Many of the world’s leading yacht brokers, financiers and managers rely on Conyers’ expert advice in connection with the local registration of yachts and security interests relating to yachts, as well as the establishment and implementation of yacht ownership structures. We advise on the laws of Bermuda, the British Virgin Islands (BVI) and the Cayman Islands for a broad client base that includes owners, financiers, lenders, brokers, yacht managers and manufacturers. Our dedicated team of highly skilled and experienced legal professionals regularly advise and assist on transactions relating to the acquisition, financing and registration of yachts and superyachts in all three of our core jurisdictions. This team works closely alongside our private client team to develop ownership structures suitable for high-net-worth individuals (HNWI).
Bermuda, British Virgin Islands and Cayman Islands Expertise
With members of our global yachting group located in each of our core jurisdictions of Bermuda, BVI and the Cayman Islands as well as in our offices in the major international financial centres of London, Hong Kong and Singapore, we are able to provide timely, responsive and thorough legal services. Our lawyers have significant experience advising on all aspects of yacht and superyacht transactions including:
- Yacht financing transactions
- Yacht purchases and sales
- Corporate advice
- Corporate governance and compliance
- Yacht registrations
- Mortgage registrations
- Provision of representative person services
We maintain excellent relationships with the Bermuda Shipping and Maritime Authority, the Cayman Islands Shipping Registry and the Virgin Islands Shipping Registry (in BVI). Conyers regularly works with owners and purchasers in relation to the registration of their yacht, as well as with lenders in connection with the registration of security over locally registered vessels.
Representative Person Services
Where the owner of a yacht registered in the Cayman Islands or Bermuda is not resident in the jurisdiction, or does not otherwise have their principal place of business there, the owner is required to appoint a local Representative Person for the yacht in the respective jurisdiction. We are able to offer local representative person services in both jurisdictions, and we regularly act as the representative person for Cayman Islands and Bermuda-flagged yachts.
HNWI, Private Client and Trust Structuring
In addition to our experience and capabilities in yacht registration and yacht financing transactions, we have a highly experienced and market-leading Private Client & Trust team. They can provide advice and assistance to ensure that the acquisition or disposal of a yacht is arranged with suitable ownership structures in place to meet the client’s needs. Our client services teams are able to provide company and trustee services for these ownership structures, as well as the services of professional independent directors, where required.
Recent Transaction Experience
Conyers regularly works with stakeholders across the yachting industry. Our clients include major European and American banks, as well as smaller private client–focussed lenders that provide financing in connection with the acquisition of vessels registered in, and/or owned by companies incorporated in, Bermuda, BVI and/or the Cayman Islands. We also regularly advise HNWIs and corporations seeking to acquire and/or register yachts or superyachts in our jurisdictions and work with a number of brokers acquiring yachts for onward sale.