they realised important countries for corporate structures buying and financing vessels would therefore not be added. Monaco and Switzerland were not seen as important territories at that time, but the Isle of Man yachting community has since impressed their stature.
“I’m happy that the door is now open for Monaco and Switzerland,” said Welsh.
“It’s an important move and a great demonstration of how we work with the private sector here because they told us we were missing out on something, it’s important in the world of superyachts to get these two countries on board.”
There are 100 Isle of Man-flagged superyachts (Source:Superyacht Intelligence)
Amended regulations extend the list of qualified owners already approved to include citizens, bodies corporate incorporated in Monaco or Switzerland, or limited partnerships with their principal place of business in those countries.
There are currently 100 Isle of Man-flagged superyachts, according to data agency, Superyacht Intelligence. The Isle of Man ranked amongst the top 13 flags in The International Chamber of Shipping (ICS) 2012 Flag State Performance Table published this January.
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