Marshall Islands vs Panama for yachts
Everything we track for both registers, side by side. Rows neither register has published show a gap rather than an estimate.
Is the Marshall Islands or Panama cheaper for yacht registration?Link to this section
The registration fee is the entry charge the Marshall Islands Maritime Administrator sets in its Marine Notice on consolidated yacht fees and the Panama Ship Registry quotes through the Panama Maritime Authority's Tonnage Fee Calculator, a flat charge on a two-year cycle under Ley 57. WhichFlagToFly dates each line in the Marshall Islands and Panama fee rows.
| Register | Initial registration fee | Annual fee |
|---|---|---|
| Marshall Islands | Registration runs US$550 for private yachts under 24 m and US$1,500 to US$1,800 for larger and commercial yachts.RMI Marine Notice 1-005-2, Consolidated Fees for Official Yacht Documents and Services, Rev. Jul/2025, Republic of the Marshall Islands Maritime Administratorwww.register-iri.com · §1.1Retrieved 2026-08-12Effective 2025-01-01Open sourceInformational only, not legal, tax or financial advice. Contact a qualified professional for current information. | Recurring charges include a US$1,000 yacht service fee and a US$250 security fee; private yachts pay neither.RMI Marine Notice 1-005-2, Consolidated Fees for Official Yacht Documents and Services, Rev. Jul/2025, Republic of the Marshall Islands Maritime Administratorwww.register-iri.com · §12.2, fee columnRetrieved 2026-09-12Effective 2025-01-01Open sourceInformational only, not legal, tax or financial advice. Contact a qualified professional for current information. |
| Panama | One flat charge every two years: US$1,000 for a Panamanian owner, US$1,500 for a foreign owner, with no annual charge alongside it.Information on the Panama Yacht Registry, Requirements & Cost, published by the Consulado General de Panamá en Marsella (Panamanian Merchant Marine Consulate)www.consulatgeneraldepanamamarseille.com · Registration fees, beneath the 'Bi-annual taxes' tableRetrieved 2026-09-12Open sourceInformational only, not legal, tax or financial advice. Contact a qualified professional for current information. | No separate annual fee; pleasure yachts pay one biennial charge of US$1,000 or US$1,500.Information on the Panama Yacht Registry, Requirements & Cost, published by the Consulado General de Panamá en Marsella (Panamanian Merchant Marine Consulate)www.consulatgeneraldepanamamarseille.comRetrieved 2026-08-27Corroborating source, not the register's own publicationOpen sourceInformational only, not legal, tax or financial advice. Contact a qualified professional for current information. |
Which flag is better for EU chartering, the Marshall Islands or Panama?Link to this section
Charter permission is what a flag lets a yacht do for reward. The Marshall Islands Maritime Administrator runs Yacht Engaged in Trade status under its Marine Guideline, capped in charter days. A Panama flag sits outside the EU maritime cabotage Regulation, and chartering inside Panamanian waters is separately licensed by the Directorate General of Merchant Marine. See the charter rows.
| Register | Charter permissions | Private and commercial regimes |
|---|---|---|
| Marshall Islands | A private yacht of 24 m or more may charter up to 84 days a year under Yacht Engaged in Trade status, where coastal states allow.RMI Marine Guideline 1-11-2, Yacht Engaged in Trade, Mar/2024, Republic of the Marshall Islands Maritime Administratorwww.register-iri.com · PurposeRetrieved 2026-08-12Open sourceInformational only, not legal, tax or financial advice. Contact a qualified professional for current information. | Five yacht regimes exist: private, commercial, private yacht limited charter, yacht engaged in trade, and passenger yacht.MI-103, the RMI Yacht Code, Rev. May/2026, Republic of the Marshall Islands Maritime Administratorwww.register-iri.com · Ch. I, DefinitionsRetrieved 2026-08-29Effective 2026-01-01Open sourceInformational only, not legal, tax or financial advice. Contact a qualified professional for current information. |
| Panama | A Panama flag sits outside EU cabotage freedom and US coastwise trade; local charter needs a permit.Council Regulation (EEC) No 3577/92 of 7 December 1992 applying the principle of freedom to provide services to maritime transport within Member States (maritime cabotage), EUR-Lexeur-lex.europa.eu · Art. 1(1)Retrieved 2026-08-27Open sourceInformational only, not legal, tax or financial advice. Contact a qualified professional for current information. | A sworn non-commercial use declaration marks a private yacht; commercial charter needs a separate licensed permit.Merchant Marine Circular MMC-370, Yacht Technical Policy, revision of November 2023, Panama Maritime Authority, General Directorate of Merchant Marine, Control and Compliance Departmentwww.panamashipregistry.com · §2.3Retrieved 2026-08-27Open sourceInformational only, not legal, tax or financial advice. Contact a qualified professional for current information. |
How does VAT differ between the Marshall Islands and Panama?Link to this section
Import VAT is the tax charged on a yacht entering a tax territory, and neither register's state levies one. The Marshall Islands have enacted a Consumption Tax Act reaching imports from a future date. Panama charges ITBMS under its Fiscal Code instead, on the CIF value plus the customs charges already borne. See the VAT rows.
| Register | VAT rate | Basis for VAT on import |
|---|---|---|
| Marshall Islands | There is no VAT; a 12% consumption tax applies to supplies and imports from 1 October 2026.Consumption Tax Act 2025, 48 MIRC Chapter 9 (P.L. 2025-47), commencement 7 October 2025, Nitijela of the Republic of the Marshall Islands, as published at rmiparliament.orgrmiparliament.org · §959(2)Retrieved 2026-08-18Effective 2026-10-01Open sourceInformational only, not legal, tax or financial advice. Contact a qualified professional for current information. | In the Marshall Islands the importer pays consumption tax on customs value plus insurance, freight and duties; EU import VAT is built the same way.Consumption Tax Act 2025, 48 MIRC Chapter 9 (P.L. 2025-47), commencement 7 October 2025, Nitijela of the Republic of the Marshall Islands, as published at rmiparliament.orgrmiparliament.org · §908(3)Retrieved 2026-08-18Open sourceInformational only, not legal, tax or financial advice. Contact a qualified professional for current information. |
| Panama | No VAT as such; the equivalent sales tax, ITBMS, runs at 7 percent, plus a 10 percent selective consumption tax on non-commercial yachts.Ley 8 de 15 de marzo de 2010, que reforma el Código Fiscal, adopta medidas fiscales y crea el Tribunal Administrativo Tributario (Gaceta Oficial Digital No. 26489-A de 15 de marzo de 2010)www.gacetaoficial.gob.pa · Art. 76 (Código Fiscal art. 1057-V, Parágrafo 6)Retrieved 2026-09-06Effective 2010-07-01Open sourceInformational only, not legal, tax or financial advice. Contact a qualified professional for current information. | Tax is charged on the CIF value (cost, insurance and freight) plus all customs duties and charges on the import.Ley 6 de 2 de febrero de 2005, que implementa un programa de equidad fiscal (Gaceta Oficial No. 25232 de 3 de febrero de 2005), LEGISPAN scan of the printed Gaceta published by the Asamblea Nacional de Panamás3-legispan.asamblea.gob.pa · Código Fiscal art. 1057-V, Parágrafo 5(d)Retrieved 2026-09-06Open sourceInformational only, not legal, tax or financial advice. Contact a qualified professional for current information. |
Which register is faster, the Marshall Islands or Panama?Link to this section
Provisional registration is short-term entry before the permanent certificate. The Marshall Islands Maritime Administrator issues a Provisional Certificate of Registry under the Maritime Act with a published turnaround. Panama's Directorate General of Merchant Marine issues a provisional navigation patent and radio license under Ley 57, with a fixed period in which the statutory patent must follow. Compare the timeline rows.
