A superyacht is like running a business.
You can choose to use the yacht for your own pleasure.
But you can also use the yacht for charter, if you do not use it yourself.
This can be very lucrative.
Each superyacht owner buys the yacht in a company.
MonteChristo can guide you in this.
From setting up the company to arranging the tax consequences for you and your company.
It is a legal obligation that all superyachts be registered with one particular country and wear the appropriate maritime flag, known as an ensign. Typically, most superyachts tend to fly the red ensign as it indicates high safety standards, which adds to a superyacht’s prestige and resale value. The red ensign is a mark of those vessels registered in the UK or one of a few Commonwealth countries including Bermuda, the British Virgin Islands, the Cayman Islands, Gibraltar, Guernsey, Jersey and the Isle of Man.
No matter where you base your superyacht around the world, prices for where you moor vary from port to port, although it always tends to be a major expense, particularly in the more exclusive of Mediterranean harbours. Often it can be most beneficial to purchase a mooring although it is recommended that before making any purchase, the exact nature of the sale is thoroughly evaluated to check which extra charges may still be levied by marina managers and what tax implications are attached.