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MEMBERSHIP SUMMARY Most people who own a luxury yacht use it only two or three times per year and ownership costs are high. Berthing fees average €1,500 per month, while monthly bank repayments, maintenance costs and insurance start at €8,500 per month and can easily exceed €40,000. Just the standard crew of an IFA yacht would cost you more than €100,000 per year as an individual owner.
Along with a small and exclusive number of likeminded club members, at IFA Yacht Ownership club you simply pay an annual membership fee to access your four yachts, berthed at four different and spectacular locations. You are allocated a specific number of cruising credits every year through our Silver, Gold or Platinum membership options, three-tiered to meet the varying needs of club members. The monthly cost of membership is less than a single day’s charter rate and certainly a mere fraction of the running costs of a similar boat. Your cruising credits guarantee you exclusive access to stress-free luxury cruising and can be used any way you like. Members can make instant yachting reservations or plan up to a year in advance through the club’s concierge and personalised scheduling service. It’s for you to choose how to spend your cruising credits and your time on the water - you’ll find the club is as flexible as you are. Carry over unused cruising credits to the next year or trade them for superb resort accommodation from The Registry Collection, our luxury exchange programme partner.
Perfect cruising days with IFA Yacht Ownership Club
Summer on the French Riviera. Be present at the Monaco Grand Prix. Diving and fishing in the Caribbean and South East Asia. Winter exploring Musandam Peninsula.
Noteworthy The sample itineraries below highlight destinations and activities you will enjoy with your chosen IFA Yacht Ownership Club membership plan.
PLATINUM MEMBERSHIP 80 IFA Cruising Credits
GOLD MEMBERSHIP 40 IFA Cruising Credits
MEMBERSHIP PRICING SCHEDULE
PLATINUM MEMBERSHIP Designed for members who wish to have maximum flexibility and value, this plan provides 80 cruising credits to be exchanged for cruising days in the four international cruising zones and allows priority access during peak cruising time on IFA Cannes and IFA Phuket yachts.
GOLD MEMBERSHIP Ideal for members who have less time to cruise but still expect excellent service and value, this membership provides 40 cruising credits to be used in the four international cruising zones.
SILVER MEMBERSHIP A convenient start off level newly introduced for members who are extremely hard pressed for time, however, would like to experience a perfect get-away. With 21 cruising credits, enjoy your time on all the four different yachts.
2009 MEMBERSHIP PRICING:
2009 RENEWAL MEMBERSHIP PRICE:
THE QUESTIONS TO ASK AND ISSUES TO CONSIDER BEFORE YOU JOIN Yacht Ownership Club membership is not an entirely new concept but in recent times has become very much more sophisticated and a lot more flexible. While there are many types of clubs on the world’s waterfronts, there are also many issues to consider that should be explored thoroughly before making the decision about what is right for you and your family. Clubs offer different vessels, pricing options, safety assurances, destinations and levels of service. That’s the very reason that this guide was created – to help future Yacht Ownership Club members choose a club that best suits their lifestyle. Within this guide, you will find the ‘right questions to ask’ and a comprehensive review of elements in the decision-making process that you should consider when evaluating the value of membership.
What is a Yacht Ownership Club? Owning an ocean-going yacht may well be the ultimate discretionary purchase – a dream for many and beyond the reach of most. Ownership has been likened to standing under the shower and tearing up banknotes.
Yacht owners often express frustration at being unable to spend more time cruising, or of feeling guilty when they take a land based vacation. And the very considerable cost of maintenance, berthing and insurance can be hard to justify when the boat is enjoyed for just a few weeks a year.
For these reasons, and many more, Yacht Ownership Clubs were born. Simply put, Yacht Ownership Club membership offers the joys of owning a yacht with none of the hassle. Membership provides you the same luxury at less cost and offers a greater choice of cruising destinations.
Generally, becoming a member is relatively simple. But most important to Yacht Ownership Club members is how membership positively impacts their lives.
The Advantages of Yacht Ownership Club Membership Yacht Ownership Club membership is gaining popularity because it combines the advantages and eliminates the disadvantages of whole ownership, fractional ownership, timeshare and charter. What’s more, the cost of Yacht Ownership Club membership is extremely competitive when compared to the other options.
But beyond cost, there are a number of benefits that make Yacht Ownership Club membership worth much more than the price.
