Since the adoption of the "Megayacht Code" in 2003, the Isle of Man has become a centre for excellence for the registration and management of superyachts.

The Isle of Man is at the forefront of yacht registration and management, and members of the Manx Yacht Forum on the Island provide those involved with large sailing or motorised yachts with the facility to register and manage their vessel from one of the most respected and progressive international financial centres.

Yachts have been registered on the Isle of Man for many years and owners and operators have come to recognise the Island as a secure, efficient and economic centre for registration and management.

A highly important benefit for owners and operators is that they can profit from the Island's highly advantageous tax regime, including beneficial VAT arrangements.

Now that yachts of 24 metres can be registered on the Isle of Man, the Island is becoming the jurisdiction of choice in which to register Red Ensign vessels.

Yacht owners and operators may take advantage of:

• Manx legislation, which includes a favourable tax regime
• No annual tonnage tax
• Security of mortgages registered on the Island
• The prestige attached to the British Red Ensign which Manx vessels fly and consequent entitlement to the support of the United Kingdom Government including consular services throughout the world
• A Ship Registry that is prepared to assist the owners in matters relating to safety, prevention of oil pollution, manning and officer certification requirements for the yachts
• An efficient registration organisation, which can efficiently and effectively process registry applications to suit owners and operators' requirements
• Professional and efficient corporate services provision
• Beneficial VAT arrangements
• Political stability

Isle of Man registered ships fly the British Red Ensign and as such are entitled to all British support including consular services throughout the world. The Isle of Man has a quality, traditional and long-standing Register, which maintains and enforces high standards based on United Kingdom Legislation, whilst offering a practical approach to the application of Maritime Rules and Regulations. The Island is on top of the Paris MOU Whitelist.

The Isle of Man is a full Maritime Convention country. In addition to the principle International Maritime Organisation Conventions., the relevant Conventions of the International Labour Organisation affecting seafarers have also been extended to the Isle of Man.

The Ship Registry has ISO 9001 Accreditation.

The policy of the Isle of Man Government is to provide positive encouragement and promotion of the continuing growth of shipping and ship management companies based on the Island.

The Department of Trade and Industry (DTI) is responsible for the implementation of this policy and the operation is managed by the Marine Administration Division.

The Ship Registry’s surveyors, are all well experienced, with a professional background as Master Mariners, Marine Engineers and Naval Architects who travel worldwide to ensure that the high standards on Manx ships are well maintained.