Shipping/Admiralty
As a British Territory, the BVI is a member of the Red Ensign Group. The BVI was for many years confined to Category Two ship registrations but, as from 4 June 2008, the Territory was promoted to the Red Ensign Group’s Category One status which enables it to register mega yachts up to 3000 gross tons (GT) as well as general cargo vessels of unlimited tonnage. It has been observed that some 95% of the yachts around the world are under 3000 GT.
Value Added Tax (VAT) is not payable in the BVI, which offers an excellent incentive for owners to register their yachts here.