Superyacht and luxury asset services in the United Arab Emirates
28 February 2024
Superyacht and luxury asset services in the UAE Corporate ownership Registration services Family O昀케ce
Contents Why Ogier? 3 Corporate services for 4 Aviation and Marine Legal services for Aviation 6 and Marine Other Luxury Assets 8 Family O昀케ce Services 10 Bene昀椀ts of corporate ownership 12 Key considerations for a new yacht owner 13 Yacht registration in the UAE 14 Biographies 17 Biographies 19 Our locations 20
Superyacht and luxury asset services in the UAE Why Ogier? Our clients enjoy the bene昀椀ts of being able to build long term, personal relationships across both our legal and administration teams working with a service provider that supports their objectives. We o昀昀er the full range of legal and We also collaborate with the The team go the extra 昀椀duciary services with access to our leading marine and aviation mile, considering all state-of-the art client service lawyers and tax advisers in options and assisting with portal, Ogier Connect. Please visit jurisdictions where we do not have our website www.ogier.com for full a presence to ensure our clients are even the smallest of details on our locations and services fully supported by a team of queries globally. experts on all matters relating to Legal 500, 2023 the sale, purchase and Our Private Wealth team has management of their superyachts signi昀椀cant experience in working and aircraft. with global families, their structures and appointed third parties and we have a specialist team for luxury assets including superyachts and aircraft. We very much like to develop a close relationship with our clients and welcome regular meetings to further enhance and build on that relationship. 3
Superyacht and luxury asset services in the UAE Corporate services for Aviation and Marine With professionals based in Asia, the Middle East, the Caribbean and Europe we are able to provide global coverage across all time zones. A long track record of We can assist clients in the - Crew payroll administration delivering practical and following areas: utilising specialist yacht commercial solutions to management software clients in the aviation and - Formation and administration - Crew employment of asset holding SPVs and administration including marine markets. crew employment / payroll provision of MLC compliant SPVs seafarer employment - Financial, administrative and agreements utilising specialist accounting services for yacht management software aircraft and marine vessel - Processing of crew bene昀椀ts owners such as medical insurance - Provision of directors, and pensions nominee shareholders, - International savings plans registered o昀케ce, registered for crew tailored to suit the agent and trustee services speci昀椀c circumstances of the - Yacht registration services in employer and employee the Red Ensign Group 昀氀ag states - Malta, the Isle of Man and the Marshall Islands - Ogier Connect 24-7-365 live digital information portal providing owners / managers with data at a glance 4
The speci昀椀c combination of our highly informed experts helps our clients see around corners.
Superyacht and luxury asset services in the UAE Legal services for Aviation and Marine Our global aviation and marine specialists have a long track record of delivering practical and commercial solutions to clients in the aviation and marine markets. O昀昀shore Firm of the Year We have many years' experience - Advice and establishment of The Lawyer European advising in respect of o昀昀shore ownership structures for Awards 2023 structures and complex yachts and aircraft transactions around the globe. - Structuring of asset holding Coupled with our commercial focus structures Best O昀昀shore Law Firm and responsiveness, our team is - Governance, regulatory and well suited to the demands of compliance support WealthBrie昀椀ng European clients with aviation and marine - Advice on the 昀椀nancing and Awards 2023 assets. We can advise on structures lease of aviation and marine relating to the ownership of all assets types of yachts and aircraft, Law Firm of the Year - including the following: - Acquisition, sale and transfer Caribbean of assets registered or to be registered Citywealth IFC Awards - Enforcement of security and 2023 vessel / aircraft arrests and detentions - Employment law advice in respect of crew contracts - Family o昀케ce, private wealth and trusts and estate planning - Restructuring and corporate recovery - Dispute resolution 6
We 昀椀nd solutions and answers, resulting in the most e昀昀ective system possible, using the appropriate resources.
