Private Yacht Limited Charter (PYLC)
A yacht that is described on the Certificate of Registry as a private yacht, is 18 m or more in length overall (LOA) and less than 500 gross tons (GT), and has a Compliance Certificate allowing the yacht to be engaged in limited chartering for no more than 84 days per calendar year and which shall carry no more than 12 passengers, is considered a PYLC.* This program is not available in areas where full commercial compliance is required for charter.
*It is the overriding responsibility of the owner / operator to ensure that local regulations allow private charters. Please refer to RMI Marine Notice 2-011-54.
- Provides a solution for owners to have “dual use” of the yacht.
- PYLCs are private yachts that have been certified to the standards of the RMI Yacht Code 2021, as amended through August 2023 (“MI-103” or the “Code”), Chapter IV.
- Requirements for Private Yacht Limited Charter (PYLC) Registration (MI-242PYLC)
Yacht Engaged in Trade (YET)
A YET is a private yacht of 24 m or more in length that is eligible to obtain a valid Temporary Certificate of Registry for YET and which holds a valid YET Compliance Certificate (YETCC) allowing the yacht to be engaged in temporary chartering.
Yachts which enter the European Union (EU) under Temporary Admission (TA) or have value-added tax (VAT) paid certificate are authorized to charter for up to 84 days per calendar year in EU waters (currently charters beginning in French and Monegasque waters and other countries where local authorities have granted permission).
YETs must also comply fully with the Code, Chapter I (General) and:
- Chapter II of the Code when carrying up to 12 passengers on board; or
- Chapter III of the Code when carrying up to 36 passengers on board.
- Flexibility of use: private use without losing the option to charter the yacht on an occasional basis to offset annual running costs.
- No need for owners to sign a charter agreement paid at commercial market rates each time they want to make use of the yacht under private use.
- Applicable to yachts in the EU under TA or imported in accordance with customs legislation.
- Transparent process with fiscal, customs, and port State control (PSC) requirements.
- Requirements for Yacht Engaged in Trade (YET) Registration (MI-242YET)