| Register | Provisional registration | Time to full registration |
|---|---|---|
| Marshall Islands | A Provisional Certificate of Registry runs 12 months; a newbuilding may instead hold a Construction Certificate.MI-100, Vessel Registration and Instrument Recording, May/2024, Republic of the Marshall Islands Maritime Administratorwww.register-iri.com · §10.1Retrieved 2026-08-12Open sourceInformational only, not legal, tax or financial advice. Contact a qualified professional for current information. | A provisional certificate can issue in one business day, and the permanent one follows inside its 12 months once class and insurance are in place.MI-100, Vessel Registration and Instrument Recording, May/2024, Republic of the Marshall Islands Maritime Administratorwww.register-iri.com · §10.5.1Retrieved 2026-08-12Open sourceInformational only, not legal, tax or financial advice. Contact a qualified professional for current information. |
| Panama | The provisional navigation patent and radio licence run six months, extendable by a further six.Ley 57 de 6 de agosto de 2008, General de Marina Mercante (Gaceta Oficial No. 26100 de 7 de agosto de 2008), official bilingual Spanish/English edition published by the Autoridad Marítima de Panamáwww.amp.gob.pa · Art. 23Retrieved 2026-08-27Open sourceInformational only, not legal, tax or financial advice. Contact a qualified professional for current information. | Full registration must follow within six months of the provisional patent, extendable by six more, a year in all.Ley 57 de 6 de agosto de 2008, General de Marina Mercante (Gaceta Oficial No. 26100 de 7 de agosto de 2008), official bilingual Spanish/English edition published by the Autoridad Marítima de Panamáwww.amp.gob.pa · Arts. 23–24Retrieved 2026-08-27Open sourceInformational only, not legal, tax or financial advice. Contact a qualified professional for current information. |
How should an owner choose between the Marshall Islands and Panama?Link to this section
Between the Marshall Islands and Panama the deciding inputs belong to the owner, not the registers: the cruising grounds and clearance ports, whether the yacht will charter and where, and the ownership and financing structure behind it. Set those down first, then read the two positions above with a specialist.
At a glance
The dimensions owners decide on, taken from the rows below. Follow a label to the row it came from and its source.
| Dimension | Marshall Islands | Panama |
|---|---|---|
| Initial registration fee | US$300 to US$2,500 | US$1,000 to US$1,500 |
| Time to full registration | 365 days | 365 days |
Cost and timing, compared
Bars drawn from the published rows on this page. Figures are never converted between currencies and never estimated. Where one register publishes nothing comparable, there is no chart.
Initial registration fee, compared
Every flat charge each register publishes here, in USD, cheapest first. Charges quoted per ton or as a percentage are left out, because they depend on the vessel.
| Register | Figure | What it covers | Item |
|---|---|---|---|
| Marshall Islands | US$300 to US$2,500 | Provisional Certificate of Registry (yacht under construction) → newbuilding under construction | Initial registration fee |
| Panama | US$1,000 to US$1,500 | pleasure yacht, Panamanian owner → pleasure yacht, foreign owner | Initial registration fee |
Where a register publishes a schedule rather than a single price, its bar spans the published charges. What each end covers is below, and every line of both schedules is in the table on this page.
Time to full registration, compared
The longest window each register publishes for completing registration, in days. What that window is differs by register. Each one's own description is in the table below.
| Register | Figure | What it covers | Item |
|---|---|---|---|
| Marshall Islands | 365 days | outer window implied by provisional certificate validity, not a processing time for the permanent certificate | Time to full registration |
| Panama | 365 days | statutory deadline | Time to full registration |
Registers measure time differently, and a service turnaround is not a statutory deadline. Only day counts of the same kind are charted together. Each register's full wording is in the table on this page.
Line by line
| Item | MHMarshall IslandsMarshall Islands Maritime Registry | PAPanamaPanama Ship Registry |
|---|---|---|
| Registration | ||
| Who may own a registered vessel | Ownership is limited to RMI citizens, nationals and qualified foreign maritime entities, and every beneficial owner holding 25% or more is vetted.MI-100, Vessel Registration and Instrument Recording, May/2024, Republic of the Marshall Islands Maritime Administratorwww.register-iri.com · §8.1.1Retrieved 2026-08-29Open sourceInformational only, not legal, tax or financial advice. Contact a qualified professional for current information. | Any person or company may register, whatever their nationality, once a Panamanian resident agent is appointed.Ley 57 de 6 de agosto de 2008, General de Marina Mercante (Gaceta Oficial No. 26100 de 7 de agosto de 2008), official bilingual Spanish/English edition published by the Autoridad Marítima de Panamáwww.amp.gob.pa · Art. 3Retrieved 2026-08-27Open sourceInformational only, not legal, tax or financial advice. Contact a qualified professional for current information. |
| Which vessels qualify | Vessels must be no more than 20 years old at registration unless the Administrator grants an age waiver.MI-100, Vessel Registration and Instrument Recording, May/2024, Republic of the Marshall Islands Maritime Administratorwww.register-iri.com · §§3.1.1, 3.2.1Retrieved 2026-08-12Open sourceInformational only, not legal, tax or financial advice. Contact a qualified professional for current information. | Any type of pleasure craft qualifies at any age; the registry's circular MMC-9 sets a minimum size of 20 m in length or 50 GT for yacht registration, most likely the foreign-service register only, though no instrument read confirms that, and it governs over consulate pages advertising no minimum tonnage.Ley 57 de 6 de agosto de 2008, General de Marina Mercante (Gaceta Oficial No. 26100 de 7 de agosto de 2008), official bilingual Spanish/English edition published by the Autoridad Marítima de Panamáwww.amp.gob.pa · Art. 96Retrieved 2026-09-01Open sourceInformational only, not legal, tax or financial advice. Contact a qualified professional for current information. |
| Private and commercial regimes | Five yacht regimes exist: private, commercial, private yacht limited charter, yacht engaged in trade, and passenger yacht.MI-103, the RMI Yacht Code, Rev. May/2026, Republic of the Marshall Islands Maritime Administratorwww.register-iri.com · Ch. I, DefinitionsRetrieved 2026-08-29Effective 2026-01-01Open sourceInformational only, not legal, tax or financial advice. Contact a qualified professional for current information. | A sworn non-commercial use declaration marks a private yacht; commercial charter needs a separate licensed permit.Merchant Marine Circular MMC-370, Yacht Technical Policy, revision of November 2023, Panama Maritime Authority, General Directorate of Merchant Marine, Control and Compliance Departmentwww.panamashipregistry.com · §2.3Retrieved 2026-08-27Open sourceInformational only, not legal, tax or financial advice. Contact a qualified professional for current information. |
| Initial registration fee | Registration runs US$550 for private yachts under 24 m and US$1,500 to US$1,800 for larger and commercial yachts.RMI Marine Notice 1-005-2, Consolidated Fees for Official Yacht Documents and Services, Rev. Jul/2025, Republic of the Marshall Islands Maritime Administratorwww.register-iri.com · §1.1Retrieved 2026-08-12Effective 2025-01-01Open sourceInformational only, not legal, tax or financial advice. Contact a qualified professional for current information. | One flat charge every two years: US$1,000 for a Panamanian owner, US$1,500 for a foreign owner, with no annual charge alongside it.Information on the Panama Yacht Registry, Requirements & Cost, published by the Consulado General de Panamá en Marsella (Panamanian Merchant Marine Consulate)www.consulatgeneraldepanamamarseille.com · Registration fees, beneath the 'Bi-annual taxes' tableRetrieved 2026-09-12Open sourceInformational only, not legal, tax or financial advice. Contact a qualified professional for current information. |
