Ship and Yacht Registration

Cayman has been a popular base for the registration of foreign owned vessels for many years and conventions adopted by the Islands mean that a Cayman registered vessel owned by a Cayman company enjoys all the privileges afforded to the British Flag and full international recognition while benefitting from the tax free status and shipping laws of the Cayman Islands.  The majority of luxury yachts are registered in the Cayman Islands.

• Adoption of part 2 of the UK Merchant Shipping Act enables ships registered in the Cayman Islands to fly the Red Ensign, with only majority ownership being "British" owned.
• Cayman Islands has secured full convention status, with power to issue full convention certificates e.g. solas, load line, Marpol, etc.
• Creation of a Survey department, which, with support from the UK Department of Transport, ensures compliance with international convention certificates.
• Transitional arrangements in existence regarding survey, whereby existing class certificates are acceptable in the interim.

• Red ensign flag entitles ships to the protection of the Royal Navy.
• Full assistance of the British consular service worldwide, which is especially useful in connection with crew matters.
• Registration and annual tonnage fees are very competitive.
• High quality local expertise in the fields of banking, company management, legal and accounting services.
• Excellent international communications by fax, telephone and telex.
• Absence of exchange controls.
• No income, corporate or capital gains taxes exist in the Cayman Islands.
• Political stability and full British Overseas Territory status.

Registration

• Appointment of authorized officers.
• Form GSR 342 - approval of the ship's name.
• Application to register, either by the owner or his agent, who is authorized in writing, and under the company seal in the case of company ownership.
• Title documents
• Certificate of survey - to be organized through the Marine Survey department, using classification societies, if necessary, in the short term.
• Declaration of ownership.

On registration the Registrar allocates an official number to the vessel and issues a carving and Marking Note to the surveyor. Where required the Registrar will also assign the international call sign.

• The fees charged by IMS for dealing with the registration of a vessel are US$1,500 plus any additional time charges which may be incurred depending upon the complexity of the situation.
  The Government fees payable on registration are US$634 for a vessel under 1500 tons and US$854 for a vessel over 1500 tons.
• The basic fees charged by IMS for providing the registered agent and dealing with any registry matters on an annual basis are US750 per annum.
• An annual tonnage fee is charged by the Cayman Islands Government at a rate of 36 cents per ton on the first 1000 tons and 12 cents per ton thereafter subject to a minimum of US$73.