The main benefit of the program is flexibility, meaning the owner can use his vessel privately whilst being able to offset some of the running costs by offering the vessel for charter. Unlike a commercially registered vessel, the owner need not sign a charter agreement nor pay VAT on his own charters.
When it was launched in 2015 there was much debate and apprehension over the program but almost two years on it has proved a great success with several yachts changing over to Marshall Islands registration.
Rosemont Yacht Services & Management were lucky enough to manage the first yacht under the YET program last year and are looking forward a very successful 2017 season.
As part of the registration process the yacht must inspected and found to be fully compliant with the requirements of the Marshall Islands Yacht Code and all other applicable national and international requirements as a normal commercially registered vessel.
From an operational point of view, once registered, the process to obtain a temporary certificate of commercial registration is a quick and easy process and can be achieved in 24 to 48 hours. The temporary certificate is issued by the Marshall Islands and placed on board either by an Authorized Representative or Flag State Official.
From a safety and compliance standpoint, the auditing and compliance process is very clear for the likes of surveyors, auditors, and Port State officials as the vessel is at all times fully compliant with commercial standards regardless of the operation of the yacht.
Rosemont’s Janet Xanthopoulos, Legal Advisor and Head of Yacht Ownership & Administration Department was heavily involved in the planning and obtaining the necessary approvals of the program. Janet continues to liaise with other jurisdictions including Spain and Italy to enable the program to cover the majority of the southern Mediterranean.
Since its launch Marshall Islands now have five yachts successfully registered under the YET program the largest being over 100 metres. In addition they have another six yachts currently undergoing the registration process in the next couple of weeks proving that the program is growing in popularity.
Following the success of the Yacht Engaged in Trade Program, Rosemont have since been approached by other Flag States to develop similar programs, the first of which is scheduled to be launched later in the year.
For more information on the YET program please contact Janet Xanthopoulos;
+377 97 97 21 41