Do I Own The Design Of My Yacht ?
The first reader asked: “Do I own the design of my yacht?”
John’s answer begins by outlining where you stand if you buy a production or semi-production superyacht. “What you’re buying is the product of the design, not the design itself,” he explains. “The ownership of a design stems from the original design contract, such that if the original owner did not own the design, then any subsequent owner – unless that design is part of the sale and purchase agreement – will not transfer… an owner cannot expect to own the design of the yacht that they have bought. All they have bought is the product.”
But how does this apply to custom builds? And what are the tax implications of buying a superyacht? Find out in the video.