For many clients there is a need to register the vessel while under construction. This is particularly useful when a bank or financial institution is providing finance for the vessel.
The documentation required is similar to that required for full registration. In lieu of the Builder’s Certificate and Certificate of Survey documentary evidence such as a certified copy of the construction or sales contract and purchasing agreements is required together with a letter from the shipyard confirming the date the keel was laid and that they have no objections to the vessel being registered as a vessel under construction in the Cayman Islands.
The principal advantage of this is that title is ascribed to the registered owner ensuring that it is segregated from the general assets of the shipyard. A mortgage on a vessel under construction is given the same priority as for full registration.
A 21 day Interim Certificate of Registry is available during the course of a transfer of ownership regarding a “foreign” owned and flagged ship transferring to an owner that qualifies to own a Cayman vessel and intends to register in the Cayman Islands
In cases where it may be difficult or impossible to complete full registration within commercial time constraints, provisional registration can be obtained which allows the yacht to be registered for a strictly limited period to allow the completion of the full process. The Provisional Certificate of Registry is a “one-time” certificate valid for up to 90 days.
Demise charter registration enables a demise charterer to register a ship under a flag that is different from its original registration. Having this registration in the Cayman Islands may be beneficial in terms of the commercial operation of the ship. Demise Charter Registration, otherwise known as “bareboat” charter typically is issued for a fixed period of 2 years or more.
If you have any queries in respect of the alternative classes of registration Contact us