As global tensions rise, the owners of superyachts and those seeking to complete a transaction feel a tightening grip of uncertainty. Faced with heightened scrutiny, rising costs and unprecedented labor unrest, those wishing to purchase or sell a yacht find additional...
Canada's luxury boat industry is bracing for the impact of a proposed luxury tax that legislators plan to implement in 2022. The tax would apply to luxury items such as passenger vehicles and private airplanes, but it is the inclusion of yachts and other luxury...
Pirates have always posed a threat to seafaring vessels, but the 21st Century version of the maritime criminal has a whole new set of tools at his disposal. Yacht owners should be aware of the threat of cyberattacks by nefarious actors seeking to steal, extort and...
The purchase or sale of a yacht can be a complicated, exciting experience. These large transactions often represent years of planning and meticulous preparation. When facing the prospect of finalizing the transaction, however, it is not uncommon for an individual to...
Purchasing a yacht is, for some, more than a simple acquisition. A yacht can signify a milestone. The right yacht is a home away from home and can be akin to an addition to your family. You may have the delightful task of choosing a name for your vessel. While yacht...
A yacht, sailboat or other recreational sea vessel is a considerable investment. As such, you expect the manufacturer to put top-notch craftmanship and care into the construction of your vessel. It can be infuriating to have to deal with malfunctions, defects and...
The owners of large yachts and mega yachts often have had significant experience with numerous types of organizational contracts. From operational guidelines to restrictive covenants, business owners and managers alike must be familiar with drafting and enforcing...
Anyone interested in purchasing a yacht should consider the operating expenses the luxury item will incur over its lifespan. If you are considering taking the leap into the yachting life, you will need to plan a yearly budget that will account for: Fuel: Your yacht...
Buyers and sellers of yachts in the U.S. are taking advantage of favorable laws that have ushered in the establishment of foreign trade zones (FTZs). In years past, if a buyer in the U.S. wanted to purchase a foreign-flagged yacht, he or she would have to pay hefty...
The Coast Guard Office of Commercial Vessel Compliance (CVC) has issued new work instructions for its Small Passenger Vessel Risk Based Inspection Program, according to the Coast Guard Maritime Commons blog. The instructions provide inspection program guidance to...
