Isle of Man Ship Registry Launches Isle of Man YET Scheme

The Isle of Man Ship Registry has announced the launch of its Isle of Man YET (Yacht Engaged in Trade) Scheme designed to support yacht brokers, managers, corporate service providers, and maritime lawyers in the US and Europe. The Isle of Man YET Scheme enables private yachts 24 meters or above to undertake limited charter activities within designated EU waters (currently France, Monaco, and Greece) for up to 84 days annually, without changing their underlying Pleasure Certificate of Registry.

Implementation of the YET Scheme reinforces the Isle of Man’s position as a leading jurisdiction for private yachts seeking to charter in EU waters while maintaining rigorous compliance with international standards.

Cameron Mitchell, Chief Executive Officer of the Isle of Man Ship Registry, said:

“We are excited to bring the Yacht Engaged in Trade Scheme to the Isle of Man’s registry community. The Isle of Man YET scheme offers yacht owners an efficient, compliant, and flexible pathway to access the EU charter market without compromising private use. By leveraging the Isle of Man’s robust regulatory framework and maritime expertise, we aim to provide a competitive, trusted solution that meets the evolving needs of leading yacht owners and operators worldwide.”

Commenting on the news, Head of New Business at Sentient International, Lesley-Anne Walker, said:

“The introduction of the Isle of Man’s YET Scheme is a hugely positive development for the superyacht sector. It offers our clients the flexibility to enjoy the benefits of private ownership while also opening up opportunities for limited charter activity in key EU jurisdictions – all within a clear and compliant framework. At Sentient, we welcome this initiative as it strengthens the Island’s position as a leading maritime centre and provides our yachting clients with even more choice when it comes to structuring their assets strategically. We look forward to sharing the news at this year’s Monaco Yacht Show next month and will be available for Owners, Captains, Brokers, Yacht Managers and anyone else that would like to learn more about the Scheme or to discuss any specific requirements they might have.”

Yachts must comply with the commercial Red Ensign Group (REG) Yacht Code standards and meet VAT and customs requirements through the Temporary Admission regime or VAT-paid status. This approach grants yacht owners dual-use flexibility without permanent commercial conversion, optimising VAT obligations and reducing operational costs.

The full details of the new YET Scheme, as well as their other survey schemes available to yachts, are published within MSN 075.