ONBOARD Magazine Spring 2018

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ADVERTORIAL FLAG OF CHOICE Life is no longer as simple as picking a jurisdiction which provides everything an owner needs for a yacht on both sides of the equation: Flag and Ownership The Flag State is responsible for the registration and regulation of the yacht to exacting international standards; whilst ownership is a complex world of finance and tax planning, providing bespoke solutions to owners for the intended use of the yacht. What is clear now is that the two are not inextricably linked. They should be considered as separate decisions. It is perfectly possible to avail oneself of the fiscal advantages offered by one jurisdiction, whilst benefiting from the advantages that another can bring to the table as a reputable flag state. So where we hear talk of special purpose vehicles, ownership structures, yacht leasing schemes, VAT paid, temporary importation, Yachts engaged in trade (YETs), charter licences and so on – this is the financial world of yachting and there are many professionals out there to advise the best solution. To support this market, there are many financial centres where the most advantageous solution may reside, including the Isle of Man. But that does not have to be the same jurisdiction which gives the vessel its nationality and whose flag it flies – the ‘Flag State’. In an increasingly competitive and globalised world, it is unlikely that any single jurisdiction will represent the best solution for each piece of the puzzle. For instance, the optimal solution may be an ownership vehicle and VAT registration in country ‘X’ with the yacht registered in country ‘Y’. Such arrangements are widely accepted and, generally speaking, represent nothing more than prudent financial planning. This allows owners, and their operators, to choose the flag state which fits with their requirements. They will need to look for a jurisdiction which provides political and financial stability in which to register their asset. Equally they need to look at the performance of the flag state in terms of quality of its fleet and its experience and expertise with large yachts. Service is key and they should look for a 24/7 service delivered in a pragmatic and helpful manner with an appropriate emergency response should things go wrong. These represent head vs. heart choices and we all know yachts are emotional purchases where owners may have national and emotional ties to a certain flag, which will almost certainly win out over other choices. As one of the world’s leading flag states and a British Red Ensign register, the Isle of Man has been at the forefront of maintaining the large yacht codes in line with current industry practice from the start. It is this expertise and pragmatism in the regulatory environment which governs the construction and operation of large yachts which sets the Red Ensign Registers apart from other jurisdictions offering Flag State services for yachts. But it is the delivery of large yacht services and the relationship which the Isle of Man builds with owners, operators, captains and crew of its yachts which makes the real difference. Add in the advice and support during the build of unique and individual superyachts and you have a very attractive package, available to owners or ownership structures domiciled in 65 different countries. Flags like the Isle of Man keep it very simple. We look solely at our regulatory piece in the puzzle. We have regulations which apply to private yachts, and more stringent regulations and Codes which apply to large commercial yachts. We also offer an optional survey regime to private yachts in the form of our ‘Pleasure Yacht Plus’ scheme, which offers voluntary compliance with the strictest code requirements. So let’s be clear. The choice of state for financial structures and the yacht’s flag state are both major decisions, but they do not need to be the same jurisdiction. Our advice is to keep them separate and choose wisely to seek a solution which works for the owner and allows him or her to enjoy their yacht. For more details Tel: +44 (0)1624 688500 or visit www.iomshipregistry.com ONBOARD | SPRING 2018 | 137
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SPRING 18 Tom Hanks interview Quay
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CONTENTS FEATURES 18 FESTIVE TIMES
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COMMENT WHAT A WASTE Michael Howort
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UPFRONT OPINIONS, FACTS, STORIES AN
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UPFRONT DO THE MATHS: PASSIONATE CO
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PRESS FOR SERVICE WHAT IS ? • Ser
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14 | SPRING 2018 | ONBOARD
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VISIT PALMA DISCOVER YACHTING ENJOY
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festive times EUROPE’S 2018 FESTI
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EXPERIENCE LIFE WITH AN ULTIMATE LU
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VA VA VOOM The 49m aluminium RossiN
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Hankering for the open seas WHETHER
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We know our business. Using RYA tra
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DO DENIM The denim jacket has a lon
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WEAR IT WHEELIE GOOD Forget excess
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MIND THE GENDER GAP Yachting has lo
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Efficient. Connected. Working toget
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Cooking up a storm Bianca Blohm tal
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FORE WHEEL DRIVE Style and performa
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FROM LAST MINUTE RESTAURANT RESERVA
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IT IS IMPORTANT NOT TO LIMIT YOURSE
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EVOLUTION YACHT AGENTS The Evolutio
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Berth Reservation Arrival & Departu
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The yachting partner you rely on Yo
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Wherever you go in Greece, in every
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Yacht and Ship Port Agents MONTENEG
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IT’S STRANGE TO THINK THAT LAUREN
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FORMERLY A BRIGHTER APPROACH TO MAR
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REALLY SAFE FROM UNDERWATER THREAT?
