Vadim Blaustein over nieuwe vastgoedprojecten in Monaco

  • Gemaakt op donderdag 17 mei 2018 20:20

We kennen Monaco misschien wel vooral als gastheer van grote sport- en showevenementen. Daarbij is het een buitengewoon aantrekkelijke plaats voor vermogende mensen. Ook is het een belangrijk internationaal centrum voor handel. In Monaco heerst veel veiligheid en politieke stabiliteit en het staatje biedt een bedrijfsvriendelijke omgeving. Dit maakt dat er een grote vraag is naar onroerend goed. Daarbij trekt Monaco veel internationale kopers en investeerders aan.

Vadim Blaustein woont in Monaco en heeft als ervaren jurist talloze transacties in onroerend goed afgehandeld. Hij verschaft inzicht in de woningmarkt en nieuwbouwprojecten in Monaco.

Wat is de huidige financiële status van woningen in Monaco?

Vadim Blaustein: De huizen in Monaco staan bekend als de prijzigste ter wereld. Het haalt zelfs Hong Kong in als duurste staat wereldwijd om te wonen.

Wat is de hoogste verkoopprijs per vierkante meter voor een woning?

Vadim Blaustein: De gemiddelde verkoopprijs bedroeg in 2016 €41.400 per vierkante meter. Voor luxueuze accommodaties gold €53.000 per vierkante meter in het tweede kwartaal van 2017.

Welk deel van Monaco is het duurst om onroerend goed te kopen?

Vadim Blaustein: Exclusieve panden in Carré d'Or kunnen wel meer dan €100.000 per vierkante meter bedragen.

Waarom kiezen zeer vermogende mensen ervoor onroerend goed in Monaco te kopen?

Vadim Blaustein: Vanwege de veiligheid en politieke stabiliteit trekt Monaco veel internationale kopers aan. En dan vooral mensen die zoeken naar veiligheid, goed vermogensbeheer of om zakelijke redenen.

Wat is het huidige inwonersaantal van Monaco?

Vadim Blaustein: Op 31 december 2016 werd het inwonersaantal van Monaco geschat op 37.550. Verwacht wordt dat het aantal miljonairs oploopt tot 16.100 in het jaar 2026.

Wat is de huidige verkoopprijs van nieuwbouw?

Vadim Blaustein: In 2016 bedroeg de gemiddelde verkoopprijs van nieuwbouwpanden in Monaco €13,7 miljoen. In totaal werden dat jaar 33 dergelijke panden verkocht.

Zijn er nog andere interessante zaken te melden over onroerend goed in Monaco?

Vadim Blaustein: Monaco gaat innovatief om met nieuwe woningbouwprojecten. Daarbij wordt uitgebreid en herbouwd om aan de eisen van de huidige koper te kunnen voldoen.

Wat zijn de recente en toekomstige projectontwikkelingen?

Vadim Blaustein: De wolkenkrabber Tour Odéon was in 2016 gereed. Deze wordt beschouwd als een van de allerduurste luxueuze huizen ter wereld. Ook het appartementencomplex La Petite Afrique met "flow through" terrassen werd dat jaar opgeleverd. Dit is ontworpen door de Braziliaan Isay Weinfeld.
Sporting d’Hiver, ontworpen door Richard Rogers, is herontwikkeld als geheel nieuw stadsdeel. Hier zijn een kunstgalerie, conferentiecentrum, maar ook woon- en bedrijfsruimten te vinden.

Welke interessante projecten kunnen we de komende jaren in Monaco verwachten?

Vadim Blaustein: De regering van Monaco heeft in de Italiaanse stad Ventimiglia een jachthaven aangekocht - Casa del Forte Marina. Hiermee wil ze aan de vraag naar marina's in Monaco voldoen. Verwacht wordt dat Cala del Forte Marina in 2019 gereed is. Daarbij zal het volledig geïntegreerd zijn in Port Hercules, de haven van Monaco. Het zal plaats bieden aan 171 ligplaatsen voor jachten tot 60 meter lang.
Daarnaast wordt nog zes hectare land in zee drooggelegd voor de uitbreiding van Grimaldi Forum. Daarbij worden nieuwe villa's en appartementen gebouwd. Ook komt er een jachthaven en een publieke ruimte in de vorm van een park en een promenade. Dit project moet in 2025 voltooid zijn.

Hoe ontwikkelt Monaco zich verder in 2025?

