MYS 2021: Navigating Superyacht Ownership with Equiom Group
This year we were once again joined in the interview studio by Ian Petts, Head of Yachting and Aviation for Equiom Group, leading provider of bespoke end-to-end wealth protection and services to a global clientele.
With over 104 yachts in the Equiom fleet, in addition to 47 jets and a wealth of luxury villas, Equiom is more than well-versed in the matter of wealth protection and advice. As a multi-generational and diverse business, managing some 64 billion worth of assets from Hong Kong to the Cayman Islands, Ian had more than a few pearls of wisdom to share with us on the subject of superyacht ownership.
"We create ownership structures for the yachts, it's really important to divorce the yacht directly out of the UBO, and create another separate structure for the employment of the crew to minimise liability for the owners," Ian explains. In terms of recent trends, Ian also reported a notable rise in 'fractional ownership structures', a phenomenon that has recently taken hold of the superyacht industry as the way people buy and seek to use their vessels is beginning to shift to make the most of their time available.
Equiom Group is on hand to help out its global clientele with the various challenges and mistakes that come along with superyacht ownership. "The first mistake nearly everybody mistakes is they buy a yacht they can afford to buy, but can't afford to maintain," Ian tells us. Looking at not just purchase and operation but the holistic lifecycle of a yacht, Ian explains how Equiom helps owners navigate these various challenges and achieve the best quality outcome.
One enduring topic of debate in the superyacht industry is where and how to register a vessel. Ian shines a light on the complex process of registration, by first asking key questions about the intended use and operation area of the yacht.
So what is Ian's number one piece of advice to owners? "Get a really good crew onboard. You can have a terrible yacht that's really old with lots of problems but with a good crew, you'll have a really good time, or you can spend as much money as you want but without a good crew, you're not going to have a good time on that yacht."
"The first mistake nearly everybody mistakes is they buy a yacht they can afford to buy, but can't afford to maintain,"