I have a client whoís in an interesting spot. I wonít bore you with the details, but essentially they do 15-20 charters in the BVIís each year with at risk kids
. For understandable PR reasons, they donít want to own a million dollar yacht in the Caribbean
so I'm looking at starting a private charter
company with them as my main client. Once the boat
is paid for, I can drop the rates and help them stretch their dollars. I'm still a ways from retirement
per sť, but it would be a great option for me to have a boat
down there plus I'd love to support the awesome work
they're doing. They've been doing the trips for years and will continue to do so, so the rough numbers seem to work
I wouldn't be competing with the big companies, pretty much just there to serve this non-profit and maybe do a few other charters for friends. I've been researching ancillary costs and was hoping to get some harder numbers from the good folks here who have been there, done that and got the tee shirt.
I'll rattle off my questions in order.
1) If everything moves forward, we'll probably buy a new or close to new 5 cabin Lagoon
52. I'm estimating a $1.3M purchase
with a 25% down payment and a 7 year mortgage. Does that sound about right?
2) The next thing I need to know is the cost to register the boat and where to register. I was thinking of setting up a local company in the BVIs. I don't have any plans to bring the boat stateside. All transactions and income
would happen there, so that seems to make sense. But this is new territory, so if anyone has any wisdom on that, I'm all ears. Also, what do I need to budget
annually for boat registration
, etc.? I know there are no taxes
in the BVI's but if I have state side liabilities, I want to make sure they're covered.
As someone pointed out on another thread, I also need to know what work permits are required. As a US Citizen, would it make more sense to register in the USVI and just operate in BVI
3) I've estimated 2% for insurance
($26k annually) $4k for cleaning
($200 after each charter) $5k per year for scheduled maintenance
for the first three years since the boat will be new or nearly so, then $6k for years 4&5, $7k for years 6 and 7. Do these numbers seem reasonable?
4) Dockage. Here's where things get nebulous. I'm planning on keeping the boat on a mooring
ball most of the time with a few day rates when we're island hopping on the charters. In the interest of planning for worst case, I took a $35 day rate and multiplied by 365 for a total of $12,775 per year. What are some real world numbers for long term mooring
. What can I plan on spending on fuel
each month or year? I sail a Jeanneau
409 out of Marina Del Rey and the fuel costs are pretty minimal. But I know a cat has two of everything and I don't have a good feel for how much motoring we would be doing in a typical week of island hopping.
6) What am I missing?
Thanks in advance for your help and guidance!