One of the biggest events on the yachting calendar is the annual Monaco Yacht Show, with 30,000 buyers, industry professionals, and yachting enthusiasts gathering to do business and admire some of the world’s biggest and most beautiful yachts.
This year, 121 superyachts over 25 meters (m) in length, worth a collective EUR 3 billion, were on display. According to the show organizers, the yachts at this year’s edition were bigger than ever before with an average length of 51.5 m, compared to an average length of 49.5 m for the last three editions.
International Registries, Inc. and its affiliates (IRI), which provide administrative and technical support to the Republic of the Marshall Islands (RMI) Yacht Registry, sent experts from its Yacht Team from its Fort Lauderdale, Geneva, and Roosendaal offices to visit the show, run seminars, meet clients, and promote the flag.
This year, six RMI flagged yachts were on display at the show, including ILLUSION PLUS, which at 88 m is the largest ever yacht to be built by an Asian yard. The ILLUSION PLUS was also the winner of the prestigious Monaco Yacht Show award for best interior design. The show also saw the announcement of next year’s launch of ARTEFACT, an innovative eco-friendly superyacht currently being built at Nobiskrug in Germany and flagged in the RMI.
The superyacht industry just keeps growing and we pride ourselves on being an innovator in this exciting sector
The week began with a meeting and training session for RMI Appointed Representatives (ARs). There are around 100 yacht inspections undertaken by the network of 14 RMI ARs every year and ensuring the same high levels of consistency around the world is critical.
“The flag’s yacht fleet has a low incident rate and good port State control record,” commented Marc Verburg, Fleet Operations Manager, Yachts from IRI’s Roosendaal office. “A big part of this is due to our ARs’ in-depth regulatory knowledge as well as their dedication to keep the RMI yacht fleet safe and protect the marine environment.”
On the same day as the AR meeting, around 200 industry professionals attended a reception at the Marine Money Superyacht Finance Forum at the Café de Paris. The reception, sponsored by IRI, followed an interesting day of topical discussion.
Highlights included a close look at leasing schemes, value-added tax (VAT) exemptions for commercial yachts, and VAT rules in yacht construction contracts. The RMI’s Yacht Engaged in Trade (YET) initiative enables 24 m plus private yachts carrying no more than 12 passengers to charter for up to 84 days per calendar year in French and Monegasque waters.
IRI’s locally based Yachting Advisor, Alexander von Stein, spoke at the Captain’s Forum at the Monaco Yacht Club on the RMI’s YET initiative. The Forum, which is open to those qualified with a Captain 500 Certificate (or equivalent), has more than 120 members.
Alexander von Stein told the audience that the YET framework had originally been innovated by the RMI and was now also being promoted by the Cayman Islands Shipping Registry.
He said that the it is now “up to the industry to expand it.” The YET initiative has proved beneficial for both yacht owners and tax authorities in France and Monaco and the challenge is to expand its range to other European countries.Throughout the show, IRI clients and business partners were able to meet the Yacht Team at a hospitality suite.
Summing up the week, Patrick Bachofner, Director, Business Development at IRI’s Geneva office said, “this was a very successful week for the team and another packed show; the superyacht industry just keeps growing and we pride ourselves on being an innovator in this exciting sector.”