|
What is fractional yacht ownership
?
Instead of a single person
purchasing a yacht on his own and facing the awesome
responsibility and cost of taking care of it alone,
several co-owners purchase one yacht which is then
managed and maintained on behalf of the co-owners by a
management company such as Amanzi Yachts.
In this way the cost of the vessel is shared
and the maintenance costs are dramatically reduced.
The management company takes over the responsibility
of caring and maintaining the boat.
How many fractional shares are sold
?
The
Amanzi Yachts fractional ownership program allows a
person (or company) to purchase up to 12 shares in a single yacht. There are never more than 12 co-owners.
Businesses may want to own a whole yacht
outright and leave the management and maintenance of
the boat to Amanzi Yachts, thereby maximising the
corporate tax advantages.
Where are the yachts based ?
At this stage yachts may be based
locally
at Cape Town, Gordon’s Bay and Langebaan (Club
Mykonos). Internationally,
yachts may be based in the British Virgin Islands
(Caribbean) and Mallorca (Med). As
demand requires, new bases will be established ielsewhere.
How often can I use my yacht ?
Each
1/12 share entitles you to 4 weeks (28 days) of
use per year. The minimum time that may be booked for a single use period
is one week, even if the yacht is not actually used
for the full week. Co-owners
are encouraged to schedule as far in advance as
possible, due to our first-come, first-served policy.
Scheduling can be done via our on-line internet based
reservation system or by telephone. Co-owners may use their allotted time when they wish,
except for the peak season,
when a rotational system applies to ensure that each
owner has an equal period of use during peak season.
What if there is a scheduling
conflict for the same period ?
Amanzi Yachts have outlined some
basic rules for reservations in our Scheduling Policy.
These are aimed at ensuring fair and equitable use by
each co-owner. Reservations
may be cancelled up to 24 hours before the scheduled
use.
Who can use and operate the yacht ?
Fractional owners and their invited
guests may use the vessels.
Amanzi Yachts can provide qualified skippers
and crew (at the owner’s expense) if required. Only
qualified and competent persons who have met the
minimum boat handling criteria may operate the boat.
May I charter the boat out to other
people to use in my allotted time ?
No. The distinctive attraction of the Amanzi Yachts program is
that our yachts are used only by co-owners and their
guests and are not subjected to charter operations.
Do I have to be an experienced
sailor to join the fractional ownership program ?
No experience is needed. Amanzi
Yachts can arrange for qualified professional crew to
be available to operate the boat when required. We can
also assist with the arrangement of a wide range of
suitable training courses to enable co-owners to
become qualified sailors.
Can my company purchase fractional
ownership through Amanzi Yachts ?
Yes. The monthly payments may
qualify as business expense deductions. Please contact
your tax adviser regarding your specific
requirements.
What happens at the end of the
management contract period ?
The management contract is for a
period of four years, whereafter the yacht would
normally be sold and the net proceeds after payment of
normal expenses relating to the sale, will be paid out
to each co-owner in proportion to his fractional share
holding. Co-owners may use the sale proceeds entirely
as they wish, including also to purchase a new
fractional share.
How is my investment protected ?
A new limited liability company is
registered for each yacht. Co-owners become the
shareholders of the company and the only asset of the
company is the
yacht. The company enters into a management contract
with Amanzi Yachts. The yacht remains unencumbered and
debt-free for the duration of the program. The yacht
is fully maintained and comprehensibly insured by Amanzi Yachts at all times during the program period.
How much does it cost ?
The initial cost of the yacht is
divided amongst the fractional co-owners in proportion
to their individual shareholdings, eg. if there are
12 co-owners each one will pay a 1/12th share of
the purchase price of the vessel.
The
maintenance costs, dockage, insurance, etc. including
also a reasonable management fee, are predetermined by
Amanzi Yachts and are as far as possible fixed for the
duration of the four year program. These costs are
shared by the co-owners in a similar manner as the
purchase price and are payable monthly.
Co-owners are responsible for the cost of fuel
and consumables used during their allotted time as
well as any additional services specifically requested
by a co-owner, such as provisioning, cost of employing
professional crew, etc.
|
