The British Virgin Islands is one of the most economically prosperous regions in the Caribbean. The BVI relies heavily on tourism income, which generates 45% of national income. These islands are the most frequented destinations for Americans. About 350,000 American tourists visit these islands every year. Other income is related to the use of so-called tax havens by offshore companies.
The British Virgin Islands, the neighbouring US Virgin Islands, and the Spanish Virgin Islands are collectively called the Virgin Islands. The archipelago is considered to be one of the most prestigious global ship registration locations. Because it is based on the BVI company incorporation system, BVI's laws implement a good, regulated, and stable environment. The Virgin Islands and Red Ensign alliance is one of its strongest advantages. The Red Ensign category can register commercial or private yachts, including superyachts up to 2500 tons and cargo ships with vast tonnage capacity and length. This also increases the ease of ship mortgage and transfer or change of ship ownership.
British citizens or company registrations and all British Territories and European Community (EC) or European Economic Area (EEA) member countries, as well as citizens and registered companies of their overseas territories, can become owners of British Virgin Islands-registered vessels.
Know about British Virgin Islands ship registration
In terms of longevity, the British Virgin Islands ship and yacht registry are new, but it is well known and respected among ship-owners, port state controls, and industry regulatory agencies. The BVI yacht registration happens to be the most popular large yacht registry today. European yacht owners will clearly register on the BVI, the reasons for which make them attractive, such as the fact that those vessels/yachts fly the red flag BVI flag, the right to receive the support of the British consulate, and high committee, and the Royal Naval protection.
The main function
- Corporate tax does not apply
- Reasonable registration and maintenance costs
- Global acceptability
- British Judicial System and Stable Commonwealth Government
- The British Virgin Islands is the preferred registry for giant yachts in the Mediterranean and throughout Europe.
Procedures and costs
The BVI Ship Registry is responsible for reviewing and approving all ship registration applications in accordance with the British Virgin Islands Merchant Shipping Law. The general rule is that there is a deadline for the preparation of registration, but the ship registry may issue temporary registration and termination certificates upon request. After the yacht name is approved, the important survey list must be filled out and submitted. The required documents include:
- The name of the yacht owner
- A yacht generator certificate or sales bill certifying the ownership of the yacht
- Qualified marine survey vessels
- Appointment Authorized personnel.
After the BVI boat registration is approved, the Registrar of Ships will issue other details that must be engraved on the yacht and issue a form with the registration number. Although, neither the yacht nor the owner himself needs to actually register in the Virgin Islands, the owner needs to appoint the assignee or grant the registration service provider BVI's lawyer rights to complete the entire registration process.