Argosy Financial has launched a new yacht leasing product aimed
at reducing the complexities involved in acquiring, using and
disposing of a luxury yacht.
John Flynn, Argosy’s president and founder, said the product,
Yachtlease, uses a tax-leveraged lease structure, whereby
applicants, who are largely US-flagged, are exempt from sales tax
at acquisition.
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“Based on a client’s cruising itinerary,” he said, “and over a
three-year period, the state sales tax equals only one per cent of
the yacht’s acquisition cost. This now allows US citizens an
alternative to offshore tax havens that involve complex ownership
structures, foreign crew problems and re-entry difficulties with US
Customs and Homeland Security.”
Yachtlease is currently only applicable to high-demand brand
names such as Bertram, Hatteras, Lazzara, Viking and Westport, all
of which have proven residual values.
Flynn added: “The customer is required to maintain the vessel to
high standards, following a detailed maintenance schedule, using
on-board maintenance software and a list of approved service
providers, who will ensure the services are completed in a timely
manner. Every yacht will carry onboard, third-party, audited
maintenance and servicing records.”
This highly-structured lease also allows clients to ‘enter and
exit’ multiple luxury yachts over extended periods of time, thereby
eliminating, Flynn said, “resale value uncertainties and the
associated outof- pocket costs”.
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By GlobalDataArgosy has delivered its first yacht under the scheme and has
$30m in new yachts on order. Flynn said: “We plan to add a
significant number of new boats, featuring 50-80 foot models with
an average cost of $3m.”
