A new breed of yacht, jet and luxury property owner is significantly changing the way luxury assets are being used. With the next generation coming into larger fortunes than ever experienced before, be it due to inheritance or through building their own tech business empires, the trends they set in motion will have a big impact on the luxury industries.
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When we talk about superyacht sustainability, there`s a tendency to think of engines and diesel fuel, but there`s a lot more to it with design playing a critical role. “Future-proofing means anticipating what’s coming down the road and determining ways to minimize the all too-common `I didn’t see that coming` reaction, and its resulting stress on business,” says Diane Byrne, Owner Megayachtnews.com, who will be moderating the panel discussion at the Superyacht Sustainable Design webinar.
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With the hospitality industries reporting difficulties in finding staff in the post-COVID world, it got us wondering about crew recruitment and retention within the superyacht industry.
Are we attracting and retaining the best people? How important are salary and benefits to crew? And what role do factors like leadership play in improving crew retention?
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Ahead of the Opportunities in Business Jets and Opportunities in Superyachts conferences taking place in Malta on the 23rd and 24th March, Lorna Titley caught up with representatives from participating organisations to gain their insights into the impact of COVID and the future for their industries.
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Are there any destinations on earth left to discover? The first accurate scientific world map was drawn up in the early 1500s by Diego Ribeiro, a Portuguese cartographer. The Padrón Real, as it came to be known, was the secret master template used for maps kept on all Spanish ships during the 16th century. Now, centuries later, with every nook and cranny of the globe mapped out and apparently accessible to international travellers, it`s easy to believe that there are no hidden treasures left to find.
The good news for the superyacht community, however, is that there are still lesser known, pristine gems that are perfect for exploring by yacht. It takes a bit more effort to reach places where nature is still firmly in charge but the rewards, by all accounts, are unimaginable.
“Most of these locations are once-in-a-lifetime experiences,” explains Henry Cookson, whose company, Cookson Adventures, specializes in exploring the planet’s most remote corners and building tailor-made adventures for superyacht charter clients. “We find new and exhilarating ways for our clients to explore the destination by yacht, so they leave feeling they have had the richest experience possible in each location.”
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Many of us look upon superyachts with awe as they glide through the waves with a bevy of beauties onboard, and with sleek lines of design which bring envy from their cousins in other parts of the Maritime industry. Over 5,890 superyachts are currently registered. Most are unique. All face similar provocations.
Superyachts are a microcosm of all the digital challenges that face seafarers.
Understanding what is needed on a superyacht to protect crew, guests and their owners from cyber-attacks is an excellent baseline for other seagoing vessels. We can all learn from superyacht experiences.
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So, you`ve made your decision to buy a private jet. You have had discussions with specialist brokers, lawyers and financiers to make sure you buy the right plane at the right price. But what of the interior of your jet? How can you personalise, style and furnish it? And what can`t you do? At a recent Quaynote Communications webinar, a panel of aircraft design and outfitting experts drew on their experience to discuss how to achieve the best interior design for your private jet.
If imprinting your own personal style on the jet is important to you, then you need to choose your aircraft carefully. Manufacturers such as Bombardier, Gulfstream or Embraer sell smaller aircraft with a predefined interior. “The customer can choose from a limited catalogue of different layout, design and material options,” points out Tim Callies of Callies Grafe Design. “If he also wants to personalise his interior, this usually costs a lot of money and sometimes dramatically affects the delivery time of the aircraft.” Conversely, If you choose a “Green Aircraft” from Airbus or Boeing from the outset, all doors are open, within regulatory guidelines, to have your jet interior designed to your liking.
You can read the full article following the link below:
Article – Designing a business Jet interior1
For the uninitiated, the process of buying a yacht or jet anywhere in the world – then working out what tax and duty might be due in different jurisdictions – seems complicated enough. Then 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.
Providing their yachts and jets are privately owned and that everything is structured correctly, many UK owners who typically cruise in the Mediterranean or fly into the EU will now find that they no longer have to pay import VAT on their assets. As James Jaffa, partner at Jaffa & Co, observed at Quaynote’s recent online conference, The Future for Superyachts, Business Jets & Luxury Property, this can potentially mean that for these UK owners, “operating their superyacht has become 20% cheaper.”
This scenario can be compared, if you like, to a Cayman Islands ownership structure that some owners might have chosen pre-Brexit. The critical component is that the yacht or aircraft meets the conditions of Temporary Admission (TA). Where yachts are concerned, historically what has happened is that a Cayman-owned yacht that is flagged and entirely owned outside the EU would be able to enter into the EU under TA without paying any duty or VAT, provided that it doesn’t operate commercially or remain in the EU for longer than 18 months at a time.
A tax advisor we spoke to gives an example of how this works in practice. “I`m working on a transaction currently where we have a UK individual who is purchasing a yacht from a northern EU yard,” he explains. “The yard will export the vessel from the EU and the owner will take title after it’s been exported. It will be purchased by an Isle of Man company who will sail it straight down to the Med.” No VAT or duty will be payable because the yacht meets Temporary Admission requirements in the EU – ie. it is privately operated, IOM-owned and IOM flagged. It is important to note that under TA, care must be taken when inviting EU residents on board as this should be done when the owner is also present in the EU – it is even better if they are on board the yacht.
Advisors have trod carefully with this turn of events, understandably cautious about interpreting a new set of circumstances and how these might affect their clients. “We recently took delivery of a 50m yacht for a UK owner that will cruise under Temporary Admission,” reflects James Jaffa (pictured below). “The owner is established outside the EU, the yacht is structured properly and yet there is a fear as this is brand new and untested.” Jaffa`s firm have taken extensive advice and have been given the go-ahead. “We`ve been told for UK owners operating privately, go ahead and cruise in the Med to your heart’s content,” he says, adding: “It’s been a big change for us as a law firm.”
Lorna Titley is a Director at Quaynote Communications, a communications company specialising in PR & Marketing Consultancy and Live / Virtual / Hybrid Conferences & Events for the Aviation, Maritime and Security Industries. E: email@example.com