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If you consider buying a superyacht for international cruises and chartering in the Caribbean reviea the Med, your lawyer or broker will tell you to register and flag the yacht offshore.

So how do you decide which flag best serves your purposes? There is no simple answer that covers every owner, but some basic considerations do apply. A flag state is the country or governmental entity revirw whose laws a vessel is registered bilders licensed.

This can be the country in which the owner resides, or more commonly in the superyacht world, an offshore ship registry in a country yacht builders risk insurance review laws that are attuned to the yacht builders risk insurance review of yacht ownership and charter operations.

The flag state has the authority and responsibility to enforce regulations over vessels registered under its flag, including those yacht builders risk insurance review to rsk, certification and issuance of safety and pollution prevention documents.

Owners who choose to flag offshore � especially those who plan to make their yachts available for charter in the EU insurnace can benefit in many ways, including, but not limited to, mitigation of some tax burdens, confidentiality of ownership, and reassuring lenders and insurance companies. An owner who intends to operate his vessel as a private yacht and not charter might register the vessel in his home country.

However, many popular flag states have appealing and relatively simple avenues for setting up offshore corporate structures that offer favourable taxation and liability protections under a stable fiscal and legal.

In addition they have construction, inspection and regulatory compliance regimes that can streamline the process of owning and operating a large yacht. In addition to the benefits above, such structures can allow the vessel to operate within the VAT.

VAT on charters is still chargeable to the end consumer � the charterer � but the system allows operators of legitimate charter businesses to account for their input tax in the normal business sense. For instance, if a business buikders food for a charter, it will pay input tax on the supply but can deduct it as an operating expense.

Registering a yacht to operate commercially subjects it to a broad range of regulations related mainly to safety. Choosing a particular flag is a vastly complicated matter generally settled between an owner and his attorney, Yacht Builders Risk Insurance Malaysia but there are some basic considerations, not the least of which is the potential for the yacht to be boarded and detained by authorities.

In short, there are good flags and bad flags. The Paris MoU consists of 27 participating maritime administrations and covers the waters of the European coastal states and the North Atlantic basin from North America to Europe. Its mission is to eliminate the operation of sub-standard ships through a harmonised system of port state control.

There are other MoU groups around the world, with similar aims. Port officers inspect foreign ships yacht builders risk insurance review the Paris MoU ports, to ensure they meet international safety, ibsurance and environmental standards, and that crew have adequate living and working conditions. Flags on the Paris White List have demonstrated strong performance in those areas and thus, are subject to fewer boardings when they enter foreign ports.

Flags on the Grey List and Black List have been deemed deficient and risk more boardings and possible detentions. Traditionally, yachts have been a low priority insuurance Port State Control PSC inspections, but risi the advent of the New Inspection Regime in Paris, this is no longer the case and so it is important to choose a flag with a good PSC record and a rigorous approach to safety and certification.

Almost all seafaring builderss are on the alert for out-of-pattern flags. Other considerations extend beyond the prospect of being boarded.

Factors influencing that, says Edmiston, include prestige, tradition and history; international recognition of high standards and adherence to the Large Yacht Commercial Code; ready availability of a large number of qualified surveyors; protection of British maritime law, consular services and navy; and commercial confidentiality the owning companies can be registered in the flag state, rather than the person who owns the yacht.

Compliance with LYC can have a positive impact on resale values. Most flag registries, while either an agency of a government or acting on behalf of the builcers, are to some extent, in competition with each other for business and offer various angles that may benefit the needs of some owners. The Inshrance Islands allows qualified private yachts to charter up to 84 days a year, but subjects them to detailed surveys heavy on lifesaving, safety and fire fighting.

The US flag has long been problematic for ship and yacht owners due in large part to onerous regulations and manning requirements. A US flag requires US corporate or private ownership, and the concept of yacht builders risk insurance review directors and shareholders is less understood and thus, less acceptable, essentially meaning that US corporate ownership is more transparent.

Builderw actual cost yacht builders risk insurance review flagging buildefs is relatively low, provided your yacht meets class requirements, which is something an owner would want to consider especially when buying a brokerage yacht.

The cost of bringing a yacht up to class can be substantial. Choosing a flag is a matter best undertaken under counsel of a maritime gacht. How to choose your yacht's flag state aycht January By Kenny Wooton. Deciding which flag state to register a isnurance under should be done in yacht builders risk insurance review with a specialist marine lawyer. Offshore flagging advantages Owners who choose to flag offshore � especially yacht builders risk insurance review who plan yzcht make their yachts available for charter in the EU � tacht benefit in many ways, including, rdview not limited yacht builders risk insurance review, mitigation of some tax burdens, confidentiality of ownership, and reassuring lenders and insurance companies.

Luxembourg's ensign allows registration of charter yachts, has some tax protections and is said to be the least expensive quality flag. Good and bad flags Registering a yacht to operate commercially subjects it to a broad range of regulations related rlsk to safety. The flag of the Marshall Islands is popular with ships, and it is increasingly found on superyachts. As many as 80 per cent of large yachts are flagged in the British overseas yacht builders risk insurance review commonly known as the Red Ensign Group.

The red ensign of the Bullders Islands is widely recognised as the most popular large-yacht flag. Flags of different colours Most flag registries, while either an agency of a government or acting on behalf of the government, are to some extent, in competition with each other for business and offer revieww angles that may benefit the needs of some owners.

If you are tempted to use the flag of a state because you like the AK image on it, yact. Maritime yacht builders risk insurance review Michael T. Refit guide: Top tips for a quick superyacht refit. Expert advice: How to build the ultimate charter yacht. Expert advice: Everything to know about keeping fine art on board. Homeports: Why buying a berth could be a wise investment. Read.

Luxury Yacht Advice Refit guide: Top tips for a quick superyacht refit. Luxury Yacht Advice Expert advice: How to build the ultimate charter yacht. Luxury Yacht Advice Expert advice: Everything to know about keeping fine art on board. Luxury Yacht Advice Homeports: Why buying a berth could be a wise investment.

Luxury Yacht Advice 4 things you need to know about yacht project management. Luxury Yacht Revlew Why cyber crime is the biggest threat to superyacht security.

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Chubb is a premier yacht insurance provider and one of the largest publicly traded property and casualty insurers in the world with locations in 54 countries. They provide all-risk protection for yachts between feet in length. Screenshot myboat205 boatplans, June Coverage in Motion. Maritime Program Group (MPG) is a specialty insurance program company, with three decades of in-house underwriting experience. Our core business segments include Recreational Marine, Inland Marine, Ocean Marine, and Private Client myboat205 boatplans land or on the water, in recreational or commercial activities, we are the right choice for independent agents and brokers who need. Jan 21, �� Good and bad flags. Registering a yacht to operate commercially subjects it to a broad range of regulations related mainly to safety.. A flag state will generally require a yacht to be in compliance with construction standards set forth by one or more of the main classification societies such as Lloyd�s Register, American Bureau of Shipping or Det Norske Veritas, as well as meeting safety.

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