Maybe you have heard that placing a luxury motor yacht into a charter fleet can help you to offset your costs of ownership. Maybe you have actually taken the first step, and have started researching some charter income programs. Now, you are wondering “can anyone own a charter yacht?” The answer is 100% “yes!”
You do not have to have any unique experience or special license to own a charter yacht. You do not even to ever have stepped foot on a motor yacht before.
Anyone who has ever dreamed of owning a luxury yacht needs to consider the many advantages of a charter income program. Having your yacht as part of a charter fleet, not only can earn you income and off-set expenses, but it also guarantees that your yacht will be well maintained at all times.
What Kind of Expenses Can A Charter Help Defer?
A yacht charter income program can typically help you defer your yacht’s “operating expenses.” Operating expenses include: the cost of dockage, insurance and routine maintenance. Your charter proceeds can also be used to pay the costs of crew, or in some cases, towards the financing payments of your yacht. Depending on the type of charter program, you may earn actual income which of course you can spend as you see fit, or, specific “offsetting credits” for typical yacht management services such as dockage, detailing, painting, or routine maintenance.
How much you actually earn depends on the details of the charter income program, but by participating in our charter program, some owners have reduced their operating expenses by as much as 70%!
Tax Advantages to a Charter Program
Understand that at FYM, we are not tax professionals, but we do know that there can be certain tax advantages to owning a charter yacht. Every owner’s circumstances is different, and you should consult your tax professional before making any decisions regarding you tax returns. However, generally speaking, when your yacht is part of a charter fleet, you will likely be able to deduct expenses you would not be able to if she were just in private ownership. Also, your yacht may qualify as a “second home,” as defined by the IRS, and you may be entitled to applicable deductions.
Charter Makes Yacht Ownership Easier
Any yacht new or pre-owned that you have set your eye on can be included in our charter income program. The same can be said for any model, or any size, although there are some models and sizes that are more popular as charter boats. We can work with you in helping to match your desires with a charter program that works best for you.
Also, all yachts that are placed in our charter fleet, will have access to our proprietary On Demand Yachting solution. On Demand Yachting and our online yacht management platform removes all of the hassles of yacht ownership!
If you already own a yacht, no problem, you can still put her into our charter income program, or sign-up for the many advantages of On Demand Yachting.
Operating a motor yacht can be costly. Putting your boat in Charter can earn income, and defray some of the costs of ownership. On Demand Yachting from FYM can show you how. If you would like to learn more, or if you have any questions or comments about this blog post, do not hesitate to contact our Yacht Management specialists, or call us at (954) 900-9968.