Why is Florida the Ultimate Destination for Luxury Vessels?
Our Group leaders have just returned from a 2-week trip to the sunny East Coast of the U.S to immerse themselves into the world of Superyachts. In addition to visiting our office in Miami, our team spent several days at the Palm Beach International Boat Show to network, engage and discover the current yachting landscape in the region.
Showcasing over 600 exhibitors and 800+ superyachts, including some of the most impressive world-class vessels, the show entices key industry stakeholders from across the USA and the globe.
A recognised global location in the maritime industry, Florida continues to be a leading hub for yachting transactions and attracts international buyers every year. Its state-of-the-art infrastructure is ideal for yacht owners seeking to enjoy its marinas and beautiful, vast coastline.
Home to some of the largest U.S yacht companies and manufacturers, the growing demand for custom builds have increased sales in the region, particularly for larger yachts and sustainable builds. Florida boasts a diverse industry which shows no signs of slowing down due to several key industry drivers, including a higher concentration of wealth in the U.S, a booming tourism sector and rise in interest for leisure activities.
Let’s dive into the key growth drivers in Florida’s buoyant superyacht sector.
A rising population of High-Net-Worth Individuals
The U.S is expected is hold the largest market share in the global superyacht sector in 2030, with an estimated value of over 3 million USD. The super yacht segment has been identified as the largest market segment which indicates a higher concentration of wealth in the region driving superyacht sales and the desire for custom builds.
A booming tourism sector
The growing demand for luxury travel has not slowed down since Covid and coastal destinations specifically attract wealthy individuals seeking to enjoy recreational boating activities. Government investment in yachting infrastructure, such as modern marinas, tax incentives and ancillary of yachting services are key contributors driving tourism to the region.
Growing desire for recreational boating
The yacht charter industry has grown steadily in recent years and a key driver behind this is the increased desire for yachting leisure activities. Yacht chartering also enables High Net Worth Individuals to enjoy the experience a yacht has to offer without having to own the asset.
Wealthy individuals are seeking more personalised experiences and since Covid, they have been seeking a luxurious way to travel and to enjoy their holidays with increased privacy. A rising trend in outdoor activities, wellness retreats and adventure style vacations are becoming increasingly popular in younger generations with a higher disposable income. Super yachts provide these tailored experiences, such as extraordinary leisure activities on-board or chartering the yacht to a remote destination.
Increasing demand in custom build superyachts
The U.S yacht market is expanding due to technological advancements transforming super yacht construction and the innovation in yacht design. Owners are seeking custom builds to meet their individual preferences, whether that’s bespoke interior, sustainable design or smart features. This has created a new era in super yacht design with more choice for owners than ever before. As the demand for luxury superyachts increases, the U.S yacht construction market is only getting bigger.
Affinity’s yachting services
Our dedicated team of professionals hold many years of experience in the yachting industry and provide a range of bespoke corporate services. As a global fiduciary provider, our team provide an efficient solution to meet unique client requirements.
Our personal approach and boutique service is what sets us apart.
Our yachting services
- Implementation of tax-efficient ownership structures
- VAT, compliance and administration
- Multi-jurisdictional EU VAT registrations
- VAT efficient importation into the EU
- Administration of the ownership structure
- Yacht registration
- Management and administration of crew payroll
- Liaison with banks and advisors in relation to financing the yacht
- Registration of mortgages
- Liaison with legal advisors and brokers in respect of purchase and sale
- Payment of supplier invoices and management of crew expenditure and limits
- Preparation of budgets, periodic management reports and annual financial statements
- Statutory administration services
Contact us
Contact our yachting team here if you would like to know more about our yachting services and or to discuss your unique requirements. We would be delighted to assist you.
