Advantages and Procedures for the Registration of a pleasure Yacht in Gibraltar
There are a number of advantages to registering a yacht/vessel under the flag of Gibraltar and owned by a Gibraltar company:
Vessels registered in Gibraltar and registered as British flag vessels and fly the Red Ensign flag.
Gibraltar is a full EU member but is exempt from VAT since Gibraltar does not form part of EU Common Custom Tariff area. Therefore if you register your yacht in Gibraltar you would not pay VAT in Gibraltar, Import Duty, nor Tax on the sale of the vessel.
Any British national, citizen of the European Union and any Gibraltar company may register a vessel in Gibraltar. Therefore, any non-British national/non- EU citizen may register a vessel in Gibraltar under a Gibraltar company, with nominees holding all the shares of the company.
Registering the vessel under a Gibraltar company avoids exposure to the publicity, Capital Gains Tax, Capital Transfer Taxes and/or Wealth Tax. It would also avoid possible problems that might be raised upon the death of the owner in terms of hereditary and death duties. The Company, being the registered owner of the vessel, may issue a Power of Attorney in favour of the beneficial owner, the Captain or any other party which would utilise the vessel.
- Our services include the following:
- Registration of a Pleasure Yacht
- Provision of Tonnage Plate and Red Ensign
- Filing of Annual Renewal
- Application for Radio License
- Annual fee for Radio License
- Application to Accounting Authority
- Provision of Registered Agent
The package price for the above services £1500
Please note that most clients prefer to incorporate a tax efficient company to own the vessel and this will be additional. For full details on how to register your yacht in Gibraltar, please telephone our MD,
Sharron on Gibraltar +350 200 77779 or email Sharron@octopus.gi