Transport, Shipping and International Trade Web-course: “Registration of yachts under flags of convenience: what flag to choose?”
If you have a plan to buy a yacht, one of the mandatory steps is to choose a jurisdiction and a ‘’flag of convenience’’ for its further registration. At the 7th webinar on Transport, Shipping and International Trade Web-course, we talked about the state registration procedure, court registers, the benefits of “convenient” flags, check-points for choosing a flag etc.
Therefore, if you make a decision what flag of the yacht would be appropriate, take into account: the type of operation of the yacht (commercial or leisure), its characteristics (age, length, gross capacity, as well as the planned sailing area). The owner has the right to choose the flag at his own discretion. Thus, there are two groups of ship registers: national (closed) and international (open). Often yacht buyers are required to register a yacht in the international ship registry under a “flag of convenience”. For an example there are tax benefits, low registration fees, simplified registration procedures, simplified requirements for the technical condition of yachts, etc. Speaking about “convenient” flags, there are the following groups of countries: Classic (Panama, Marshall Islands), British (Jersey, Cayman Islands) and European (Malta, Latvia, Netherlands).
We hope this information will help you make the right decision to buy the yacht of your dream! Thanks to the speakers for the helpful reccomendations and to see you at the next webinars of course!