Yacht Lease Purchase Agreement by yod90225


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									  Italian Lease
or Yacht Finance
 We offer both!
                                                                                  Specialists in
                                                                                  yacht finance and leasing
                    Italian Lease                                                 Headquartered in Holland and with a daughter
                  or Yacht Finance                                                company in Italy, Ciris Capital offers owners around
                                                                                  the world a one-stop service for customised yacht
                   We offer both!                                                 finance and leasing. Established in 2001 by Hans
                                                                                  Groen and Remco Immink, we offer you decades
                                                                                  of international experience in this specialised field.
                                                                                  Our network and contacts with banks and other
                                                                                  financial authorities are second to none.
                                                                                  Ciris Capital has been awarded the Quality Mark
The main features of financing & leasing                                          Financial Services Certificate and is licensed by
                                                                                  the Netherlands Authority for the Financial Markets.
                       Finance                        Italian Lease               The branch office in Florence has an Italian Lease
Product                Construction and               Construction and per-       license from the Italian Foreign Exchange Office
                       permanent finance              manent finance for new      (Ufficio Italiano dei Cambi, UIC).
                       for new or used yachts         or used yachts on which
                                                      no VAT has been paid
                                                                                  Knowing the market
Who for                Clients in Europe, the         Clients in Europe, the      Our deep understanding of the yachting market is
                       United States, the             United States, the
                                                                                  enhanced by a personal love of sailing. Something
                       Middle East and                Middle East and
                       Australia/New Zeeland          Australia/New Zeeland       else we share in common with you is a desire to get
                                                                                  the best possible deal on the market. You could
Minimum amount         Euro 150,000                   Euro 500,000
                                                                                  approach ten different banks to negotiate your yacht
                       (minimum loan)
                                                                                  finance or leasing arrangement. Or you can talk to
Maximum amount         Euro 150,000,000               Euro 150,000,000
                                                                                  the one specialised company that knows them all
                                                                                  and let Ciris Capital find a customised solution.
Down payment           20% of the value of the        Minimum 20%,                What makes more business sense?
                       yacht                          maximum 50%

Term                   Maximum 120 months             Minimum 36 months,          Stay liquid
                                                      maximum 120 months          Yacht owners turn to Ciris Capital for four main
Interest period        Variable interest or           Variable interest or        reasons: To purchase a new or second-hand yacht,
                       fixed interest over 1, 2,      fixed interest over 1, 2,   to cover the costs of a refit, to finance a new
                       3, 5 or 10 years               3, 5 or 10 years
                                                                                  purchase while the current yacht is being sold,
Flag                   Dutch, British, German,        Dutch, British, German,     or to re-finance a yacht already owned. Did you
                       Dutch Antilles, Cayman         Dutch Antilles, Cayman      know that over 50 percent of all yachts are now
                       Islands. Other flags           Islands. Other flags
                                                                                  financed through loans?
                       individually assessed          individually assessed

Mooring place /        No restrictions                No restrictions             A huge benefit of financing is that your assets remain
sailing area
                                                                                  liquid and your money keeps working on your behalf.
Chartering             Permitted                      Permitted                   And here is another good reason to partner with Ciris
Securities             First mortgage on the          Yacht is owned by lea-
                                                                                  Capital... Your financial package with us will be based
                       yacht, insurance and per-      sing company. Personal      on your yacht, not the value of your house or share
                       sonal liability of the owner   liability of the lessee     portfolio. The only securities we require are a first
Accelerated payments   Always allowed; penalty-       Not recommended             mortgage on the yacht, assignment of the yacht
                       free after one year                                        insurance policy and your personal guarantee.
VAT savings via leasing                                                          Italian Lease FAQ
Our subsidiary Ciris Capital Leasing S.r.l. in Florence
offers you all the benefits of Italian yacht leasing.                            Who can benefit from an Italian Lease arrangement?
These include the fact that Italian tax authorities only                         All owners who use their yacht for private purposes,
                                                                                 are inhabitants of the EU and wish to finance part of
charge VAT over a part of the lease term. Under the
                                                                                 their yacht by a lease for VAT benefits.
terms of a leasing agreement, the lease company -
in this case, Ciris Capital Leasing S.r.l. - buys the
                                                                                 What VAT regulations apply? Depending on the
yacht from the seller and leases it to the client.                               registered length of the yacht, you will receive a
The agreement can run between 36 and 120 months.                                 discount on the VAT charged. Yachts of more than
At the end of the lease period you have an option to                             24 registered metres are charged a VAT of 6%. This
purchase the yacht. Your savings can be significant:                             percentage is calculated over all instalments. The
On a 20 m motoryacht, for example, you only pay                                  usual VAT rate will apply to the purchasing option;
eight percent VAT on the cost price.                                             Italian VAT is currently 20%.

                                                                                 Are there any other VAT benefits? Besides the fact
                                                                                 that the VAT tariff is lower than the purchasing VAT,

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                                   of ct

                                                                                 you will also benefit from paying the VAT in instal-

                                      in to

                                        st 20

                                          al %

                                                                                 ments and not all at once at the time of purchase.

