For those of you that have been in yachting for a while, you’ll know all about the flag states. But for those that need an introduction, this is essentially the ‘nationality’ of the yacht. For example, if it is registered in the Isle of Man, the yacht will be governed by the laws of the Isle of Man, so as you can imagine, it’s a relatively important decision for the owner to make, not to mention the fiscal implications of the country that they choose.