Private yachts between 12m and 24m and less than 20 years of age are no longer required to undergo a pre-registration inspection to fly the Republic of the Marshall Islands (RMI) flag.
This change brings the RMI Registry’s private yacht registration requirements in line with other major registries, the registry said in a statement announcing the change. Yachts over 20 years of age will still be required to undergo an inspection by either an Appointed Representative (AR) or Qualified Individual (QI).
International Registries Inc. and its affiliates (IRI) provide administrative and technical support to the RMI Maritime and Corporate Registries. The RMI Registry is now the second largest registry in the world, serving the shipping and yacht industries through a network of 28 global offices. IRI began serving the yacht market in 2001, and yachts now make up a large portion of the RMI fleet, with approximately 550 yachts already flying the RMI flag.
“These amendments to the RMI’s registration requirements make the Registry much more competitive in the small yacht market,” said Patrick Bachofner, director of business development in IRI’s Geneva office. “We are confident that these changes mean that we will now be an attractive option for the owners of smaller yachts.”
According to Ionna Hernandez, business development manager for the yachting sector in IRI’s Fort Lauderdale office, “We have already seen very positive feedback, particularly due to the quicker turnaround time and the flat fee for these registrations.”