The Republic of the Marshall Islands (RMI) is one of a few respected yacht registries. Seven years ago, it announced a Yachts Engaged in Trade (YET) program, to offer flexibility for yachts carrying up to 12 passengers. The YET program has changed again, this time accommodating super-size superyachts with up to 36 guests.
Briefly, the YET program permits private yachts to charter temporarily in Europe, without having to re-register as a commercial yacht. The RMI Registry recognized how some owners wanted to offer limited charters during the year to offset costs. Therefore, they worked with local authorities to create a special operational scheme, which would of course still generate tax revenue. Starting in 2015, YET began affording megayachts of about 80 feet (24 meters) and larger to obtain a compliance certificate.
In fact, it allows a maximum of 84 days per calendar year in European Union waters. Charters must start in France or Monaco, or other countries granting permission. Additionally, owners don’t have to sign a charter agreement every time they wish to use their own yacht privately. As long as the yacht imports into the European Union in accordance with customs regulations, the compliance certificate applies.
Patrick Bachofner, RMI Registry’s Geneva office director and worldwide director for yachts, says owners and tax authorities have been pleased so far. “Naturally, we want to expand the program to include yachts of different sizes,” he adds. Owners whose yachts carry more than 12 guests have been inquiring about the YET program. The RMI Registry therefore began discussions with customs and port-state control officials. Ultimately, the parties decided expanding the special certificate to yachts with up to 36 passengers would be possible. Although the change was effective for last summer’s Mediterranean charter season, the pandemic prevented several yachts from entering those waters. Those restrictions no longer remain in place.
Notably, Bachofner also believes the YET program eventually could expand to further countries.
Republic of the Marshall Islands Yacht Registry register-iri.com
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