A company is not subject to any charge to inheritance tax. If the shares of the company are held within a suitable trust then it is possible to protect against worldwide inheritance tax.

An EU-resident yacht owner wishing to keep a yacht in EU waters will be expected to demonstrate that VAT was originally paid on the yacht or that it has VAT-paid status. Use of an Isle of Man company can enable the VAT paid on the purchase of a yacht in certain circumstances to be reclaimed, whilst retaining the VAT-paid status of the yacht.

Gibraltar-based Sovereign Marine Services is the marine division of The Sovereign Group. It was formed in 2000 to provide marine corporate and administration services to yacht owners, as well as to maritime law firms, yacht managers and brokers and other professional firms involved in the yachting industry. RAY is able to assist with transfers to company ownership and all registration formalities. Initially established to register vessels under the British Red Ensign, RAY is now registering, administering and managing yachts – both pleasure and commercial – on a worldwide basis.