Yacht mortgage registration costs
What it costs to record a lender's security against a registered yacht, when priority takes effect, and what happens to the mortgage at a change of flag.
Only a financed yacht meets this cost line, and it is a separate act from registering the vessel. The register records the lender's security against the ship so that it ranks ahead of later claims, charges for doing so, and applies its own rules about when that ranking takes effect.
What is actually being registered?Link to this section
The lender's security over the vessel, entered against the ship's record rather than against the borrower. Registration is what makes the security public and gives it a place in the queue, which is the whole reason a financier insists on a register that keeps reliable records.
| Item | The Cayman Islands | The Marshall Islands | Malta |
|---|---|---|---|
| Mortgage registration | Mortgages register on submission, rank in the order produced, cost US$1,100, and attract no duty on value.Maritime Authority of the Cayman Islands, Registration of a Mortgage or Priority Noticewww.cishipping.comRetrieved 2026-08-11Open sourceInformational only, not legal, tax or financial advice. Contact a qualified professional for current information. | 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 register and rank by the date and hour of recording.Merchant Shipping Act (Cap. 234, Laws of Malta), consolidated text at point in time 04/04/2025, legislation.mt (Office of the State Advocate)legislation.mt · art. 38(1)Retrieved 2026-08-29Open sourceInformational only, not legal, tax or financial advice. Contact a qualified professional for current information. |
When does priority take effect?Link to this section
On recording, in the order instruments reach the register, rather than on the date the loan was agreed. That is why a lender wants the instrument filed on the day funds are released, and why the registry's filing hours can end up on a completion timetable.
Does an unfinanced yacht ever meet this cost?Link to this section
No. There is nothing to record, so the line is zero and stays zero until a lender takes security. An owner who expects to refinance later should still check the register's position in advance, because it can narrow which flags are practical.
| Item | The Cayman Islands | The Marshall Islands | Malta |
|---|---|---|---|
| Who may own a registered vessel | Cayman, UK, EU/EEA, Commonwealth and approved-country nationals and companies qualify, and practitioners count more than 70 qualifying jurisdictions; an unqualified person may co-own provided qualified owners hold the majority interest.Cayman Islands Merchant Shipping Act, 2024 (Act 1 of 2024), published by the Maritime Authority of the Cayman Islandswww.cishipping.com · s. 4(1)Retrieved 2026-09-01Open sourceInformational only, not legal, tax or financial advice. Contact a qualified professional for current information. | 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. | Foreign companies and EU, EEA, Swiss and UK citizens can own a Malta flagged yacht, provided they appoint a resident agent in Malta.S.L. 234.23 Ships Eligible for Registration Regulations, Legal Notices 69 of 2001 and 71 of 2003 as amended by L.N. 348 of 2003, 124 of 2012, 22 of 2015 and 466 of 2020, consolidated, legislation.mt (Office of the State Advocate)legislation.mt · reg. 4(1)Retrieved 2026-08-29Open sourceInformational only, not legal, tax or financial advice. Contact a qualified professional for current information. |
What happens to the mortgage if the yacht changes flag?Link to this section
It has to be discharged or re-recorded, and the mortgagee can hold up deregistration until that is settled. A reflagging with a loan outstanding is therefore a negotiation with the lender before it is an application to the new register.
| Item | The Cayman Islands | The Marshall Islands | Malta |
|---|---|---|---|
| Deregistration process | The owner files form CISR 857 with the bill of sale, a no-objection confirmation and the registry certificate.Maritime Authority of the Cayman Islands, Checklist: Delete a Vessel (REGIFCLDV Ver 01/20), file dated 25 November 2020www.cishipping.comRetrieved 2026-08-11Open sourceInformational only, not legal, tax or financial advice. Contact a qualified professional for current information. | 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. | The owner applies to close the register, and every registered mortgagee must consent in writing first.Merchant Shipping Act (Cap. 234, Laws of Malta), consolidated text at point in time 04/04/2025, legislation.mt (Office of the State Advocate)legislation.mt · art. 28(2)Retrieved 2026-08-29Open sourceInformational only, not legal, tax or financial advice. Contact a qualified professional for current information. |
| Renewal cycle | There is no fixed renewal cycle; certificates may run indefinitely, while the annual tonnage fee still falls due.Cayman Islands Merchant Shipping Act, 2024 (Act 1 of 2024), published by the Maritime Authority of the Cayman Islandswww.cishipping.com · s. 21(2)Retrieved 2026-08-11Open sourceInformational only, not legal, tax or financial advice. Contact a qualified professional for current information. | 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. | The registry certificate runs twelve months and renews on paying the annual fee by the anniversary; pay after it and the fee rises by ten percent.Merchant Shipping Act (Cap. 234, Laws of Malta), consolidated text at point in time 04/04/2025, legislation.mt (Office of the State Advocate)legislation.mt · art. 19(4)Retrieved 2026-08-29Open sourceInformational only, not legal, tax or financial advice. Contact a qualified professional for current information. |
Where does this line sit in the full comparison?Link to this section
It is one of four in the total cost of a yacht flag; the others are what the register charges, survey and code compliance and VAT. Read what lenders accept, model the sums with the flag cost comparator, then ask a specialist.
Informational only, not legal, tax or financial advice.
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