Vadim Blaustein: Monaco is veel bezig met de toekomst. Het wil namelijk zijn unieke positie op het wereldtoneel behouden. De komende tien jaar gaan we dan ook veel ontwikkelingen zien. Denk aan landuitbreidingen, de aanleg van nieuwe jachthavens en aan nieuwe culturele faciliteiten en openbare ruimtes. Daarnaast kunnen we ook meer dan 100.000 vierkante meter aan woon- en bedrijfsruimte verwachten.

Als afsluiting van dit interview danken we u hartelijk voor uw tijd en het delen van uw waardevolle inzichten en expertise.

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Vadim Blaustein and his view on the art market and art as investment

  • Gemaakt op woensdag 09 mei 2018 12:26

Buying an art can be a fun and rewarding experience. If you are looking into buying your first piece of art or starting an art collection, either as a long-term investment or for other reasons such as your love and appreciation of art, there are plenty of things you need to consider and be aware of before you purchase a work of art online or at a gallery, or before you go raising your bidding paddle at auctions.

In this interview, Mr. Vadim Blaustein, partner at BlauStein Business Lawyers, a resident of Monaco and an experienced lawyer dealing with various kinds of transactions, answers the common questions that aspiring art collectors often ask when embarking on an art journey.

How can you make sure the artwork is authentic?

Vadim Blaustein: A Certificate of Authenticity created by the artist or expert help collectors prove the authenticity of a work of art as well as its quality. An authentic artwork is also usually accompanied by provenance and statement of attribution. A valid receipt or proof of purchase either directly from the artist or from a confirmed and established dealer is also sufficient to prove that the artwork is authentic. It is therefore advisable to contact the person that signed the COA or whoever is mentioned in the COA in order to confirm its validity.

What does authentication and attribution mean?

Vadim Blaustein: Authentication is a process of proving that the work of art is genuine, while an attribution is an assessment of whom to ascribe a particular work of art. Such assessment is carried on by a qualified expert or authority on a particular artist.

How do I know if a Certificate of Authenticity is genuine?

Vadim Blaustein: A genuine Certificate of Authenticity (COA) contains specific descriptive details about the art, the name of the artist, the art’s exact title or subject matter, name of previous owners (when relevant), or other resources that contain either specific or related information about the artwork or the artist. All COAs must be original documents, hand-signed either by authenticators or the artist himself.

Is there a way to spot fake signatures?

Vadim Blaustein: Inspecting, assessing and analyzing signatures are not easy tasks, especially if you are not an experienced dealer, collector or fine art professional. Nevertheless, there are a number of ways for you to spot fake signatures, such as by familiarizing yourself with the stylistic elements of the signature and knowing where the artist typically signs and how the name is signed. You also need to note how well a signature blends with the composition of the art and the overall appearance of the signature. If you are buying online, make sure you can get a good clear detailed enlargement of the signature.

What is a provenance? How do you verify it?

Vadim Blaustein: Provenance is the documentation that accompanies the art, and which confirms its authenticity. Provenance can take a variety of forms. It can be a signed certificate from a widely recognized and respected authority or expert, a statement from the artist himself, an original receipt from the gallery or receipt from the artist, or even newspaper or magazine articles mentioning the art. There are many ways to verify the validity of provenance, such as checking whether it contains the most important information describing the work of art, whether the documentation is hand-signed, hand-stamped or marked by hand, getting full names and contact information for all galleries or auction houses if the work of art is said to be previously owned by a gallery or auction house, and many others. If you have doubts about the validity of the provenance of a work of art, it is advisable to contact an independent expert, dealer, or appraiser before you purchase or bid.

How are prices decided? Can they be negotiated?

Vadim Blaustein: Prices are usually determined by the exhibition and selling histories of an artist, along with his career level and the size of artwork. Gallerists, collectors and curators are also important driving factors that influence the value of an artist’s work of art. Negotiating prices is definitely possible. There are galleries where you can negotiate a discount or discuss a payment plan. It is also important to remember to ask about additional costs to avoid any surprises.

How do you know whether an asking price is fair?

Vadim Blaustein: First step is to ask the seller himself as to how they set the price and what they base it on. It is also important to do your own research. For example, see how much similar art is selling for or has sold for already at galleries, auction, secondary market websites, and directly from the artists. You can also contact other sellers and find out how much the art is selling for. It is important that you make price comparisons.

What are the advantages to having your art professionally appraised?

