May 17, 2021

Premier and Minister promote Cayman Islands’ Shipping Registry in Monaco

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MONACO – Premier Hon. Alden McLaughlin, Minister for Financial Services and Home Affairs Hon. Tara Rivers as well as representatives from the Maritime Authority of the Cayman Islands attended the Monaco Yacht Show and hosted events this week to promote the Cayman Islands and our world leading Shipping Registry.

On Thursday night the Cayman Islands hosted a reception for friends of Cayman, including yacht owners, yacht builders, naval architects and other key players and service providers in the yachting sector. Special guest of honour was H.S.H. Prince Albert II of Monaco, who was welcomed by Premier McLaughlin and Minister Rivers. Premier McLaughlin and Prince Albert discussed the history, culture and economy of the Cayman Islands, as well as the prominence of the Cayman Islands Shipping Registry. The Premier also presented the Prince with the Coat of Arms of the Cayman Islands.

Prince Albert, who like Premier McLaughlin is a keen cyclist, invited Mr. McLaughlin to return to Monaco to participate in the St-Tropez to Monaco charity bike ride in support of the Princess Charlene of Monaco Foundation. The Prince also expressed an interest in returning the favour and visiting the Cayman Islands.

It was a successful evening that gave the Premier and the Minister opportunities to speak to some of the key players in the important Monaco super yachting sector about the Cayman Islands and the Cayman Registry. Several said they plan to visit the Cayman Islands.

On Wednesday, the Premier and the Minister met with Minister of State of Monaco Mr. Serge Telle, and Finance Minister Mr. Jean Castellini. The officials from Cayman and Monaco held an extended meeting to better understand the way the two different jurisdictions function. Mr. McLaughlin noted that there are more similarities than differences between the two jurisdictions and there may be opportunities for closer collaboration going forward.

Discussions also included infrastructure developments such as the Portier Cove project in Monaco that will develop some 15 acres of reclaimed land in the Mediterranean Sea to help provide space for new homes in Monaco as well as to provide economic benefits to the principality. The project is expected to cost about US$2.66 billion. The environmental impact will be minimised and when completed is expected to provide huge economic benefit for years to come. Premier McLaughlin and Minister Rivers noted that the Cayman Islands is in the middle of a cruise pier project, and although smaller in scope than the Monaco project, it too seeks to minimise the environmental impact whilst ensuring economic benefit into the future.

To close Wednesday, the Cayman delegation, led by Premier McLaughlin and Minister Rivers, hosted a dinner for clientele of the Shipping Registry. This was the first time that the Cayman Islands has hosted a dinner at the Monaco show.

“This dinner provided an opportunity for Cayman to thank some of the clients of our Registry for the business provided to the Cayman Islands and for their loyalty over the years,” said Mr. McLaughlin. “Today we are a world leading register. However, we cannot be complacent and must collectively work hard to maintain our dominance in the sector.”

Minister Rivers also noted, “The presence of those at dinner was a clear indication of the value they place on Cayman’s Shipping Registry.”

She thanked guests for attending and looked forward to working with them to grow the Registry. During dinner, guests discussed with the Premier and Minister their thoughts on the Registry and the future of Cayman in general. Many guests noted their appreciation that the Premier and Minister took time to visit the yacht show and meet with the users of the Cayman Islands Shipping Registry.

Premier McLaughlin, Minister Rivers and the Cayman delegation also had an opportunity to visit the yacht show and see the many large yachts using the Cayman Registry and flying the Cayman red ensign flag. Most of them had George Town displayed on their stern to indicate their registering port. One was also seen sporting The Creek in Cayman Brac as the port of register.

On the final day Premier McLaughlin and Minister Rivers met with Lia Riva, the owner of famed Riva Yachts in Monaco. They discussed opportunities to work with the Cayman Registry as Riva Yachts focusses more in the Super yachts sector. Later in the day the Cayman delegation attended the Cayman Islands sponsored MARE Forum symposium on the future of the super yachts industry. Keynote speakers included Minister Rivers as well as Farouk Nefzi, Marketing and Brand Director of renowned shipbuilders Feadship; as well as Sherice Arman, Partner of Maples & Calder. The symposium was well attended and there was wide spread discussion on the future of yachting including the changing regulatory regime.

The Cayman Islands Shipping Registry plays an important role as part of the slate of services offered through its Financial Services Industry. As a dominating flag state of the ultra-large segment of the yachting industry, the Cayman Islands has more than 80 per cent of that market share and is a world-leading register. Not only does the Cayman Islands earn substantial fees from the work of the Shipping Registry, but the Caymanian brand is also greatly enhanced by so many luxury yachts being registered in the Cayman Islands and flying the Cayman flag.

Premier Hon. Alden McLaughlin greets H.S.H. Prince Albert II of Monaco

Premier Hon. Alden McLaughlin, H.S.H. Prince Albert II of Monaco and Minister of Financial Services and Home Affairs Hon. Tara Rivers

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