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Manx Ship Registry Permits Monaco, Switzerland Ownership Structures

by Jason Gorringe, Tax-News.com, London

28 May 2015


The Isle of Man Ship Registry can now take vessels with ownership structures in Monaco or Switzerland thanks to legislative changes which were passed by the Manx parliament, Tynwald, in April 2015.

The new regulations extend the list of qualified owners already approved, to include citizens, bodies corporate incorporated in Monaco or Switzerland, or limited partnerships with their principal place of business in Monaco or Switzerland.

The Manx Ship Registry described the legislative change as a "strategic move" that will enable the Isle of Man's yacht industry to tap new business opportunities.

Alex Downie, the political member with responsibility for shipping, commented: "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 private sector yacht management companies on 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 added: "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: Isle of Man | marine | Monaco | offshore | legislation | Switzerland | regulation | legislation amendments

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