Large motor yachts - future value?

[dgadee]

On the original topic, one often sees videos of end of life commercial ships being beached to be broken up and - in part - recycled. Does this happen anywhere with big old motor yachts?

There are some masted cruise ships around which look like old ferries with added masts.

Not seen private motor yacht yet where that has been done. Plenty of really attractive sailing super yachts around, though.

 

[Boathook]

So my Snapdragon 24 is aspirational …….

You haven't purchased it yet Wansey, or have you ?

 

[Wansworth]

You haven't purchased it yet Wansey, or have you ?

You know me,sounding the market

 

[DAW]

Staff don’t pay tax ? Explain ?

The extent to which the crew (employees) and owner (employer) pay tax and social security contributions is determined by a combination of the flag state, the physical location of the vessel and the nationality and residence status of each crew member. It's not as simple as stating that merchant seamen are paid offshore and so don't pay tax, and just because someone is working on a "super yacht" doesn't mean they are somehow exempt from everything. In many cases crew working on privately owned and operated yachts do not meet the requirements to be considered a merchant seaman or seafarer for tax purposes and fall within the tax regimes of their home country or the state where the vessel is based. The social security, pension and medical insurance obligations for the owner are also complex and can be expensive.

It is true that if you structure the ownership and employment relationships correctly, the crew can often avoid most income taxes and the owner can pay only minimal social security. For example, flag states like Malta have very low rates of employee and employer social security contributions (much lower than most other EU countries) and only collect income tax from crew who are resident in Malta.

It's also worth pointing out that for many of the crew working on boats below 30-40m, their job is seasonal with no long-term security, they are often required to work long hours (up to 12-14 hours per day, six or seven days a week) with limited ability to take time-off until the end of the season, and they live in cramped conditions sharing small cabins, etc. It's well paid and can be a great experience, but it's not an easy life and not for everyone.

 

[dgadee]

The extent to which the crew (employees) and owner (employer) pay tax and social security contributions is determined by a combination of the flag state, the physical location of the vessel and the nationality and residence status of each crew member. It's not as simple as stating that merchant seamen are paid offshore and so don't pay tax, and just because someone is working on a "super yacht" doesn't mean they are somehow exempt from everything. In many cases crew working on privately owned and operated yachts do not meet the requirements to be considered a merchant seaman or seafarer for tax purposes and fall within the tax regimes of their home country or the state where the vessel is based. The social security, pension and medical insurance obligations for the owner are also complex and can be expensive.

It is true that if you structure the ownership and employment relationships correctly, the crew can often avoid most income taxes and the owner can pay only minimal social security. For example, flag states like Malta have very low rates of employee and employer social security contributions (much lower than most other EU countries) and only collect income tax from crew who are resident in Malta.

It's also worth pointing out that for many of the crew working on boats below 30-40m, their job is seasonal with no long-term security, they are often required to work long hours (up to 12-14 hours per day, six or seven days a week) with limited ability to take time-off until the end of the season, and they live in cramped conditions sharing small cabins, etc. It's well paid and can be a great experience, but it's not an easy life and not for everyone.

Certainly not the life for me. All that cleaning but, worst off all, being deferential. I wouldn't last a week.

What I notice is the lack of racial mix. I can understand young crew, but do they all have to be white?

 

[Wansworth]

Certainly not the life for me. All that cleaning but, worst off all, being deferential. I wouldn't last a week.

What I notice is the lack of racial mix. I can understand young crew, but do they all have to be white?

Are they the modern equivalent of of a stately home……upstairs and downstairs

 

[Time Out]

The extent to which the crew (employees) and owner (employer) pay tax and social security contributions is determined by a combination of the flag state, the physical location of the vessel and the nationality and residence status of each crew member. It's not as simple as stating that merchant seamen are paid offshore and so don't pay tax, and just because someone is working on a "super yacht" doesn't mean they are somehow exempt from everything. In many cases crew working on privately owned and operated yachts do not meet the requirements to be considered a merchant seaman or seafarer for tax purposes and fall within the tax regimes of their home country or the state where the vessel is based. The social security, pension and medical insurance obligations for the owner are also complex and can be expensive.

It is true that if you structure the ownership and employment relationships correctly, the crew can often avoid most income taxes and the owner can pay only minimal social security. For example, flag states like Malta have very low rates of employee and employer social security contributions (much lower than most other EU countries) and only collect income tax from crew who are resident in Malta.

It's also worth pointing out that for many of the crew working on boats below 30-40m, their job is seasonal with no long-term security, they are often required to work long hours (up to 12-14 hours per day, six or seven days a week) with limited ability to take time-off until the end of the season, and they live in cramped conditions sharing small cabins, etc. It's well paid and can be a great experience, but it's not an easy life and not for everyone.

Thank you , apologies I was being a bit naughty with my comment knowing that the statement was not factually correct.

Actually your reply sums it up nicely and very well explained.

It’s been an interesting thread and the issue actually extends down to 50 year old 30 ft cruisers on the Thames as well us aging >24m yachts.

Being in the industry myself we come across it almost daily. I have an office in your neighbourhood , below the station and next to the church

As you know it’s more about understanding and committing to the running costs rather than blagging a bargain Benetti.

Which is why I am writing this from my 21ft day boat on the Thames !

 

[rafiki_]

You know me,sounding the market

So you are aspiring to buy it?

 

[Wansworth]

So you are aspiring to buy it?

A Snapdragon 24 could be a possibility but as my wife is won’t to say”have to see it first” and it could well fail the “narrow side deck” test

 

[stelican]

A Snapdragon 24 could be a possibility but as my wife is won’t to say”have to see it first” and it could well fail the “narrow side deck” test

Or in my case a good nickname for her