Cayman has been a popular base for the registration of foreign owned vessels for many years and conventions adopted by the Islands mean that a Cayman registered vessel owned by a Cayman company enjoys all the privileges afforded to the British Flag and full international recognition while benefiting from the tax free status and shipping laws of the Cayman Islands. A large proportion of the world’s luxury yachts are registered in the Cayman Islands, and IMS has assisted many of these in this process. We have experienced professionals well versed in all aspects of vessel registration enabling us to provide an efficient and reliable service which meets all regulatory requirements.
The following are among the more significant developments in Cayman:
- Adoption of part 2 of the UK Merchant Shipping Act enables ships registered in the Cayman Islands to fly the Red Ensign, with only majority ownership being “British” owned.
- Cayman Islands has secured full convention status, with power to issue full convention certificates e.g. Solas, load line, Marpol, etc.
- Creation of a Survey department, which, with support from the UK Department of Transport, ensures compliance with international convention certificates.
- Transitional arrangements in existence regarding survey, whereby existing class certificates are acceptable in the interim.
The benefits of registering in the Cayman Islands are as follows:
- Red ensign flag entitles ships to the protection of the British Royal Navy.
- Full assistance of the British consular service worldwide, which is especially useful in connection with crew matters.
- Expedited registration is available and the registry can act on scanned or faxed documents, subject to receiving originals within 7 days.
- No mandated crew qualifications for pleasure yachts in private use.
- Registration and annual tonnage fees are very competitive.
- High quality local expertise in the fields of banking, company management, legal and accounting services.
- Excellent international communications by fax, telephone and telex.
- Absence of exchange controls.
- No income, corporate or capital gains taxes exist in the Cayman Islands.
- Political stability and full British Overseas Territory status.
To find out more about vessel registration, including details of applicable fees and how IMS can leverage its expertise to your advantage please email us at firstname.lastname@example.org.