Families and individuals without a yacht frequently deal with a number of difficult issues pertaining to money management and international travel. These include safeguarding assets from financial or legal risk, making sure taxes are paid efficiently in several jurisdictions, and adhering to constantly shifting international laws. Coordinating legal, financial, and administrative responsibilities across countries can become burdensome, especially when privacy and confidentiality are vital. Another layer of complication is added by juggling a seamless lifestyle that includes leisure activities, family logistics, and regular international travel.

Some of these find that having a yacht can help them deal with these issues in a strategic and useful way. With the right planning and management, a yacht can be more than just a luxury; it can be a transportable asset that provides privacy, flexibility, and international access. People can access international waters without the need for commercial travel or lodging, investigate possible tax benefits, and separate assets for security through efficient boat ownership structures. This is where Praxis comes into play. Praxis offers specialized ownership options, regulatory supervision, and continuing administration to help with this process. Their assistance makes boat ownership a seamless component of the client's overall financial and lifestyle plan, assisting them with risk management, compliance, and increased freedom, all while ensuring the asset is managed effectively and responsibly.

Praxis is a leading independent provider of bespoke solutions with expertise in yacht services, as well as private wealth, corporate & fund administration, and pensions & employer solutions. The firm's history of innovation, especially in yacht ownership, has seen it ranked as one of the industry's most innovative providers.

Praxis is dedicated to providing excellence by a group of highly skilled professionals with enhanced technical knowledge and a personalized service to each client. Their solutions are customized to satisfy special requirements, and efficiency, value, and peace of mind are assured. Praxis has maintained a culture of trust, partnership, and proactive problem-solving and hence continues to mold long-term and successful relationships, especially in the dynamic arena of yacht ownership.

Yacht Services Provided by Praxis

Praxis has over 50 years of experience in yacht ownership and operations. Their yacht services team, previously known as Sarnia Yachts, is one of the most established in the industry. They provide a broad range of services that address every facet of boat ownership and management to family offices, attorneys, brokers, and yacht owners.

They offer assistance with crew management, payroll, financial reporting, yacht ownership and registration, and European VAT and insurance issues. They strive to give each customer long-term, useful solutions and provide support for both individual and commercial yachts. The Guernsey Financial Services Commission has granted Praxis a license to provide fiduciary services. The staff can assist clients in adhering to maritime laws, avoiding financial difficulties, and maintaining compliance with regulations because they are knowledgeable about the intricate restrictions of boat ownership. In order for yacht owners to enjoy their boats stress-free, they aim to handle the minutiae.

Praxis can assist with selecting the best country for registration and establishing the appropriate structure, such as a partnership or company, for yacht ownership. They can assist a client's current advisors or oversee the entire process. In addition to vessel registration and continuing administration, their yacht management services also include dealing with third parties for VAT registration, insurance, and legal assistance. They have professionals stationed at important shipping hubs such as the British Virgin Islands, Malta, and the Isle of Man. Praxis can manage the entire crew management process, from hiring to end-of-service, ensuring that all safety and employment laws are observed. All things considered, Praxis provides dependable, uncomplicated assistance to anyone in need of crew services, boat ownership, or administration.

Yacht Ownership Service

Praxis offers tailored yacht ownership structures for vessels of all sizes, helping owners manage their assets effectively and securely. By working closely with legal and tax advisers, Praxis ensures each yacht is owned and operated in a way that aligns with the owner's goals while complying with current regulations. These structured solutions provide clear benefits such as asset protection, operational flexibility, and improved access to yachting resources.

Using a company, partnership, or similar arrangement to hold a yacht can offer key advantages. These include eligibility for certain flag registrations, better asset protection, discretion for the beneficial owner, and the ability to register for VAT in suitable jurisdictions for commercial use. Additionally, owners can delegate day-to-day vessel management while still maintaining oversight through Praxis’ expert team.

Praxis helps owners choose the right ownership structure and jurisdiction, then manages the full setup and ongoing administration of the corporate entity that owns the yacht. Their team ensures that all legal and regulatory obligations are met, giving owners peace of mind that everything is handled professionally. While Praxis does not offer financial or tax advice, they frequently collaborate with clients’ existing advisors to provide technical support. Their role often extends to ongoing consultancy, especially for family offices and corporate service providers managing yacht-related matters.

Their services include ownership structuring, oversight of new builds, purchases, and sales, charter operations support, contract and agreement management, and ongoing assistance with VAT and EU customs. They also serve as a control point for various operational aspects, such as spending, insurance, crew matters, and safety compliance. Praxis provides clients with access to a secure, cloud-based platform to manage yacht ownership details in one place. Additional corporate services include company administration, provision of directors, governance support, and registered office facilities.

Overall, Praxis offers a comprehensive and reliable solution for managing yacht ownership, combining technical knowledge with practical support to meet the complex needs of yacht owners worldwide.

Yacht Management Services

Praxis has a complete spectrum of yacht management services designed for private and corporate owners, trustees, family offices, and captains. The company's in-house professionals utilize expertise across various offices to provide customers with premium service along with the convenience of an all-in-one corporate and yacht management facility. This integrated mechanism avoids unnecessary duplication and costs often associated with separate services.

Praxis delivers comprehensive yacht management, such as flag registration, renewals, and survey and license coordination. Praxis also manages finance, appointments of a fiscal agent, and VAT compliance, in addition to a comprehensive ISM Safety Management System for yachts and super yachts. Praxis Select, targeted at sub-500-ton yachts, provides solutions from management of ownership through to comprehensive crew and safety operations.

Further, Praxis coordinates crew hiring, employment, payroll, social security, leave monitoring, and training to provide a smooth experience from beginning to end. Through this integrated process, Praxis ensures seamless, compliant, and hassle-free yacht operations for customers anywhere in the world.

Yacht Crew Management

Praxis provides a total suite of yacht crew management services to guarantee smooth operations and adherence to industry standards. The company offers end-to-end solutions such as recruitment, placement, travel arrangements, training, leave tracking, visa management, and MLC-approved employment and payroll services. Praxis has partnerships with reputable recruitment providers, carefully selecting candidates and taking care of all documents and screenings.

Crew leave and Absences are carefully recorded in order to satisfy contractual requirements, and travel arrangements are booked through agents specializing in yachts in consultation with various travel options per voyage. Praxis also tracks qualifications of crew in order to maintain ongoing training and certification.

Further, the company has a Maritime Labour Convention-compliant document repository, giving instant access to all required crew documents. Praxis also provides employer's liability insurance coverage, safety management solutions, and an array of administrative services to facilitate hassle-free crew operation. All this goes to show that yacht owners can concentrate on their yachts with confidence, knowing their crew is efficiently managed and taken care of.

Robert Fearis - Short Bio

Robert Fearis is the Chief Executive Officer of Praxis, joining the company in 1992. Rob is both a founder and shareholder, and he has strong experience in private and corporate client arrangements and regulated financial services. He currently manages the Group's Private Client & Corporate Services division, which generates more than 60% of the company's turnover.

“With over 50 years of experience in yacht ownership and operational services, Praxis's yacht services division (formerly Sarnia Yachts) is one of the longest standing teams in the yacht sector.”