THE BENEFITS OF OWNING A CHARTER YACHT
By their very nature, yachts can travel all over the world, but the most popular charter locations are the summers in the Mediterranean and the winters in the Bahamas and Caribbean. These regions are bursting with destinations to explore and IYC can create a bespoke itinerary for yachts of any size. In the summer of 2020, 32% of booked charters took place in France, closely followed by Greece; these picturesque yachting hubs continue to draw visitors for the culture, warm climate, and beautiful sailing. In recent years, there have also been more and more clients seeking out off-the-beaten-path locations such as Southeast Asia, the Islands of Tahiti, and Fiji. These areas are attracting adventure-seekers and diving enthusiasts and are well-worth considering as an option of where your yacht could be based.
One of the main reasons that owners offer their yacht for charter is to generate income that will offset a portion of the operational costs of the vessel. A busy charter yacht can generate up to 12+ weeks of charter a year, creating a nice return for the owner. Additionally, while on the charter, the client will cover numerous expenses including fuel, dockage, food, and other incidentals during the length of their stay. For US residents, there are also several tax incentives and deductions available for owners who charter out their yachts, as you can classify the vessel as a business asset or as a second home.
A busy charter vessel can be beneficial for both the owner and the crew. If there are long stretches between owner holidays, the full-time crew can be ‘underutilized’. The idea of an active yacht – complete with additional remuneration for the crew – encourages those on board to maintain high standards and attracts the best caliber of the crew. In addition, the variety of charter guests and their individual expectations means that the service and experience of the crew will continue to improve with each itinerary.
When it comes to purchasing a yacht, it can be very helpful to look at the vessel’s existing reputation on the charter market. If a vessel has a proven record of success due to its crew, its design, or its location, it will be much more attractive to potential guests and a sound investment for the future. It is also vital that the yacht has the correct classifications for chartering, as there are different rules for private vessels. The IYC team can guide you through the various regulations and surveys that need to be considered to make sure your yacht is ready to host clients.
As a charter yacht within the global fleet of IYC vessels, you will experience the highest quality of charter management from our expert team. Your yacht will be positioned and marketed to acquire clients from across the globe, and benefit from our team’s years of expertise. Your dedicated charter manager will handle all the paperwork and negotiations from start to finish for all charter clients ensuring a seamless process without stress or worry.
As one of the yachting market’s leading organizations, IYC manages the largest global fleet of charter vessels, and our team is equipped with the knowledge to serve our clients to the highest standards. To understand the plentiful opportunities charter ownership will bring you, contact our expert team today.