ONBOARD Magazine summer 2019

REGISTRATION
NEW LEGISLATION
The new Red Ensign Group (REG) Code
came into force on 1 January 2019. The
code consolidates an updated version of
the Large Yacht Code (LY3), and the latest
version of the Passenger Yacht Code (PYC).
The new Code also has what is known as
a ‘retrospective application clause’. This
means that there are sections within
the Code that will be applied not just to
new vessels, but to existing vessels also
that are currently certificated under the
existing Large Yacht Code or Passenger
Yacht Code, from the first annual survey
after 1st January 2019. The revised Marpol
Annex 5 under regulation MEPC 70 came
into effect on 1st March 2018. The main
change for yacht owners is the additional
category (E-Waste) to be included in the
garbage record book. The Republic of
Panama decided to adopt the REG YACHT
CODE, edition January 2019, part A, for
PANAMA YACHT REGISTRY
The General Consulate of Panama located in the
legendary Vieux-Port of Marseille. Together with
the vessel registration, the Consulate also provides
the Seaman Books for officials and ratings within
a rapid timeframe. The clients may pay their
taxes and other services directly, without any
intermediaries in the Consulate, having the same
official prices of the Panama Maritime Authority.
This Consulate of Marine Marchants e offers a
wide range of services, including authentication of
signatures and legalisation of documents needed
for sales and mortgages. The Panama Ship Registry
is one of the most trustworthy and respected flag
states in the world.
For more details Tel: +33 (0) 4.91.90.05.84
or visit www.consulatgeneraldepanamamarseille.com
the yachts up to 12 passengers and part
B, for the yacht up to 36 passengers.
THE BENEFITS
Binta Jallow sums up succinctly the reasons
a yacht would register with the British
Virgin Islands: Its reputation and expertise
flies high internationally; It’s easy for a
vessel and any mortgage to be registered
with ensured security in a politically stable
environment with a British-based legal
system and infrastructure. The (VISR) is
a member of the Red Ensign Group. Any
vessel registered within the REG, is a
‘British ship’ and is entitled to fly the Red
Ensign flag and reap the benefits.
Why Panama? We ask. Mag. Virna J. Ayala
looks aghast. You ask me this? She replies.
“Because, Panama yacht registry is a
public institution, not a private office.
Our clients may pay their taxes and other
services directly in any of 64 Marine
Merchant Consulates around the
word, at the same official price as the
Panama Maritime Authority, without
any intermediaries. Moreover, the
Consulates provide the Seaman
CHETCUTI CAUCHI
ADVOCATES
An international law firm with offices in
Malta, Cyprus, London, Zurich and Hong
Kong, Chetcuti Cauchi Advocates is a
multidisciplinary practice with a highly
experienced team specialising in shipping
and yachting. Chetcuti Cauchi Advocates
assists with the full spectrum of vessel
ownership – from vessel sale and purchase
to tax advice, to marine mortgages and
registration of vessel, as well as ship owning
and the set up and administration for VAT
Yacht Leasing Structures. The specialist team
constantly ensure a high quality of service to
clients seeking the most effective solutions.
For more details Tel: +356 22056606
or visit www.chetcuticauchi.com
Books offer official log books for Panamanian
vessels and yachts. Our registry has a
tradition of more than 100 years and we
are an A Group member of the IMO.”
Dr Zammit from Chetcuti Cauchi Advocates
warns, “It is vital to keep a close eye on
the benefits for each possible flag. New
legislations and regulations are constantly
being proposed and put forward for the
betterment of security, environmental
protection and for improving transparency
in the maritime sector. Proper planning
and a trusted partner that has a wide
range of international knowledge is vital.”
Clear? The owner draws a slug from a
large glass of whisky. “Tell me again,” he
says. “From the top. And slowly this time.”
ONBOARD | SUMMER 2019 | 117