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                                                                                 What are the benefits of a short duration? VAT
   Motor or sailing vessels                                                      must be paid on the lease terms and is paid both on
   exceeding 24 m length                    30%                     6%           the redeemed and the interest components. The longer
   Sailing vessels                                                               the duration, the larger the total interest component.
   between 20.01 m – 24 m;                                                       The VAT charged will diminish the original VAT benefit.
   motor vessels
   between 16.01 m – 24m                    40%                     8%
                                                                                 Is the interest fixed or variable? The interest can
   Sailing vessels
   between 10.01 m – 20 m;                                                       be fixed for longer periods on amounts starting at
   motor vessels                                                                 € 1 million. A variable interest rate is standard.
   between 12.01 m – 16 m                   50%                     10%

   Sailing vessels up to 10 m;
   motor vessels
                                                                                 Is the Italian Lease also for yachts under
   between 7.51 m – 12 m                    60%                     12%          construction? The Italian Lease is suitable for
                                                                                 yachts at any stage of construction or which are
   (1) the equivalent VAT rate is the effective one obtained applying full VAT
   (20%) only to the portion of the instalment subject to it (2nd column)
                                                                                 ready to be delivered. It is essential that the VAT has
                                                                                 not yet been paid on the boat.

                                                                                 Under what name will the yacht be registered?
                                                                                 The yacht will be registered to the lease company.
                                                                                 All documents which prove that the lessee is
                                                                                 authorised to sail the yacht will be kept onboard.

                                                                                 Are there any restrictions to the sailing area and
                                                                                 use of the yacht? The yacht can be used freely and
                                                                                 there are essentially no restrictions. The yacht must
                                                                                 of course meet any relevant requirements to sail in
                                                                                 certain areas and its insurance will be based on both
                                                                                 the sailing area and its activity (i.e. racing, world
                                                                                 cruise, etc.).

                                                                                 What happens if I want to sell my yacht?
                                                                                 The lease contract can be transferred to the buyer
                                                                                 subject to the approval of the lease company.

                                                                                 What is the difference between Ciris Capital
                                                                                 Leasing S.r.l. and other lease companies?
                                                                                 Short and clear communication makes the Ciris
                                                                                 Capital Lease a transparent product. We speak your
                                                                                 language both literally and metaphorically.
Other services                                            Meet the directors
In addition to financing and leasing packages,
                                                          Hans Groen began his financial career in 1983 as
Ciris Capital can handle other yacht-related issues.
These include the most efficient ownership structures,    an account manager at ABN AMRO bank. Six years
yacht insurance, support during new build projects        later he joined Mercedes-Benz Leasing as Credit
and professional advice at every entry level. From
first time buyers to experienced yacht owners and         Risk Manager, working for subsidiaries such the
those looking to sell, the team at Ciris Capital is       precursor of Daimler Chrysler Capital Services
always on hand to answer your questions.
                                                          and becoming Director of Finance in 1999.
                                                          As co-founder of Ciris Capital in 2001, Hans is
Any questions?                                            responsible for operational business and the
As one of Europe’s leading finance and leasing
specialists, we are often asked for advice.               technical aspects of financial constructions.
Our website contains a handy guide to the various
issues you need to consider when buying, building,
financing or leasing a yacht. At Ciris Capital we         Remco Immink started at the insurance firm
believe boat ownership should be a pleasure, not          Nationale Nederlanden in 1986 before joining
an extra concern. Here are a few examples of the
                                                          Mercedes Benz Leasing and debis Financial
advice you will find on www.ciriscapital.com
                                                          Services. In 1999 he became Director of Sales
                                                          for Daimler Chrysler Capital Services. Taking this
Things to consider when
buying a yacht include:                                   rich experience into Ciris Capital as co-founder,
•   Who is the current owner? Is it an individual or      Remco works primarily on the commercial side of
    a company? If the latter, where is this company
    based (inside or outside of the EU)?                  international financial services. He is also the point
•   Has the yacht already been imported to the EU         of contact for potential clients and offers expert
    or must it still be imported?
                                                          advice on the best financial constructions.
•   Where and when will the yacht ownership be
    transferred? Is this realistic?
•   What is the yacht’s VAT status? VAT paid and
                                                          Hans and Remco are supported by a dedicated
    reclaimed? VAT paid? Where and when?
•   Under which flag is the yacht currently registered?   team of specialists in finance, legal affairs and

Our invitation to you...
The decision as to which solution best suits your
future project depends primarily on your individual
wishes. It makes good sense to discuss these topics
with people who are active in yacht finance and
leasing on a daily basis. Why not give us a call for an
obligation-free discussion. Complete discretion is

                                                                                   Hans Groen (left) and Remco Immink
       Application Yacht finance
           and Italian Lease
We would like to receive a proposal for:
❑    financing the purchase of a new yacht
❑    financing the purchase of a second hand yacht
❑    (re-)financing an already purchased yacht
❑    financing a refit
❑    financing the purchase of a yacht until the current owned yacht has been sold
❑    Italian Lease

Personal information

First name


Telephone number

Email address


Yacht information

Brand and type

Build year


Registered length

Motor yacht or sailing yacht

Purchase price

Sailing area

Purpose: private use or charter

Expected delivery date

VAT status of the yacht

Preferences with regard to the finance / Italian lease

Preferred registration/flag


Down payment

                          Please return this form to Fax: +31 (0)30 697 4800
 1e Dorpsstraat 20 - Zeist - P.O. Box 91 - 3700 AB Zeist - The Netherlands
T: +31 (0) 30 69 70 865 - F: +31 (0) 30 69 74 800 - E: info@ciriscapital.com

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