In August 2025, the Isle of Man Ship Registry released two significant regulatory updates: MSN 054 (Rev.4) and MSN 075. These notices reshape how the Red Ensign Group (REG) Yacht Code applies under Isle of Man regulations, particularly for private and commercial yachts of 24m and above.
For yacht owners, these changes bring enhanced flexibility, but also greater compliance responsibility.
Key Regulatory Changes
MSN 054 (Rev.4) reaffirms that large commercial yachts on the Isle of Man register must comply with the REG Yacht Code Part A. It also formally introduces two new operational regimes:
Yacht Engaged in Trade (YET) – allows privately registered yachts to undertake up to 84 days of charter per year in designated EU waters (including France, Monaco, and Greece), without changing their underlying Pleasure CoR. To qualify, yachts must comply with full commercial standards year-round.
Pleasure Yacht Charter Ready (PYCR) – permits yachts primarily used privately to charter on short notice, provided they maintain full commercial compliance at all times. The switch between pleasure and commercial status can be done efficiently without major changes to onboard operations.
MSN 075 outlines four survey regimes: full commercial, YET, PYCR, and traditional pleasure use. Yachts under the first three schemes must meet the Large Yacht Code and remain under continuous survey, even when not engaged in charter.
What This Means for Owners
The Isle of Man’s updated framework enables dual-use yachting: owners can enjoy private cruising while legally chartering on occasion. However, this flexibility comes with clear expectations:
- Yachts operating under YET or PYCR must maintain commercial compliance year-round, including crew certification, safety equipment, and regular surveys.
- Improperly chartering a yacht not in compliance with these standards risks detention, fines, or insurance invalidation.
- Traditional private yachts (not in YET/PYCR schemes) cannot switch to charter without a full regulatory upgrade, a costly and time-consuming process.
Rosemont’s Role
At Rosemont Yacht Services, we support yacht owners with tailored ownership structuring and corporate administration aligned to flag requirements. From choosing the right scheme (commercial, YET, PYCR, or private) to handling compliance and fiscal/VAT obligations, we ensure your yacht remains both operationally flexible and legally secure.
We liaise with the Isle of Man Registry and, in liaison with the yacht managers, monitor survey cycles, and coordinate with classification societies to help clients avoid costly oversights. With Rosemont’s guidance, owners can take full advantage of the Isle of Man’s progressive regime, without compromising compliance.
For more information or to discuss your yacht’s structuring and registration strategy, contact the Rosemont team today.
For more information, please contact rys@rosemont-yacht.com
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Read more about our YET support here: https://yachtownership-solutions.com/en/yacht-services/fiscal-representation/yacht-engaged-in-trade-yet-advisory-structuring-and-ongoing-administration