FREQUENTLY ASKED QUESTIONS
If you require assistance please contact us, a five minute telephone conversation or a rapid exchange of emails will save you time and money.Who are we? Where to Register Yacht Ownership & Registration How long does it take to register a yacht? Do I have to pay VAT? What are the costs?
Who are we?
OCRA Marine (Isle of Man) Limited is a leading provider of bespoke yacht and ship registration and management services.
Being part of the OCRA Worldwide Group, we are able to offer our clients access and support from our extensive network of offices based in 18 countries worldwide.
We have a close working relationship with the Isle of Man Marine Administration and are one of a small number of companies to be approved as a 'Representative Person'.
Our aim is to remove the administrative burden from owners to enable them to enjoy their yachts.
Where to Register
Registration is one of the most important aspects of yacht ownership as the Registry provides proof of title, it offers the security of mortgages to the Banks and to a potential buyer, it confirms that the yacht is free from any encumbrances.
Many owners choose to fly the Red Ensign on their yachts due to its prestige, international recognition and consular protection. However, each flag state has different regulations in place thus offering different advantages or disadvantages depending on each circumstance. OCRA Marine can help you identify a flag jurisdiction that best suits your requirements. We ensure that the correct procedures are followed and the right forms are submitted for registry.
As part of the OCRA Worldwide Group, OCRA Marine can offer a full range of corporate and trust services in every key offshore jurisdiction. Corporate and trust ownership can provide several benefits which include:-
How long does it take to register a yacht?
This varies according to the ownership structure; the flag of registry; the type and location of the vessel and the type of registration required.
However, as an indication, pleasure vessels can normally be registered 2 working days and in 2 weeks for commercial yachts and ships.
Do I have to pay VAT?
Value Added Tax is chargeable on all vessels purchased and owned by residents of the EU. VAT is also chargeable on vessels, irrespective of ownership, which spend more than 6 months in any calendar year cruising in EU waters.
Exceptions are pleasure yachts built pre-1985 and in EU waters on the 31st of December 1992* are treated as VAT paid. (* documentary evidence is required)
What are the costs?
Our fees are charged on a time and disbursements basis and vary according to the type of vessel, ownership structure, flag of registry.
Typical examples of our fees are as follows:
Please note that all prices are subject to change and they exclude registry fees and all other external costs.