Princess Yachts are a British luxury yacht manufacturer
Newport Street Plymouth, Devon PL1 3QG Plymouth Devon
Yacht Builders Princess Yachts Limited
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Price List Princess Yachts Limited Devon
Where is Princess Yachts Limited? Devon
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Princess Yachts are a British luxury yacht manufacturer based in the city of Plymouth. Whether it's a Princess V39 or Princess 52 you will arrive in style.
Your yacht is an extension of yourself. A statement of your lifestyle. She needs to deliver unforgettable experiences for you, your family and friends. Every Princess yacht is designed with our forward-thinking mentality and crafted with meticulous attention to detail. So whether you’re dashing across the water or moored in your favourite bay, you will recognise the difference our design and details make, inside and out. Experience the exceptional.
Whether you will have to pay VAT on your superyacht purchase depends largely on where it is to be kept. A boat belonging to a European Union (EU) citizen or with an EU country flag must have Value Added Tax paid. If you have a non-EU vessel, and would like to keep the yacht in European Union waters, a Value Added Tax may still be applicable. This depends on the length of time that the yacht is kept in EU waters. VAT rates range from 15% to 25% of the superyacht’s value depending on the country. Once it is paid in one country however, this should suffice for all other tax authorities. Therefore it is possible to bring the superyacht through a country with a lower VAT rate, such as Cyprus, Madeira or Malta. Take note that removal of the superyacht from the EU for a specific period of time may mean VAT must be paid again. Always have the correct paperwork onboard to prove VAT status. Those exempt from VAT include those built and moored in the EU before a certain past date (often difficult to prove), and those registered outside the EU, owned by a non-EU resident and used only briefly in the EU. If the superyacht is to be chartered, establishing a company as purchaser in the Isle of Man can also neutralise VAT payments.
This value will vary dramatically depending on a number of factors including the owner’s boating experience, the current navigational equipment onboard, where the superyacht will be sailed, the value of the vessel and weather it will be used as a live-aboard or for cruising offshore.
After purchasing your superyacht, there are other financial factors which need to be considered. Maintenance costs are estimated at 10% of the purchase price annually, and include things such as crew, fuel, insurance and mooring.
Materials and workmanship are generally guaranteed for a certain warranty period after delivery, as not all systems and equipment will be used and tested immediately. Often this financial security, provided by the builder, will be offered in the form of a bank guarantee or by the final payment instalment not being paid until the end of the warranty period.
Unfortunately, delays are often a common part of the yacht building process, so it is often beneficial to agree with the shipyard how much time is reasonable and how much money should be deducted from the instalments if delays continue.
Like most aspects of the buying process, it is always much easier to agree how any problems will be resolved before they appear. Often it is advisable to agree that small technical issues be referred to an independent surveyor, while larger more critical issues go to arbitration. This way, disputes can be solved in privacy.
In most cases, the parties involved can choose which country will govern the purchasing process. Many buyers choose to select the law of a country where neither builder or seller are based, and in fact, the most common choice is English law, even when there is no connection to England with any of the parties.
International safety regulations dictate that superyachts over a certain size must have onshore management, although most owners choose to use their services for protection from fines and criminal liability when regulations have been breached.
The crew will require formal contracts outlining hours of work, benefits and travelling expenses. These can either be handled by the owner or manager often depending on what the crew is accustomed to. Standards of crew training, language and medical fitness must also be inline with the requirements of the superyacht’s flag state.