Vadim Blaustein: Art appraisers and advisors are capable of determining fair market values regardless of the circumstances and can provide you with the most up-to-date accurate price information available. If you are planning to sell a work of art you inherited or owned for years, have your art appraised to know what your art is really worth, so you do not end up selling your art way too cheaply.

Is art a good financial investment?

Vadim Blaustein: An art can be a good long-term investment as you may see a significant increase in the value of the work in the future. For example, the famous Amedeo Modigliani's 1917-18 painting, Nu Couché (sur le côté gauche), was sold at an auction for $26,887,500 in 2003 and then 12 years later it was sold for $170.4 million. If you are looking into buying art as an investment, it is also good to consider diversification, for instance from fine art into decorative art.

Are there ways to recognize quality artworks?

Vadim Blaustein: Learning how to evaluate quality in art requires you to educate yourself about the artists, by reading about them and speaking with dealers or galleries who buy, sell or specialize in it. It is important that you take every possible opportunity to speak with knowledgeable individuals who have experience evaluating artworks.

Why do collectors often prefer artists' earlier works?

Vadim Blaustein: Earlier artworks tend to be more energized, inspired, passionate and exploratory, especially when the artists are younger and less experienced as they are still trying to find their own styles. With the passage of time, some artists do less experimentation and settle into a system of producing the same kind of artwork as they come to understand exactly what they have to produce to satisfy their collector bases. This is why early works tend to be more collectible than later ones, especially those works done in styles for which artists eventually became well-known.

What is a late work? Is it worth bidding on?

Vadim Blaustein: A late work refers to a work of art created or completed toward the end of an artist’s career. Whether or not a particular piece of art is worth buying or bidding on largely depends on the artist. The key is to understand the life, art and the career of the artist who made the artwork. A late work of a well-known artist does not automatically mean that the art is valuable.

Is it a good idea to invest in younger or emerging artists?

Vadim Blaustein: Investing in emerging artists is comparable to investing in startups. It comes with risks, but the potential for profit can be promising. You must keep in mind, though, that most young artists may have promising starts to their careers, but that also may eventually cool down or fade away completely.

Is it a good idea to buy art at auction?

Vadim Blaustein: Bidding and buying at auction require you to be knowledgeable about the artists you bid on, have an understanding of item descriptions, and know how to determine your maximum bid, how to evaluate conditions and when to request additional images or information. Thus, make sure you really know what you are doing before you bid and buy at auction.

How about buying an artwork online?

Vadim Blaustein: Buying art online is generally safe as long as you are buying from reputable established sources and you know what you are doing. Unfortunately, there are numerous forged or misrepresented works of art offered online. Therefore, you may want to take it slow if you are just starting to find your way around.

What should I know about insuring art?

Vadim Blaustein: Procedures for insuring art vary from one insurance company to another. Generally speaking, valuable works of art are itemized individually, and certain companies often require appraisals on more expensive art before they insure them. Make sure your insurance company has knowledge and experience with insuring art. It is also important to familiarize yourself about their claims process.

How do you care for artwork?

Vadim Blaustein: In general, you need to keep all art out of direct sunlight and avoid temperature and humidity extremes. Art galleries or the artist can provide you with specifics or additional guidelines on how to care for and maintain it. In case of damage, do not try to fix or repair it on your own. You should contact professional convertors to restore it for you.

How can you protect your art from theft or burglary?

Vadim Blaustein: There are effective and affordable alarm systems that you can purchase for 24-hour surveillance and protection of your work of art. Most of the alarm systems nowadays come with wireless modules allowing you to monitor your artwork anytime and anywhere, as long as you have remote access to your alarm system.

Thank you very much for participating in this interview. Your time and willingness to share your insights are greatly appreciated

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Vadim Blaustein explains why it is such a good idea to sign a prenuptial agreement

  • Gemaakt op woensdag 09 mei 2018 12:25

In this interview Vadim Blaustein, the CEO of BlauStein Business Lawyers, responds to questions with regards to the main reasons why the prenuptial agreement is always a good idea, what are the main provisions to be included in the prenuptial agreement and when to sign it.

Vadim, please clarify to us what are the benefits of prenuptial agreement.

Vadim Blaustein: Prenuptial agreement is a way of securing your assets, a tool to availing legal and financial risks associated with a divorce and an additional guarantee that the marriage will not lead to unexpected legal and financial consequences in case of a divorce. Division of property and custody battles may lead to many unhappy years of court hearings about the division of property. That is why agreeing with the partner on the terms of the divorce prior to entering into marriage may not only relieve each party from pain and financial losses but also protect the family and children.

