Every yacht has to be registered in an internationally recognised jurisdiction to provide proof of name, address, nationality and ownership. A yacht assumes the nationality of the jurisdiction where it is registered and is therefore subject to the regulations laid down by the governing register.
Very often companies and private individuals enjoy major advantages and legal tax savings by registering their yachts in an appropriate jurisdiction, providing confidentiality and the protection and privileges offered by such registration. We can register a specifically tailored corporate structure for holding and protecting a vessel. Many yacht and ship owners prefer to keep their ownership confidential, therefore the majority of yachts and ships are owned by companies and corporations rather than individuals.
Selecting a suitable jurisdiction and a flag for the vessel is important. There are a number of factors to take into consideration. The major factors are registration costs and annual fees, the flag and the jurisdiction reputation, tax implications, nationality and residency of the owner and the expected area of operation.