TURNKEY CONVENIENCE Reservation Process • Clubs have multiple reservation choices. Plan in advance or cruise at short notice - for a day at a time or for weeks at a time. • You make your reservation over the phone or book online for ease and convenience. No Maintenance and No Headaches • World class crew including skipper, deckhand and steward are part of the package. • Insurance is included. Travel Planning • Club representatives arrange for airport transportation. • Choose to have your favorite foods and beverages already aboard, along with a personal chef.
CONSISTENTLY LUXURIOUS EXPERIENCES Superbly fitted vessels at a variety of locations. Personalized on-board services which are rarely available through timeshare, fractional ownership or chartering. Your yacht is always in pristine condition, refitted when required and replaced as necessary.
FLEXIBILITY AND CHOICE Reputable and established clubs provide a fleet of vessels berthed at different international locations for members’ enjoyment. Cruise to new destinations or return to favorites.
UNDENIABLE VALUE Your annual membership fee is less than the down payment on purchasing a private yacht. Your annual membership fee is a fraction of the cost of berthing, taxes, maintenance, crew, insurances, fuel and other yearly operational costs of whole ownership. Total cost per day is far less than chartering a similar vessel. Your commitment is for just one year so you can opt out anytime.
Determining if a Yacht Ownership Club is right for you People have a variety of choices today when it comes to luxury yacht ownership: whole ownership, fractional ownership, timesharing and charter. So it’s important to ask yourself a few questions. Your answers to these questions will point you in the right direction to determining what is going to best suit the needs of you and your family and the requirements of your business and corporate entertainment agenda.
Yacht Ownership Club membership is probably ideal for you if you identify with the answers on this page.
How often do you like to cruise and for how long? Generally, Yacht Ownership Club members like to be on board for between 15 and 60 days per year. They enjoy a combination of longer trips that are planned in advance and shorter trips made with far less notice.
Where do you like to go cruising? Members like to cruise in different locations while having the flexibility to return to their favorites repeatedly. Most would appreciate a choice of international destinations.
What types of services and amenities do you expect? With Yacht Ownership Club membership, your crew should be included: captain, deckhand and steward. Your yacht should be luxuriously appointed and in perfect condition. Your capable crew should be able to fulfill your needs (including provisioning the vessel) before you board with your party.
Do you expect Internet access and satellite television on board? All vessels should be equipped to the highest technological standards.
How many people travel with you? The facilities on board will generally allow you up to twelve in your party for day trips and four to eight people comfortably accommodated overnight. No reputable club will charge a subsidy for less or more people on board. Yacht Ownership Club members are familiar with the limitations of chartered vessels and are in search of a better way to relax and enjoy cruising time with family, friends or business associates.
Yacht Ownership Club Alternatives Of course there are other options. But there are also potential pitfalls that should be considered before making a final decision.
WHOLE OWNERSHIP OF A PRIVATE YACHT Expense • Up-front costs may be too great to obtain the size of yacht that you really want. • Ongoing maintenance and insurance costs may be prohibitive.
Inconvenience • Chores such as shopping and readying the vessel often reduce the time you spend relaxing. • Ongoing maintenance, or worse – having to deal with emergencies when you’re not there can be frustrating and time consuming.
Limited Destinations • Much as you might want to cruise further afar, time constraints make that rarely possible. Risky Financial Choice • Not a very liquid investment and a depreciating asset.
CHARTERING A PRIVATE YACHT Limited Flexibility • Bookings must be made in advance. Last minute getaways are difficult to secure. • Cruising time is often limited. • You need to be very certain of your plans as a substantial deposit is non-refundable.
Lack of Choice • There are limited options for cruising in different locations. • You cannot always select a particular vessel.
Impersonal Experience • Chartering feels very much like a rental.
Selecting a Yacht Ownership Club Conversations with a reputable Yacht Ownership Club representative should always be consultative – never a hard sell. The representative’s ultimate goal should be to provide you with the ideal solution to your cruising needs and help you complete due diligence before committing to a purchase decision.
As part of this process, the club’s representative should: • Understand your individual situation and develop an accurate picture of your requirements. • Invite prospective club members to discuss experiences and levels of satisfaction with existing members. • Extend an offer for you to step aboard and see for yourself.
Paying attention to the above points will certainly separate the reputable clubs from the less reputable. However, there are a number of additional criteria that should be considered when choosing a particular Yacht Ownership Club. 1. Experience and Management 2. Ownership, Insurance and Guarantees 3. Reservations, Usability and Flexibility 4. Financial peace of mind
Experience and Management In the Yacht Ownership Club industry, as in any other, there is tremendous value in experience. Delivering consistently high levels of service to members and flawlessly executing their reservations requires an expertise that can’t be gained overnight. Superior procedures take time to develop and perfect. Additionally, as with all businesses, an infrastructure needs to be in place to ensure that promises to customers can be delivered.
