or Yacht Finance
We offer both!
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
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
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,
you will also benefit from paying the VAT in instal-
ments and not all at once at the time of purchase.
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.
between 16.01 m – 24m 40% 8%
Is the interest fixed or variable? The interest can
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;
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
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
Brand and type
Motor yacht or sailing yacht
Purpose: private use or charter
Expected delivery date
VAT status of the yacht
Preferences with regard to the finance / Italian lease
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: email@example.com
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