We examine the industry from a client perspective by looking at five challenges yacht owners and captains must consider.
1. Yacht ownership 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. Yacht taxes
The environment around taxes, VAT and customs are continuously changing and it is vitally important to keep up to date with all changes to manage any tax liabilities.
3. Crewing your yacht and seafarer social security
Paying national insurance contributions for yacht crew is becoming more demanding, as different countries seek to impose localised regulations. You have to know your obligations, when to pay and where it is required.
4. Buying your yacht
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 for yacht owners
Security is becoming an increasing risk for owners and ensuring protection and privacy on board is often 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 about the challenges you or your clients might be facing in relation to owning and operating a yacht, contact our yachting team.