The British Virgin Islands (BVI) Government has recently announced that following a three-year review programme of technical upgrades, the BVI has successfully met the Red Ensign Group’s (REG) Category One standards which will enable them to register large cargo vessels of unlimited tonnage and mega yachts of up to 3,000 gross tons. This is a major development for the Virgin Islands Shipping Registry (VISR) and will result in additional sources of revenue for the government and vibrant prospects for the private sector.
The VISR upgrade status will be implemented by an order made under the Section 18 of the Merchant Shipping Act 1995. Monitoring arrangements and details of conditions for maintaining compliance with Category One standards will be covered by a Memorandum of Understanding between the U.K.’s Maritime and Coastguard Agency (MCA) and the VISR.
The BVI joins Bermuda, the Cayman Islands, Gibraltar, the Isle of Man and the UK as REG Category One Shipping Registries.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.