In recent years there has been a great transfer of merchant navy registration from traditional areas such as Britain, and Greece to offshore shipping jurisdictions such as Cyprus. Correctly advised an individual can also benefit from such tax free/low tax environments. The main reasons for such a movement to the "newer" shipping jurisdictions include the lower registration fees and the ability to rent or charter a vessel without any significant, or even any tax repercussions.

General Registration Procedure.

The  following is a brief guide of the registration procedure detailing the requested documents and information.

Pre-Name Clearance

• The name, if applicable, of the Registry where the vessel is currently registered;

• The name, if applicable, under which the vessel is currently registered;

• Nationality, if applicable, of the current registry;

• Current physical location/port of residence;

• Tonnage (gross or net);

• Propulsion Method – Sail or Motorised;

• Intended use of vessel – Pleasure – Charter – Fishing/Commercial and

• Intended/actual date of sale.

Post-Name Clearance

• Builder’s Certificate and/or a Notarised Bill of Sale

• A Notarised Bill of Sale from the current owner to the designated/selected Offshore Company – The future legal owner of the vessel

• A completed “Declaration of Eligibility” or equivalent declaration of ownership by the designated corporate body prepared by Global Corporate Services

• The supply of the Original Measurement & Survey Certificate supplied by one of the recognised classification societies or the Yacht Brokers, Designers and Surveyors Association.

Inspection Process

The vessels Carving & Marking Note will be issued upon the receipt of the Original Measurement & Survey Certificate supplied by the Register of Shipping. After this the vessel must be inspected.

Once inspected, the Original Measurement & Survey Certificate will be signed by the appropriate official ready for lodgement with the Registrar of Shipping or its equivalent by Global Corporate Services authorised attorney-in-fact.

The only other documents likely to be required would be the Original Bill of Sale, Transcript from the current Port of Registry plus Global Corporate Services Power of Attorney.