The RMI allows, through its national legislation and the RMI Yacht Code, the registration of private yachts, private yachts limited charter, commercial yachts, and passenger yachts. It also allows for RMI flagged private yachts to charter in French and Monégasque waters without the need for commercial registration by requesting a Temporary Certificate of Registry for Yacht Engaged in Trade.
Yacht owners can choose the home port of either Bikini or Jaluit. Two yachts may share a common name as long as they are registered in different home ports.
Like commercial vessels, ownership of yachts registered in the RMI must be through an RMI corporation, limited or general partnership, limited liability company, or a qualified foreign maritime entity.
- Private yachts may carry more than 12 guests on board provided additional flag State requirements are met.
- Private yachts are eligible to obtain a US Cruising Permit.
- RMI commercially compliant yachts are eligible to charter in Europe.
- Private yachts of 18 meters (m) or more in length and less than 500 gross tons (GT) may be chartered out for up to 84 days as a private yacht limited charter (PYLC), provided additional flag State and local requirements are met.
- Yachts may be registered while under construction.
- Helideck certification.
- Existing MCA LY2/LY3-certified yachts may transfer to the RMI flag. Certified yachts from other flags may be accepted as well.
- 350 GT Master/500 GT Mate’s license is available for qualified applicants.
- Master (Yachts) – Unlimited Tonnage license is available for qualified applicants.
- With an assigned permanent representative at the IMO, the RMI participates in all major committee and subcommittee meetings.
- The RMI is an active member of the ILO and was one of the first flag States to ratify the MLC, 2006.
- The RMI has been included on the USCG’s Qualship 21 roster for the 17th consecutive year and continues to be included on the White Lists of both the Paris and Tokyo Memorandums of Understanding (MoUs). The RMI meets the flag criteria for a low risk ship under the Paris MoU’s New Inspection Regime.
- The RMI has adopted groundbreaking legislation that permits the registration of a yacht that is still subject to a recorded mortgage in its present country of registry. This legislation provides for the continuation of the preferred status of the mortgage without interruption; thus, the foreign mortgage lien accompanies the yacht into the RMI Registry.
- Legal and financial professionals worldwide recognize the RMI legal system and mortgage recordation procedures.
- Support and technical assistance are available worldwide from a staff of qualified and experienced industry professionals.