Interim

Interim Registration: This is available during the course of a transfer of ownership regarding a “foreign” owned and flagged ship transferring to an owner that qualifies to own a Cayman vessel and who intends to register the vessel in Cayman.

In this particular case, if full registration would be unduly delayed awaiting the completion of the transfer of ownership then the vessel may be registered ahead of the transfer being completed and a 21-day Interim Certificate of Registry issued pending the receipt (upon transfer of the vessel’s ownership) of a Bill of Sale and a Declaration of Ownership.

Mortgages

Mortgages can be registered under the interim registration. If the Bill of Sale and associated Declaration is not delivered to the Registry within 21 days after the issue of the Interim Certificate of Registry then the vessel’s registration will terminate but any registered mortgages will remain so registered until properly discharged.

Interim Registration During the Course of Transfer of Ownership (Not a Cayman Vessel)

During the Full Registration process, where an existing vessel that is not registered in Cayman is under a contract of sale to a party which is qualified to own a Cayman vessel, and that intended owner has applied to register the vessel with Cayman, the vessel may, prior to the sale being completed and the Bill of Sale being issued, be granted a 21-day Interim Certificate of Registry upon the receipt of Form CISR 856 Section 6 (IV), subject to:

Pre-Conditions:

1. the existence of a written contract between the current owner and the transferee under which the current to owner agrees:
   • to transfer the ship to the owner qualified to own a Cayman ship
   • to provide the transferee with a Bill of Saleand a certificate stating that the ship is free from encumbrances
2. the transferee making a Declaration:
   • confirming the transferee’s eligibility to qualify as the owner of a Cayman ship (by Declaration under form CISR 856 Section 2 or 3, as applicable)
   • stating that a written contract exists for the transfer of the ship as agreed and that the ship is not already registered in the Islands.

These Declarations are done pending receipt of a Bill of Sale and a Declaration of Ownership upon sale of the vessel. These must be submitted within the 21-day period in order to complete Full Registration of the vessel in time before the Interim Certificate of Registry expires.