FAQ: Yacht Registration in the Cayman Islands

1. Who is eligible to register a yacht in the Cayman Islands?
   Yacht registration is open to citizens and companies of the Cayman Islands, as well as citizens of British Overseas Territories, European Union (EU) countries, and other approved countries. Foreign individuals and companies can register a yacht through a local Cayman-registered company or a licensed representative.

2. Why register a yacht in the Cayman Islands?Global recognition and protection of the Cayman Islands flag.
   The Cayman Islands Shipping Registry (CISR) is recognized by the International Maritime Organization (IMO) and offers a well-respected, high-quality registry.
   Flexible ownership structures, including individual, corporate, or partnership ownership.
   Tax-neutral jurisdiction with no direct taxes, including no income, capital gains, or corporation tax.
   Comprehensive and efficient registration process with competitive fees.
   

3. What types of yachts can be registered in the Cayman Islands?
   You can register a wide range of vessels, including:Private yachts
   Commercial yachts
   Superyachts
   Yachts under construction
   Ships and pleasure vessels of all sizes
   

4. What documents are required to register a yacht in the Cayman Islands?
   Documents required include:Proof of ownership (Bill of Sale or Builder’s Certificate)
   Certificate of incorporation (if the owner is a company)
   Tonnage certificate from an approved surveyor
   Previous registration certificate (if applicable)
   Application form for yacht registration
   Proof of identity (for individual owners)
   Certificate of seaworthiness (for larger yachts)
   Radio license (if applicable)
   

5. How long does it take to register a yacht in the Cayman Islands?
   The registration process typically takes 3 to 5 business days, depending on the completeness of the submitted documents and the complexity of the yacht’s ownership structure.

6. Can a foreign individual or company register a yacht in the Cayman Islands?
   Yes, foreign nationals and companies can register a yacht in the Cayman Islands through a local registered company or by appointing a licensed representative.

7. What are the costs involved in registering a yacht in the Cayman Islands?
   Registration fees are based on the yacht’s gross tonnage and whether the yacht is for private or commercial use. There is an initial registration fee, as well as annual tonnage fees, which vary based on the vessel’s size and type.

8. Can I register my yacht under construction?
   Yes, the Cayman Islands Shipping Registry allows registration of yachts under construction, as long as specific documentation is provided and certain conditions are met.

9. Is there an annual renewal fee for yacht registration?
   Yes, yacht registrations in the Cayman Islands must be renewed annually. The renewal fee is based on the yacht’s gross tonnage and other factors such as its use (private or commercial).

10. Can I register a mortgage on a yacht in the Cayman Islands?
    Yes, the Cayman Islands allows yacht owners to register a mortgage on their vessel. This can be an important tool for financing the purchase or construction of a yacht, as it provides legal security to lenders.

11. Can I transfer the registration of my yacht from another country to the Cayman Islands?
    Yes, transferring your yacht’s registration from another country to the Cayman Islands is possible. You will need to provide a deletion certificate from the previous registry, along with the required documents for Cayman registration.

12. What surveys and inspections are required for registration?
    For yachts over 24 meters in length or those intended for commercial use, a survey by an approved classification society or surveyor is required. This survey ensures the vessel meets international safety and seaworthiness standards.

13. What is the difference between private and commercial yacht registration in the Cayman Islands?Private yachts are used for personal leisure and do not carry passengers for profit. The requirements are less stringent compared to commercial yachts.
    Commercial yachts are used for charters or other business purposes and must comply with additional safety and operational standards, including the International Safety Management (ISM) Code and International Ship and Port Facility Security (ISPS) Code.
    

14. Can I fly the Cayman Islands flag once my yacht is registered?
    Yes, once your yacht is registered in the Cayman Islands, it is entitled to fly the Cayman Islands flag, signifying its protection and registration under Cayman maritime law.

15. Is dual registration allowed in the Cayman Islands?
    No, dual registration is not permitted. A yacht registered in the Cayman Islands cannot be simultaneously registered in another country.

16. What are the tax implications of registering a yacht in the Cayman Islands?
    The Cayman Islands is a tax-neutral jurisdiction, meaning there are no direct taxes, such as income tax, capital gains tax, or corporate taxes. This offers significant financial benefits to yacht owners.

17. How do I renew my yacht registration in the Cayman Islands?
    Yacht registrations must be renewed annually. You need to submit a renewal application and pay the applicable fee, which is calculated based on the yacht’s gross tonnage. It is important to renew on time to avoid penalties.

18. What happens if I sell my yacht?
    Upon the sale of a yacht, the new owner must update the registration under their name and submit the necessary documents to CISR. If the yacht is to remain registered in the Cayman Islands, the new owner must meet the eligibility criteria.

19. Where can I get more information or assistance with yacht registration in the Cayman Islands?
    For more detailed information, you can contact the Cayman Islands Shipping Registry (CISR) through their official website or consult a local maritime lawyer or representative who specializes in yacht registration.