Yacht Services

Registration

The West Group provides yacht registration and management, corporate, tax, payroll and accountancy services for the ownership and operation of private and commercial yachts.  The benefits of registering a yacht in the Isle of Man include:

• Owners are able to capitalise on the tax and operational benefits of the Isle of Man Yacht Register
• Use of the secure Mortgage Registry, open 24/7 by arrangement
• No insurance premium tax (5% in the UK)
• No inheritance tax or death duties in the Isle of Man
• No capital gains tax payable in the Isle of Man on sale or transfer
• The ability to structure ownership to mitigate taxes elsewhere
• Highly competitive scale of charges – the Registry acts as a catalyst to business, not a profit centre.  There is just one low initial registration fee and no annual tonnage tax
• The ability to fly the distinguished British Red Ensign and access to worldwide British consulates
• A fast and efficient registration service
• A stable legal and political environment in a jurisdiction which is on the OECD’s White List of countries complying with the international standard for tax cooperation and exchange of information
• The Island is treated as if it were part of the fiscal territory of the EC – in effect part of the EC for VAT purposes

West Ship Management’s Services

West Ship Management provides a one-stop level of service for Isle of Man yacht registration and management:

• Ownership in a structure appropriate to the client’s needs
• We are one of only a handful of companies in a position to provide a ‘Representative Person’, a legal requirement for local representation
• Through West’s sister company PKF, tax advice regarding the ownership structure and efficient operation.  We make the yacht holding structure as efficient as possible in relation to corporate and personal taxes and VAT
• Guidance through and assistance with the registration process
• Working alongside the Mortgage Registry where appropriate
• The services of an in-house legal counsel
• Management and administration of the yacht holding structure
• Accountancy and payroll services
• Good relationships with other complementary yacht professionals including lawyers, brokers, financiers and nautical consultants

Contacts

For further information please contact Steve Hull.

Click here to see the West Corporation information sheet relating to yacht services