Superyacht Support for Family Offices

As an asset class, superyachts can take up a significant amount of time for family offices since they can move between different jurisdictions and change both operations and the country (flag state) they are deemed to be a part.

Our yacht services division is ideally placed to support clients in this regard and our focus in on resourcing the management side as efficiently and effectively as possible so that owners can spend their time enjoying their vessel. Our combination of knowledge and many years of experience is invaluable to family offices across all aspects of the ownership, management and crewing of their yacht.

Providing solutions for all requirements

Our clients value the absolute privacy provided by the space on board their superyacht, but they also want the scenery outside to change. This may mean different countries throughout the Mediterranean, crossings to the islands of the Caribbean or north or south towards the polar regions. Some owners also want to charter their yachts to third parties to offset the running costs, and all these options mean there is a lot to consider. Praxis has a wealth of experience in facilitating all these options and managing the process in its entirety.

Financial control and reporting

Family offices also value a high degree of oversight and control over a yacht’s financial administration - from 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 requirement for transparency and flexibility.

Yacht ownership structures

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 ownership aspects, including choice of owning vehicle, flag, VAT operations and transactional support.