Yacht Engaged in Trade (YET) Program Expands Passenger Limits

1 March 2022

The Republic of the Marshall Islands (RMI) YET program continues to evolve to meet the demands of the modern yachting community, extending the program to include private registered yachts certified to carry up to 36 passengers.

First announced at the 2015 Monaco Yacht Show, the RMI Registry’s YET program has continued to grow with increasing numbers of yachts adopting the program due to its flexibility to cater to private and charter usage. The YET program was initially launched for private yachts holding a YET compliance certificate allowing the yacht to be engaged into temporarily charter with up to 12 passengers.

“The YET program has proven beneficial for RMI yacht owners and tax authorities in France and Monaco,” said Patrick Bachofner, Director, Geneva Office and Worldwide Director, Yachts. “Naturally, we want to expand the program to include yachts of different sizes and perhaps new countries as well, so that more RMI flagged owners have the option to participate,” he continued.

The latest expansion to the YET program, codified in the RMI Yacht Code (MI-103), Chapter III, comes because of owner interest to use the YET program for yachts certified to carry more than 12 paying passengers. As a result of these requests, International Registries, Inc. and its affiliates (IRI), which provide administrative and technical support to the RMI Maritime Registry, initiated discussions with customs and port State control (PSC) authorities in the Paris Memorandum of Understanding (MoU), as well as an intensive regulatory review. The team concluded that it would be possible to extend the program to include yachts certified to carry up to 36 passengers. This change took effect in advance of the 2021 Mediterranean yacht season.

“The YET program allows RMI yacht owners the flexibility to use their vessels in different ways depending on their schedule, the season, and market interest,” said IRI’s Monaco based Yachting Advisor, Alexander von Stein.

“We must always stay focused on the safety of passengers and crew, while remaining compliant with international convention requirements and regulations of the coastal States.,” said Marc Verburg, Fleet Operations Manager, Yachts.

“Any change to a program should be collaborative with other stakeholders to ensure everyone is on the same page,” concluded Patrick.

Owners with eligible RMI flagged yachts interested in participating in the YET program should contact yachts@register-iri.com or visit Chapter II of the RMI Yacht Code when carrying up to 12 passengers onboard; or Chapter III of the RMI Yacht Code when carrying up to 36 passengers onboard.