Vadim BlauStein discusses opportunities for the Netherlands caused by Brexit

  • Gemaakt op woensdag 09 mei 2018 12:22

In the recent days, the United Kingdom has witnessed intensified parliamentary discussions on certain aspects of Brexit. The debates go about the future of trade and border arrangements between the UK and the EU upon the finalisation of Brexit. This specific problem refers to the intention of Great Britain to leave the European Union Customs Union as well as the single market, which allows some non-EU countries (for instance, Norway) to benefit from the customs union’s advantages. In that case, no more frictionless movement of goods between the UK and the EU can be expected. What economic and logistic consequences could it bring for the British business and their neighbours on the continent? To better understand the repercussions, we talk today with Vadim Blaustein, the owner and CEO of BlauStein Lawyers group of companies with headquarters in the Netherlands.

Mr. Blaustein, what can you say about the current state of the customs situation in the EU?

Vadim Blaustein: At this moment, 28 of the EU member states participate in the Customs Union - an agreement decades old, an instrument towards the liberalisation of trade in Europe, which subsequently became the cornerstone of the EU itself. Throughout its years of existence, it was gradually developing towards harmonisation of legislation, unification of tariffs and customs procedures in the participating states and designing of single trade policies in relations with third countries. In 1992, it led to the adoption of the Community Customs Code. The improvement process still continues, in particular, with Decision No 70/2008/EC of the European Parliament and of the Council of 15 January 2008 on a paperless environment for customs and trade, which set the goal to set up a harmonised, integrated system for exchange of information contained in customs declarations, accompanying documents and other information. It announced the transition to an electronic customs systems, aimed at increasing the speed, transparency and effectiveness of customs procedures. Recently, it was further supported by the coming into force of the main provisions of the modernised, adapted to the changes in the international trade, Union Customs Code (effectively abolishing the previous Community Customs Code). It happened in May 2016, but some provisions, including the complete implementation of the mentioned electronic customs systems, due to the complexity of their nature, can be prolonged until 2020. Still, we are approaching the moment of the appearance of a unified European customs database and declaration system.

How exactly does this arrangement affect companies incorporated in Member States?

Vadim Blaustein: In general, the benefits of participation in the European Customs Union for countries and their businesses are clear – the absence of paperwork, border control, customs duties and fees related to the movement of goods within the European Union. It is not only customs duties which are abolished within the Customs Union. The European Union went to a great length to get rid of any other possible payments which might be a less obvious substitution of duties or protection measures. For trade outside the EU a set of rules exists ensuring that all the Member States make use of single customs duties rates as well as agreements on trade with third countries. This makes transfer of goods a simple, well-organised and straightforward process, thus ensuring efficiency in trade or supplying.

Naturally, these rules and benefits apply to each and every Member State equally. If some goods trading or manufacturing companies currently incorporated in the UK consider changing their principal place of business, is there any reason for them to find some EU Member States to be more attractive destinations than others?

Vadim Blaustein: Even with the common rules Europe remains widely dissimilar in a geographical, logistical and even economic sense, thus we cannot discard the local context. As a nation whose success throughout history has been highly dependent on trade, the Netherlands spearheaded the unification tendencies in post-war Europe; Benelux (union of Belgium, the Netherlands and Luxembourg) predated the creation of the European Union. At the same time, this country historically has a well-developed infrastructure for trade, especially maritime. The port of Rotterdam, largest in Europe, provides great logistic choices and highly intensive connections to ports in Asia and the Americas. The Netherlands also have a developed railway network, connecting it to the economically developed neighbours. Another side of the coin is that the Netherlands position themselves as a country welcoming foreign specialists and business. As part of this strategy, the Dutch government encouraged the use of the English language by state agencies, and it allows an easier flow of workforce from other, especially English-speaking countries. In these circumstances, establishing a company in the Netherlands can benefit on many different levels.

Mr. Blaustein, how do you see the perspectives for business in the Netherlands in relation to Brexit? What will it mean for you and your current or potential clients?