Superyacht and luxury asset services in the UAE Other Luxury Assets It is not uncommon for families to hold some form of tangible or luxury assets within their investment portfolios. From vintage and rare cars to 昀椀ne A trustee’s role may include buying, wines and art, such assets are selling, exhibiting, maintaining, frequently found within family moving or loaning the assets. In structures. These assets may be each case di昀昀erent considerations purchased as an investment or arise that require detailed and simply as a lifestyle choice inspired separate examination. We provide by a particular interest. the expertise required to establish the appropriate ownership With forethought and expert tax structure and to obtain and and legal advice, signi昀椀cant maintain adequate records. The bene昀椀ts can be gained including holding of certain assets in a 昀椀nancial security for families, an special purpose vehicle SPV will opportunity to minimise potential ring-fence the liabilities and protect tax liabilities on the luxury asset the trustee. and a chance for the owner to leave a lasting legacy through proper preservation. We can help families create an ownership structure and succession plan that will preserve and protect the value of their assets for future generations. 8
Our global Aviation and Marine specialists have a long track record of delivering practical and commercial solutions to clients in the aviation and marine markets.
Superyacht and luxury asset services in the UAE Family O昀케ce Services Ogier has a wealth of experience in working with di昀昀erent types of family o昀케ce. We work with local and We can also assist with the legal international families and providers and regulatory issues involved in of family o昀케ce services in order to establishing new family o昀케ces and meet the diverse needs of ultra- for existing family o昀케ces. This high-net-worth UHNW individuals includes 昀椀nancial services and their families and to regulation, necessary licensing and understand the challenges facing sta昀케ng permissions, anti-money them. In particular, Ogier has laundering reporting and identi昀椀ed the increasing need for obligations, and data protection, UHNW individuals and their together with the relocation of families to establish family o昀케ces family members, family o昀케ces and with substance in our jurisdictions. sta昀昀 to our jurisdictions and related business set-up, property, We can provide practical assistance immigration and employment in relation to the governance of matters. family o昀케ces, in particular the role of family members, external We can provide training to family consultants and investment o昀케ce administrators to assist with advisors in the family o昀케ce CPD requirements. Our corporate structure, succession issues and administration business Ogier generational planning and the Global has a specialist Private creation of soft or hard frameworks Wealth Services team which to support interaction and establishes and governs structures. communication between the family o昀케ce, family members and their key advisors. 10
We o昀昀er support across every time zone
Superyacht and luxury asset services in the UAE Bene昀椀ts of corporate ownership There are many types of entities that can be used to own a yacht. Each has its own merits dependent on the circumstances of the ultimate bene昀椀cial owner and the intended use of the yacht. Professional legal and tax advice Limited liability Aircraft registration should be obtained prior to the Properly set up and maintained Choosing a registry with the highest purchase of a yacht. Ogier has the SPVs limit the liability of the regulatory standards is the number legal expertise to advise on the bene昀椀cial owner to the value of the one consideration. Whether the corporate ownership structure and assets in the structure. aircraft is to be for private use, Ogier Global will provide 昀椀duciary corporate private user or and corporate services for the Con昀椀dentiality commercially chartered will also ongoing management of the SPV. O昀昀shore entities often provide a play a part in choosing the most greater level of protecting the suitable registry. O昀昀shore registries anonymity of the bene昀椀cial owner. provide a greater degree of privacy. Yacht 昀氀ag Commercial charter Each 昀氀ag state has its own SPVs are most suitable for requirements for permitting chartering operations and can individuals to register a yacht. provide a number of personal tax Where the individual does not bene昀椀ts for the bene昀椀cial owners if qualify in their own name for their the structure is properly created 昀氀ag of choice, an SPV from a and maintained. qualifying jurisdiction can be used to own and register the yacht. Financing Many 昀椀nance providers prefer to lend to recognised o昀昀shore structures. 12