Relevant questions about a company’s level of experience include: • Who are the founders, managers and board members of the company, and what are their backgrounds? • What degree of experience in Yacht Ownership Clubs, hospitality and actual cruising does the management team possess? • How long has the Yacht Ownership Club been in operation? • How many people does the company directly employ?
Ownership, Insurance and Guarantees Reputable clubs will have no problem providing clear answers to the following questions: • Are the yachts wholly owned by your company, mortgaged or leased? • What guarantee do I have that the company won’t sell one or more of the yachts? • And if it does, how can I be sure that the company will buy a comparable replacement? • Do I actually own a share of a yacht? • Can two or more people share one membership? • Can I send friends and family on a cruise while I am not there? • What is each of the yachts’ true market value? • What assurance do I have that the yachts will be maintained to the highest standards? • How can I be sure the yachts will be replaced on a regular basis? • What guarantee do I have that the Yacht Ownership Club won’t go bankrupt? • What is my personal liability in the event of an accident? • How am I insured? • Must I pay a deposit for insurance and if so, is it refundable? • Does the Yacht Ownership Club have a license to sell memberships? • Under which legal jurisdiction is the license given? • How is my ‘right to use’ guaranteed? By contract? Under the law of which country? • What variety of destinations does the club provide? • How many yachts does the club plan to have in the fleet within the next three years? • Is it possible to view photography of all the yachts, including floor plans? • What is the maximum number of club members? • Will I pay a premium in addition to my annual fee if there are fewer members in the club? • Is there a waiting list? And if so, how long is it?
Reservations, Usability and Flexibility Your Yacht Ownership Club is only as useful as its ability to accept reservations. It must be flexible enough to allow members to reserve last-minute getaways, make advanced reservations and ensure that you will have quality cruising time with friends, family or business associates. It must also be fair, allowing equal access to all members.
Some important questions to ask: How are reservations made? Can reservations be made online? • How does the club handle irresponsible, uncooperative or non-paying members? • Can the yachts be viewed online, including detailed photos and specifications? • How are members notified of changes to the fleet? • Are the yachts ever rented to anyone else when not booked by members? • What are the club’s usability rules and regulations? • Some clubs offer unlimited usage, while others cap days of cruising. How is availability for all members regulated? • Are reservation policies standardized and equitable for all members? • Who is responsible for the maintenance, refueling and restocking of the yacht? • Within the club, are there opportunities to buy a yacht at a discounted price?
Financial peace of mind Becoming a member of a Yacht Ownership Club brings something very special to the lifestyle of you and your family. For this reason, most prospective members consider the company’s financial strengths and commitments to be deciding factors.
Some questions to ask are: • Could the club refund all members their annual membership costs at any time by liquidating the yacht fleet at cost? • If the club experiences financial difficulties, will the club’s focus on quality and service be compromised?
While Yacht Ownership Club membership allows people to enjoy the benefits of yacht ownership at a fraction of the cost of an outright purchase, annual fees are substantial enough for members to demand assurances that their money is well spent. There are significant differences in the pricing and economic terms and conditions among Yacht Ownership Club companies.
Considering the Economics of Yacht Ownership Club Membership It’s actually quite straightforward to evaluate the factors involved in Yacht Ownership Club membership as compared to owning your own vessel or chartering.
A simple financial spreadsheet that incorporates inflow and outflow of cash over the minimum period you intend to be a member of a Yacht Ownership Club allows you to compare the cost of membership against the cost per day for the other options. You’ll find the following cash-flow model - which makes those comparisons - a useful guide.
Whole Ownership Assumptions: • Cost of Vessel - Euros 3,000,000 • Deposit - 30% • Interest Rates - 4.25% flat per annum • Annual costs include - Marina fees, Crew costs, Insurance, Maintenance, Other vessel operating costs, Finance cost and Vessel depreciation • Owner earns revenue of Euros 240,000 per annum by chartering out vessel 60 days per year at a net profit of Euros 4000 per day • Owner sells vessels at 65% of purchase price in year 5
YOC Assumptions • Annual Gold membership of Euro 60,000
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For further information on how to become a member of the IFA Yacht Ownership Club, please CONTACT US.
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