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
- In Turkey from Marmaris and Bodrum
- In Croatia from Pula, Vinisce (Trogir airport), Biograd (Note that charter ownership in Croatia is only available on 100% paid yachts)
- In Italy from Elba, Piombimo, Palermo,Portisco (Olbia), Marsale (Sicily) Caloforte (San Pietro,Sardinia), Agropoli (Naples)
- In Malta from Birgu
- In France from Bormes les Mimosas
- In Caribbean from Martinique and St Lucia
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
Bavaria
| 50 | 5 cabins (3 cabins at extra cost) |
| 46 | 4 cabins (3 cabins at extra cost) |
| 42 | 3 cabins |
| 39 | 3 cabins |
| 38 | 2 or 3 cabins |
| Sun Osyssey 36i | 2 or 3 |
| Sun Odyssey 39i | 3 cabins |
| Sun Odyssey 42i | 3 cabins |
| Sun Odyssey 49i | 4 cabins |
| Sun Odyssey 54DS | 4 + 1 cabins |
| Oceanis 37 | 2 or 3 cabins |
| Oceanis 40 | 3 cabins |
| Oceanis 43 | 3 cabins |
| Beneteau 57 | 5 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
- Electric fridge
- Microwave on Bavaria 38, 40
- 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 year term or a 5.5 year term ( 4.5 and 6.5 years for Catamarans)
For other cabin configurations the scheme is available at different initial investment or percentage returns - please ask for details
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 30% 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 Used boatsALL 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". - For delivery to other Italian bases the cost is reduced to Euro 1000
- For delivery to France or Croatia there is no delivery cost
- For delivery to the Caribbean the cost is 12000 Euro
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 etcGREEK 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 2008 and may vary slightly from year to year, they also vary from area to area, for Greece the period are :Low season before 10/5 and after 04/10 6 weeks or Mid season 10/5 to 02/8 and 23/8 to 04/10 3 weeks or High seaon 02/8 to 23/8 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 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 (£100) is made for each embarkation to cover administration and yacht preparation costs.
- The cost of the insurance waiver (approx £61 per week of use)
- The cost of any optional extras required - 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.
- 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.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 companyA 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 residencySPECIAL DEALS
We are able to give you prices for a specially designed contract to meet you own requirementsPlease go to Table of costs and investment rates
Please email for a personal quotation.
Return to Yacht Fractions Home Page 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
SaiLinks Marine Internet.
To advertise contact Nigel Leak Tel: 01488 657888 Fax: 01488 658157
Email: sailinks@multiplex.co.uk Updated 27 September 2007 CDH
| 365 | 3 cabins |
| 385 | 3 cabins 2 heads version |
| 425 | 3 cabins 2 heads version |
| 455 | 4 cabins |
| 485 | 4 cabins version 2 |
| 525 | 4 + 1 cabins version 6 |
| Lavezzi 40 | 4 cabins 2 heads |
| Orana 44 | Quatuor version |
| Salana 48 | Quatuor version |
| 380 | 4 cabins |
| 420 | 4 cabins |
| 440 | 4 cabins |
| 500 | 5 cabins |