FAQ
Finance
Can I buy the boat with my own cash and have Sunsail make payments to me?Yes. Sunsail has a Guaranteed Income Program, which is ideal for this situation with fixed monthly payments to the owner. Or you can opt for the Sunsail finance program where you pay less for the yacht at the outset but receive no income, this is only available for yachts in Croatia and Greece.
Do I have to declare the income received from Sunsail?
It depends on your tax situation. Sunsail is occasionally asked by tax authorities to supply details of what payments of yacht rentals have been made to whom. We comply with such requests.
How do I receive my income?
Owners on the Guaranteed Income program get paid by direct bank transfer monthly in arrears, according to the schedule that forms part of their contract.
How is the yacht financed?
Under the Guaranteed Income program you can take out a marine mortgage borrowing up to 80% of the yacht price. We can refer you to finance companies who are experienced in dealing with yachts, or you can use your own contacts. The finance company would secure its loan with a mortgage on the yacht and your charter income can be used to repay the loan.
Under the Sunsail finance program, you cannot secure a loan against the yacht as you are not the full title holder (owner), until the end of the agreement. Therefore, the loan would either need to be unsecured or secured against other investments, such as property.
Is there a Guaranteed Buy Back at the end of the agreement?
Under the Sunsail financed program, if you do not elect to keep your yacht and receive title, you can opt for Sunsail's guaranteed buy back, for a set percentage of the original price.
Alternatively you may choose to sell through Sunsail Yacht Brokerage. We broker boats through an international network of our own offices, bases and partners.
What are the tax deductions on a program like this? Can I deduct the mortgage interest like a second home or holiday let business?
Some people take the tax deductions like a second home. As everyone’s situation is different, we recommend that you talk with your accountant about this program and your particular situation. Please contact your local tax office for advice.
What type of documentation (showing ownership) is available to the owner after the contract term under the Sunsail Finance programs?
You will receive a Bill of Sale transferring title of the Yacht from Sunsail or one of its associated companies to you. A certificate of cancellation of previous registry is also supplied which will enable you to register the yacht in your own name under your own national flag.
Will I have to pay import duty?
Any special duties necessary to operate the yacht are covered by Sunsail. After the agreement, import duty may apply to import the boat into the country of your choice. It is worth checking with your local customs & excise office.
Owner Use
How do I book my Owner Use? What about travel?You just call or email your Owner care representative. He/she will tell you what is available. Your booking is made like any regular customer’s i.e. “First come first served.” You don’t pay the charter fee but you pay for travel and any optional extras. Your Owner care representative can also assist with travel arrangements either in-house or with a partner company.
How many weeks can I use the yacht?
2-10 weeks a year - it depends upon the season you choose (high, mid, low). Owners Use is based on a 12-point system. You get 12 points of use per year. Each week of use costs between 2 and 6 points. A low season week is worth 2 points and an ultra high season week is worth 6 points. In addition you can take up to a further 4 weeks of short notice use each year. To qualify as short notice use, a reservation booking must be made a maximum of 7 days (Med yachts) or 16 days (other destinations) prior to departure.
What does it cost to charter a yacht other than my own in another base?
You are entitled to use a yacht up to the same size or charter rate value just as you would your own.
What if I don’t use all of my Owner’s Use? Will Sunsail pay me for not using it – or will Sunsail give me credit for not using my Owner’s time?
Sunsail will not give you credit or pay you for time not used but you may sell unused points to friends or work associates, provided you do not publicly market them.
What if I want to use a larger yacht than the one I own?
No problem – you simply pay the difference in the bareboat charter rate of your yacht and the one that you want to use. Many owners pass this charge on to the extra people joining them!
The Programs
Can I get out of the program before the end of the contract?Yes. Guaranteed Income Owners may opt to reduce the term of their contract by complete years provided 9 months notice is given. For Sunsail financed programs Sunsail does its best to accommodate Owners’ wishes but a financial adjustment is necessary.
Do I have a choice of where my yacht is placed?
