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  • The Y.R.C Interview with”On Board” magazine

It was indeed a great pleasure talking with Adam Fiander for an interview for On Board magazine and in this way “assisting” with the coming together of his Article headed “Fly the Flag”.

A well written , easy-to-read Article putting down the very common question: Which Flag  to choose on Yacht Registration?

We herewith quote certain parts of the said Article:

“The most obvious mark of identification a yacht carries is of course its name. But proudly displayed either just above the name, or somewhere nearby on the stern,  the yacht’s registration flag symbolizes altogether more subliminal messages about the yacht.

Mandatory for yachts travelling internationally and crossing borders, choice of flag, or yacht registration, signifies the nationality of choice under which the yacht has been documented.  Its presence provides marine authorities such as Coastguards, Harbour Masters, Customs Officials and Port State Control with visible evidence of the flag state regime under whose maritime governance, rules, regulations and procedural ‘framework’ the yacht, captain and crew adhere to whilst at sea.

Those who set about registering ships and yachts are known as registries and these may be governmental or private agencies. Alternative advice can also be found via a healthy number of independent maritime consultancies and registration specialists, many of whom have grown out of established legal practices, yachting law firms and Advocates with the intention of offering clients impartial and practical advice.

….

Other factors related to choice of flag will be determined by the physical characteristics of the yacht (size, tonnage, length), nationality of ownership (EU or otherwise, company or private), main use (private, commercial or both), residency of principal guests, manning requirements, survey requirements, registration fees and simplicity of process…

Further considerations when determining choice of flag include VAT & tax liabilities and fiscal implications, such as the ability to furnish a lender with the required confidence to register a marine mortgage within the legal infrastructure of the appointed flag state are essential considerations for those requiring finance…

Launched in 2014 and one of the most approachable independent, ‘one stop shop’ registration specialists is the Yacht Registration Centre, Y.R.C,  based in Nicosia, Cyprus, where shipping lawyer Maria Hadjivarnava is happy to discuss flag state options with clients of all kinds.   “With customers either owning or managing yachts from as small as 9m right up to 100m+ most of our customers come to us with very few hard and fast preconceptions other than the physical look of a registration flag they might have seen and start by asking us simply ‘what do we think’ about different jurisdictions.

“Once we’ve discussed their broad-brush requirements and asked them to complete our simple Choice of Flag Questionnaire, we then start to build a picture as to the typical use of the yacht and whether an EU or non EU flag is required. Then using our worldwide network of lawyers, tax and VAT advisors and shipping agents, we can start to focus on which flag state might be most appropriate for their particular needs. “

Maria adds: “Unlike commercial shipping customers who generally know exactly what they want from the outset, our experience is that yacht customers just want to have fun and to get underway with as little stress and administrative hold-ups as possible. It is hence our mission to assist our clients throughout the process of buying a yacht, having it registered, maintained, and eventually selling it.” ”

 

For access to the relevant Article please click the link below:

Fly the Flag

 

For access to the Onboard magazine full winter edition please click the link below :

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Yacht Registration Centre, Y.R.C

15 Agiou Pavlou
Nicosia - 1105
Cyprus

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