BVI or Cayman Flagged Yacht registration

[StillREEL]

Looking to flag my yacht under the Red Ensign through the BVIs.  Pretty straight-forward matter of filling out a few forms.  The only issue appears to be finding an agent to act as a BVI resident "Authorizing Person".  Found one for $200US but I'm wondering if the yacht registration must be renewed annually or, as I suspect, once your flagged, your flagged.  

My concern is that the "annual fee" is an unnecessary cash grab.  

Anyone had experience with the BVI or Caymans flag registration?

Thanks

BC

[Tafika II]

GCM is an annual fee and an annual to the government & probably the person you're using as a resident. Use to be you had to visit the home port every 1-3 years, but that may have changed.

[Zanshin]

I believe the fee is annual. The other option is to create a local (I'm in the BVI now) IBC {international business Corporation} for about 900$ per annum and that is owned by you and owns the boat. There is legislation pending in the BVI which might allow British citizens to own a BVI-registered boat directly; and if Brexit doesn't go through then that would also extend to EU-Citizens as well.