Superyacht and luxury asset services in the UAE Key considerations for a new yacht owner How will the yacht be used? How will the yacht be managed? Privately, commercially, a The larger the yacht, the more combination of the two? There will support required. A reputable yacht be di昀昀erent 昀椀scal duties / VAT management company working dependent on use and jurisdiction. together with the owning company allows the client to focus on Size of the yacht? enjoying their time aboard the This will determine which ship yacht. registries are available to use. Environmental concerns? Where will the yacht be sailed? There are several ways to allay Correct custom clearances must be environmental concerns. Consider obtained for chosen cruising areas. joining the International Seakeepers Society or take advantage of new green technology. Where will the yacht be berthed? Does the chosen marina have a large enough berth? If the previous owner sells you a berth there may be a tax exposure. Seek tax advice prior to agreeing the purchase. 13
Superyacht and luxury asset services in the UAE Yacht registration in the UAE Yacht owners choose the UAE for Ownership structuring HNWIs and UHNWIs looking to registration due to its strategic The UAE o昀昀ers remarkable establish holding structures in the location, world-class marinas, ownership structures for private UAE, can have the option to utilise stable political environment, 昀氀exible clients, especially high-net-worth the Dubai International Financial ownership structures, a thriving individuals (HNWIs) and ultra-high- Centre (DIFC) as a free zone. The luxury yachting culture, quality net-worth individuals (UHNWIs), as DIFC is a prominent 昀椀nancial hub yacht services, recognition of well as prominent business families. that o昀昀ers a favourable international standards, and an Notable features include: environment for various business e昀케cient registration process. activities, including holding - Versatile options companies. The UAE provides a secure and HNWIs and UHNWIs can convenient hub for yacht owners, choose between setting up in The approximate DIFC government o昀昀ering a tax-friendly environment, free zones or the mainland fees will be the following: state-of-the-art marinas, and depending on their preferred - Incorporation fees (one-time access to a range of high-quality structures. payment) – US$ 8,000 services. The stable political climate - License fees upon and adherence to international - Free zones (FZs): incorporation and annually – standards further contribute to the The UAE boasts over 40 Free US$ 12,000 appeal of the UAE for yacht Zones, each governed by an - Establishment Card registration. independent Free Zone (annually) – US$ 618 (in case Authority (FZA). These zones if you need to apply for visas) o昀昀er autonomy and are - Personnel Sponsorship responsible for licensing and Agreement Deposit – US$ 680 regulating companies (in case if you apply for operating within them. Establishment Card) Mainland ownership changes - Data Protection – US$750 (if applicable) Before 1 June 2021 a mainland UAE company required at least 51% Please note that the fees for lease ownership by a UAE national and residency visas are not sponsor or partner. This requirement included. was eliminated through amendments to the Commercial Companies Law, with exceptions If the yacht is intended for based on speci昀椀c "positive lists" commercial use, the arrangement that de昀椀ne permissible activities. will vary. We can tailor a proposal to meet the speci昀椀c needs of the client in this scenario. 14
Superyacht and luxury asset services in the UAE Registration of a yacht in Dubai 1. Copy of proof of ownership At the top of their game The oversight of Dubai's entire document or marine craft and rightly regarded as maritime sector falls under the purchase invoice attested by the part of the elite jurisdiction of the Dubai Maritime certi昀椀ed authorities or marine City Authority (DMCA), which craft building certi昀椀cate Chambers, 2023 mandates approvals from the 2.Copy of proof of minimum Federal Transport Authority – Land monthly income AED 20,000 or & Maritime (FTA) and the copy of title deed free hold Coastguards during the yacht property owners to whom the registration process. residence law is not applicable for expatriates (not required for To register a yacht in Dubai, it is pleasure water sport) imperative that the owner is either 3.Copy of certi昀椀cate of conformity a citizen or a resident of the UAE. issued by Emirates Authority for Tourists are ineligible for yacht Standarisation and Metrology registration, and even foreign (ESMA) for the new outboard business owners in the UAE must marine engines (not required for possess a UAE visa before pleasure water sport) commencing the registration 4.Copy of the certi昀椀cate of process. approved supplier to license radio communication devices (VHF) The registration process and fees for all commercial marine crafts may di昀昀er slightly according to the and pleasure marine crafts more type of yacht, and below are the than 35 feet, (10.7 metres) long initial documents that will need to (not required for pleasure water be submitted: sport) 5.Insurance policy valid for 13 months issued by an insurance 昀椀rm licensed in the Emirate. 6.Coast Guard Certi昀椀cate to install transponder device 7. Other requirements depends on the marine craft type and conditions. 15
Bringing together our experienced lawyers, Ogier Global’s corporate administration professionals and Ogier Regulatory Consulting’s experts, we o昀昀er advice and services related to structuring and 昀椀nancing options, issues arising in aircraft, vessel and security registration and certi昀椀cation, and associated employment and potential dispute matters.
