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This excellent scheme is operated byKiriacoulis 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, our UK owner clients now represent about 20% of the whole fleet.
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, Kalamata (own marina) and Paros
| 55 | 5 cabins |
| 51 | 5 cabins |
| 47 | 3 or 4 cabins |
| 45 | 4 cabins |
| 43 | 3 cabins |
| 40 | 3 cabins |
| 38 | 2 or 3 cabins |
| Sun Osyssey 49i | 4 cabins |
| Sun Odyssey 44i | 4 cabins |
| Sun Odyssey 42i | 3 cabins |
| Sun Odyssey 39i | 3 cabins |
| Sun Odyssey 36i | 2 or 3 cabins |
| Oceanis 54 | 5 cabins |
| Oceanis 50 | 5 cabins |
| Oceanis 46 | 4 cabins |
| Oceanis 43 | 3 or 4 cabins |
| Beneteau 40 | 3 cabins |
| Beneteau 37 | 2 or 3 cabins |
| 455 | 4 cabins | |
| 425 | 3 cabins 3 heads version | |
| 405 | 3 cabins 2 heads version | |
| 365 | 3 cabins | |
| Salana 48 | Quatuor version | |
| Orana 44 | Quatuor version | |
| Lipari 41 | Quatuor version | |
| 500 | 5 cabins |
| 440 | 4 cabins |
| 421 | 4 cabins |
| 380 | 4 cabins |
THE PURCHASE SCHEMES
Each scheme is available either as a 3.5 year term or a 5.5 year term ( 4.5 and 6.5 years for Catamarans)
SCHEME 1 - 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 50% to 70% 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 - The minimum deposit 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.
SCHEME 3 - 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.
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 a cost of Euro 3000 is included in the "local costs".
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
tables above. The cost is made up from supply of bedding, towel, galley equipment, charts
pilots etc
GREEK REGISTRATION
The charge for registering the yacht on the Greek register of shipping of Euro 4500
is included in the figure of Euro 9000 in the tables above.
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).
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 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 second hand value of the boat. VAT is currently at 19% in Greece
USE OF BOAT BY THE OWNER
Dates given are for 2010 and may vary slightly from year to year, they also vary from
area to area, for Greece the period are :
| Low season | before 22/5 and after 02/10 | 6 weeks or |
| Mid season | 22/5 to 31/7 and 21/8 to 02/10 | 3 weeks or |
| High seaon | 31/7 to 21/8 | 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.
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.
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 AND 2
Under the payment schemes 1 and 2 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 5 years on the 3.5 and 5.5 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
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.
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
 | SaiLinks Marine Internet. To advertise contact Nigel Leak Tel: 01488 657888 Fax: 01488 658157 Email:sailinks@multiplex.co.uk Updated 13 Nov 2009 CDH |