The Isle of Man Ship Registry announced on 19 August that it had joined the ‘Yacht Engaged in Trade’ (YET) Scheme, which is designed to support yacht brokers, managers, corporate service providers and maritime lawyers in the US and Europe.
The YET Scheme enables private yachts of 24 meters or above to undertake limited charter activities within designated EU waters – currently covering France, Monaco and Greece – for up to 84 days annually.
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.
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 owner’s dual-use flexibility without permanent commercial conversion, optimising VAT obligations and reducing operational costs.
“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,” said Isle of Man Ship Registry Chief Executive Officer Cameron Mitchell.
“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.”
For yachts owned through Isle of Man companies or trusts, the YET Scheme enables access to limited commercial income without altering the vessel’s core private status, preserving owner privacy, control, and operational flexibility.
Yachts enrolled in the YET Scheme can cruise freely throughout the EU on a private pleasure basis, but charter activity can only commence in designated EU waters. Typically, charters take place during peak season, presenting the opportunity to offset operational costs, crew salaries, insurance and maintenance.
Maintaining yachts private registrations, while allowing temporary commercial use, reduces physical wear, insurance implications and regulatory burden of full commercial status, helping to preserve long-term asset value.
