YachtQuarters Process

Establishment of the first shared ownership process

YachtQuarters is an ideal solution for everyone from boating novices wanting to take their first step into boating, to experienced owners looking to reduce the time and expense of running their own boat or to increase the size and comfort of the craft they currently enjoy. Once you’ve made your decision, the following step-by-step process will guide you towards making your dream a reality.

1: Letter of Intent (LOI)

Activity

Signed by individual customer

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2: Deposit

Activity

Deposit for confirmation of interest

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GBP 10,000 (or equivalent in Euros) to be paid to Princess Motor Yacht Sales (PMYS).

3: Paperwork

Activity

Completion of Customer Due Diligence (CDD) and Know Your Customer (KYC) forms

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A law firm will contact beneficial investors for the KYC/CDD process in relation to incorporation of the yacht owner company as well as opening of bank account.

4: Fulfilment Date

Activity

Notification to customer regarding the ‘Fulfilment Date’

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Fulfilment date is when sufficient no. of customers have fulfilled the above-mentioned three conditions for the process to continue.

5: Payment

Activity

Make payment of initial 50% instalment

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Instalments are pro-rata to the purchase price and amount of shared purchased.

Payments are to be remitted to Bank of Valletta, to a specific ‘Client in formation’ account, as share capital.

6: YachtQuarters 1 Ltd

Activity

Incorporation of the yacht owner company YachtQuarters 1 Ltd

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The initial shares will be issued as partly paid (50%) and allotted to the customers in accordance with the number of shares bought.

Two directors, nominated by the Yacht Manager, one representing the Yacht Manager and one representing the law firm, are appointed.

7: Shared Ownership Agreements (SOAs)

Activity

Signature of Shared Ownership Agreements (SOAs)
by all parties: customers, YachtQuarters 1 Ltd, and Yacht manager
‘Effective Date’ confirmed

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When the SOAs have been signed by all parties, the agreement will come into effect.

8: Sales & Purchase Agreement (S&P)

Activity

Agreement signed for the transfer of the yacht, from PMYS UK to YachtQuarters 1 Ltd

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The 50% share capital received by YachtQuarters 1 Ltd. via the ‘Client in formation’ account will be deposited to PMYS UK.

9: Invoice

Activity

Presented by PMYS UK

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Princess Motor Yacht Sales will present an invoice to you, showing 50% instalment and deposit paid plus balance outstanding.

10: Payment

Activity

Payment made of final 50% instalment

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A pre-delivery date will be agreed upon which the final payment will be due. The share capital received by YachtQuarters 1 Ltd. will be paid to PMYS UK.

11: Completion

Activity

Transfer of the yacht to be completed, Bill of Sale (BoS) confirmed

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BoS from PMYS UK will be sent to YachtQuarters 1 Ltd.

12: Re-registration

Activity

Yacht to be re-registered to Malta flag under new ownership

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