Our team has the experience to appreciate that besides the purchase price, the operating and maintenance costs associated with a yacht can escalate unless its ownership is carefully structured.
A professionally managed yacht will mean the owner can enjoy it, keep costs at expected levels and ensure liability for any unforeseen issues do not extend to the owner's other assets.
Established in 1991, ILS World is headquartered in the Isle of Man. With its rich nautical history and strong maritime reputation, the Isle of Man Ship Registry was awarded Best Shipping Registry 2019 by World Commerce Review.
ILS World creates and manages bespoke structures for maritime assets with careful analysis of the most suitable jurisdiction to operate, own and register a yacht. We provide tailor made solutions depending on whether the yacht is for commercial or pleasure use and where it will be physically based.
Owners can expect to spend approximately 10 per cent of the purchase price on operating and maintaining a yacht annually and consideration also has to be given to crewing, insurance, fuel, dockage, communications and inspection costs. Our professional team has a global network of contacts it works with to deliver on some of the more technical details of yacht maintenance and the servicing of specialist appliances, motors and engines.
With different jurisdictions introducing new rules and regulations which can result in penalties and far-reaching consequences for ownership structures, our team keeps up to speed with developments and undertakes regular reviews to ensure you're adhering to the latest policies and rule changes.
Due to the complexity of managing such a specialist luxury asset, where necessary we partner and work in collaboration with external accredited experts and acknowledged industry professionals within the maritime industry to ensure we are providing our clients with the best advice.
The ILS World structuring team is made up of highly-trained and experienced professionals assisting clients with:
• Establishment of tailored ownership structures which be VAT efficient where applicable
• Multi-jurisdictional company incorporation
• Multi-jurisdictional yacht registration
• VAT and Customs compliance
• Comprehensive administration of the ownership structure
• Management and financial reporting
• VAT and accounting services
• Provision of directors, registered offices and registered agreement/company secretary
• Operational support to yacht owning entities across multiple jurisdictions
• Import and export services
• Maintenance and upkeep
ILS World is a global provider of independent fiduciary services and our private client team has considerable experience in assisting international clients with various solutions around wealth management, asset protection, succession and estate planning and trusts and foundations in multiple jurisdictions.
We act in the long-term interest of our clients and pay careful attention to the quality and personal service we deliver.
The team works hard to create long-term relationships and provide the highest level of service. We do this by being approachable, flexible and pragmatic. We offer regular face-to-face meetings as required and provide direct contact with a senior member of the team. Staff have diverse backgrounds, skills and interests and their professional experience together with their "can-do" attitude means they understand that wealth and business are inextricably linked.
Our private clients often require an international strategy and as a global business with offices in a number of key jurisdictions we are well-placed to provide a cohesive service. Our network includes offices in:
• British Virgin Islands
• Hong Kong
• Isle of Man
For further information please email firstname.lastname@example.org
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This article is part of the ILS Private Client Series, a collection of commentaries originally generated in response to specific enquiries by individual clients. We have amended this briefing on watches to enable us to share it with a wider audience with similar interests. Read the full compendium on our website by clicking here.
Please note: ILS World does not offer tax advice and would therefore recommend you obtain your own tax advice. If you require an introduction to a tax adviser, we would be happy to assist.