What do I need to consider when buying a private yacht?

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janvier 16, 2023

What do I need to consider when buying a private yacht?

Yacht Management

Yacht Management

Buying a yacht is a very complex process, and there are many factors to consider before embarking on this adventure. Calling on professionals experienced in yacht purchase and management will not only help you make the right decision, but will also enable you to create an ownership structure that optimizes tax obligations.

Why buy a private yacht?

Private yachts offer the freedom, privacy and security that wealthy individuals and families seek to relax and enjoy their free time, experiencing and savoring the unique lifestyle that their wealth affords them. Those wishing to take part in such an experience can turn to a company specializing in yacht sales such as Bluewater. As well as offering yachts for sale and charter, the professional also offers other services such as yacht management.

Essential criteria for buying a private yacht

Many yacht owners have chartered and sailed on equipped yachts before deciding to buy their own. Taking the time to experiment with different yachts will help you make the right decision. First of all, you need to understand which type of yacht best suits your needs, given the destinations you intend to visit: a motor yacht, a sailing yacht or a catamaran. Your needs in terms of performance, design and comfort are other factors to consider. Budgeting, both for the purchase and for annual operating and maintenance costs, is also extremely important, and you need to ensure that you set a precise budget. The purchase of a private yacht is indeed a major investment, which is why you need to make sure that your choice is in line with your estate plan, and that the structure allows you to optimize costs and tax-saving opportunities.

Which structure for a private yacht?

The optimum structure must not only correspond to your financial plan, but also guarantee the most advantageous tax treatment for the purchase and operation of the vessel. Limited companies are the most common form of private yacht ownership and management, but foundations, trusts and holding companies can also own yachts. In addition, trusts generally hold the shares of the companies that own and manage the yachts. Planning and executing the optimum ownership structure takes time and experience. So be sure to involve your wealth manager at an early stage to ensure that buying your private yacht is a truly enjoyable and stress-free experience.

The procedure for buying a private yacht?

Buying a private yacht is a lengthy process, especially if it’s a new yacht. It usually takes four to five years to build a custom yacht. However, if you choose to buy a pre-owned yacht, you’ll be able to sail in a much shorter time, but make sure you take the time to study the different options, and involve your wealth manager who can provide you with all the necessary information concerning ownership, administration and registration, as well as the tax aspects of the purchase.