Most people have no idea that there are two primary boat share options, each with its pros and cons. The first allows you to own a share of the ship, with a set number of days allocated for your use. Others will own a share and have the same number of days assigned to them. Another option is that you pay to use the boat when you need or want to, usually by redeeming some points from an allocation fund set up in your name.
The ownership-based boat share allows you to invest money into the vessel itself and not the management company that owns the boat. If the company you’ve selected goes out of business, your ownership is still intact. Likewise, all of the owners of the boat care for the boat and may ensure it’s in good repair at all times.
In most cases, no one but the owners of the vessel may use it. However, some management companies will allow others to rent or otherwise use your boat. Therefore, you should choose someone like Luxury Boat Syndicates to ensure that you get a fair deal.
You will usually have a three-year syndicate period of use, and then the boat is sold, and you get the capital back.
With a pay-to-use boat share, you have a shorter commitment, sometimes a year or less. Likewise, you don’t have to put any money up before you buy the boat or use it.
However, if you choose this route, you could be paying more over three years, and won’t be able to sell the boat at the end of the term to get capital back. Because you don’t own a part of the boat, anyone can use it, including overseas visitors and tourists.