The Ministry of Fisheries and Ocean Resources has announced changes to the bareboat registration regulations, which are set to take effect at the beginning of next year.
This decision comes following the implementation of the 17th amendment to the Export-Import Act and the third amendment to the local vessel registration regulations on December 28.
Addressing concerns about the suspension of bareboat registration after December 31, the ministry outlined that, moving forward, three specific categories of vessels will be eligible for bareboat registration for a maximum period of five years.
Per the revised regulations, vessels registered abroad and utilised in government projects, high-end luxury category vessels, and pleasure craft longer than 13.7 meters will fall under the bareboat registration criteria.
Luxury vessels registered abroad must adhere to a set of requirements outlined by the ministry. Owners must possess a class certificate issued by a member of the International Association of Classification Societies, certifying that the vessel was built and classified according to international standards.
For pleasure craft longer than 13.7 meters registered abroad, owners must present a certificate of examination from a classification society approved by the European Union (EU) or the International Association of Classification Societies.
Furthermore, vessels registered in another country and utilised in government projects will qualify for bareboat registration by submitting a copy of the document for importing zero-rated goods to the ministry.
It is emphasised that each of these three categories of vessels will be registered as bareboats in the Maldives, with the registration valid for a maximum period of five years.
