This is explained as follows:

-the cheapness of fees for the use of the flag introduced in this African country;
-registration of a vessel chartered under a bareboat charter agreement.

Ability to register a vessel of any size and characteristics.

Convenient and relatively low-cost maritime registry service, as its offices are located in the UK, USA, Greece, Monaco, Italy, Japan, Hong Kong and Singapore.

This is due to the following factors:

-The British Virgin Islands are under British sovereignty, which provides the BVI with economic and political stability;
-Yachts (vessels) registered under the BVI flag belong to the British Merchant Marine. This means that they automatically receive the diplomatic and consular protection of the UK and also the support of the British Navy (Royal Navy);
-Zero taxation in case of profit from the use of a yacht (vessel);
-Zero taxation in case of sale of a yacht (vessel);

Registering a vessel under the Belize flag allows you to enjoy the following benefits:

-no restrictions on the class, type and size of the vessel to be registered;
-no requirement to provide a Tonnage Certificate when registering a yacht;
-simplified registration process;
-relatively low cost of registration and annual fees;

In Belize, both a resident and a non-resident company can act as the owner of a vessel.

Jersey is whitelisted by the Organization for Economic Co-operation and Development (OECD) as a transparent and well-regulated offshore center.

It is possible to register a yacht for up to 10 years.

When registering for a Gibraltar company, owners have a number of benefits:

-Possibility of registration under the flag of Great Britain or Gibraltar
-Compared to other European countries – liberal tax legislation
-When registering a yacht (vessel), its owner can legally avoid paying VAT
-No import duty upon registration
-No income tax on the sale of a yacht (vessel)
-No property tax
-For renting a yacht (vessel) for charter – no income tax
-If the displacement of the yacht (vessel) is not more than 80 tons, the captain does not need to have any certificate confirming his qualifications
-Privacy for real owners of the yacht (vessel)
-The sale of a yacht (vessel) can be carried out through the sale of company shares
-Home port can be any UK port
-Gibraltar is one of the cheapest marinas in Europe

Vessels of any size and type can be registered in Gibraltar, with the exception of fishing vessels and ships powered by nuclear fuel. Membership in the European Union and a special tax regime make the country attractive to shipowners. A vessel registered in Gibraltar will fly the British flag and enjoy EEC cabotage privileges.

Panama’s economy is focused on supporting international shipping. Panama is one of the leading offshore jurisdictions in the world and a major financial center. The country’s legislation guarantees the strictest observance of banking and financial secrecy.

-An open registry means that any individual or legal entity may be the owner of a yacht (vessel);
-There are no restrictions on the age and tonnage of the registered yacht (vessel);
-There are no requirements for the classification and certification of pleasure craft, i.e. provision of a certificate from one of the classification societies and survey inspections are not required;
-Zero taxation in case of profit from the use of a yacht (vessel);
-Zero taxation in case of sale of a yacht (vessel);
-Political and economic stability;

Benefits of this register:

-moderate registration fees;
-no taxes on the sale of yachts (vessels);
-no duties on profits from overseas maritime commercial activities;
-no restrictions on the ownership or age of yachts (vessels) that can be registered by any person regardless of citizenship or place of residence;
-confidentiality of private information about the shipowner;
-registration and issuance of documents is carried out within 1-2 days;
-a registration program for three-year and five-year periods has been developed.

Vessels under the age of 20 are allowed to register in the Marshall Islands. A vessel registered in this jurisdiction can be owned by a company registered under local law (ideally an offshore IBC company).

“FORTTRADE” provides administrative and technical assistance to the maritime and business registry of the Republic of the Marshall Islands

The Republic of the Marshall Islands, in accordance with applicable law and the Marshall Islands Yacht Code, allows the registration of private, commercial and passenger yachts, as well as yacht charter for a certain period. Yachts flying the flag of the Marshall Islands are eligible for charter in French and Monaco waters without the need for commercial registration, subject to the provisional certificate for registration of the yacht used for charter purposes. Yacht owners can choose the port of registry: Bikini or Jaluit.