Superyacht and luxury asset services in the UAE Biographies Daniel Pacic Managing Director +971 4 450 1902 [email protected] Daniel is a Middle East specialist. He is responsible for the development of Ogier Global’s presence and service o昀昀ering in the UAE and wider GCC region, aimed at facilitating Governance, Risk and Compliance services for 昀椀nancially-regulated entities, fund administration services for SWFs, PE funds and VC funds as well as estate planning solutions for private clients and their families. Prior to joining Ogier, Daniel held senior management and directorship positions with other corporate and 昀椀duciary service providers. Daniel has had several articles featured in publications such as Sovereign Wealth Quarterly and has also made guest appearances on Dubai Business Breakfast on Dubai Eye FM / Dubai One TV. His family has been based in the United Arab Emirates since 1974 and he has extensive professional and life experience in the Middle East. Jonathan Hughes Partner, Global Head of Local Legal Services +44 1534 514336 [email protected] Jonathan is Ogier's Executive Partner, Client Solutions as well as Global Head of Ogier's Local Legal Services. As a trusted client adviser, he also holds a number of directorships in Private Wealth and Real Estate structures and on company boards. Jonathan's personal practice covers: Acting for UHNWIs, HNWIs, Family O昀케ces and their related corporate businesses, luxury assets including aviation, marine and real estate, and directorships on private wealth and real estate company boards. Jonathan's Local Legal Services role sees him taking responsibility for local legal services within Ogier's home jurisdictions overseeing teams delivering the following services: Private Client, Luxury assets including aviation and marine, Real Estate business, Commercial law, Employment law, Regulatory law and Estate Planning. Jonathan is recognised as one of the leading legal advisers to the high net worth community and he works closely with Ogier's private client and trust teams in providing responsive, professional and discreet 昀椀rst class services. Jonathan holds an LLM Master of Laws degree in Maritime and International Commercial Law and an LLB (Hons) degree in law. He is a Jersey Advocate and before joining Ogier in 2007 quali昀椀ed as an English Solicitor and an Australian Solicitor having worked for a number of years in both London and Sydney at a top tier global law 昀椀rm. 17
Superyacht and luxury asset services in the UAE Biographies Sarah Mercury Director and Head of Private Wealth, Jersey +44 1534 514255 [email protected] Sarah is Director and Head of Private Wealth, Jersey, leading a team composed of trust and company administration specialists. Sarah has experience in all aspects of private wealth including trusts, companies, foundations, private trustee companies and partnerships. Sarah has more than 25 years' experience in the 昀椀nance sector in Jersey and is a member of the Society of Trust and Estate Practitioners. Sarah has ful昀椀lled the role of trustee and director on a structure holding a large portfolio of prime London commercial real estate and acted as trustee on numerous family trusts for UHNW individuals and families across various jurisdictions working with a broad range of assets including real estate, art, classic cars, luxury yachts, private aircraft, investment portfolios, bank deposits, listed and unlisted securities. Simon Goldring Private Client Director, Middle East +971 4450 1907 [email protected] As private client director for the Middle East, Simon is based in Dubai and works with Ogier clients across the region and is an ambassador for Ogier's global jurisdictions including BVI, Cayman, Guernsey, Ireland, Jersey and Luxembourg. Ogier provides a full service to clients in the Middle East, o昀昀ering legal, corporate and 昀椀duciary services, and regulatory consulting from its new location in the Dubai International Finance Centre Simon is well known as a senior statesman across the region. He helps develop client relationships as part of the extended Ogier team across the 昀椀elds of law, corporate and 昀椀duciary services and regulatory advice With a background as a highly experienced international lawyer, Simon has more than 20 years' experience supporting families in the region and an extensive knowledge of the needs of private clients around the world. 18