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ADVERTORIAL ABSOLUTE CARE Experts i
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Port Calanova MALLORCA 39°32’59.
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Marina di Olbia SARDINIA 40°55’0
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Karpaz Gate Marina NORTH CYPRUS 35
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Susie Goodall, the sole female entr
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a crew member can bring are importa
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RECRUITMENT CREW PACIFIC Crew Pacif
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YPI CREW YPI CREW has been the go-t
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OAR & PEACE DEFYING 40FT WAVES, TER
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THERE WAS ALSO A BIRD, WHICH WE DUL
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food & drink What's new in food and
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FOOD & DRINK under the grill BRENNA
Page 85 and 86: FOOD & DRINK GETTING CRAFTY An atta
Page 87 and 88: We Supply Yachts Headquartered in t
Page 89 and 90: Essentials Yacht Provisioning VSF P
Page 91 and 92: WINE WHISPERS ONBOARD GETS A HEADS
Page 93 and 94: WINE Jessica Evans of Onshore Cella
Page 95 and 96: WINE philosophies to come up with a
Page 97 and 98: BERBA Berba is the Adriatic’s pre
Page 99 and 100: MALTA Meridiana is a winery with a
Page 101 and 102: TABLE TALK HARRY’S GRILL Yes, you
Page 103 and 104: ADVERTORIAL THE COVER STORY Boris Q
Page 105 and 106: ody beautiful The latest facts, fad
Page 107 and 108: Energy Boost In order to boost our
Page 109: BODY 1 2 3 4 Turn back the clock Fi
Page 112 and 113: Our aim is to make a Captains day e
Page 114 and 115: YACHT ESSENTIALS Chris Clifford rec
Page 116 and 117: Sapphire Seas Experience life with
Page 118 and 119: Steamship Mutual Steamship Mutual p
Page 120 and 121: CeraShield Ceramic Coatings For Yac
Page 122 and 123: Navantia With a long tradition of n
Page 124 and 125: YACHT ESSENTIALS Victoria Yachting
Page 126 and 127: Ships Electronic Services Upgrading
Page 128 and 129: YACHT ESSENTIALS Voyonic Crewing Vo
Page 130 and 131: ISLAND FUN With its own brand of la
Page 132 and 133: Fairway to heaven BEFORE YOU HEAD B
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Page 138 and 139: MANAGING PERFECTLY WELL LIKE IT OR
Page 140 and 141: VOLY The only multi-currency accoun
Page 142 and 143: GAIN PERSPECTIVE PAYROLL | ADMINIST
Page 144 and 145: IMS GMBH INTERIOR MANAGEMENT SYSTEM
Page 146 and 147: A day in the life of... A MARINA MA
Page 148 and 149: MARKET LEADERS, SINCE 1983 Spanish
Page 151 and 152: Q & A ASK THE EXPERTS Advice and kn
Page 153 and 154: RECRUIT WORKING TOGETHER With the g
Page 156: Images for illustrative purpose onl
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ONBOARD Magazine Spring 2018

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