Superyachts are the epitome of luxury living, with their top-deck swimming pools, state-of-the-art kitchens and on-board jet skis. But buying a yacht or superyacht is both a personal and private investment, and one of significant financial importance.
“A superyacht is a floating liability, and owners need to understand the legalities surrounding purchase and ownership, in addition to the steps that can be taken to protect luxury assets,” says James Turner, Director at company formation specialists, Turner Little.
“There are several benefits to setting up an offshore company when purchasing a superyacht, the first of which is privacy. Owning your superyacht in an offshore company provides confidentiality by ensuring anonymity is maintained,” he says.
Setting up an offshore company is a legal, and effective way to protect your assets. Individuals and businesses of all sizes, including the likes of Apple, Google, Microsoft and Starbucks, use offshore company structures to protect their businesses and high value, luxury assets.
“Provided you can ensure the offshore company structure has been properly set up and maintained, another benefit is limited liability. By forming an offshore company, you can minimise your personal liability and protect personal assets. This is because in most cases, the wealth of the corporate entity is limited to the assets held by that entity, so the risk to the shareholders is limited to the assets of the corporation, and the individuals that run it are completely protected,” adds James.
“Owning a yacht through an offshore company has been the most commonly used structure in the past, but continual changes in regulation mean we are constantly looking at additional ways to structure purchases. At Turner Little, we can offer advice on ownership structures that are most suited to your requirements and circumstances,” says James.
Turner Little specialises in creating bespoke solutions for individuals and businesses of all sizes. The knowledge and expertise of their specialists will be able to assist with any enquires, no matter how complex.