We try our best to accommodate your wishes but there are certain restrictions, such as charter demand, the number of berths available and licensing/flagging restrictions from country to country.
Also, Sunsail has the right to move the yacht to another Sunsail charter base. This move can be either temporarily or permanent based on changing consumer demand or operational necessities. Your yacht will be delivered to you at the end of the charter use term in an agreed area.
Wherever your yacht is based you are free to use a sister ship in any Sunsail destination, so the location of your own yacht is not critical.
How do I join the program?
Call or email your nearest office and let them know what kind of yacht you are interested in. A member of the Yacht Partnership Team will discuss your requirements and send you draft contracts, specifications and any other information you may require.
Typically yachts for the Mediterranean are delivered in spring and for the Caribbean in the autumn. However contracts are made at all times of year and Owner Use benefits commence from the time of purchase.
Sunsail has to plan and order from the factories many months ahead so the sooner you let us know your requirements the more likely we can match them.
How does the Yacht Partnership Program compare with private yacht ownership?
Most private yachts are sold with a base price and all the options must be added, whereas our yachts are supplied with upgrades, extras and inventory and a delivery trip to the operating area is included. Once purchased, a private yacht attracts cost from day 1 whereas a Sunsail yacht generates income. With a Sunsail yacht you get a huge variety of sailing destinations you may never have considered, while we do all the hard work.
Unless you are sure you will use your own yacht very regularly and can do a lot of the maintenance yourself, a Sunsail yacht is probably a better financial option and much less stressful.
Why buy a yacht with Sunsail?
Sunsail’s senior management team has vast experience in the yacht charter and management business. We have used this to offer what we believe is the most user friendly programme for charter ownership combining well-known yacht brands, guaranteed income and unrivalled usage possibilities. Our determination to offer our customers the best charter holidays means that we strive to keep all our yachts in great shape.The fact that many of our owners are now on their 2nd or 3rd yacht with us speaks for itself.
The Yacht
Can I choose the specification of the yacht?No. Sunsail yachts are built and equipped to a standard specification, derived from years of experience of working with the leading equipment manufacturers, charter clients and owners. The equipment supplied is carefully chosen to suit the location and intended usage of the yacht. We also need to ensure that every yacht complies with local regulations.
What condition is the yacht in after the contract ends?
Good condition with everything working. Obviously, it’s a yacht with charter use and normal wear and tear can be expected. Sunsail’s maintenance programme includes regular checks and servicing and an annual haul out, to benefit you and our charter guests.
We recommend that you take up the extra week’s use offered in the last month of our agreement. During this time you can inspect the yacht and have a survey if you wish. While the yacht is still in our care it is easy for us to put right any items found not working and ensure all inventory as purchased is on board.
What if I do not want to own the boat at the end of the agreement?
Under the Sunsail financed program, if you do not elect to keep your yacht and receive title, you can opt for Sunsail's guaranteed buy back, for a set percentage of the original price, subject to twelve months notice.
Alternatively you may choose to sell through the Sunsail Yacht Brokerage – we broker boats through an international network of our own offices, bases and partners. Finally, you can extend for an addtional three seasons through the Footloose Sailing Charters fleet, located in the Caribbean.
What insurance cover is there?
Sunsail insures to replace your boat with a similar one. It covers repairs above a certain deductible (borne by Sunsail) and 3rd party liabilities of Sunsail, skippers and Owners.
What is the most popular boat in the fleet?
They should all be equally popular. We select yachts according to historic and predicted demand, based on our long experience. The amount you pay and/or receive will not be affected by the charter performance of your yacht: it is up to Sunsail to generate the charter income.
What operating bills do I have to pay?
NONE! Except for any registration fees or taxes that apply in your own country. Sunsail covers the expense of all maintenance (whether predictable or not!), insurance, dockage, haul out and of course all the marketing costs that are necessary to generate the charter income.
Who names the yacht?
As the owner you can choose the name of the yacht. This has to be approved by Sunsail and the national registry to ensure the name has not been used before.
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