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The Coveted Red Ensign

Discussion in 'General Yachting Discussion' started by decadence, May 28, 2009.

  1. decadence, May 28, 2009
    #1
    decadence

    decadence New Member

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    I noticed that the majority of the yachts in Port Hercules in Monaco have the coveted Red Ensign & are either registered in Georgetown or the B.V.I

    Most if not all yacht brokers in Monaco offer a Cayman Islands registration service. I found this interesting considering the Principality of Monte Carlo is renowned for being a tax haven.

    What are the benefits of a Cayman Island registration? From my understanding most superyachts are registered to offshore corporations(Cypriot etc.) & Cayman Island registration aids with sheilding financial transparency.
  2. K1W1, May 28, 2009
    #2
    K1W1

    K1W1 Senior Member

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    Hi,

    I would suggest that you contact one of the companies that specializes in this sort of thing rather than expecting people to discuss their and others business and financial arrangements on an open forum with someone who has lurked here for 2 months shy of 3 yrs and only now makes their first post. :)
  3. decadence, May 28, 2009
    #3
    decadence

    decadence New Member

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    I have previously had favorable interaction with forum members & shared photos I've taken. I may not be a serial poster but I feel your response was not justified.

    I did not enquire about a specific vessel. I asked a general question regarding the benefits of registration in a territory. Therefore I fail to see your logic.
  4. NYCAP123, May 28, 2009
    #4
    NYCAP123

    NYCAP123 Senior Member

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    You really should get more involved. That said I think it's a legitimate inquiry when asking only in general. I think we all understand registry is done for many reasons and especially for tax, liability and privacy concerns. The question about Monaco is an interesting one if only for idle curiosity.
  5. Marmot, May 28, 2009
    #5
    Marmot

    Marmot Senior Member

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    Coveted? It can be bought off the shelf, it's not an award that has to be earned.

    It's not just tax and business. Cayman offers a few but important operational advantages in way of crewing and certifications that make some other flags difficult to deal with on a daily basis. Marshall Islands is rapidly growing because it is a yacht friendly flag that provides operational benefits beyond what Cayman can deliver.
  6. ychtcptn, May 28, 2009
    #6
    ychtcptn

    ychtcptn Senior Member

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    Let's all be careful how we treat new and old posters! I have seen on other sites where people get beat up for there lack of knowledge or what others perceived to be a bad question/post.
    In answer to the question- The red ensign ( C.I. & BVI) were one of the first flags of convenience and so is very popular, they also have been on the forefront of yacht type regulations and MCA equivalency. I believe Monaco is not so popular because they do not have a proper yacht code of practice for commercial vessels. The Marshall Islands is a relatively new flag that is coming on strong, they just published there own set of yacht commercial codes which is becoming quite popular. Remember once the flag is no longer convenient, yachts will move on to another registry.
    I hope this sheds some light on what you were inquiring about. Don't be shy on asking for more knowledge, some believe there is no such thing as a stupid question, just a stupid answer.