MYS: Bargate Murray on Legal Services for The Ultimate Luxury Asset
Before heading out onto the ocean, any new buyer of a superyacht must first untangle a complex web of legal requirements to ensure everyone involved in the purchase and operations of the vessel is fully covered against all circumstances.
In fact, so complicated is this legal minefield that unless you’re fully qualified in the myriad laws relating to yachts, then you will require the services of an organisation such as Bargate Murray.
We spoke to Quentin Bargate, Senior Partner at Bargate Murray, to find out more about the luxury asset law firm and ask him why it’s so important for yacht owners to make sure everything is water tight before they begin enjoying their lavish ocean palace.
“The ultimate luxury asset of course is a yacht, and could be a jet as well,” he told us. “We provide services in the sale and purchase or construction of yachts, also the operation of yachts, the employment of crew, the whole range of services required on what’s basically a very complex construction or operation project.
So what kind of problems could a yacht owner potentially encounter without the kind of unique skills and expertise offered by Bargate Murray?
“It’s a big minefield,” he said. “There’s a lot of traps for the ‘aren’t wary’, and if you don’t take a lot of care when you’re drafting a contact, or in your relationship with your crew, there are tax issues, there are financial issues, and there are regulatory issues that you can fall into. And it’s a very complicated world.
“Any owner that’s buying a yacht is dealing with a very sophisticated set up and the buyer isn’t often as sophisticated as he should be. And there’s a clause in the contract that can mean serious financial penalties that can be imposed on the person buying a yacht if they don’t know what they’re doing.”