Frequently Asked Questions
Who owns the yacht?
You! Each and every syndicate owner owns the full proportion rights to the Yacht. Your name will be on the title documents to the Yacht and when people ask, you can proudly say it's 'MIY Yacht'.
How do we allocate time on board?
The MIY online platform coordinates each yacht owner's time onboard using a fair reservation system. Each owner is guaranteed usage during the peak yachting season and can book their holiday onboard up to one year in advance.
Can I bring guests on board?
Absolutely, it's your Yacht to use how you wish! (subject to adherence of the maritime certificate of the Yacht itself).
Where can I take MIY Yacht?
The Yacht will have an assigned mooring position within a harbour, where you go from there is up to you. Some owners use the Yacht as a floating holiday home, while others sail to explore local sights and coves. You can even embark on longer trips, leaving the Yacht in a temporary location for the next owner, if agreed.
Is it like a time-share?
Yes and no. The purchaser owns a share in the yacht they buy into. They are registered in the maritime register as an owner. One of a maximum of 8 owners. So it is their yacht.
The similarity to a ’timeshare’ is that the owner has weeks of usage balanced throughout the year. In this case, each share brings an allocation of 6 weeks. Some owners buy 2 or more shares - as they want or need.
The running costs are shared in 8 ways making this far more affordable and beneficial than chartering a yacht and the owner has a real asset that can be subsequently sold.
Can I get a bank loan for the share purchase?
Depends on your bank. Usually, banks may finance a share but most private purchasers use cash from savings or released from assets. Such as property refinance.
Can I buy my share through my company?
Yes. Many shares are bought through companies as well.
Can I purchase a share and rent it out to get a return?
It depends on the contract agreement with the other owners and your insurance policy. Our team of experts could put together a tailor-made package at owners request.
Do I need a license?
In short yes, and being competent is more important. MIY can help with all of this, we can provide refresher training or a full ICC qualification. MIY has a full team of crew available in all locations so that we can pilot the Yacht if you simply wish to lay back and enjoy the view.
What are the monthly running costs?
This will depend on the Yacht, Size, location and service required. Please contact us to discuss your requirements so that we can offer you an accurate idea of cost. Typically, it will of course be an 8th of the normal sole ownership cost associated with such a yacht.
Can I swap my weeks on board with others?
Yes, and the MIY app will help with all of this. Fancy a week in a different location? A larger Yacht? It’s all possible with our weekly exchange programme.
Is there a minimum tie in?
No. It’s your yacht, buy a share today and sell it next week. All you will pay for is your allocation of the running costs.
Can I privately sell my share?
Absolutely yes, but please introduce the new buyer to us so that we can onboard them into the syndicate correctly and ensure all documentation is in line with eh Yachts requirements.
Can I part exchange my share for a different Yacht or a Yacht in a different location?
Yes you can, at any time subject to suitable availability. MIY will manage this process for you from start to finish.
Is having a good time on board obligatory?
Absolutely yes!