If you are looking for yacht registration solution we can now propose Montenegro. Do not hesitate to contact me at [email protected] for more information.
Montenegro is offering a very good option for yacht registration with a swift and efficient service.
Why a Hong Kong Company to Register a Yacht in Montenegro?
When registering the Yacht in Montenegro we recommend to us a Hong Kong company to do it. Indeed, if we use a local company then you would have to pay VAT at 19% and custom duties at 5% as well. No VAT and custom duties would apply to a non-resident company.
Technically you could use any offshore company but if you want the best bank in Montenegro then HK company is a requirement as technically they are not offshore.
About Technical Requirement
For the first registration, technical inspection of a yacht is a condition for registration, unless it is built according to EU Directive EU / 94/25 / EC, Code of Federal Regulations 33 US States, parts 181 and 183 or MGN 280 (M) and MSN 1792 (M) Maritime Agency Coast Guard and the United Kingdom. This has to be performed once in 3 years for a privately-owned yacht, and once a year otherwise.
So, if your yacht was built according to any of the standard listed below the inspection can be waived. If not then technical inspection can be done outside of Montenegro if the yacht is moored outside of MNE.
Insurance policy at least 800.000€ insured sum is required (Porto Montenegro is asking for 1.000.000€ insured sum, but are accepting vessels with MNE flag for with 800.000 insured). I guess this will not be an issue as your yacht will be insured above this amount anyway
Documents Requirements (Yacht Registration)
- The certificate of registration of the legal entity that owns a vessel;
- The power of attorney to represent the owner
- The insurance policy against liability for damage caused to third parties in the amount of 800,000 euros
- The insurance policy for passengers in public transport against accidents (this is only for charter yachts)
- Certificate of the deletion from the previous register
- A certified copy of the sales contract or leasing contract
- Bill of purchase
- Tonnage Certificate or certificate of construction
- Customs declaration (if applicable)
- Navigation permits
Please note that without the certificate of construction from the manufacturer and certificate of the deletion from the previous register, it is impossible to register. The authorities will not take any other document instead of the listed two.
Taxes and fees:
- The registration fee is payable in the amount of 30EUR per meter for multihull yacht and motor yacht or 20 euros per meter for a sailboat + Additional administrative taxes in the amount of 10EUR.
- Fee for technical inspection is payable in the amount of 7EUR per meter
- Tax on the use of vessels shall be paid in the amount of 10 to 3,000 euros depending on the length of the boat and engine power. This amount shall be reduced by 5% for each year of age of the vessel, to a maximum of 50%.
Insurance costs that are:
- From 84 to 430€ per year for private yachts, depending of the size and engine power;
- From 168 to 853€ for charter yachts;
If the documentation is good, and technical inspection is held in Montenegro, the whole process will take less than a week, but in your case table with a 3 weeks’ process for the yacht registration.
Here is the list of required documents
Personal Documents Requirements (bank account)
- Copy of Passport notarized and appostilled (make 2 or 3 sets)
- Copy Id Card or Driving License notarized and appostilled (make 2 or 3 sets)
- Proof of Address (less than 2 months old) Utility Bills (gas, water, electricity, Tv satellite, home phone and internet) – Remarks: if you provide a copy then it need to be notarized and appostilled
- Bank letter Reference: A letter from your bank “to whom it may concern” stipulating that Mr xxxx which address is xxxxxxxx and passport number xxxx has a personal account with us for 2 years and there are no irregularities on the account. This is only an example all bank has their own forms
- Curriculum vitae showing experience and
Our fees and costs
Government and taxes are not included in our fees but you can calculate them based on the information abover
Note that for the HK file the fees increased for two reasons. One more bank account and, I anticipate we will need at least 2 full certified and appostilled corporate file. One for the banks the other for the yacht registration process
|1||· Company Registration||6950 Euros||11450 Euros|
|2||· Government Fees|
|3||· Corporate file including, Certificate of Incorporation, MOA, Statutes, Members Registry, Director Registry and share certificates|
|4||· Two set of corporate documents legalized and appostilled for the bank|
|5||· Bank Account with UCB Bank (at distance)|
|6||· Bank Account with UCB Bank (in person)|
|7||· Yacht Registration||4500 Euros|
Do not hesitate to contact me at [email protected] for more information.