Yacht Fractions Ltd

CHARTER MANAGEMENT SCHEME

THE COMPANY

This excellent scheme is operated by Kiriacoulis Mediterranean SA They are a very large family controlled public listed company with a fleet of about 450 boats.
They started the current business in 1981 and have enjoyed a steady and well controlled growth over the intervening period.

A large proportion of the yachts are privately owned in their management scheme

They were the first charter company world wide to be granted the ISO9002 certificate of quality, this covers maintenance and condition of boats, client care, administration, marketing and management.

In addition to their charter operation they have built and now own and operate 5 major marinas in the Greek area, Gouvia (Corfu), Lefkas, Kalamata and Zea (Athens). They now control 34% of the total marina berths in Greece

Their sister companies within the Kiriacoulis group operate real estate holiday villages (Mediterranean villages SA) and 10 hydrofoil passanger vessels - Flying Dolphins - which operate on 17 scheduled routes within the Aegean (Kiriacoulis Maritime SA).

In early 2004 they formed a new company in joint partnership with the Tui organisation to buy and operate large pleasure Catamarans to compliment the Tui hotel holiday trade.

Although a large,professional and successful company their philosophy is to operate on a personal basis with clients, owners and other company associates

Yacht Fractions has been working successfully with Kiriacoulis since 1994

OPERATING SITES


Their main sites in Greece are Athens, Gouvia in Corfu and Lefkas, at these sites they own their own marina complexes. Other sites in the Greek area are :Rhodes, Kos, Skiathos, and Paros

• In Turkey from Marmaris and Bodrum
• In Croatia from Pula, Murter, Vinisce (Trogir airport), Krvavica, Biograd,Zadar
• In Italy from Elba, St Agata, Portisco (Olbia), Marsale (Sicily), Agropoli (Naples),Grado, Punta Ala
• In Malta from Birgu
• in Corsica from Propriano
• In France from Bormes les Mimosas
• In Caribbean from Martinique and St Lucia

BOATS AVAILABLE FOR PURCHASE ON THE SCHEME FOR 2016
Bavaria

 

56	5 cabins (3 & 4 available - ask for terms)
51	5 cabins (3 & 4 available - ask for terms)
46	4 cabins (3 available - ask for terms)
41	3 cabins (2 cabins available - ask for terms)
37	2 or 3 cabins
Open 40 cat	4 cabins


Jeanneau

Jeanneau 57	5 cabins - ask for terms
Jeanneau 519	5 cabins
Sun Odyssey 479	4 cabins
Sun Odyssey 449	4 cabins
Sun Odyssey 419	3 cabins
Sun Odyssey 389	3 cabins
Sun Odyssey 349	3 cabins


Beneteau

Oceanis 58	- ask for terms
Oceanis 55	4 and 5 cabins
Oceanis 48	5 cabins
Beneteau 45	4 cabins (3 cabins available ask for terms)
Beneteau 41 and 41.1	3 cabins
Beneteau 38	3 cabins (2 cabins available ask for terms)


Dufour

Fountaine Pajot Catamarans

Lagoon Catamarans

Saba 50	5 and 6 cabins
Helia 44	Quatuor version
New 40	4 cabins

560	5 cabins
52F	5 or 6 cabins
450F	4 cabins
42	4 cabins
400	4 cabins
39	4 cabins
380	4 cabins



• All the boats are standard production boats, no modifications or alternative specifications are made.
• In each case the boat is fully equipped, in brief:
  • Furling mainsail (slab/lazy jacks by request and standard on some non Bavaria cruiser yachts) and Furling Genoa
  • Electric windlass Bow thruster on most models
  • Electric fridge
  • Microwave on many models
  • Compass, Log, Echosounder, Autopilot, Wind instruments
  • VHF/DSC, GPS/chartplotter
  • Cockpit table, Cockpit cushions
  • Bimini, Sprayhood
  • Alloy boarding gangway
  • Hot water and shower and cockpit shower
  • Holding tank + electric toilets with seacock and deck valves
  • Shore power, battery charger
  • Dinghy
  • Liferaft,Lifejackets and harnesses
  • Full safety gear incl EPIRB
  • Full galley equipement
  • Full bedding and towels

  THE PURCHASE SCHEMES
  

  Each scheme is available either as a 3.5 or 5.5 or 6.5 year term,
  or we can arrange special length contract if you prefer.
  