| Annual fee | Recurring charges include a US$1,000 yacht service fee and a US$250 security fee; private yachts pay neither.RMI Marine Notice 1-005-2, Consolidated Fees for Official Yacht Documents and Services, Rev. Jul/2025, Republic of the Marshall Islands Maritime Administratorwww.register-iri.com · §12.2, fee columnRetrieved 2026-09-12Effective 2025-01-01Open sourceInformational only, not legal, tax or financial advice. Contact a qualified professional for current information. | No separate annual fee; pleasure yachts pay one biennial charge of US$1,000 or US$1,500.Information on the Panama Yacht Registry, Requirements & Cost, published by the Consulado General de Panamá en Marsella (Panamanian Merchant Marine Consulate)www.consulatgeneraldepanamamarseille.comRetrieved 2026-08-27Corroborating source, not the register's own publicationOpen sourceInformational only, not legal, tax or financial advice. Contact a qualified professional for current information. |
| Tonnage dues | Annual tonnage tax runs US$750 to US$1,250, banded by yacht category and gross tonnage.RMI Marine Notice 1-005-2, Consolidated Fees for Official Yacht Documents and Services, Rev. Jul/2025, Republic of the Marshall Islands Maritime Administratorwww.register-iri.com · §1.2Retrieved 2026-08-12Effective 2025-01-01Open sourceInformational only, not legal, tax or financial advice. Contact a qualified professional for current information. | No tonnage dues, and Panamanian-registered vessels are exempt from the navigation tax on Panamanian waters.Ley 8 de 15 de marzo de 2010, que reforma el Código Fiscal, adopta medidas fiscales y crea el Tribunal Administrativo Tributario (Gaceta Oficial Digital No. 26489-A de 15 de marzo de 2010)www.gacetaoficial.gob.pa · Art. 71 (Código Fiscal art. 1057-A)Retrieved 2026-08-29Effective 2010-03-15Open sourceInformational only, not legal, tax or financial advice. Contact a qualified professional for current information. |
| Provisional registration | A Provisional Certificate of Registry runs 12 months; a newbuilding may instead hold a Construction Certificate.MI-100, Vessel Registration and Instrument Recording, May/2024, Republic of the Marshall Islands Maritime Administratorwww.register-iri.com · §10.1Retrieved 2026-08-12Open sourceInformational only, not legal, tax or financial advice. Contact a qualified professional for current information. | The provisional navigation patent and radio licence run six months, extendable by a further six.Ley 57 de 6 de agosto de 2008, General de Marina Mercante (Gaceta Oficial No. 26100 de 7 de agosto de 2008), official bilingual Spanish/English edition published by the Autoridad Marítima de Panamáwww.amp.gob.pa · Art. 23Retrieved 2026-08-27Open sourceInformational only, not legal, tax or financial advice. Contact a qualified professional for current information. |
| Time to full registration | A provisional certificate can issue in one business day, and the permanent one follows inside its 12 months once class and insurance are in place.MI-100, Vessel Registration and Instrument Recording, May/2024, Republic of the Marshall Islands Maritime Administratorwww.register-iri.com · §10.5.1Retrieved 2026-08-12Open sourceInformational only, not legal, tax or financial advice. Contact a qualified professional for current information. | Full registration must follow within six months of the provisional patent, extendable by six more, a year in all.Ley 57 de 6 de agosto de 2008, General de Marina Mercante (Gaceta Oficial No. 26100 de 7 de agosto de 2008), official bilingual Spanish/English edition published by the Autoridad Marítima de Panamáwww.amp.gob.pa · Arts. 23–24Retrieved 2026-08-27Open sourceInformational only, not legal, tax or financial advice. Contact a qualified professional for current information. |
| Mortgage registration | Preferred ship mortgages recorded through any Regional Office rank ahead of all claims except tort, crew wages, general average, salvage and court costs.MI-100, Vessel Registration and Instrument Recording, May/2024, Republic of the Marshall Islands Maritime Administratorwww.register-iri.com · §18.0Retrieved 2026-08-29Open sourceInformational only, not legal, tax or financial advice. Contact a qualified professional for current information. | Mortgages are recorded in the Registro Público, not the flag register; deregistration needs the mortgagee's consent.Ley 57 de 6 de agosto de 2008, General de Marina Mercante (Gaceta Oficial No. 26100 de 7 de agosto de 2008), official bilingual Spanish/English edition published by the Autoridad Marítima de Panamáwww.amp.gob.pa · Art. 27(1)Retrieved 2026-08-27Open sourceInformational only, not legal, tax or financial advice. Contact a qualified professional for current information. |
| Survey requirements | Pre-registration inspection depends on length, tonnage and class; every private yacht over 20 years old must be inspected.RMI Marine Notice 2-011-55, Surveys and Certificates for Private Yachts, Rev. Mar/2024, Republic of the Marshall Islands Maritime Administratorwww.register-iri.com · §4.0Retrieved 2026-08-12Open sourceInformational only, not legal, tax or financial advice. Contact a qualified professional for current information. | An annual safety inspection applies to every registered vessel, with yacht inspections delegable to recognized organizations.Ley 57 de 6 de agosto de 2008, General de Marina Mercante (Gaceta Oficial No. 26100 de 7 de agosto de 2008), official bilingual Spanish/English edition published by the Autoridad Marítima de Panamáwww.amp.gob.pa · Art. 117Retrieved 2026-08-27Open sourceInformational only, not legal, tax or financial advice. Contact a qualified professional for current information. |
| MCA code equivalents | The RMI applies its own Yacht Code, submitted to the IMO as an equivalent arrangement, not a UK code.MI-103, the RMI Yacht Code, Rev. May/2026, Republic of the Marshall Islands Maritime Administratorwww.register-iri.com · Ch. I §1.7Retrieved 2026-08-12Open sourceInformational only, not legal, tax or financial advice. Contact a qualified professional for current information. | Panama adopted the Red Ensign Group Yacht Code Parts A and B outright from 1 January 2019.Merchant Marine Circular MMC-370, Yacht Technical Policy, revision of November 2023, Panama Maritime Authority, General Directorate of Merchant Marine, Control and Compliance Departmentwww.panamashipregistry.com · §1.1Retrieved 2026-09-07Effective 2019-01-01Open sourceInformational only, not legal, tax or financial advice. Contact a qualified professional for current information. |
| Charter permissions | A private yacht of 24 m or more may charter up to 84 days a year under Yacht Engaged in Trade status, where coastal states allow.RMI Marine Guideline 1-11-2, Yacht Engaged in Trade, Mar/2024, Republic of the Marshall Islands Maritime Administratorwww.register-iri.com · PurposeRetrieved 2026-08-12Open sourceInformational only, not legal, tax or financial advice. Contact a qualified professional for current information. | A Panama flag sits outside EU cabotage freedom and US coastwise trade; local charter needs a permit.Council Regulation (EEC) No 3577/92 of 7 December 1992 applying the principle of freedom to provide services to maritime transport within Member States (maritime cabotage), EUR-Lexeur-lex.europa.eu · Art. 1(1)Retrieved 2026-08-27Open sourceInformational only, not legal, tax or financial advice. Contact a qualified professional for current information. |
| Crew certification requirements | Yachts of 80 GT and over need a Minimum Safe Manning Certificate, and all need certified crew; private yachts are exempt unless chartering or 3,000 GT or more from 1 September 2024.MI-103, the RMI Yacht Code, Rev. May/2026, Republic of the Marshall Islands Maritime Administratorwww.register-iri.com · Ch. II §1.8Retrieved 2026-09-01Open sourceInformational only, not legal, tax or financial advice. Contact a qualified professional for current information. | Pleasure yachts not engaged in trade are expressly outside the STCW rules; chartering yachts fall inside.Resolución J.D. No. 076-2020 de 8 de octubre de 2020, Regulations for Training, Certification and Watchkeeping for Seafarers working on board seagoing ships according to the 1978 STCW Convention as amended, bilingual text, Junta Directiva, Autoridad Marítima de Panamáwww.amp.gob.pa · Art. 2 (Application Scope), as substituted by Resolución J.D. No. 053-2021, clause FIRSTRetrieved 2026-08-27Open sourceInformational only, not legal, tax or financial advice. Contact a qualified professional for current information. |
| Maritime Labour Convention applicability | Chartering yachts of any tonnage must meet MLC 2006, and carry a Maritime Labour Certificate from 500 GT; private yachts sit outside it.MI-103, the RMI Yacht Code, Rev. May/2026, Republic of the Marshall Islands Maritime Administratorwww.register-iri.com · Ch. II §1.13.1-1.13.2Retrieved 2026-08-12Open sourceInformational only, not legal, tax or financial advice. Contact a qualified professional for current information. | The Maritime Labour Convention applies to vessels habitually in commercial activity, certified from 500 GT.Merchant Marine Circular MMC-269, Maritime Labour Certificate (MLC) Certification Process, revision of June 2026, Panama Maritime Authority, General Directorate of Merchant Marinewww.panamashipregistry.com · §5.1Retrieved 2026-08-27Open sourceInformational only, not legal, tax or financial advice. Contact a qualified professional for current information. |