We have our offices in the UK and Ireland, and therefore monitor the situation around Brexit closely. As it develops, some uncertainty remains. The matter is complicated by the promise given by the British government to keep the border with Ireland unaffected. Ireland, however, as a Member State, should not be able to have free movement of goods with a state outside the Union. All these aspects make it difficult to estimate the final agreement on the future move of goods between Europe and the UK. We can be sure that the changes are imminent, and in these circumstances certain loss of business by the United Kingdom is a very likely perspective. However, for the Netherlands the problems of their neighbour with the withdrawal from the EU can turn into an opportunity. With all the strengths of the Netherlands I have described, it looks like a prominent replacement for the business which will be leaving the UK in order to keep access to the benefits of the Customs Union.

Vadim Blaustein: At BlauStein we believe that in the changing world around us we still can rely on the commitment of the Dutch government and people to the ideas of common Europe, customs unions, and freedom of movement of goods. We have chosen the Netherlands as the location for the headquarters for a number of reasons, and their rich tradition in commerce is one of them. From here, utilising our many years’ experience in legal, bookkeeping, tax, and other corporate services, we can tailor a solution for a client according to the actual context and needs.

Thank you very much for participating in this interview. Your time and willingness to share your insights are greatly appreciated

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Vadim Blaustein and his opinion on crowd funding as a source of financing

  • Gemaakt op woensdag 25 april 2018 13:50

The transformation of a global economy in the digital era was also affected in the ways how the start-ups look for funds to turn their brilliant ideas into reality. One of the most popular ways of funding your business outside of the bank loan, investment from investment angels is “crowdfunding”. If you have a brilliant idea and you need an initial capital to start it crowdfunding is something you shall consider.

Vadim Blaustein, the CEO of BlauStein Lawyers, answers several questions about crowdfunding, legal aspects of crowdfunding, the procedures in place and states his opinion on crowdfunding.

What is crowdfunding? Who is using crowdfunding?

Vadim Blaustein: In it’s very essence, crowdfunding is a way of financing your idea or a project by collecting funds from people who believe in it and feel enthusiastic about it. We can simply say that crowdfunding is an alternative way of financing your brilliant idea. Crowdfunding is most commonly used by entrepreneurs, but there are also crowdfunding campaigns for social and charitable causes.

How big is crowdfunding as the financing tool?

Vadim Blaustein: It is rather big and constantly growing. For example, in 2012 around 14 million euros were raised in different crowdfunding campaigns, and 5 years later, in 2017 the figure is around 190 million euros. We witness the growth of popularity of this tool, which only shows its high relevance to start-ups.

What would you say are the campaigns that attract the most of the funds?

Vadim Blaustein: Generally, the campaigns associated with innovation, renewable energy and other contemporary ideas are raising more funds, but real estate, as well as creative projects are also on a rise.

So, businesses just ask for money online and people give it to them?

Vadim Blaustein: It is a bit more complex than simply asking the money I shall say. During the campaign the entrepreneur offers a reward to those who support the campaign. There are two types of crowdfunding campaigns based on the rewards they offer: receiving rewards and equity crowdfunding.

Receiving rewards campaigns are the campaigns where in exchange for the funds of the supporters the business offers some type of reward. For example, a discount when the product is launched, or a free product. The reward in this case is not a share in a company, and the person who gave funds has no legal rights in the business.

But how does it work then?

Vadim Blaustein: The funds are not of a significant amount for those who contribute and they support the idea, sometimes the reward they receive is satisfactory by the mere fact that they helped to launch a project.

And what about the second type of crowdfunding?

Vadim Blaustein: The second type is so called “equity crowdfunding” and it is relatively new. In this type of crowdfunding you may receive shares of the company that launches the crowdfunding campaign in exchange for your contribution.

Is it correct to conclude that the second type of crowdfunding requires significant legal support?

Vadim Blaustein: Absolutely. First of all, for equity crowdfunding the entrepreneur needs to incorporate a legal entity. Secondly, he needs to prepare the business model which is in line with the applicable legislation and interests of the idea. Thirdly, he needs to create terms and conditions of such an equity crowdfunding model, which will reflect the applicable legislation, tax implications, confidentiality and intellectual property aspects, and many other characteristics applicable to innovative ideas. There are many aspects to consider, and there shall be a tailored legal advice to each crowdfunding campaign that offers equity in exchange for funds.

What are the steps to be taken to initiate the crowdfunding campaign?

Vadim Blaustein: Step 1. Plan the campaign. Make sure you have an idea or a project that you can explain, what’s its purpose or application, the timeframe you need for execution of the idea or a project, the funds necessary to cover the idea or a project, the reward you are willing to give to those who support you.

