The procedure of transferring the ownership of a private yacht registered under the flag of the Cayman Islands, following the sale of the vessel, is initiated by the submission to the Registry of specific documents on the part of the seller (transferor) and specific documents on the part of the purchaser (transferee).
The following documents must ordinarily be submitted by the Seller (corporate person):
- Duly signed resolution of the directors of the Seller authorising the sale of the yacht and relevant power of attorney, where applicable;
- Certificate of Good Standing of the Seller less than a month old;
- Confirmation by the Seller’s local representative in the Cayman Islands;
- The Registry certificate in the name of the Seller;
- Payment of any outstanding fees to the Registry.
The following documents have to be submitted by the Purchaser (corporate person):
- CISR 855 form by which all the people who can act on behalf of the vessel are appointed;
- Declaration of ownership or Eligibility on behalf of the Purchaser;
- Form for the appointment of a local representative;
- Bill of Sale;
- Certificate of incorporation of the Purchaser;
- Certificate of Good Standing ( this is not required if the company is a Cayman Islands company less than 12 months old);
- All documents must be duly signed and delivered in copy/ original /notarized as may be required.