Superyacht budgets and accounting

Delivering a complete financial administration package tailored to your superyacht’s needs.

Having invested a respectful amount of money in a yacht, now you face the challenge of looking after your investment ensuring that you do not only receive the maximum pleasure your asset can produce but enjoy being her owner and at the same time ensure that she will remain a valuable asset. The only way to achieve this is to ensure that your yacht is operated, maintained in the best possible way by the best possible people.

Running your asset, in an industry that is becoming ever more regulated and complex, requires devotion in order to achieve balanced budgets, minimize the liabilities and risks associated with the day-to-day operation. For this reason in order to relieve you of this burden we are offering a spectrum of yacht management services. Whether it is technical, operational, crew, or financial management or regulatory issues, our clients can reap the benefits of having customized and best in town yacht management services. Customization is our point of differentiation in the global yacht market.

We offer a wide range of yacht financial services to assist Owners and Captains with the management of their yacht. Total transparency means our owners have access to see the yacht’s accounts and bank accounts 24/7. Our services are designed to lighten the burden for Captains and Owners whilst maintaining the high standards required for the efficient running of a yacht with monthly/quarterly and annual accounting reports.

With respect to the yacht we handle:

Preparation of annual budget forecast and presentation to yacht Owner for approval;

Payment of invoices and day-to-day expenses;

Maintenance and control of bank accounts;

Preparation of monthly/quarterly management accounts;

With respect to the yacht-owning company itself we look after:

Book-keeping and preparation of financial statements;

Preparation of annual draft balance sheets and approval, compliance and annual review of the corporate and accounting files;

Liaison with auditors when necessary;

Coordination of Corporate and Statutory matters and regulations.

VAT and Tax Info: Taxation relating to luxury yachts can be highly complex. Whether purchasing a new or used yacht, the tax status will be an important consideration. Where your yacht is to kept is likely to dictate the tax you will pay on the purchase price. Boats belonging to EU Citizens, or those that are EU flagged, must pay VAT. If your vessel is non-European flagged and you would like to keep it in EU waters, VAT may still apply, this is largely dictated by the length of time spent in European waters. There are various VAT deferral schemes and leasing structures that are available in this ever-changing environment, and so up-to-date guidance should always be sought when considering a purchase. It is fundamental that a yacht’s Captain can always present proof of the vessel’s VAT status if requested by local customs authorities.

Whatever your individual circumstances may be, ASSET V will offer sound and impartial advice for your luxury yacht.

#investment #yacht #superyacht #financial #accounts #management #operational #Malta #tax # VAT

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