| Paris MoU standing | The Marshall Islands flag is on the Paris MoU White List, ranked 21 of 69, with 5,166 inspections and 167 detentions.Performance Lists, Paris MoU Annual Report 2025 (published 1 July 2026), Paris Memorandum of Understanding on Port State Controlparismou.orgRetrieved 2026-08-18Effective 2026-07-01Open sourceInformational only, not legal, tax or financial advice. Contact a qualified professional for current information. | White List, ranked 36 of 40 flags in the Paris MoU 2025 Annual Report.Performance Lists, Paris MoU 2025 Annual Report (published 1 July 2026), Paris Memorandum of Understanding on Port State Controlparismou.org · Flag Performance – White List, rank 36Retrieved 2026-08-27Open sourceInformational only, not legal, tax or financial advice. Contact a qualified professional for current information. |
| Documents required | A private-use declaration, registration application, insurance, class certificates and proof of ownership are due by registration day.MI-242PY, Requirements for Private Yacht Registration 24m and more (Classed and Unclassed Yachts), Republic of the Marshall Islands Maritime Administratorwww.register-iri.com · Application/Documentation/RequirementsRetrieved 2026-08-12Open sourceInformational only, not legal, tax or financial advice. Contact a qualified professional for current information. | Resident agent instrument, proof of ownership, fee receipts and a sworn non-commercial use declaration.Ley 57 de 6 de agosto de 2008, General de Marina Mercante (Gaceta Oficial No. 26100 de 7 de agosto de 2008), official bilingual Spanish/English edition published by the Autoridad Marítima de Panamáwww.amp.gob.pa · Art. 97Retrieved 2026-08-27Open sourceInformational only, not legal, tax or financial advice. Contact a qualified professional for current information. |
| Renewal cycle | The permanent certificate never expires; only the annual tonnage tax and yearly service fees recur.MI-100, Vessel Registration and Instrument Recording, May/2024, Republic of the Marshall Islands Maritime Administratorwww.register-iri.com · §10.5.5Retrieved 2026-08-12Open sourceInformational only, not legal, tax or financial advice. Contact a qualified professional for current information. | Navigation and radio licences for a pleasure yacht last two years, renewable once all dues are clear.Ley 57 de 6 de agosto de 2008, General de Marina Mercante (Gaceta Oficial No. 26100 de 7 de agosto de 2008), official bilingual Spanish/English edition published by the Autoridad Marítima de Panamáwww.amp.gob.pa · Art. 98Retrieved 2026-08-27Open sourceInformational only, not legal, tax or financial advice. Contact a qualified professional for current information. |
| Deregistration process | Deletion follows sale or scrapping, once all tonnage taxes, Marshall Islands International Participation (MIIP) fees and Marine Services fees are paid.MI-100, Vessel Registration and Instrument Recording, May/2024, Republic of the Marshall Islands Maritime Administratorwww.register-iri.com · §17.0Retrieved 2026-08-12Open sourceInformational only, not legal, tax or financial advice. Contact a qualified professional for current information. | Cancellation needs clear dues, no encumbrances and paid fees; the consent certificate lasts thirty calendar days.Ley 57 de 6 de agosto de 2008, General de Marina Mercante (Gaceta Oficial No. 26100 de 7 de agosto de 2008), official bilingual Spanish/English edition published by the Autoridad Marítima de Panamáwww.amp.gob.pa · Art. 46Retrieved 2026-08-27Open sourceInformational only, not legal, tax or financial advice. Contact a qualified professional for current information. |
| Register size | The RMI register carries 1,440 yachts, up from 1,366 two months earlier, inside a total fleet of 6,652 vessels and 221,369,700 gross tons.Fleet Statistics and Port State Control, A4 flyer, August 2026, reporting the fleet through 31 July 2026, The Marshall Islands Registry, published by International Registries, Inc. in affiliation with the Marshall Islands Maritime and Corporate Administratorswww.register-iri.com · Fleet Types tableRetrieved 2026-09-01Effective 2026-07-31Open sourceInformational only, not legal, tax or financial advice. Contact a qualified professional for current information. | 231.1 million gross tons flagged in Panama on the registry's own bulletin; its About Us page puts the fleet at more than 8,500 vessels, of which an estimated 1,000 or so are pleasure yachts.Boletín Estadístico Marítimo Portuario, enero a diciembre 2024-2025, cuadros M.M.-01 a M.M.-03, Oficina de Planificación, Área de Estadísticas, Autoridad Marítima de Panamáwww.amp.gob.pa · Cuadro M.M.-01Retrieved 2026-09-01Effective 2025-12-31Open sourceInformational only, not legal, tax or financial advice. Contact a qualified professional for current information. |
| Red Ensign Group membership | Not a member of the Red Ensign Group, whose published membership is the United Kingdom, the Crown Dependencies and the UK Overseas Territories that operate shipping registers.Red Ensign Group, 'Who we are' (About the Red Ensign Group), redensigngroup.orgwww.redensigngroup.org · Who we are, membership paragraph and both category listsRetrieved 2026-09-09Open sourceInformational only, not legal, tax or financial advice. Contact a qualified professional for current information. | Not a member of the Red Ensign Group, whose published membership is the United Kingdom, the Crown Dependencies and the UK Overseas Territories that operate shipping registers.Red Ensign Group, 'Who we are' (About the Red Ensign Group), redensigngroup.orgwww.redensigngroup.org · Who we are, membership paragraph and both category listsRetrieved 2026-09-09Open sourceInformational only, not legal, tax or financial advice. Contact a qualified professional for current information. |
| VAT & importation | ||
| VAT rate | There is no VAT; a 12% consumption tax applies to supplies and imports from 1 October 2026.Consumption Tax Act 2025, 48 MIRC Chapter 9 (P.L. 2025-47), commencement 7 October 2025, Nitijela of the Republic of the Marshall Islands, as published at rmiparliament.orgrmiparliament.org · §959(2)Retrieved 2026-08-18Effective 2026-10-01Open sourceInformational only, not legal, tax or financial advice. Contact a qualified professional for current information. | No VAT as such; the equivalent sales tax, ITBMS, runs at 7 percent, plus a 10 percent selective consumption tax on non-commercial yachts.Ley 8 de 15 de marzo de 2010, que reforma el Código Fiscal, adopta medidas fiscales y crea el Tribunal Administrativo Tributario (Gaceta Oficial Digital No. 26489-A de 15 de marzo de 2010)www.gacetaoficial.gob.pa · Art. 76 (Código Fiscal art. 1057-V, Parágrafo 6)Retrieved 2026-09-06Effective 2010-07-01Open sourceInformational only, not legal, tax or financial advice. Contact a qualified professional for current information. |
| Basis for VAT on import | In the Marshall Islands the importer pays consumption tax on customs value plus insurance, freight and duties; EU import VAT is built the same way.Consumption Tax Act 2025, 48 MIRC Chapter 9 (P.L. 2025-47), commencement 7 October 2025, Nitijela of the Republic of the Marshall Islands, as published at rmiparliament.orgrmiparliament.org · §908(3)Retrieved 2026-08-18Open sourceInformational only, not legal, tax or financial advice. Contact a qualified professional for current information. | Tax is charged on the CIF value (cost, insurance and freight) plus all customs duties and charges on the import.Ley 6 de 2 de febrero de 2005, que implementa un programa de equidad fiscal (Gaceta Oficial No. 25232 de 3 de febrero de 2005), LEGISPAN scan of the printed Gaceta published by the Asamblea Nacional de Panamás3-legispan.asamblea.gob.pa · Código Fiscal art. 1057-V, Parágrafo 5(d)Retrieved 2026-09-06Open sourceInformational only, not legal, tax or financial advice. Contact a qualified professional for current information. |
| Temporary admission rules | Non-EU owned yachts may enter EU waters under Temporary Admission for up to 18 months.RMI Marine Guideline 1-11-2, Yacht Engaged in Trade, Mar/2024, Republic of the Marshall Islands Maritime Administratorwww.register-iri.com · §2.3.1(b)Retrieved 2026-08-12Open sourceInformational only, not legal, tax or financial advice. Contact a qualified professional for current information. | EU temporary admission gives 18 months VAT free; Panama licenses foreign craft for up to a year, renewable.Guidance Note for Pleasure Craft, TAXUD.A.1.003/EC, Brussels, 30 April 2026, European Commission, Directorate-General Taxation and Customs Union (Customs policy)taxation-customs.ec.europa.euRetrieved 2026-08-29Open sourceInformational only, not legal, tax or financial advice. Contact a qualified professional for current information. |
