Advantages of Registering Shipping Vessels in the Cayman Islands
The Cayman Islands Shipping Registry (CISR) is a Category One British Registry, able to register any vessel of any size, age and type (except commercial fishing yachts), from small pleasure yachts to super tankers, provided the relevant standards are met. CISR is recognised the world over as the leading registry for super yachts and has the highest registered tonnage of such vessels in the world.
Upon receipt of the specifications of the vessel and the appropriate documentation, Cayman Management will attend to registration.
The procedure involves the completion of a number of standard forms and dealing with a number of formalities for example approval of the proposed name for a vessel and appointment of an authorised officer or agent in the case of corporate ownership. The application to register should be accompanied by certain supporting documentation for example
- Builder’s Certificate
- Bill of Sale
- Certificate of Good Standing (or equivalent)
- Certificate of Incorporation (for company owned yachts)
- Certificate of Survey and International Tonnage Certificate
- Certified copy of passport (for individually owned yachts)
Once the CISR is satisfied with all documentation, a Carving and Marking Note is issued to the owner and the Registrar issues a Certificate of British Registry along with the Tonnage Certificate.
For full details of the registration requirements and appropriate Government Fees see Cayman Islands Shipping Registry (www.cishipping.com)
Some of the many advantages of registering in the Cayman Islands are:
- The Cayman Islands provides a prompt and efficient vessel registration service.
- Any vessel registered in the Cayman Islands is a “British ship” and is entitled to fly the Red Ensign flag (with or without the Cayman Islands insignia), and is under the protection of the Royal Navy.
- A choice of three ports of registry – George Town, The Creek (Cayman Brac) or Bloody Bay (Little Cayman)
- Competitive registration, survey and tonnage fees
- Professional and skilled marine survey capability
- A stable political fiscal and social climate
- Absence of direct taxation reducing the tax burden of ownership and operation
- Quality banking, company management, legal and accounting services
- Full assistance of the British consular services worldwide
- Excellent relationship with the US Coastguard
- Modern comprehensive maritime legislation
- Cayman’s reputation is attractive to insurers and lenders
- Choice of a wide range of ownership structures
- Full range of available registration options including full, interim, provisional, under construction, and demise charter (bareboat), together with the registration of any associated mortgages
