ONBOARD Magazine summer 2019

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YACHT OWNERSHIP International Lease Solutions Dr Silvana Zammit Global Property, Yachts & Aircraft asksza@cclex.com +356 2205 6606 Mr Steve Muscat Azzopardi Senior Manager, Corporate asksma@cclex.com +356 2205 6608 Malta | Cyprus | London | Zurich | Hong Kong cclex.com The Isle of Man is a modern jurisdiction with a strong emphasis on quality, high standards and efficiency, providing a first class service. A Red Ensign jurisdiction with a customer focused flag state administration, offering pragmatic, and swift customer service to ship and yacht owners, managers and builders globally. The Isle of Man is home to the award winning Isle of Man Ship Registry which is leading the way when it comes to technology and digitisation and one of the first flag states to issue digital certificates to ships. AN INTERNATIONALLY RESPECTED FLAG OF CHOICE The Isle of Man Ship Registry is one of the world’s leading registers of ships and superyachts - a British register providing the very best service to its clients and a natural choice for owners looking for quality and partnership from a flag administration. E: shipping@gov.im T: +44(0)1624 688500 W: www.iomshipregistry.com @IOMShipRegistry @Isle of Man Ship Registry 114 | SUMMER 2019 | ONBOARD
REGISTRATION CREDENCE CORPORATE AND ADVISORY SERVICES LIMITED The multi-disciplinary yachting team regularly advises owners, prospective owners, financiers and managers on the sale/acquisition of superyachts, yacht financing and registration of mortgages, yacht importation, VAT and crew-related matters. In an ever-changing environment, an international network of like-minded professionals is pivotal if one is to avoid the pitfalls of fiscal, legal and technical compliance. The yachting team regularly participates in conferences and attends yacht shows to create and maintain an open channel of communication with its peers across the globe. For more details Tel: +356 2125 2893 or visit www.credence.com.mt the owner has to choose the ‘type’ of registry he/she wants: Open? Traditional? Offshore? Onshore? What does all that mean? “There are many differences between the types of registry,” says Ayala, “the most significant of which are the taxes...” A Traditional Closed Registry is open only to ships of its own nation. “In other words theyÀallow only vessels that are owned by companies or persons that are residents of that country,” advises Jallow. “Traditionally, closed registries have a twofold requirement, firstly, incorporation in country of registration and secondly, principal place of business in country of registration. In a closed registry, the tax is charged on the earnings as compared to open, wherein the taxes are on the basis of tonnage.” An Open Registry hasÀvirtually no restrictions, “However, this has led to allegations of sub-standard ships,” warns Jallow. ‘Open registers denote flags of convenience for ships.” A ship registered in a country is required to fly the flag of that country and is entitled to the privileges and protection of the country. Registration provides title to a ship which is important for the ship to enter into trade relations. Offshore Registries permit, as an economic incentive, the hiring of foreign crews at wages lower than those payable to domestic crews. Says Jallow, “It was viewed as an alternative to open registry,Àto counter its effects on shipping. Prior to the advent of secondary registry,Àtraditional maritime countries were offering various forms of financial incentives to ship owners, thus the main objective of secondary Registry was the phasing out of subsidy and incentive schemes.” Dr Zammit confirms, “States such as Malta and Cyprus offer an open, or international registry. Owners opt for registration under these open registries for a variety of reasons including reliability, stability, reputations, fiscal planning and opportunities for crew employment.” Hybrid Registers offer attractive combinations of national and open registry features designed to lure shipowners. Just as open registers developed in response to national registries, so hybrid registers have developed in response to open registries. Jallow explains, “They are easier to access and have fewer entry requirements than most national registries. They tend to maintain a nationality link between beneficial owner or management of the vessel and the flag State. In general, hybrid registries tend to offer financial incentives and advantages similar to open registers. Some hybrids allow foreign shipowners access to the registry once certain technical standards are met. The Norwegian and Danish International Ship Registers, the Isle of Man, and Madeira permit foreign owned or controlled vessels in certain circumstances while the German and the French International ShipÀRegisters do not have nationality requirements. But, what about changing legislation? THE ISLE OF MAN SHIP REGISTRY The Isle of Man’s global centre of excellence for superyacht business is centred around its highly successful international Ship Registry. The team responds quickly and pragmatically to the fast-changing needs of the industry, contributing, advising and assisting with new build and conversion projects globally. The Isle of Man Ship Registry’s experience in applying the Red Ensign Group Yacht Code to all sizes of yacht, delivers solutions to yards and managers, ensures compliance with codes and conventions and provides peace of mind to owners. For more details Tel: +44 (0)1624 688500 or visit www.iomshipregistry.com ONBOARD | SUMMER 2019 | 115
