As the 27th Annual Monaco Yacht Show approaches, 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 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 about the challenges you or your clients might be facing in relation to owning and operating a yacht, contact Chris on [email protected] or +356 2226 0610 or if you happen to be visiting the Monaco Yacht Show later this month, please stop by Darse Sud, QS107 to meet the Equiom team.
This article has been carefully prepared, but it has been written in general terms and should be seen as broad guidance only. The article cannot be relied upon to cover specific situations and you should not act, or refrain from acting, upon the information contained therein without obtaining specific professional advice.
Please contact Equiom to discuss these matters in the context of your particular circumstance. Equiom Group, its partners, employees and agents do not accept or assume any liability or duty of care for any loss arising from any action taken or not taken by anyone in reliance on the information in this article or for any decision based on it.