British yacht registration services
Whitmill Trust Company can provide a comprehensive marine service, including British yacht registrations at any British port, including Jersey, Bermuda, the Bahamas, Guernsey, Isle of Man, the Cayman Islands, the British Virgin Islands or any other UK Port, together with the transfer of a vessel to another British Registry, the registration of the change of ownership of a vessel, the change of one British port to another and the change of name of a vessel. Marine insurance can also be arranged at competitive rates.
If marine radios are on-board, a valid ‘Wireless Telegraphy Act 1949 Radio Licence’ is required. Whitmill Trust Company can obtain all the necessary radio communications licences, including International call signs and Satcom ID numbers.
There are several advantages in having a British Registered vessel, the main one being that it can fly the British Red Ensign. With this comes the international recognition, prestige and protection afforded to the British Flag. British registered vessels may also seek assistance from any British Embassy or Consulate in the world.
The registration of a vessel in the name of a company will provide confidentiality of ownership should you require it, and also a means to pass your assets on to your heirs without the payment of estate duty or inheritance taxes. It may also help to limit liability in the case of accidents.
Mortgages
All vital details of the vessel are recorded at the Port of Registry and it is a requirement that all legal mortgages are registered also. As the Register is open to public inspection, a check can be made to ascertain whether the vessel has a mortgage registered against it. A “Transcript of Registry” can be obtained which will show a potential buyer that the vessel is free from any encumbrances, debts or liens.
VAT
There is no VAT in Jersey but that does not now save you from paying VAT elsewhere within the EU, even if your vessel is registered in Jersey. Regardless of the ownership, or the flag, if the yacht is for use in EU waters and the beneficial user is a EU resident then the yacht is liable to pay VAT. If the beneficial user is not a EU resident then VAT-free temporary importation is available for a cumulative period of six months in any year. If the vessel you are buying or selling is already VAT paid then it would be important to ensure that the sale of the vessel was effected within the EU in order to preserve its VAT paid status.
Whitmill Trust Company has an excellent relationship with a Dutch tax practice which specialises not only in VAT and customs but also in international tax planning whereby VAT due on the capital value of vessels may be saved and VAT on the charter of large vessels reduced.
Tonnage measurement survey
Every vessel to be registered on the British Registry has to have a Tonnage Measurement Survey (TMS), even if the vessel has previously been registered on another nationality’s register. The TMS is a rather archaic measuring system carried out by an approved classification society, whereby various dimensions of a vessel are officially recorded and Gross and Registered Tonnage are calculated. Whitmill can arrange these surveys regardless of where the vessel is located.
Evidence of title
Evidence of title must be submitted. If the vessel is new, a Builders’ Certificate, and subsequent Bills of Sale which link the owner to the vessel, must be provided. For a second hand vessel, or one which has been registered before, a sequence of Bills of Sale tracing ownership for the last five years must be submitted. A vessel that has been registered on another nationality’s register must submit the “Deletion Certificate” or “Closed Transcript” as proof of title.
If you would like to discuss your requirements in more detail please contact us.