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SUMMER 19 Giorgio Armani interview
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CONTENTS FEATURES 26 SAIL OR RETURN
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KEEP THE FUN SPINNING! ROTATING END
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COMMENT The greatest form of flatte
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UPFRONT OPINIONS, FACTS, STORIES AN
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ÖSTERREICHPREMIERE Designboat Lex
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THE SUPERYACHT AGENCY FOR THE MALTE
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DRY RUB Hit the beach in style with
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Luxury has a rendez-vous with yacht
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BOSE Quiet Comfort 35 II €379 www
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MYBA NEWS An investment with the gr
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NEW LAUNCH SPECIFICATIONS Length ov
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Sail or Return FROM THE FASHION LOU
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Custom-made Luxury Yacht Lettering
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TOTES AMAZING We’re told that the
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WEAR IT TRUNK COOL The coolest swim
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IT’S GOOD TO TALK WORKING IN SUPE
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Following the trip, the management
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TURNING THE PAIGE Paige Hanekom tal
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The best option to berth in Valenci
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SMOOTH RUNNER Tempus Electric Bikes
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Picture this AWARD-WINNING ADVENTUR
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48 | SUMMER 2019 | ONBOARD
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CLEAN ENERGY CRUISING DESIGNERS OF
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LEX BOATS motorboat built with pass
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SUSTAINABLE MOTORBOATS OF DENMARK w
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BODRUM CRUISING Southern Cross Blue
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Heading East If you’re thinking o
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Become a Chedi Residence owner with
Page 64 and 65: SUPERYACHT REFIT & REPAIR Composed
Page 66 and 67: ACT BEFORE YOU’RE HACKED Simple a
Page 68 and 69: ©Lxxxxxx 68 | SUMMER 2019 | ONBOAR
Page 70 and 71: PROVIDING THE FULL SPECTRUM OF YACH
Page 72 and 73: SOLID RIDE FROM CHASE BOATS, SKI OR
Page 74 and 75: RAFNAR LEIFTUR 1100 The ultimate in
Page 76 and 77: RIBs D-RIBs Beachlanders Open Tende
Page 78 and 79: BUNKERING & REFUELING Refueling and
Page 80 and 81: THE NEED FOR FIRST RATE YACHT MANAG
Page 82 and 83: ISM Mate! Simple It's Yacht Managem
Page 84 and 85: TOULON BAY #YACHTS YARDS AND MORE C
Page 86 and 87: Would you like to be sure your Yach
Page 88 and 89: TIRED OF SEARCHING FOR THE RECYCLIN
Page 90 and 91: PIZZA THE ACTION Your time is preci
Page 92 and 93: The grapevine When wine really matt
Page 94 and 95: Riviera Wine Riviera Wine is a dedi
Page 96 and 97: Savour Salento THE TOP TABLES AND E
Page 98 and 99: Your dedicated yacht agent in the p
Page 100 and 101: PRESS FOR SERVICE WHAT IS ? • Ser
Page 102 and 103: Hair’s to summer Intense heat and
Page 104 and 105: Interior moves When it comes to lin
Page 107 and 108: Victoria Yachting° manufacturer in
Page 109 and 110: Fiona’s Atelier Fiona’s Atelier
Page 111 and 112: customs officers trained to search
Page 113: definitions for being called a plea
Page 117 and 118: REGISTRATION NEW LEGISLATION The ne
Page 119 and 120: SeaStars.life SeaStars is creating
Page 121 and 122: YACHT ESSENTIALS Gusman Yachting Gu
Page 123 and 124: YACHT ESSENTIALS Deramar If you hav
Page 125 and 126: YACHT ESSENTIALS Lampuga Lampuga pr
Page 127 and 128: Interior & Outdoor Furnishings for
Page 130 and 131: THE NEED FOR SPEED WITH THE CHARTER
Page 132 and 133: Within the next decade, experts pre
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Page 136 and 137: A day in the life of... OLIVER FRÖ
Page 138 and 139: TO TARRAGONA In this effervescent p
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Page 142 and 143: Luxury Toy Rentals & Sales www.dera
Page 144 and 145: Recruiting crew or finding the perf
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Page 148 and 149: SUPPORTING YOU ON YOUR JOURNEY Glob
Page 150 and 151: CALENDAR 24AUG 19JUL 13JUL 11SEP JU
Page 152: SUPERYACHT TOY RENTAL AWARD WINNING
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ONBOARD Magazine summer 2019

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