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Manx Law Change Boosts Shipping Registry

by Jason Gorringe, Tax-News.com, London

22 April 2013


The Isle of Man Ship Registry can now take vessels with ownership structures in Monaco or Switzerland thanks to recent legislative changes passed by the island's parliament, the Tynwald.

The latest regulations extends the list of qualified owners already approved, to include citizens, corporate bodies incorporated in Monaco or Switzerland, or limited partnerships with their principal place of business in Monaco or Switzerland, as persons who are qualified to be the owners of Manx vessels. The move is aimed at securing a greater market share of superyachts business, in response to requests by the Isle of Man yacht industry.

The Department’s Political Member with responsibility for the Ship Registry, Alex Downie, said: "I am delighted to have been able to establish regulations to extend our ownership criteria to include the important financial centers of Monaco and Switzerland. The yacht management companies in the island see great potential in this latest move and I hope to see more yachts financed in these countries flying the Manx Ensign in the future."

Dick Welsh, Director of the Isle of Man Ship Registry said: "This is a very useful piece of legislation and a great example of the public/private partnership which exists in the Isle of Man. When the list was last changed in 2009, these countries were overlooked in terms of ownership structures but we have since received many inquiries for both ships and yachts with ownership structures which we were unable to accept. The private sector worked with us to ensure that business opportunities are not lost and I’m happy that the door is now open for Monaco and Switzerland."

TAGS: marine

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