THE Isle of Man Ship Registry can now take vessels with ownership structures in Monaco or Switzerland thanks to legislative changes which were passed by Tynwald.
This is a strategic move in terms of superyachts which was introduced in response to requests by the yacht industry on the Isle of Man, which sees great potential for new business opportunities as a result of these changes.
The latest regulations extends the list of qualified owners already approved, to include citizens, bodies corporate incorporated in Monaco or Switzerland, or limited partnerships with their principal place of business in Monaco or Switzerland, as persons who are qualified to be the owners of Manx vessels.
The Department’s Political Member with responsibility for the Ship Registry, Alex Downie OBE MLC, said: ‘I am delighted to have been able to establish regulations to extend our ownership criteria to include the important financial centres of Monaco and Switzerland.
‘The yacht management companies in the island see great potential in this latest move and I hope to see more yachts financed in these countries flying the Manx Ensign in the future.’
Dick Welsh, director of the Isle of Man Ship Registry said: ‘This is a very useful piece of legislation and a great example of the public/private partnership which exists in the Isle of Man.
‘When the list was last changed in 2009, these countries were overlooked in terms of ownership structures but we have since received many enquiries for both ships and yachts with ownership structures which we were unable to accept.
‘The private sector worked with us to ensure that business opportunities are not lost and I’m happy that the door is now open for Monaco and Switzerland.’