| Leasing scheme status | The Marshall Islands has no yacht-leasing scheme, and no relief turns on how a vessel is owned or financed.Import Duties Act 1989, 48 MIRC Chapter 2 (P.L. 1989-49, as amended), Nitijela of the Republic of the Marshall Islands, as published at rmiparliament.orgrmiparliament.org · §206(1)Retrieved 2026-08-27Open sourceInformational only, not legal, tax or financial advice. Contact a qualified professional for current information. | No yacht leasing tax scheme exists; leasing is taxed and chartering is separately licensed.Resolución J.D. No. 089-2020 de 26 de noviembre de 2020, creating the Yacht Chartering auxiliary maritime service (Gaceta Oficial No. 29193 de 8 de enero de 2021), bilingual text, Junta Directiva, Autoridad Marítima de Panamáwww.amp.gob.pa · Resolves, SECONDRetrieved 2026-08-27Open sourceInformational only, not legal, tax or financial advice. Contact a qualified professional for current information. |
| Commercial exemption paths | The EU high-seas exemption is the route; the Marshall Islands grants no relief for importing a vessel.Council Directive 2006/112/EC of 28 November 2006 on the common system of value added tax, Articles 148 and 150, consolidated text of 1 January 2025 (02006L0112, EN, 01.01.2025, 029.001), EUR-Lexeur-lex.europa.eu · Art. 148(a)Retrieved 2026-08-18Open sourceInformational only, not legal, tax or financial advice. Contact a qualified professional for current information. | Shipping reliefs cover international trade income only; activity in Panamanian waters is taxed whatever the flag.Ley 57 de 6 de agosto de 2008, General de Marina Mercante (Gaceta Oficial No. 26100 de 7 de agosto de 2008), official bilingual Spanish/English edition published by the Autoridad Marítima de Panamáwww.amp.gob.pa · Art. 172 (Código Fiscal art. 708(e))Retrieved 2026-08-27Open sourceInformational only, not legal, tax or financial advice. Contact a qualified professional for current information. |
| Evidence of VAT-paid status | Chartering in the EU without Temporary Admission requires a VAT paid certificate, arranged through the Importer/Exporter.RMI Marine Guideline 1-11-2, Yacht Engaged in Trade, Mar/2024, Republic of the Marshall Islands Maritime Administratorwww.register-iri.com · §2.3.1Retrieved 2026-08-12Open sourceInformational only, not legal, tax or financial advice. Contact a qualified professional for current information. | No certificate exists; EU customs presume Union status and ask for proof only in doubt.Guidance Note for Pleasure Craft, TAXUD.A.1.003/EC, Brussels, 30 April 2026, European Commission, Directorate-General Taxation and Customs Union (Customs policy)taxation-customs.ec.europa.euRetrieved 2026-08-27Open sourceInformational only, not legal, tax or financial advice. Contact a qualified professional for current information. |
| Returned goods relief after Brexit | A boat regains Union status if re-imported within three years, unchanged, by the person who exported it.Guidance Note for Pleasure Craft, TAXUD.A.1.003/EC, 30 April 2026, European Commission, Directorate-General for Taxation and Customs Uniontaxation-customs.ec.europa.eu · Q7Retrieved 2026-08-18Effective 2026-04-30Open sourceInformational only, not legal, tax or financial advice. Contact a qualified professional for current information. | Returned goods relief needs re-import within 3 years by the same person, in unchanged condition.Guidance Note for Pleasure Craft, TAXUD.A.1.003/EC, Brussels, 30 April 2026, European Commission, Directorate-General Taxation and Customs Union (Customs policy)taxation-customs.ec.europa.euRetrieved 2026-08-27Open sourceInformational only, not legal, tax or financial advice. Contact a qualified professional for current information. |
| Yacht management | ||
| Fee model | Management houses typically charge a fixed monthly retainer scaled to the yacht's size (market guidance puts it at roughly €1,500 to 15,000 or more a month by size) or a share of the operating budget, with charter management charged separately at typically 15 to 20 percent of charter revenue.breezeYachting.swiss - Professional Yacht Management Companies and Their Feeswww.breezeyachting.swissRetrieved 2026-09-01Effective 2025-10-25Corroborating source, not the register's own publicationOpen sourceInformational only, not legal, tax or financial advice. Contact a qualified professional for current information. | Management houses typically charge a fixed monthly retainer scaled to the yacht's size (market guidance puts it at roughly €1,500 to 15,000 or more a month by size) or a share of the operating budget, with charter management charged separately at typically 15 to 20 percent of charter revenue.breezeYachting.swiss - Professional Yacht Management Companies and Their Feeswww.breezeyachting.swissRetrieved 2026-09-01Effective 2025-10-25Corroborating source, not the register's own publicationOpen sourceInformational only, not legal, tax or financial advice. Contact a qualified professional for current information. |
| Fleet size under management | Established management houses typically run fleets of roughly a dozen to 80 yachts, with an industry average of about 24 under management.SuperyachtNews / The Superyacht Group - The Superyacht Management Reportwww.superyachtnews.comRetrieved 2026-09-01Effective 2017-06-12Corroborating source, not the register's own publicationOpen sourceInformational only, not legal, tax or financial advice. Contact a qualified professional for current information. | Established management houses typically run fleets of roughly a dozen to 80 yachts, with an industry average of about 24 under management.SuperyachtNews / The Superyacht Group - The Superyacht Management Reportwww.superyachtnews.comRetrieved 2026-09-01Effective 2017-06-12Corroborating source, not the register's own publicationOpen sourceInformational only, not legal, tax or financial advice. Contact a qualified professional for current information. |
| ISM document of compliance holder | ISM applies to commercial yachts of 500 GT and up and to passenger yachts of any tonnage; the owner's chosen recognized organization (RO) issues the Document of Compliance (DOC) for the RMI.Marine Notice MN 2-011-13, International Safety Management (ISM) Code, Oct/2023, Maritime Administrator, Republic of the Marshall Islandswww.register-iri.com · Administrator’s ApplicationRetrieved 2026-08-27Open sourceInformational only, not legal, tax or financial advice. Contact a qualified professional for current information. | Recognised Organisations issue the ISM certificates on Panama's behalf; the Administration endorses the company declarations itself.Merchant Marine Circular MMC-176, Panama Policy on Implementation of the International Safety Management (ISM) Code, General Directorate of Merchant Marine, Panama Maritime Authority (content fully reviewed April 2026)www.panamashipregistry.com · §3.1Retrieved 2026-08-27Open sourceInformational only, not legal, tax or financial advice. Contact a qualified professional for current information. |
| Crew payroll services | Crew payroll administration is a standard part of a full management mandate, normally run through a dedicated MLC-compliant crew employment company rather than the owning entity.Fraser - Yacht Management Serviceswww.fraseryachts.comRetrieved 2026-09-01Corroborating source, not the register's own publicationOpen sourceInformational only, not legal, tax or financial advice. Contact a qualified professional for current information. | Crew payroll administration is a standard part of a full management mandate, normally run through a dedicated MLC-compliant crew employment company rather than the owning entity.Fraser - Yacht Management Serviceswww.fraseryachts.comRetrieved 2026-09-01Corroborating source, not the register's own publicationOpen sourceInformational only, not legal, tax or financial advice. Contact a qualified professional for current information. |
| Jurisdictions served | Management houses routinely operate across multiple flag states, holding Documents of Compliance from several administrations rather than tying owners to one register.Fraser - Yacht Management Serviceswww.fraseryachts.comRetrieved 2026-09-01Corroborating source, not the register's own publicationOpen sourceInformational only, not legal, tax or financial advice. Contact a qualified professional for current information. | Management houses routinely operate across multiple flag states, holding Documents of Compliance from several administrations rather than tying owners to one register.Fraser - Yacht Management Serviceswww.fraseryachts.comRetrieved 2026-09-01Corroborating source, not the register's own publicationOpen sourceInformational only, not legal, tax or financial advice. Contact a qualified professional for current information. |
