Ten years ago, the Republic of the Marshall Islands (RMI) Registry launched the Yacht Engaged in Trade (YET) program. This bold program reshaped the yachting landscape, building a new framework that allowed yacht owners to enjoy both private use and the benefits of occasional charter.
The RMI Maritime Administrator (the “Administrator”) developed the YET program with one simple vision: to prioritize owners’ needs while facilitating full compliance with international rules and regulations. Together with customs broker Alexandre Trueba, a Europe-based attorney, and in collaboration with the Secretary General of the Paris Memorandum of Understanding (MoU) at the time, the Administrator developed a program that struck the right balance. The YET program permits privately registered RMI-flagged yachts that meet full commercial-compliance standards ( ≥24 m Load Line) to undertake limited charter activity, up to 84 days per calendar year, in designated European Union (EU) waters, while maintaining their private registration and without permanent importation or conversion to commercial status.
“The YET program makes life easier for owners and managers, while respecting customs and international maritime regulations for safety, environmental protection, and crew welfare,” said Patrick Bachofner, Director, Geneva Office and Worldwide Director, Yachts for International Registries, Inc and its affiliates (IRI), which provide administrative and technical support to the RMI Registry. “The program is very popular; we’re averaging 47.9% annual growth since 2020. The growth of the YET program signals the confidence owners and managers have placed in it.”
Today, the RMI’s YET program has been adopted by several other flag States and is internationally recognized for its innovative framework. Several EU jurisdictions, including those with significant yachting traffic have embraced the YET program, validating the strength and value of the program.
“What began as an ambitious idea has become recognized as a trusted registration and operating model in the superyacht industry,” said Marc Verburg, Director, Yacht Operations, based out of IRI’s Roosendaal office. “The Marshall Islands has set a standard that others follow.”
The attraction and benefits of the program are clear – owners retain the advantages of private use, while engaging in temporary authorized chartering, without the need for import/export formalities or structural changes to the yacht’s registration status. With more yachts and jurisdictions embracing YET every year, the program continues to make a strong impact on the global yachting community.