Superyacht and luxury asset services in the UAE Biographies Jane Hayes Associate Director +44 1534 514114 [email protected] Jane is an associate director in Ogier Global's Private Wealth Services. Jane manages 昀椀duciary structures for ultra-high-net-worth clients (UHNW), with a special focus on the provision of services related to the management of superyachts and their ownership structures. Jane has more than 30 years' experience in Jersey's private client and trust industry and is a STEP quali昀椀ed professional. During her career, Jane has dealt with complex multi-jurisdictional 昀椀duciary structures for UHNW clients. Before joining Ogier Global, Jane was associate director of the marine and aviation team at an independent 昀椀nancial services company where she specialised in the management of superyachts, the administration of ownership structures and also family o昀케ce services for one of the 昀椀rm's largest clients. Kelly Bentley Assistant Manager +44 1534 514024 [email protected] Kelly is assistant manager within the Ogier Global Private Wealth team. Kelly’s principal expertise is in the superyacht sector including superyacht administration, superyacht ownership structures, yacht registrations and crew payroll and employment administration structures. Kelly has a wealth of experience in administering all types of ownership structures including partnerships, foundations and ICCs. Before joining Ogier in October 2022, Kelly was a senior administrator in the Marine & Aviation team at an independent trust company in Jersey where she developed her knowledge of the superyacht sector. Kelly is studying toward the ACCA quali昀椀cation and hopes to be quali昀椀ed by September 2023. 19
Superyacht and luxury asset services in the UAE Superyacht and luxury asset services in the UAE Our locations Beijing Hong Kong Luxembourg Room 976 11th Floor Central Tower 2-4 rue Eugène Ruppert Level 9, Tower 2, 28 Queen's Road Central PO Box 2078 China Central Place Central L-2453 Luxembourg No. 79 Jianguo Road, Hong Kong T +352 2712 2000 Chaoyang District T +852 3656 6000 F +352 2461 1680 Beijing 100025 F +852 3656 6001 E [email protected] China E [email protected] T +86 10 8509 8460 Shanghai E [email protected] Guernsey Room 3671 Redwood House Level 36 Shanghai International British Virgin Islands St Julian's Avenue Finance Centre Tower II Ritter House St Peter Port No. 8 Century Avenue Wickhams Cay II Guernsey GY1 1WA Pudong New Area PO Box 3170 T +44 1481 721672 Shanghai 200120 Road Town, Tortola F +44 1481 721575 China British Virgin Islands VG1110 E [email protected] T +86 21 6062 6294 T +1 284 852 7300 E [email protected] F +1 284 852 7450 Ireland E [email protected] Percy Exchange Singapore 8 - 34 Percy Place 63 Chulia St Cayman Islands Dublin 4 Ireland D04 P5K3 #15-01 89 Nexus Way T+353 1 639 3000 Singapore 049514. Camana Bay E [email protected] T+86 21 5116 9188 Grand Cayman E [email protected] Cayman Islands KY1-9009 Jersey T +1 345 949 9876 44 Esplanade Tokyo F +1 345 949 9877 St Helier Holland Hills Mori Tower RoP E [email protected] Jersey JE4 9WG Suite 702 Channel Islands 5-11-1 Dubai T +44 1534 514000 Toranomon South Tower, 1003 F +44 1534 514444 Minato-ku Emirates Financial towers E [email protected] Tokyo, 105-0001 DIFC Japan Dubai London T +81 3 6402 5635 T +971 4 450 1900 19th Floor F +81 3 6402 5636 E [email protected] 100 Bishopsgate E [email protected] London EC2N 4AG T +44 1481 721672 F +44 1534 514444 E [email protected] 20 21
Superyacht and luxury asset services in the UAE Superyacht and luxury asset services in the UAE Our locations BeijingHong KongLuxembourg Room 97611th Floor Central Tower2-4 rue Eugène Ruppert Level 9, Tower 2,28 Queen's Road CentralPO Box 2078 China Central PlaceCentralL-2453 Luxembourg No. 79 Jianguo Road,Hong KongT +352 2712 2000 Chaoyang DistrictT +852 3656 6000F +352 2461 1680 Beijing 100025F +852 3656 6001E [email protected] ChinaE [email protected] T +86 10 8509 8460Shanghai E [email protected] 3671 Redwood HouseLevel 36 Shanghai International British Virgin IslandsSt Julian's AvenueFinance Centre Tower II Ritter HouseSt Peter PortNo. 