| Marine insurance | ||
| Wreck removal insurance | The Marshall Islands has ratified the Nairobi Wreck Removal Convention and operates its compulsory wreck-removal insurance regime.Status of IMO Treaties, summary of status of conventions ('x-Status.xlsx'), as at 25 August 2026, International Maritime Organizationwwwcdn.imo.org · NAIROBI WRC 2007, section II (Contracting States), p. 572Retrieved 2026-08-28Open sourceInformational only, not legal, tax or financial advice. Contact a qualified professional for current information. | Panama has ratified the Nairobi Wreck Removal Convention, so its flag operates that convention's compulsory wreck-removal insurance regime.Status of IMO Treaties, summary of status of conventions ('x-Status.xlsx'), as at 25 August 2026, International Maritime Organizationwwwcdn.imo.org · NAIROBI WRC 2007, section II (Contracting States), p. 572Retrieved 2026-08-28Open sourceInformational only, not legal, tax or financial advice. Contact a qualified professional for current information. |
| Passenger liability regime | The Marshall Islands has ratified the 2002 Athens Protocol on passenger liability at sea and has denounced the 1974 Convention it replaced.Status of IMO Treaties, summary of status of conventions ('x-Status.xlsx'), as at 25 August 2026, International Maritime Organizationwwwcdn.imo.org · PAL PROT 2002, section II (Contracting States), p. 372Retrieved 2026-08-28Open sourceInformational only, not legal, tax or financial advice. Contact a qualified professional for current information. | Panama has ratified the 2002 Athens Protocol on passenger liability at sea.Status of IMO Treaties, summary of status of conventions ('x-Status.xlsx'), as at 25 August 2026, International Maritime Organizationwwwcdn.imo.org · PAL PROT 2002, section II (Contracting States), p. 372Retrieved 2026-08-28Open sourceInformational only, not legal, tax or financial advice. Contact a qualified professional for current information. |
| Crew placement | ||
| Placement fee model | Crew agencies charge the yacht, not the crew member: typically about one month's gross salary for a permanent placement and 20 percent of earnings for temporary work.Northrop and Johnson Crew Services - Terms and Conditions (2023)cdn.northropandjohnson.com · FeesRetrieved 2026-09-01Corroborating source, not the register's own publicationOpen sourceInformational only, not legal, tax or financial advice. Contact a qualified professional for current information. | Crew agencies charge the yacht, not the crew member: typically about one month's gross salary for a permanent placement and 20 percent of earnings for temporary work.Northrop and Johnson Crew Services - Terms and Conditions (2023)cdn.northropandjohnson.com · FeesRetrieved 2026-09-01Corroborating source, not the register's own publicationOpen sourceInformational only, not legal, tax or financial advice. Contact a qualified professional for current information. |
| Crew pool coverage | On published figures, the main crew agencies each hold databases of roughly 40,000 to 50,000 registered candidates, so coverage is effectively global and differentiation is about screening, not database size.The Crew Network (Fraser) - Looking for Crewwww.crewnetwork.comRetrieved 2026-09-01Corroborating source, not the register's own publicationOpen sourceInformational only, not legal, tax or financial advice. Contact a qualified professional for current information. | On published figures, the main crew agencies each hold databases of roughly 40,000 to 50,000 registered candidates, so coverage is effectively global and differentiation is about screening, not database size.The Crew Network (Fraser) - Looking for Crewwww.crewnetwork.comRetrieved 2026-09-01Corroborating source, not the register's own publicationOpen sourceInformational only, not legal, tax or financial advice. Contact a qualified professional for current information. |
| MLC compliance support | Chartering yachts of any tonnage are MLC ships for the RMI; the Administrator issues the DMLC Part I and the owner picks who certifies.Marine Notice MN 2-011-33, Maritime Labour Convention, 2006, Inspection and Certification Program, Jul/2024, Maritime Administrator, Republic of the Marshall Islandswww.register-iri.com · §ERetrieved 2026-08-27Open sourceInformational only, not legal, tax or financial advice. Contact a qualified professional for current information. | Panama issues DMLC Part I free and electronically; a Recognised Organisation issues the five-year Maritime Labour Certificate.Merchant Marine Circular MMC-269, Maritime Labour Certificate (MLC), Certification Process, Maritime Labour Convention 2006 as amended, General Directorate of Merchant Marine, Panama Maritime Authority (completely revised June 2026)www.panamashipregistry.com · §7.5Retrieved 2026-08-27Open sourceInformational only, not legal, tax or financial advice. Contact a qualified professional for current information. |
| Payroll administration offered | Crew agencies commonly offer payroll administration as an add-on to placement, usually bundled with MLC-compliant employment contracts, tax withholding and visas.Fraser - Yacht Crew Recruitment (The Crew Network)www.fraseryachts.comRetrieved 2026-09-01Corroborating source, not the register's own publicationOpen sourceInformational only, not legal, tax or financial advice. Contact a qualified professional for current information. | Crew agencies commonly offer payroll administration as an add-on to placement, usually bundled with MLC-compliant employment contracts, tax withholding and visas.Fraser - Yacht Crew Recruitment (The Crew Network)www.fraseryachts.comRetrieved 2026-09-01Corroborating source, not the register's own publicationOpen sourceInformational only, not legal, tax or financial advice. Contact a qualified professional for current information. |
| Notice and replacement terms | Agencies typically guarantee a free replacement if a permanent crew member leaves within 60 to 90 days, with the leading houses extending that to 180 days.Northrop and Johnson Crew Services - Terms and Conditions (2023)cdn.northropandjohnson.com · Replacement guaranteeRetrieved 2026-09-01Corroborating source, not the register's own publicationOpen sourceInformational only, not legal, tax or financial advice. Contact a qualified professional for current information. | Agencies typically guarantee a free replacement if a permanent crew member leaves within 60 to 90 days, with the leading houses extending that to 180 days.Northrop and Johnson Crew Services - Terms and Conditions (2023)cdn.northropandjohnson.com · Replacement guaranteeRetrieved 2026-09-01Corroborating source, not the register's own publicationOpen sourceInformational only, not legal, tax or financial advice. Contact a qualified professional for current information. |
| Refit & yard works | ||
| Yard network coverage | Refits are routed to a handful of established yard clusters in the Mediterranean, northern Europe, Turkey and the US, with the owner's team tendering the specification across several yards.Hill Robinson - Why Palma is still a leading hub for superyacht refit and maintenancehillrobinson.comRetrieved 2026-09-01Effective 2026-02-25Corroborating source, not the register's own publicationOpen sourceInformational only, not legal, tax or financial advice. Contact a qualified professional for current information. | Refits are routed to a handful of established yard clusters in the Mediterranean, northern Europe, Turkey and the US, with the owner's team tendering the specification across several yards.Hill Robinson - Why Palma is still a leading hub for superyacht refit and maintenancehillrobinson.comRetrieved 2026-09-01Effective 2026-02-25Corroborating source, not the register's own publicationOpen sourceInformational only, not legal, tax or financial advice. Contact a qualified professional for current information. |
| Project management model | The market standard is a dedicated owner's representative or project manager, independent of the yard, running the refit from specification through tender and on-site supervision to redelivery.Superyacht Partners - Yacht Refit Management Serviceswww.superyachtpartners.comRetrieved 2026-09-01Corroborating source, not the register's own publicationOpen sourceInformational only, not legal, tax or financial advice. Contact a qualified professional for current information. | The market standard is a dedicated owner's representative or project manager, independent of the yard, running the refit from specification through tender and on-site supervision to redelivery.Superyacht Partners - Yacht Refit Management Serviceswww.superyachtpartners.comRetrieved 2026-09-01Corroborating source, not the register's own publicationOpen sourceInformational only, not legal, tax or financial advice. Contact a qualified professional for current information. |
