Mark Robinson Maritime Consultants (MRMC) have just completed the first YET yacht on the Marshall Islands Registry.
The new Yacht Engaged in Trade (YET) initiative was launched by the Republic of the Marshall Islands Registry at Monaco Yacht Show last year. As Appointed Representatives to the RMI, MRMC have just successfully passed the inaugural YET yacht, having conducted the final survey, signing off on all associated verification and certification, including a MLC 2006 compliance audit and certification.
The YET initiative allows private yachts over 24m in possession of an RMI Private Yacht Certificate of Registry, which are fully commercially compliant, to charter in French and Monegasque waters.
The benefits of this are that the UBO does not have to raise a charter party agreement to use his/her own yacht (as if it were commercially operated). The benefit to management is complete fiscal transparency – ‘Flip/Flop’ is not part of this initiative and importing/exporting the yacht to meet these sometimes complex requirements is a thing of the past.
However, it must be noted that whilst the yacht is in this commercial ‘bubble’ for whatever length of time the COR YET is in place (limited to a total of 84 days per year – and not consecutively), the UBO cannot use their yacht.
Mark Robinson said: “MRMC has been working on the first YET since the initiative’s launch last year and we are delighted to have completed certification today. The yacht is now able to start making the most of all the benefits the scheme brings.”
“This is obviously not for everyone due to the geographic chartering limitations at present but, it does offer an alternative to the current norm, freeing the owner to enjoy their asset as intended, free of the bureaucratic red tape.”
“With more yachts looking to register as Yachts Engaged in Trade over the coming months, and plans in the pipeline for the Marshall Islands to extend the chartering area, this initiative is one to watch as it reshapes the way you can charter your yacht.” he added.