Ciris Capital opens in Milan

Thursday, 13 September 2007

Yacht owners turn to Ciris Capital for four main reasons: To purchase a new or second-hand acht, to cover the costs of a refit, to finance a new purchase while the current yacht is being sold, and to re-finance a yacht already owned (an increasingly popular option).

We can play a central role in every part of the financial transaction, from the actual formulation of the loan agreement to issues such as appraising the yacht, the sales agreement, registration, insurance, crew, VAT and ownership structures.

Each finance plan is based on the value of your yacht and personal liability, allowing you to keep real estate and business interests at your disposal. As more and more astute investors see the sense of freeing up their capital, it is no surprise that over 50 percent of all yachts are now financed through loans.

Another increasingly popular alternative is the leasing options available in countries like Italy, which offers owners attractive VAT savings. With this in mind, we have established a new company called Ciris Capital Leasing S.r.l. in Milan. In general, the amount you save depends on the length of the vessel and whether it is a sailing or motoryacht. On a 20-metre motor-yacht, for example, only 8% VAT has to be paid on the cost price.

Ciris Capital Leasing S.r.l. is now ready to make proposals on all purchases of more than 500,000 euros.

For more news about Ciris Capital and to read what Maarten ten Holter of Vripack and Mark Haendle of Ocean Independence think of Ciris, please have a look at their latest newsletter.