  SCHEME 1 - The guaranteed income method
  

  In this scheme you pay for the whole of the boat at the start and receive a guaranteed income on the capital value of the boat on an annual basis.
  The percentage paid depends on the length of the contract and the size of the boat.

  SCHEME 2 - The partial payment method
  

  In this scheme you pay one single amount at the start of the contract period, this is a proportion of the value of the boat and its equipment from 49% to 76%
  depending on the length of the contract and the size of the boat and the location.

  The balance of the capital value of the boat is paid for from the charter rentals,
  this is guaranteed irrespective of the success of the company to book charters on your boat.

  SCHEME 2(2) - The minimum deposit and loan scheme - 5.5 year contract
  

  In this method you pay an initial deposit of 35% of the capital value of the boat plus the local costs and take out a loan over 5.5 years of to bring the capital paid the same as in Scheme 1

  Interest is charged at a fixed 7.0% PA

  There is a loan administration set up fee of 2.2% of the capital value of the loan

  The loan is secured on the boat and guaranteed by the Company, thus there are no credit checks and no forms to complete.

  There are no interest penalties for early settlement of the loan

  The balance of the capital value of the boat is paid for from the charter rentals, this is guaranteed irrespective of the success of the company to book charters on your boat.

  Please ask for terms for the Catamarans

  SCHEME 3 - Deposit and baloon payment method
  

  in this scheme you pay for 35% of the boat at the start and a second balloon payment at the end of appox 35% (varies for some boats/sizes).

  Used boats available on new contracts
  

  There are a few boats which remain unsold at the end of each year, these are available to be purchased on new contracts at a discount or on a shorter contract term - or both

  ALL SCHEMES
  

  Local costs as shown above include, Delivery, local equipment and Greek registration
  

  DELIVERY
  

  There can be a saving of local delivery costs at other locations, for boats delivered to Greece, Turkey, Malta and Sicily, Croatia (French boats) a cost of Euro 3000 is included in the "local costs".

• For delivery to other Italian bases and Corsica the cost is reduced to Euro 1000
• For delivery to France there is no local delivery cost, for Bavaria to Croatia there is no local delivery cost
• For delivery to the Caribbean the cost is 12000 Euro

  Delivery for Catamarans differ, please ask

  Owners may make the delivery from South France to the charter base - please discuss LOCAL EQUIPMENT
  

  These are charged at Euro 1500 and included in the figure of Euro 9000 in the prices quoted. The cost is made up from supply of bedding, towel, galley equipment, charts pilots etc

  GREEK or FRENCH REGISTRATION
  

  The charge for registering the yacht on the Greek or French register of shipping of Euro 4500 is included in the figure of Euro 9000 in the prices quoted.

  For yachts which are 100% paid and based in Turkey UK, SSR registration can be used which will save the Greek registration costs (see also VAT below),

  such boats must be coded to MCA standards which can incur extra equipment and survey costs.

  RUNNING COSTS
  

  All other costs involved in running the boat and maintaining in good condition are met by the charter company.

  END OF CONTRACT
  

  At the end of the 4th/6th/7th season the boat is handed over to the owner in good condition with a full inventory as delivered plus a full set of sails no more than 12 months old, the engine will be fully serviced.

  Early retirement can be excersized in writing by the 15th August each year with no penalty. The outstanding capital amount is paid on 31st October of the same year. The amount unpaid reduces by one-quarter (3.5 years) or one-sixth (5.5 years) for each year passed.

  The yacht will be removed from the Greek registration and transferred to your name or to that of an appointed person or company. There is a legal charge for this of Euro 1200

  If the boat is transferred to an EU resident/passport holder then VAT will be payable on the value of the boat determined by a sliding scale relating age to original cost. Typically this is about 60% at the end of 6 years.

  VAT is currently at 23% in Greece

  USE OF BOAT BY THE OWNER
  

  Dates given may vary slightly from year to year, they also vary from area to area, for Greece the period are :

  Low season	before 17/5 and after 27/9	6 weeks or
  Mid season	17/5 to 02/8 and 16/8 to 27/9	3 weeks or
  High seaon	02/8 to 16/8	2 weeks
  or a combination thereof

  Plus an additional 4 weeks short notice use out of which 2 weeks must be on your own boat. To qualify the booking may only be made a maximum of 8 days prior to the start of the period of use (16 days for the Caribbean)and is subject to availability.

