Cayman Islands Offer Superyacht YET Registration: The Cayman Islands Shipping Registry (CISR) has announced the availability of a Yacht Engage in Trade (YET) certification, which enables yachts over 24 meters to charter up to 84 days per calendar year in European Waters, currently limited to France and Monaco. The program follows in the footsteps of the Republic of the Marshall Islands Yacht Registry (RMI), which implemented the YET initiated in late 2015.
CISR had previously offered two means of registration for superyachts: full registration “pleasure” and full registration “commercial.” The YET program is a dual-use operation that allows owners the flexibility they require to operate their yachts privately with the option to charter for a limited time each year. The program is available to all Cayman Islands-registered pleasure yachts that seek to charter in EU waters and have a VAT paid status or operate under Temporary Admission in EU waters.
Yachts meeting the Large Yacht Code and other pertinent requirements will receive a Cayman Island Yachts Engage in Trade Certificate of Compliance (YET CoC) and temporary Certificates of British Registry for a Yacht Engaged in Trade (Temp COBR YET). These certificates are necessary to authorize yachts to charter in the specified waters.
Yachts registered under the YET scheme will receive significant advantages. Owners will be able to use their superyacht privately without losing the ability to charter the yacht on an occasional basis. Owners also will not need to pay VAT on their own use of the vessel. YET also eliminated the need to switch between pleasure and commercial registration every time the yacht changes it mode of operation. It eliminates the need to proceed to export/import formalities and to visit a third-country port every time the switch is made between commercial and pleasure use. The designation does not entitle owners to apply for VAT exemptions on fuel or supplies.
One possible downside to YET registration is that yachts may have to comply with more stringent standards as the vessel must operate in full commercial compliance at all time. Additionally, the owns of these yachts should expect them to be considered by Port State Control Authorities as commercial yachts and therefore subject to inspection and control measures under the Paris Memrandum of Understanding.
The scheme should also benefit the French yachting industry and may provide that country with substantial revenues in the coming years.
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