New Marshall Islands YET Program for France and Monaco Superyacht Charters

The Republic of the Marshall Islands Maritime (RMI) Administrator has developed ...

New Marshall Islands YET Program for France and Monaco Superyacht Charters

November 09, 2015

Written by Zuzana Bednarova

The Republic of the Marshall Islands Maritime (RMI) Administrator has developed a new program for superyacht charters called YET (Yachts Engaged in Trade) currently limited to France and Monaco, unveiled at the 2015 Monaco Yacht Show. The program is destined for private yachts measuring 24 meters or more that are eligible to obtain a valid Temporary Certificate of Registry (CoR) for YET, and which hold a valid YET Compliance Certificate, allowing the yachts to be engaged in temporary chartering.

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One of the reasons the RMI Administrator developed the program is that in European Union (EU) waters a yacht has historically been labeled either as a private yacht or a commercial yacht, primarily for fiscal, and more recently, for port State control (PSC) reasons. In order to engage in luxury yacht charters, the belief was that it is obligatory for the yacht to be registered as commercial. But this means the owner, in order to use his own yacht, must rent her at full market price and pay value added tax (VAT) on that charter.

Now, however, any eligible private yacht in the RMI Registry, carrying no more than 12 passengers while chartering, will be able to charter for up to 84 days per calendar year in EU waters. This is currently applicable only in French and Monegasque waters.

The yachts must either be in possession of a VAT paid certificate (if ultimately owned by an EU resident); or in the case of a non-EU owner, enter the EU under Temporary Admission in accordance with EU Customs regulations, which allows the yacht entry for up to 18 months. A Temporary CoR for YET may be issued by the Administrator once the VAT paid certificate or appropriate EU Customs documentation stating the period for which the yacht will be engaged in trade are submitted.

Please contact CharterWorld - the luxury yacht charter specialist - for more on superyacht news item "New Marshall Islands YET Program for France and Monaco Superyacht Charters".

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