Cayman Island offers YET certification

The Cayman Islands Ship Registry is now offering Yet Engaged Trade (YET) certification, allowing owners to register their yachts as both private and commercial vessels.

Monaco-based yacht management firm Rosemont collaborated with the registry over seven months to launch the service.

Cayman approached Rosemont last January to discuss launching the YET programme. So far, only 15 yachts are YET registered globally, with Rosemont managing five of them.

Janet Xanthopoulos, legal advisor at Rosemont Yacht Services, told Superyacht Investor: “It has been a real pleasure working with Cayman Islands over the past 12 months. Their approach and proactiveness toward the YET programme has been superb.

“Cayman Islands already have a large fleet of yachts under their Registry and this will no doubt increase with the Cayman YET programme.”

Rosemont also helped the Marshall Islands Registry to launch its YET programme in 2015.

What does YET offer?

When a yacht is YET certified, its owner can have it privately listed while being able to charter it out for up to 84 days a year to 12 passengers. Owners holding a YET certificate do not need to sign a charter agreement or pay VAT when using their yacht privately.

The YET certificate is open for yachts of more than 24 metres. The owner also needs to prove the yacht holds VAT paid status, which can be done by presenting a VAT paid certificate. The yacht can also be registered to operate in EU waters under the Temporary Admission regime and be in accordance with EU regulations.