Mandatory Re-flagging of Vessels

The Venezuelan Maritime Authority (“INEA” for its acronym in Spanish) has recently enacted a new tariff chart for the registration of vessels, registration of companies, agencies and other related services rendered in the maritime field within the territory of Venezuela. These new tariffs are stated in Euros. However, Venezuelan flagged vessels areable to pay such at theDICOM daily exchangerate inBolivares(Bs.S)*.

After the new tariff chart was published, an immediate order from INEA requested for all vessels to be re-registered, i.e.: re-flagged. The documents neededfortheprocess,areasfollows:

• Titledeed.

• Bareboatcharterparty(ifany).

• Surveyreportswithatleast1yearvalidity.

• Paymentof2TaxUnits.

• Paymentofthere-flaggingfee.

• Paymentoffeesfornewcertificates.

• Oldcertificates.

In cases of a bareboat charter registration, it is recommended to submit the corresponding extension of the temporary permit from Customs (if applicable), to avoidanyadditionalprocedures thatsameyear.

For further information please contact our Maritime Practice Team in Caracas at cristina.mujica@clydeco.com.ve / juan.itriago@clydeco.com.ve or visit ourwebsitewww.clydeco.com.

Clyde & Co Caracas 

*Starting 20August 2018,thelocalcurrency,Bolivar(Bs. orVEF),iscalled“BolivarSoberano” (Bs.S.orSVEF),aftera reconversion process in which five (5) zeros (0) were eliminated from the amounts; e.g.: Bs. 100,000.00 are now Bs.S.1.00.


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