The Benefits of Offshore Yacht Registration

It’s now the norm for yacht owners to register their vessels in International Offshore Financial Centers (IOFCs) across the globe, with each location offering advantages that are distinct the most used of which include tax savings.. The savings alone in fees related to taxes, registration, and VAT are enough to encourage shipping boat to register offshore, however the Cayman-Islands now offers extra to yacht owners.

Why Cayman?

The Cayman Islands has set itself above other tax-free locations such as Malta, Singapore, and Cyprus by offering yacht owners and shipping companies a real physical presence in which to place their staff in turnkey offices and create legitimate tax-free international business income. This is accomplished through Cayman Maritime Services Park (CMSP), an element of Cayman Enterprise City (CEC) set up specifically  for businesses within  the maritime industry so they can make use of  the benefits offer by operating through  the Special Economic that is award-winning Zone. The Cayman Islands Government has provided appealing concessions to companies that are such searching for yacht registration in Greece.

Location, Location, Location

Companies with CMSP are topic to no local income tax, capital gains taxation, business income tax, or sales taxes, and import duties. What’s more, friendly immigration regulations distinctive associated with the Cayman Islands maritime services park allow businesses to get 5 year renewable work/residency visas for their staff within 5 working  days.

Flying the Flag

Yacht owners who establish within the CMSP generally speaking a short three-week process can also register their vessel with all the Cayman Islands Shipping Registry (CISR). CISR offers advantages that are distinct yacht owners. First, it is a Category 1 UK Registry inside the Red Ensign Group and considered first class as certainly one of the top flags of the globe by the International Chamber of Shipping (ICS). With 15 locations that are different the planet, yacht owners are afforded 24/7 service. Additionally, the CISR is white-listed by all major ports across the world and has status that is low-risk. What this means is considerably fewer inspections, less hassle, more help, and smoother sailing.

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