• Additional booked weeks may be purchased on your own boat or a similar alternative at a discount of 40% on the normal weekly charter rate

• Extra guaranteed weeks can normally be arranged in the low season without additional cost

• Should you decide not to use your boat at all in one or more year it is usually possible to reflect this in a financial way.
• We can write a special contract for owners who need more guaranteed time each year or a specific sailing use pattern.

• The useage costs charged to the owners for their own periods of use will be :
• an embarkation fee of Euro 153 is made for each embarkation to cover administration and yacht preparation costs.
• The cost of the insurance waiver at 20 Euro per day
• The cost of any optional extras required - skipper, sailboards, outboard motors etc.
• The cost of additional cleaning if this is required on the return of the boat, to avoid this charge the boat must be returned ready to go out on charter.
• All fuel and marina costs incurred while in use by the owner.
• A minimum of two suitably experienced people must be in charge of the boat. For Greece, Turkey, Croatia and Italy the skipper must hold a sailing certificate issued by the Government, a nautical sailing school or a sailing club. The usual recognised certificate is the International Certificate of Competance (ICC) which is available from any RYA approved sailing school
• For Croatia a VHF operators certificate must be held by one member of the crew, the UK version is acceptable

  A similar boat may be booked at any of the company’s bases in Greece, Turkey, Italy, Malta Croatia the South of France and the Caribbean.

  A larger boat may be booked if required and the difference in the charter rate relating to the period of use is charged

  VAT and TAXATION
  

  During the charter period there is no VAT or other taxes to pay.

  At the end of the contract depending on your business arrangements and country of residency you may be required to pay VAT on the residual value of the boat.

  OWNERSHIP and TITLE
  

  Under the standard contract terms the title to the boats are held by Kiriacoulis in trust for the true owner. There are clauses in this standard contract to protect the investment in the boat by the owner. Ownership is normally though the Greek company but it is possible to arrange ownership in France and Italy.

  Owners are given an option to form their own Greek yacht ownership company and to transfer the title of their yacht into this. The shares of this company are held by the owner. The formation and administration of the company will be undertaken by Kiriacoulis with minimal involvement required from the owner.

  There are obviously costs associated with this and many owners decide to use the standard contract as accepted before.

  In either case the relationship and administration of the contract remains the same

  GENERAL NOTES FOR OWNERSHIP SCHEMES 1, 2 AND 4
  

  Under the payment schemes 2 and 3 the unpaid portion of the capital will be funded by a loan from an external bank who will take a first charge on the boat.

  This loan is guaranteed by the company and is also personally guaranteed by the principal shareholders/directors of the company

  A certificate from the bank will be issued to the owner when this loan has been fully repaid, this will be after 3 and 6 years on the 3.5 and 6.5 year schemes respectively

  GENERAL NOTES FOR OWNERSHIP SCHEMES 3
  

  For any boat which is 100% paid it is possible for you to hold title to the boat and have registration in your own country, however it may still be more economic due to VAT and other taxation regulations for you to have Greek registration.

  This will depend to a large extent on your own business arrangement and residency

  It may also be required to comply with the charter coding regulations relating to the country of registration

  SPECIAL DEALS
  

  We are able to give you prices for a specially designed contract to meet you own requirements

  Please email for a personal quotation.

  Return to Charter management Index or Bavaria Index

  Please contact
  Chris Hawes, Yacht Fractions Ltd., PO Box 196, Falmouth, Cornwall, TR11 5WD UK
  Tel: 01326 374435 fax 01326 374625
  Email:chris@yachtfractions.co.uk
  
  

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  To advertise with Yacht Fractions or to enquire about more details of a boat listing please contact Chris Hawes, Yacht Fractions Ltd., PO Box 196, Falmouth, Cornwall. TR11 5WD
  Tel: 01326 374435
  Email: chris@yachtfractions.co.uk
  
  
  Yacht Fractions Limited
  Company No. 02619617 Registered in England & Wales, Registered Office:
  Uplands, 8 Tregew Road, Flushing, Falmouth, Cornwall, TR11 5TG