Anyone done it?
Any reason not to? Aside from compulsory survey and annual fees?
No GST/VAT to pay,
Essentially no constraints on ownership if you're from a half way civilised country.
Relatively relaxed regulations for pleasure yachts (from what I can work out).
Red Ensign group registry
We're trying to figure out a place to register Christina's yacht for a few years before moving down under.
As far as I can work out, can also keep it Cayman Islands registered even if living in NZ, and after importing the boat to NZ.