| Refit fee structure | As a market estimate, refit project management is charged as a percentage of contract value, about 4 to 8 percent on the one published example (€200,000 to 400,000 on a €5 million refit), or on a day rate for shorter jobs.The First Owner's Reference - Superyacht refit cost: when to refit, when to sellfirstownersreference.com · 06 RefitRetrieved 2026-09-01Effective 2026-05-01Corroborating source, not the register's own publicationOpen sourceInformational only, not legal, tax or financial advice. Contact a qualified professional for current information. | As a market estimate, refit project management is charged as a percentage of contract value, about 4 to 8 percent on the one published example (€200,000 to 400,000 on a €5 million refit), or on a day rate for shorter jobs.The First Owner's Reference - Superyacht refit cost: when to refit, when to sellfirstownersreference.com · 06 RefitRetrieved 2026-09-01Effective 2026-05-01Corroborating source, not the register's own publicationOpen sourceInformational only, not legal, tax or financial advice. Contact a qualified professional for current information. |
| Survey oversight offered | Independent survey oversight during a refit is a standard offering, with milestone inspections tied to payment stages and a handover inspection at redelivery.Yacht Designers and Surveyors Association (YDSA) - Types of Surveywww.ydsa.co.uk · Supervision of Construction or RepairsRetrieved 2026-09-01Corroborating source, not the register's own publicationOpen sourceInformational only, not legal, tax or financial advice. Contact a qualified professional for current information. | Independent survey oversight during a refit is a standard offering, with milestone inspections tied to payment stages and a handover inspection at redelivery.Yacht Designers and Surveyors Association (YDSA) - Types of Surveywww.ydsa.co.uk · Supervision of Construction or RepairsRetrieved 2026-09-01Corroborating source, not the register's own publicationOpen sourceInformational only, not legal, tax or financial advice. Contact a qualified professional for current information. |
| Warranty handling | Refit yards typically warrant materials and workmanship for twelve months from redelivery, with outstanding items tracked on a snag list and a retention held until they are closed.Gard (P&I club) - Warranty claims in shipbuilding contractsgard.no · Recommendations and checklistsRetrieved 2026-09-01Effective 2015-03-25Corroborating source, not the register's own publicationOpen sourceInformational only, not legal, tax or financial advice. Contact a qualified professional for current information. | Refit yards typically warrant materials and workmanship for twelve months from redelivery, with outstanding items tracked on a snag list and a retention held until they are closed.Gard (P&I club) - Warranty claims in shipbuilding contractsgard.no · Recommendations and checklistsRetrieved 2026-09-01Effective 2015-03-25Corroborating source, not the register's own publicationOpen sourceInformational only, not legal, tax or financial advice. Contact a qualified professional for current information. |
| Pre-buy survey | ||
| Survey scope options | A pre-purchase survey is normally a full condition survey of hull, machinery and systems, with sea trial, haul-out, engine survey, rig, oil analysis and ultrasonic gauging as separately priced extras.Yacht Designers and Surveyors Association (YDSA) - Types of Surveywww.ydsa.co.ukRetrieved 2026-09-01Corroborating source, not the register's own publicationOpen sourceInformational only, not legal, tax or financial advice. Contact a qualified professional for current information. | A pre-purchase survey is normally a full condition survey of hull, machinery and systems, with sea trial, haul-out, engine survey, rig, oil analysis and ultrasonic gauging as separately priced extras.Yacht Designers and Surveyors Association (YDSA) - Types of Surveywww.ydsa.co.ukRetrieved 2026-09-01Corroborating source, not the register's own publicationOpen sourceInformational only, not legal, tax or financial advice. Contact a qualified professional for current information. |
| Survey fee structure | Surveyors typically charge per foot on smaller yachts (one published US rate card is US$28 to 30 per foot), moving to day rates or a fixed fee on superyachts, with haul-out, travel and lab testing billed separately.Boston Marine Surveyors - published rate cardbostonmarinesurveyors.com · RatesRetrieved 2026-09-01Corroborating source, not the register's own publicationOpen sourceInformational only, not legal, tax or financial advice. Contact a qualified professional for current information. | Surveyors typically charge per foot on smaller yachts (one published US rate card is US$28 to 30 per foot), moving to day rates or a fixed fee on superyachts, with haul-out, travel and lab testing billed separately.Boston Marine Surveyors - published rate cardbostonmarinesurveyors.com · RatesRetrieved 2026-09-01Corroborating source, not the register's own publicationOpen sourceInformational only, not legal, tax or financial advice. Contact a qualified professional for current information. |
| Time to survey report | Surveyors typically deliver the written report within three to five business days of the inspection, after a verbal debrief on the day.Capt. F.K. Lanier and Associates - Marine Survey FAQcaptfklanier.com · FAQ-7Retrieved 2026-09-01Corroborating source, not the register's own publicationOpen sourceInformational only, not legal, tax or financial advice. Contact a qualified professional for current information. | Surveyors typically deliver the written report within three to five business days of the inspection, after a verbal debrief on the day.Capt. F.K. Lanier and Associates - Marine Survey FAQcaptfklanier.com · FAQ-7Retrieved 2026-09-01Corroborating source, not the register's own publicationOpen sourceInformational only, not legal, tax or financial advice. Contact a qualified professional for current information. |
| Class records review | On large yachts a review of class records, survey status and flag certificates is standard scope alongside the physical survey.JMS Yachting - Superyacht Pre-Purchase Surveywww.jmsyachting.com · Onboard documentation auditRetrieved 2026-09-01Effective 2025-09-03Corroborating source, not the register's own publicationOpen sourceInformational only, not legal, tax or financial advice. Contact a qualified professional for current information. | On large yachts a review of class records, survey status and flag certificates is standard scope alongside the physical survey.JMS Yachting - Superyacht Pre-Purchase Surveywww.jmsyachting.com · Onboard documentation auditRetrieved 2026-09-01Effective 2025-09-03Corroborating source, not the register's own publicationOpen sourceInformational only, not legal, tax or financial advice. Contact a qualified professional for current information. |
| Sea trial attendance | Sea trial attendance is standard on a pre-purchase survey, though whether it is inside the quoted fee or billed separately varies by surveyor.Boston Marine Surveyors - published rate cardbostonmarinesurveyors.com · RatesRetrieved 2026-09-01Corroborating source, not the register's own publicationOpen sourceInformational only, not legal, tax or financial advice. Contact a qualified professional for current information. | Sea trial attendance is standard on a pre-purchase survey, though whether it is inside the quoted fee or billed separately varies by surveyor.Boston Marine Surveyors - published rate cardbostonmarinesurveyors.com · RatesRetrieved 2026-09-01Corroborating source, not the register's own publicationOpen sourceInformational only, not legal, tax or financial advice. Contact a qualified professional for current information. |
| Ownership structuring | ||
