Isle of Man Maritime
The Isle of Man is a popular destination for yacht registration given its administrative simplicity, low registration costs and lack of tonnage tax. Ownership of vessels in the Isle of Man is highly flexible including by local registered Limited Partnerships. Vessels flagged in the Isle of Man fly the Red Ensign and are entitled to UK consular services and Royal Navy protection. The Isle of Man flag allows for worldwide trading without restriction and the Isle of Man itself remains politically stable despite pressure on unrelated grounds in connection with the use of 0% tax Isle of Man companies for tax avoidance and evasion. The maritime centre conforms to all international Maritime conventions.
Taxation
Isle of Man companies pay 0% tax. There is no annual tonnage tax or tax of any kind.
Ownership
Isle of Man vessels can be owned by almost any legal or natural person with the proper structuring but are generally owned by either a local or EU company (or a British offshore territory) or an Isle of Man registered Limited Partnership comprising some combination of the above.
Survey
There is no requirement for a survey for vessel under ten years of age.
Charter
Vessel charter from the Isle of Man will not be subject to local tax and bareboat chartering is also possible for foreign flagged ships under the Isle of Man flag.
Mortgages
The Isle of Man has a highly advanced bank sector and a well governed maritime registry making vessel mortgage easier than in other areas (such as Malta or the Caribbean).
DeMontford Bell Limited is a division of the DeMontford Bell Group. Whilst we strive for accuracy the contents of this website along with all other information provided by Demontford Bell, Demontford Bell Limited, DB Partners Limited or its agents in whatever form does not constitute advice. All text and images are protected by copyright.
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