Republic of the Marshall Islands Launches New Initiative for French Charters
Unveiled at 2015’s Monaco Yacht Show, the innovative new solution allows RMI-flagged private yachts to charter in French and Monegasque waters without the need for commercial registration.
Designated as a Yacht Engaged in Trade (YET), the initiative allows a superyacht to combine private and commercial use without falling foul of existing Flag, Customs and Port State regulations.
Currently, owners are faced with the dilemma when cruising in European waters that their superyacht must be labelled as either a private or a commercial yacht. This means they either have to use their yacht on a purely private basis without the possibility to charter it out to third parties or charter their yacht to third parties without being able to use their yacht extensively, with the obligation to pay VAT even on their own charters.
The initiative allows a superyacht to combine private and commercial use without falling foul of existing Flag, Customs and Port State regulations.
Under the new initiative, however, any eligible yacht in the RMI Registry, carrying no more than 12 passengers while chartering, can charter for up to 84 days per calendar year in French and Monegasque waters.
This is, of course, provided that the superyacht complies with all the relevant regulations and requirements that apply to RMI commercial yachts as outlined in the RMI yacht code.
The initiative will be extended to the rest of Europe, and is expected to raise safety standards and offer more flexibility to private yachts sailing under the RMI flag.
If you would like more information on the new program, please contact your preferred charter broker.
Alternatively, take a look at all superyachts to charter in the French Riviera.