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Digital Subscriptions > Family Office & UHNWI > Issue 1 > CHARTER INITIATIVE SEES SUCCESS

CHARTER INITIATIVE SEES SUCCESS

After launching the first ever dual-usage program at the Monaco Yacht Show 2015, The Republic of the Marshall Islands Yacht Registry is seeing signs of success in a cautious market.

In the two years since the Republic of the Marshall Islands (RMI) Yacht Registry unveiled its Yacht Engaged in Trade (YET) initiative, there has been a positive response from the yachting community. By enabling private owners to charter their luxury yachts on a commercial basis, the RMI Yacht Registry pioneered a dual-use system without forcing owners to register their yachts as commercial vessels. This innovative option initially saw a slow uptake, indicative of a conservative industry. However, the 2017 summer season has seen a growth in owners taking advantage of this initiative.

“We’ve seen a fantastic summer in Europe, with a number of high profile vessels choosing to utilize our YET initiative,” says Patrick Bachofner, Director, Business Development, IRI Corporate & Maritime Services (Switzerland) SA, an affiliate of International Registries, Inc. (IRI) which provides administrative and technical support to the RMI Maritime and Corporate Registries.

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