Step 2. Describe your product and goals on paper so the potential investor can read, understand and get interested in your brilliant idea. Simply said, set your business model.

Step 3. Choose a platform. There are many different websites which offer a variety of advantages for different kind of campaigns. Choosing a platform is important as the platform offers different crowd that will support you in the end.

Step 4. Plan your legal and financial risks, tax implications and others in advance. Consulting an experienced lawyer and other professional may be crucial in how you formulate your campaign. Before starting your campaign, you need to bear in mind its legality, the regulatory requirements in the applicable jurisdiction and other legal risks. Even though this is a preparatory stage, it can change the entire outcome of your campaign if done wrong.

Step 5. Post a campaign, interact with your audience, and ensure that there is sufficient online coverage of your campaign. Assure those who supported you, or referred to your campaign that they made the right investment/choice. Your credibility is also assessed from how you communicate with those who are interested in your campaign, and those who already invested in it.

Do you believe in the future of crowdfunding?

Vadim Blaustein: I believe that crowdfunding offers exceptional benefits to the entrepreneurs, and strongly support such a liberal tool for financing the unique, innovative and necessary projects and ideas.

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Vadim Blaustein explains the essence of purchasing a yacht

  • Gemaakt op maandag 02 april 2018 14:51

Luxury yachts are among the most expensive asset purchases. Before you start cruising the world's most dazzling waters in your super yacht, there are many things you need to know and consider, and the initial capital is just one part of the equation.

Vadim Blaustein, a resident of Monaco and an experienced lawyer dealing with numerous yacht purchase and financing transactions, as well as tax planning, tells in this interview what aspiring yacht owners need to know before purchasing the luxury yacht of their dreams.

How do you finance buying a super yacht?

Vadim Blaustein: There are several ways to finance the purchase of a super yacht. Banks and marine lenders generally provide financing, either via a leasing transaction for a fixed period or via a marine mortgage, registered on a yacht in her flag registry. Another option is the fractional ownership, which essentially gives the buyer the opportunity to enjoy the benefits of a yacht ownership for a fraction of the price.

What is a fractional ownership and how does it work?

Vadim Blaustein: In a fractional ownership, the costs of purchasing and managing the yacht are divided among the owners. It allows you to purchase a share of a yacht entitling you to a number of days of use per year. The type of fractional program you choose will determine the number of owners, the number of days of use and the duration of ownership. The company that manages the fractional program handles the management and keeps record of each owner's personal preference. However, the extent to which the company will go in personalising the yacht each time an owner comes aboard varies per company.

What are the advantages and disadvantages of fractional yacht ownership?

Vadim Blaustein: The main advantage of fractional ownership is that you own the yacht for a fraction of the cost and with less hassles of management responsibility. It also cuts some of the ongoing costs, such as the maintenance costs since they get split among the owners. However, there are also some drawbacks, such as the fact that your time aboard is pre-scheduled and you will not be able to personalise the yacht the way you would want to.

What are the running costs associated with owning a yacht?

Vadim Blaustein: The expected operational costs after the purchase of a yacht is around 10% of a yacht's initial purchase price. The costs include fuel, insurance, dockage fees, maintenance and repairs, and crew salaries.

What do yacht owners need to know when purchasing insurance policies and coverage?

Vadim Blaustein: Insuring a yacht is a multi-faceted consideration. Therefore, purchasing insurance policies and coverage for your super yacht, such as hull and protection and indemnity insurance must be given adequate attention. Some buyers hire a surveyor to examine the yacht thoroughly prior to purchase, as it is also often considered by an insurance underwriter to understand the vessel's state. As there is no standard form of super yacht insurance coverage, the owner must analyse the coverage of each policy offered by insurance companies and understand the exclusions and limitations that can have a direct impact on the quality of the policy that you have.

What do crews normally consist of?

Vadim Blaustein: The crew composition ultimately depends on the needs of the yacht owner. However, in general, it consists of a mid-grade captain, first officer, deckhands, chefs, stewards, and engineers.

What are the options available in terms of mooring?

Vadim Blaustein: The yacht owner's biggest continuous outlay will be mooring fees. Depending on the size of the yacht you plan to buy, as well as your lifestyle, you can either buy or rent a marina berth. There are many companies offering various leasing options, such as annual renewable contracts and seasonal mooring rentals. In addition, there are also companies that can help you sub-let your berth if you are planning to vacate it for some time.

