The Isle of Man Ship Registry is launching its Yacht Engaged in Trade (YET) Scheme designed to support yacht brokers, managers, corporate service providers, and maritime lawyers in the US and Europe.

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.

The 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. 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.

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 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.”

The Scheme presents key benefits including reduced compliance complexity and increased charter revenue potential — while preserving the yacht’s private use status. This is particularly valuable in high-demand regions like the Mediterranean, where charter opportunities are substantial and VAT regulations stringent.

The Isle of Man Ship Registry invites interested parties to learn more about the YET Scheme. For further information visit: Isle of Man Ship Registry Home