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The Cayman Islands, with a Category One British registry, are qualified to register vessels of all sizes and classes, from small yachts to super tankers. In "super yacht" range (100 feet or more) the Cayman Islands is the word's leading offshore luxury yacht registry. This sector is experiencing a phenomenal growth of 22% per year. About 20% of the world's yachts over 50m were registered in the Cayman Islands by 1999. |
With these numbers the Cayman Islands is destined to become one of the fastest growing registration locations over the next five years. The Cayman Islands Shipping Registry (CISR) contains the registration and safety departments of administration, enhancing efficiency and response time. February 2002 witnessed the Registry's achievement of ISO9000 quality standards. CISR is one of three British registries, including the UK itself, to acquire such an honour.
Port of Registry & National Colours
Cayman Islands law had been widen to include the scope of people and companies eligible to register ships under the Cayman Islands flag. The Port of Registry for Cayman is George Town. Since the islands are a British territory, ships may fly the UK Red Ensign or the Cayman Islands Red Ensign, which consists of the UK Red Ensign with the Cayman Islands crest in the flag.
Registration
1. The following qualify to own a Cayman Islands ship:
a: British Subjects, b: Nationals of any European Union (EU) or European Economic Area (EEA) State including Overseas Territories, c: Bodies corporate and shipping entities established in and having a place of business in any of the above States or Territories, d: Forgein companies registered in the Cayman Islands under relevant Cayman Islands law and having a place of business within the Islands.
2. Ships under construction and mortgages thereon can be registered
3. Mortgages on provisionally registered or conditional registered ships can be registered
4. Fractional shares can be registered where the ship is owned by a shipping entity that does not have a separate and distinct legal personality
5. Enhances mortgage protection is afforded
Demise Charter Registration
Demise charter is a process in which the owner registers a ship in one country and the charter registry in another. Demise charter registration is another way in which a person can acquire a ship without purchasing it, and then have it registered in the Cayman Islands.
Provisional and Conditional Registration
In certain cases it may be difficult or even impossible to effect permanent registration within commercial time constraints, in which case a provisional or conditional registration can be effected.
Safety
The main international maritime Conventions to which the UK is party have been extended to Cayman and therefore apply to CISR. These include the following:
• Conventions on Tonnage
• SOLAS
• Collision Regulations
• MARPOL
• Load Lines
• STCW
• Several ILO Maritime Conventions
The Cayman Islands offers a tax-free jurisdiction, world class communications and close partnerships between the Government and private sectors, making Cayman a perfect choice for registering and operating ships. For more information contact the Cayman Islands Shipping Registry at 345.949.8831 or email them at CISR@candw.ky
source:www.caymanchamber.ky
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