Yachts are often described by the Family Offices we work with as assets that take up a disproportionate amount of their time. Sarnia Yachts is ideally placed to support a Family Office with what is a very niche asset class that will, despite its value, only be small part of any Family Office’s overall responsibilities.
This is largely down to the fact that very few assets a Family Office might look after can move freely between different jurisdictions, change operations and change the country (their flag state) of which they are deemed to be a part.
Owners value the absolute privacy provided by the space on board their yacht, but they also want the scenery outside to change. This may just be different countries throughout the Mediterranean, crossings to the islands of the Caribbean or, for the more adventurous, North or South towards the polar regions. Some owners also want to charter their yachts to third parties to offset the running costs. Owners do not want to be troubled with how this can happen, so it is left to the Family Office to arrange. There is a lot to consider.
Family offices value a high degree of oversight and control over the yacht financial administration aspects from invoice approval of expenses to on-line visibility and integration of reporting which can be imported easily and consolidated into a wider family reporting structure. Our accounting systems are designed around this flexibility.
Sarnia Yachts’ combination of knowledge and many years of experience is there to support Family Offices with all aspects of the ownership, management and crewing of their yacht. We can arrange for the provision of the owning structure, but also appreciate that many family offices are well positioned to form and administer companies and other arrangements themselves. We now play a wider role supporting offices with all ownership aspects including choice of owning vehicle, flag, VAT operations and transactional support.