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 & certification.
The YET initiative allows private yachts who are in possession of an RMI Private Yacht Certificate of Registry and are 24m or over, which are fully commercially compliant, to charter in French and Monegasque waters.
The benefits to this for the UBO is that the UBO does not have to raise a charter party agreement to use his/her own yacht (as if it were commercially operated). While the benefits 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 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 month, 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.
For more information on how the YET initiative may work for you contact Mark Robinson, Master Mariner & Principal Surveyor of Mark Robinson Maritime Consultants (MRMC) survey@mrmc.co
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