Sailing through the economic turmoil

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Despite the weak economic climate, demand from wealthy individuals and company executives for superyachts is showing signs of strong growth, according to Jersey-based trust and fiduciary provider, Vistra.

Offshore marine yacht registrations are rising along with sales of superyachts to wealthy individuals in the emerging economies of Brazil and China, which recorded a 29% rise in 2011 compared with 2010. In Malta, some 300 super yachts were registered in 2011, representing an increase of 19% on 2010 figures, according to Maltese transport minister, Austin Gatt. However, Marina Gall, Director of Marine and Aviation at Jersey-based Vistra says getting the structuring right at the outset is vital, if complex tax and customs issues are to be avoided later on during ownership. "We always t...

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