What are the berthing possibilities and prices in Monaco and other nearby marinas?

Vadim Blaustein: There are two ports in Monaco: Port Hercule and Port Fontvieille. Port Hercule is the only deep-water port in Monaco and has 700 berths, 110 of which accommodate yachts over 24m and its largest berth can accommodate a yacht up to 130m in length. Berthing spots during prime-time events such as the Monaco Grand Prix and the Monaco Yacht Show can cost around EUR100,000 or more for a five-day stay. You can also find some excellent marinas near Monaco, such as ports in Menton, Cap d'Ail, Beaulieu-sur-Mer, Cap Ferrat and Villefranche.

Is it possible to do a test run before buying the yacht?

Vadim Blaustein: Yes. In fact, it is advisable to take the yacht out for a test run before purchasing it to make sure that the yacht you are planning to buy meets your needs. It is important to consider though that taking a yacht out for a test is usually done at your own expense, but it can be well worth it. It would also be useful to have a survey team to inspect the yacht, in case you are buying a used one, for any engineering or mechanical issues before you agree to buy.

What is the average fuel burn rate of a yacht?

Vadim Blaustein: Sea conditions vary more widely than road conditions, so fuel consumption is measured in gallons per hour. The cost of fuelling a yacht will depend on many factors, including the duration of use and the tank capacity. The standard usage for a 71m yacht is 500 litres an hour. The best way to get an idea of the exact fuel consumption of a yacht is to install a fuel flow meter.

How much does a yacht maintenance and repair cost?

Vadim Blaustein: Estimating marine repairs is extremely difficult. In general, maintenance of new yachts is low for the first three years. However, the costs will start increasing significantly after three years. Irrespective of type, major machinery will often require major repairs in years 5-7.

How much does it cost to rent a yacht?

Vadim Blaustein: The cost of a yacht charter is dependent on a number of factors, including the charter destination, type of yacht, local taxes, and the base cost. Charters can cost from EUR10,000 per week on smaller sailing yachts and catamarans, while on the most luxurious super yachts, these costs can go up to EUR150,000+ per week. There are also many options available in terms of the price structure. For instance, you can have an all-inclusive yacht charter price structure where rates are based on the number of guests and include all other costs, such as food and drink, water sports and fuel costs.

Thank you very much for participating in this interview and for sharing with us a lot of valuable information. Your time and willingness to share your insights are greatly appreciated.

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Daling asielinstroom zet door in april

  • Gemaakt op woensdag 18 mei 2016 19:40

De totale asielinstroom in april 2016 (1.473) is gedaald ten opzichte van maart 2016 (1.784). In vergelijking met april vorig jaar (1.892) is de totale instroom iets lager.

Nederland draagt bij aan opruimen kernafval Tsjernobyl

  • Gemaakt op maandag 25 april 2016 17:18

Nederland gaat 1 miljoen euro extra bijdragen aan het bergen van kernafval van de kerncentrales in Tsjernobyl. Minister Koenders (Buitenlandse Zaken) zegde het bedrag maandag toe. Dinsdag is het precies dertig jaar geleden dat de ramp met de kerncentrale in het noorden van Oekraïne plaatsvond.

De wereldreiziger in de campagne van de Douane

  • Gemaakt op maandag 25 april 2016 17:13

De Douane is vandaag gestart met een nieuwe reizigerscampagne. De campagne richt zich vooral op ongeveer 2 miljoen reizigers die van hun vakantie, zakentrip of familiebezoek terugkeren van buiten de Europese Unie.

Nederlandse hulp voor Ecuador

  • Gemaakt op maandag 25 april 2016 17:08

Het kabinet ondersteunt de noodlijdende bevolking van Ecuador die het slachtoffer is geworden van de grote aardbeving vorige week zaterdag. Via het Rode Kruis zal noodhulp geboden worden bij onder meer het repareren van de waterinfrastructuur en het bieden van onderdak van mensen die hun huis hebben verloren. Ook wordt voedselhulp verleend. Minister Ploumen voor Buitenlandse Handel en Ontwikkelingssamenwerking: ‘Ecuador is na de eerste grote beving getroffen door nog eens twee forse naschokken enkele dagen geleden. Die hebben de ravage en de behoefte aan hulp alleen nog maar groter gemaakt, inmiddels hebben 1.2 miljoen mensen te kampen met de gevolgen. Daarom is internationale steun onmisbaar.’

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