The top 5 challenges for yacht owners and captains
Tuesday 02 October 2018
After attending yet another spectacular Monaco Yacht Show last week, Chris Cini, Legal Director at Equiom Malta, examines the industry from a client perspective by looking at five challenges yacht owners and captains face.
1 - Complexity
The whole set up of owning a yacht can be complicated. It’s about knowing who to contact for advice, who to trust and who to use for the various components to ensure a smooth operation.
2 - Taxes
The environment around taxes, VAT and customs is continuously changing and it is vitally important to keep up to date with all changes to manage any tax liabilities.
3 – Crewing and social security
Paying national insurance contributions for yacht crew is becoming more demanding, as different countries, most recently France, seek to impose localised regulations. You have to know your obligations, when to pay and where it is required.
4 - Finance
The ability to obtain finance to purchase a yacht is becoming very challenging. Yacht owners need to ensure that the relevant security for the loan-to-value (LTV) is in place and the choice of jurisdiction for yacht ownership is favourable from a compliance and risk perspective.
5 - Security
Security is becoming an increasing risk for owners and ensuring protection and privacy on board is often something overlooked.
The considerations when owning and operating a yacht are numerous and constantly changing. That is why it is advisable to engage a trusted provider who will pro-actively advise on and deal with any challenges on your behalf, making for a smoother process.
If you have any concerns in relation to owning and operating a yacht, contact Chris Cini