8 Century Avenue Wickhams Cay IIGuernsey GY1 1WAPudong New Area PO Box 3170T +44 1481 721672Shanghai 200120 Road Town, TortolaF +44 1481 721575China British Virgin Islands VG1110E [email protected] +86 21 6062 6294 T +1 284 852 7300E [email protected] F +1 284 852 7450Ireland E [email protected] ExchangeSingapore 8 - 34 Percy Place63 Chulia St Cayman IslandsDublin 4 Ireland D04 P5K3#15-01 89 Nexus WayT+353 1 639 3000Singapore 049514. Camana BayE [email protected]+86 21 5116 9188 Grand CaymanE [email protected] Cayman Islands KY1-9009Jersey T +1 345 949 987644 EsplanadeTokyo F +1 345 949 9877St HelierHolland Hills Mori Tower RoP E [email protected] JE4 9WGSuite 702 Channel Islands5-11-1 DubaiT +44 1534 514000Toranomon South Tower, 1003F +44 1534 514444Minato-ku Emirates Financial towersE [email protected], 105-0001 DIFCJapan DubaiLondonT +81 3 6402 5635 T +971 4 450 190019th FloorF +81 3 6402 5636 E [email protected] BishopsgateE [email protected] London EC2N 4AG T +44 1481 721672 F +44 1534 514444 E [email protected] 20 21
To the point. Ogier is a professional services 昀椀rm We have three divisions: with the knowledge and expertise Legal: Practical advice on BVI, Cayman, Guernsey, to handle the most demanding and Irish, Jersey and Luxembourg law. complex transactions and provide Corporate and Fiduciary: Corporate administration services with a strong reputation in governance and expert, e昀케cient and cost-e昀昀ective regulatory compliance. services to all our clients. Consulting: Independent guidance on sustainable investing, regulatory compliance and tech. Core legal Core corporate and Core sector services 昀椀duciary services services 1,100 • Banking and Finance • Corporate Administration • Aviation and Marine • Corporate • Debt Capital Markets • Family O昀케ce Employees • Dispute Resolution • Funds • Private Equity • Investment Funds • Investor Services • Real Estate • Private Wealth • Private Wealth • Restructuring and Insolvency 108 40 • Regulatory • Real Estate • Sustainable Investing and ESG • Tax • Technology and Web3 Partners Directors Investment in technology Sustainability Our continued investment in our people As an international 昀椀rm, we support e昀昀orts to and technology is transforming the delivery protect global and local ecosystems. We are of professional services to our global client continuously and actively reducing our global network, from live client portals to digital carbon emissions and environmental impact. contracts, digital collaboration areas and We are embedding sustainability at every level. document compilation. Corporate Social Responsibility Innovation We’re committed to being a good corporate Whether we’re pioneering new ways to citizen and supporting causes that empower service clients or fostering a culture of people and enable our communities to thrive. continuous improvement, innovation is We achieve this through community at the heart of everything we do. We are partnerships, pro bono work and volunteering. committed to providing a market-leading service that empowers clients. Client Centric Diversity, Equity and Inclusion We understand what our clients need to We believe in putting people 昀椀rst. As a global succeed, and do everything to ensure they business we recognise diversity, equity and meet their goals as simply and e昀昀ectively inclusion can be complex, challenging and as possible. nuanced. So we’re meeting it with courage, drive and openness. Best O昀昀shore Law Firm of the Year O昀昀shore Firm O昀昀shore Firm Law Firm - Caribbean, Guernsey of the Year of the Year WealthBrie昀椀ng European and Jersey Citywealth HFM Asian Services The Lawyer European Awards 2023 IFC Awards 2023 Awards 2023 Awards 2023 Beijing | British Virgin Islands | Cayman Islands | Dubai | Guernsey | Hong Kong | Ireland | Jersey | London | Luxembourg | Shanghai | Singapore | Tokyo
We get straight to the point, managing complexity to get to the essentials. Our global network of o昀케ces covers every time zone. We listen actively, asking the right questions, focused on what really matters. We deliver targeted, pragmatic advice with absolute clarity.
Legal Ogier is a professional Corporate and Fiduciary services 昀椀rm. We have Consulting three divisions: Beijing Legal: practical advice on British Virgin Islands BVI, Cayman, Guernsey, Cayman Islands Irish, Jersey and Dubai Luxembourg law. Hong Kong Corporate and Fiduciary: Guernsey corporate administration Ireland services with a strong Jersey reputation in governance London and regulatory compliance. Luxembourg Shanghai Consulting: independent Singapore guidance on sustainable Tokyo investing, regulatory compliance and tech. Our network of locations also includes Beijing, Dubai, Hong Kong, London, Shanghai, Singapore and Tokyo. Regulatory information can be found at ogier.com. ogier.com
