'Super Yacht' Registry On The Cards In The Isle of Man

by Amanda Banks, Tax-News.com, London

03 January 2003

According to the Isle of Man Online news service, the Manx Marine Administration will be launching its long-awaited 'super yacht' registry at the end of this month. However, there are reportedly fears that demand will outstrip expectations, putting pressure on the under-resourced department.

Although the government's current coding system does accommodate this type of vessel, the new registry will substantially simplify the registration of so-called 'super yachts' which measure 24 metres or more.

The IoM Online quoted Marine Administration director, Captain Desmond Howell as revealing at a recent seminar that he had been forced to postpone the launch of the designated registry last year due to the lack of available resources. He went on to add that although there are still concerns that the department will be understaffed if demand significantly exceeds projections:

'I am confident that if we really get stuck, I will get the resources. The only problem will be the time lag. We realise there is a much bigger market out there than the Island will be targeting but we don't have the resources. Maybe in time we will be able to extend (the registry).'

Although the Manx shipping registry is well-regarded internationally as a result of the territory's beneficial tax legislation and well-established financial services centre, the Isle of Man's government is keen to stress that the Island is not a 'flag of convenience' jurisdiction.

Speaking at last month's seminar, Captain Howell predicted that the super yacht registry, when launched, will be worth 'several million pounds' to the Island's economy, and revealed that the Cayman Islands and the United Kingdom are viewed as the main competition.

'We are hoping to skim off the cream,' IoM Online quoted the Marine Administration chief as observing.

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