| Owning company minimum capital | No minimum capital applies; a standard company is 500 shares without par value, and authorized capital above that band draws a one-off capitalization tax.Associations Law of the Republic of the Marshall Islands, Business Corporations Act, courtesy copy published by the RMI Registrar of Corporations through the December 2020 session (183 pages), Republic of the Marshall Islands Registrar of Corporationswww.register-iri.com · §28(e)Retrieved 2026-08-29Open sourceInformational only, not legal, tax or financial advice. Contact a qualified professional for current information. | No minimum share capital: the articles of incorporation (pacto social) must state a capital amount, and shares may be issued with no payment made.Ley Nº 32 de 26 de febrero de 1927, Sobre Sociedades Anónimas (Gaceta Oficial 5,067 de 16 de marzo de 1927), annotated edition published by SIJUSA, Sistema de Información Jurídica, Panamawww.sijusa.com · Art. 2(4)Retrieved 2026-08-29Corroborating source, not the register's own publicationOpen sourceInformational only, not legal, tax or financial advice. Contact a qualified professional for current information. |
| Beneficial ownership disclosure | Owners are named in a private company record and to the flag at registration, never in a public register; the Registrar gets only an annual attestation.Associations Law of the Republic of the Marshall Islands, Business Corporations Act, courtesy copy published by the RMI Registrar of Corporations through the December 2020 session (183 pages), Republic of the Marshall Islands Registrar of Corporationswww.register-iri.com · §80(3)(b)Retrieved 2026-08-29Open sourceInformational only, not legal, tax or financial advice. Contact a qualified professional for current information. | The resident agent files each beneficial owner within fifteen working days, revalidates yearly, and only Panamanian authorities can see it.Ley 129 de 17 de marzo de 2020, que crea el Sistema Privado y Único de Registro de Beneficiarios Finales de Personas Jurídicas (Gaceta Oficial 28985-C de 20 de marzo de 2020), consolidated text showing the Ley 254 de 2021 amendments, updated 18 November 2021, published by the Comisión Nacional de Bancarización, Ministerio de Economía y Finanzascnbc.mef.gob.pa · Art. 7Retrieved 2026-08-29Open sourceInformational only, not legal, tax or financial advice. Contact a qualified professional for current information. |
| Crew employment & payroll | ||
| Seafarer employment agreements | A yacht that charters must give every seafarer a signed written agreement with at least seven days' notice plus Shipping Articles on the Administrator's official form; a purely private yacht, being outside the MLC, is not held to that regime.MI-108, RMI Maritime Regulations, Rev. Mar/2026, Republic of the Marshall Islands Maritime Administratorwww.register-iri.com · §7.45.1(c)Retrieved 2026-09-01Open sourceInformational only, not legal, tax or financial advice. Contact a qualified professional for current information. | On commercial yachts every seafarer needs a signed written agreement stating wages, leave, notice, repatriation and rest hours.Executive Decree No. 86 of 22 February 2013, whereby the Maritime Labour Convention, 2006 is regulated (Gaceta Oficial Digital No. 27234-A de 27 de febrero de 2013), as amended by Executive Decree No. 160 of 3 March 2021 and Executive Decree No. 26 of 24 March 2025, bilingual Spanish and English text, Ministerio de la Presidencia, República de Panamá, published by the Autoridad Marítima de Panamáwww.amp.gob.pa · Art. 31Retrieved 2026-08-29Open sourceInformational only, not legal, tax or financial advice. Contact a qualified professional for current information. |
| Crew social security | The RMI has declared five MLC branches: medical care, sickness, unemployment, employment injury and survivors' benefit, and there is no state scheme: the shipowner carries the cover, including at least US$10,000 death compensation, secured by protection and indemnity (P&I) cover, insurance or a bond.MI-108, RMI Maritime Regulations, Rev. Mar/2026, Republic of the Marshall Islands Maritime Administratorwww.register-iri.com · §7.42Retrieved 2026-09-01Open sourceInformational only, not legal, tax or financial advice. Contact a qualified professional for current information. | Seafarers living in Panama get state social security; on commercial ships the owner must insure medical care, wages, disability and burial.Executive Decree No. 86 of 22 February 2013, whereby the Maritime Labour Convention, 2006 is regulated (Gaceta Oficial Digital No. 27234-A de 27 de febrero de 2013), as amended by Executive Decree No. 160 of 3 March 2021 and Executive Decree No. 26 of 24 March 2025, bilingual Spanish and English text, Ministerio de la Presidencia, República de Panamá, published by the Autoridad Marítima de Panamáwww.amp.gob.pa · Art. 194Retrieved 2026-08-29Open sourceInformational only, not legal, tax or financial advice. Contact a qualified professional for current information. |
| Compliance (ISM/ISPS/MLC) | ||
| Commercial yacht code applied | The RMI Yacht Code applies to commercial yachts of any tonnage; private yachts of 18 m and over may use a limited-charter regime.MI-103, the RMI Yacht Code, Rev. May/2026, Republic of the Marshall Islands Maritime Administratorwww.register-iri.com · Ch. I §2.1.2Retrieved 2026-08-29Effective 2026-01-01Open sourceInformational only, not legal, tax or financial advice. Contact a qualified professional for current information. | Panama applies the Red Ensign Group Yacht Code Parts A and B, with yachts of 6 to 24 meters in private use staying on its 1984 decree.Merchant Marine Circular MMC-370, Yacht Technical Policy, revision of November 2023, Panama Maritime Authority, General Directorate of Merchant Marine, Control and Compliance Departmentwww.panamashipregistry.com · §2.3Retrieved 2026-08-29Open sourceInformational only, not legal, tax or financial advice. Contact a qualified professional for current information. |
| ISM Code applicability | The full ISM Code applies at 500 GT and above; under 500 GT a mini-ISM system is required for commercial certification.MI-103, the RMI Yacht Code, Rev. May/2026, Republic of the Marshall Islands Maritime Administratorwww.register-iri.com · Ch. II §1.11.1Retrieved 2026-08-28Open sourceInformational only, not legal, tax or financial advice. Contact a qualified professional for current information. | ISM declarations apply to Panamanian vessels of 500 GRT and above, as MMC-407 words it, and Recognised Organisations issue the certificates.Merchant Marine Circular MMC-407, Welcome Guidance and Post Registration Requirements, revision of May 2026, Panama Maritime Authority, General Directorate of Merchant Marinewww.panamashipregistry.com · §5.1Retrieved 2026-08-29Open sourceInformational only, not legal, tax or financial advice. Contact a qualified professional for current information. |
| ISPS Code applicability | Yachts of 500 GT and over must meet the ISPS Code and carry an International Ship Security Certificate.MI-103, the RMI Yacht Code, Rev. May/2026, Republic of the Marshall Islands Maritime Administratorwww.register-iri.com · Ch. II §1.12.1Retrieved 2026-08-28Open sourceInformational only, not legal, tax or financial advice. Contact a qualified professional for current information. | The ISPS Code applies to Panamanian flag ships on international voyages of 500 gross tons and upwards.Merchant Marine Circular MMC-123, International Ship and Port Facility Security Code (ISPS Code), revision of 13 August 2025, Panama Maritime Authority, General Directorate of Merchant Marine, Control and Compliance Departmentwww.panamashipregistry.com · §3.1Retrieved 2026-08-29Open sourceInformational only, not legal, tax or financial advice. Contact a qualified professional for current information. |
Guides for this comparison
- Temporary admission for yachts in the EU explained
- Yacht survey and code compliance costs
- Yacht flags lenders and insurers accept
- Choosing a yacht flag for cruising and charter
- EU flag or non-EU flag for a yacht
- How do you register a yacht in Panama?
- The total cost of a yacht flag: a normalized lifecycle framework
- Commercial vs private yacht registration
- Marshall Islands yacht registration process step-by-step
- Marshall Islands yacht registration costs explained
- What a yacht register charges
- Commercial yacht VAT exemptions
- Yacht import VAT and place of supply
- Yacht mortgage registration costs
- How much does it cost to register a yacht in Panama?
- EU yacht VAT explained
- How to choose a yacht flag
Services for these registers
Our pages on the services an owner arranges alongside registration.
- VAT and importation for yachts and private aircraft
- Yacht management companies: what they do, what they cost, how to choose
- Yacht insurance by flag: what is compulsory and what the market requires
- Finding yacht crew: how agencies work and what owners pay
- Who owns a yacht or a private aircraft? Companies, trusts and the register
- Employing yacht crew: contracts, payroll and social security
- ISM, ISPS and MLC for yachts: what your flag requires
- Chartering your yacht commercially: licenses, flags and coastal rules
- Central agents: how yachts are marketed for charter
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