One of the most appealing relocation destinations for a tax-free, luxurious lifestyle is in Monaco. With no income taxes since the 1860s, along with no capital gains or inheritance taxes, residency in this principality on the Côte d’Azur has significant advantages for your bottom line, making it attractive to Brits and other nationals from all over the world. The benefits also extend to the international yacht registration realm. How do you go about the sailing yacht registration process? Here’s what you need to know.
Yachting in Monaco
Some of the world’s most luxurious yachts flock to Monaco’s moorings during the summer months, making it one of the destinations most synonymous with luxury yachting. It’s also an industry hub with one of the premier events of the year. The Monaco Yacht Show is one of the most significant yachting industry trade shows that takes place every September. More than 40 launches make their global debut in Monaco’s renowned Port Hercules and have turned it into the premier event of reference for superyachts.
Steps for yacht registration in Monaco
Monaco is one of the primary European jurisdictions for yacht registration, and there are two major requirements to consider. The first is that you must either be a citizen or resident of Monaco to be able to register a new or used vessel. The other is that any boat that sails under the Monagesque flag must show the boat’s name on the stern along with “MONACO” and no different wording is permitted.
The other essential requirement you’ll need to keep in mind is that once you register a vessel in Monaco, you’ll have to pay an annual naturalisation fee. You have a month from the bill’s issuance date to pay for the required annual naturalisation for boats that sail under the Monagesque flag. Your naturalisation as a Monagesque yacht is not valid without the stamp; therefore, the payment of the naturalisation fee essential.
What other documents are required for boat registration?
The required supporting documentation to go along with the application depends on several factors. If you’re registering a new vessel or purchasing an old vessel, there are differing requirements. However, some things remain the same. Here’s the documentation you will have to provide regardless:
- The proof of purchase (if it’s a new vessel), or a bill of sale (if it’s an old vessel)
- A copy of your Monaco navigation license
- A copy of your Monaco residence permit
- A certificate declaring the vessel motors’ power
- Two digital photos of the side and stern to send via email to [email protected]
- The boat builder’s certificate
If you’ve purchased the vessel outside the EU, you will have to present a customs importation documentation. There are also some additional requirements depending on your boat’s specifications, and Monaco’s Department of Maritime Affairs has the full list on their website.
If you’re registering an old vessel, you will have to present the denaturalisation forms for your vessel’s old flag. Finally, if the vessel is leased, they request a copy of the invoice in the name of the company you bought the boat from and a credit statement in the name of the person, or the people who are leasing it.
But sailing under the Monagesque flag does not guarantee a mooring
If you already have a mooring belonging to another ship in Monaco, you cannot transfer that mooring to your new vessel, and if you own a mooring, you cannot transfer it either. The automatic allocation of a mooring is not included in the yacht registration process. The Société d’Exploitation des Ports de Monaco (SEPM) is the authority in charge of registering moorings in either Port Hercules, the home of the Monaco Yacht Show, or in Fontville.
Are you interested in the price for yacht registration in Monaco?
If you would like to go about the rest of the yacht registration process in Monaco, our team of Monaco residency and relocation experts will help you successfully apply for residency. Residency is the first step towards meeting the initial requirement to register your old or new vessel, whether you’re the owner or lessee. Get ready for a summer of sailing in the Mediterranean by starting the process with Europe Emirates Group today.
Written by
Adrian Oton
CEO, Europe Emirates Group
