Despite the current lockdown situation, there has been huge global interest in Gibraltar and to register marine vessels under the Gibraltar flag. Europa Marine Consultants Ltd reports on the increased interest in Gibraltar vessel registrations.
Is Gibraltar Good for Marine Vessels?
Gibraltar offers all the onboard and onshore services required by vessel owners. International visitors will find all the facilities they would expect from top class marinas.
The Gibraltar Yacht Registry is internationally recognised. The Registry is a fully fledged British, category one Red Ensign register with the same status as any other British register. The Red Ensign Flag for yachts predates the European Union. It is a premium maritime flag with international right of passage, providing the ability to seek assistance from the extensive network of British embassies and consulates worldwide where the vessel may be situated as well as protection of the Royal Navy.
Is Gibraltar a Good Jurisdiction?
Gibraltar is a politically stable, British Overseas Territory and is a parliamentary democracy, with the United Kingdom responsible for its foreign affairs and defence. It is currently part of the European Union and yet within close proximity and access to Africa.
It is a low tax jurisdiction and is VAT free. It has no capital gains, estate duty, wealth, inheritance, gift or other capital taxes.
The legal system in Gibraltar is based on English Common Law with some local statute law variations. There is easy and efficient access to an English justice system with the Privvy Council as the highest court of appeal.
It has an excellent health system with robust structures in place to deal with a crisis. There is an International airport; excellent road and sea links into Europe and Africa. Gibraltar has been listed as a “White” territory by the OECD since 2009.
Who is Eligible to register a Vessel in Gibraltar
In principle everyone may benefit from the Gibraltar flag. The manner of acquiring the benefit varies according to nationality.
British citizens, European Union and European Economic Area nationals may register a vessel in their own names, provided they have a majority interest in the vessel. However, it is often more beneficial for British and non-British individuals to use a company to own and operate a vessel.
Corporate registration is a solution for persons who do not qualify to register a vessel as an individual. Companies registered in the European Union, the European Economic Area, Foreign Marine Entities and Gibraltar companies may register a vessel in their name.
We can arrange the incorporation of your own Gibraltar company or a company in a jurisdiction suitable for your domicile, residence and tax status.
Using a corporate structure to own and operate a vessel provides a degree privacy to the ultimate owner, because otherwise, their name will appear on vessel documentation. It also limits personal liability in the event of a claim. Claims may arise from third-party agreements (for example maintenance, repairs etc), employment of crew members, accident, or when negotiating the purchase or construction of the vessel.
Sale of the vessel by transferring the shares of the company may facilitate an easier, speedier and more cost-effective transfer of the vessel. A corporate structure may also assist in overcoming costly inheritance issues.
Whatever the size of your vessel or wherever your vessel, contact us today to find out how we can tailor our services to help you with your vessel and marine needs.
Working with The Europa Group
Our extensive expertise and understanding of each client’s individual requirements is matched by a wide range of supporting services. All our services come with the reassurance of a knowledgeable response, professional ethic and unwavering customer focus. Our experienced and dedicated marine team provides a full range of tailored services to seafarers whatever the size and wherever the vessel.