Industry » Legal & Finance
Legal & Finance
For the past 50 years, Sarnia Yachts has been one of the most trusted names in yachting. Since its launch in 1971, what was originally a fiduciary only business has become the go-to company for owners, family offices and brokers across the UK and Europe seeking yacht ownership and operational services.
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For the uninitiated, the process of buying a yacht or jet anywhere in the world seems complicated enough. Add Brexit into the mix and it can suddenly become even more complex. However, Brexit does bring silver linings, at least for some UK yacht and jet owners.
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The term ‘economic substance’ is not a new one, but for most of those working in the superyacht industry, it's either something they have heard of in passing, or an alien concept altogether. So what is it and what does it mean?
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Whether it's individuals who have achieved new levels of wealth or those looking for safety and convenience in light of the pandemic, both superyachts and private jets are attracting an array of new buyers.
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Last month the crew on the 31m MY La Dolce Vita had to abandon their burning yacht off the Florida Keys before fire totally gutted it and the yacht sank, and they may not have managed to take many of their personal belongings with them when they abandoned the yacht.
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The adage about luxury asset finance that says: “If you need the finance, then you're probably not eligible for it” may sound confusing, but the fact that wealthy business owners would sooner finance their jet or yacht purchase, rather than pay cash, often makes perfect sense.
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NDAs go by many names, but whatever you may call them, if you work on a superyacht you have probably been asked to sign one at some point in your career. If you haven’t, here is your chance to swot up before it’s your turn.
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As director of Sarnia Yachts and a member of the board, Bruce Maltwood discusses the ever-changing complexities of a fiduciary business operating in the superyacht industry and what actions owners and charterers need to explore post-Brexit.
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In recent months and years, the topic of making yachting more environmentally friendly has escalated from a simmer across the industry to a bubbling hot saucepan of change, and here's what's to come.
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There are many words I could use to describe the superyacht industry and those who work within it, but if pushed for two key words to sum up the industry in 2020 I would have to choose “resilient” and “adaptable”.
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Traditionally in yacht design, sustainability has not been high up on the priority list. However the world we live in is changing rapidly, and rather than claiming luxury immunity, the superyacht industry is starting to emerge at the forefront of clean technologies.
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Picture a time in the future when you're ready to leave yachting behind, the choice of what to do is all yours, or is it? Blacktower Financial Group specialise in Financial Advice for crew and share their tips on how to best take care of your finances before heading back ashore.
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As the full impact of the COVID-19 pandemic emerges, Dominic Bulfin at law firm Bargate Murray examines the employment issues faced by yacht owners, managers and crew, and how well the seafarer employment agreement (SEA) has held up during this time.
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From owners or captains choosing insurance plans for their crew to individuals looking for some personal medical cover, ensuring you have adequate insurance for all those working on board a superyacht is vital. We speak to MHG Insurance to find out more.
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As the current pandemic emergency continues to develop around the globe, businesses involved in the world of ship finance, sale and purchase, and construction are beginning to feel the impact on the industry.
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When it comes to certificates and documents for the closing of a sale, what is needed will primarily depend on the tonnage of the vessel and whether it will be used as a commercial or recreational vessel.
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While yacht brokers often welcome a dual agency because it usually means they receive a higher commission from the sale, there are many things that a broker should know before moving forward as it's easy to run afoul of the heightened fiduciary duties.
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Law, jurisdiction and dispute resolution provisions, including expert determination clauses are often overlooked in a heated contractual negotiation. Not unsurprisingly, at the start of a commercial relationship one is not focused...
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In 2018 following the Mercedes-Benz ruling, both Cyprus and Malta withdrew their popular Leasing Schemes for superyachts. Both jurisdictions introduced revised schemes and both failed scrutiny a second time. It is now evident tha...
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Since the pandemic, a health crisis has spread across industries all over the world, including yachting. More than ever before, people have become aware that having solid health insurance cover is crucial. Mathieu Henry, Director ...
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Nautilus has raised questions about the potential impact of a precedent-setting UK court case, which found that a ship was rendered unseaworthy by a deficient passage plan.
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WYCC 'French Law' is the first retirement plan for seafarers created in accordance with the French Decree 2017-307 of 9 March 2017. The program was submitted and approved by members of the French government, ENIM and Maritime Affa...
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Property prices have risen sharply in Paris and the market on the Côte d’Azur remains strong, but savvy buyers can still find deals that offer access to the coast and yachting lifestyle. As a UK and overseas property professional ...
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When it comes to buying, converting or building a superyacht, insurance can sit a long way down the priority list but a certain level of insurance is mandatory, and can be a godsend if something does go wrong. But recent events su...
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Now that the furore surrounding the implementation of the French Decree on social security for seafarers who are resident in France and working on a foreign flagged vessel has died down, John Cook surveys the options available to ...
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Setting up superyacht ownership structures requires expert knowledge amidst a legal and fiscal landscape that is constantly evolving. However, if there’s one person always in the know it’s Chris Allix of Dominion Marine, so we cau...
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Sarnia Yachts give us an insight into the world of Malta Limited Partnerships. Also known as a partnership ‘en commandite’ (or Malta LP), they provide a practical and secure method of yacht ownership. They also provide transparenc...
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Superyacht crew insurance has barely changed in a decade, despite critical shifts in social policy. Updated solutions are needed. Based in Florida, the international insurance brokers SGRM, have partnered with WYCC Luxembourg, to ...
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The Mediterranean summer season is in full swing with clients deciding whether or not and how to sail in Europe. As the superyacht industry is aware, European Customs are getting stricter with regard to the operation of superyacht...
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Whenever we read about VAT in the superyacht industry we see the phrase ‘use and enjoyment’, but what exactly does that mean? The rules and rates vary between EU member states but they are determined by the state where usage comme...
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