Title : Superyacht Investing: The Struggle is Real
link : Superyacht Investing: The Struggle is Real
Superyacht Investing: The Struggle is Real
In this era of commodified outrage and wealthy white male victimhood, nothing should surprise me. And yet, something did! What wast it? I'm glad you asked.It was this apparently non-satirical column by a lawyer named—because of COURSE—Quentin Bargate, on a website called superyachtinvestor.com. Which should not be confused with Superyacht Quarterly, Superyacht Monthly, Superyacht Lifestyle, or any of the other countless trade publications targeted to superyacht owners and investors.
Quentin Bargate--who for some reason is wearing stripes and plaid together--titled his article “Separating Morality from Legality—and Why Yachting Has the Moral High Ground.”
I’ll give you a minute to re-read those dozen words a few times and absorb them before I send this entire column to the burn unit sentence for sentence. Ready? Not yet? I’ll give you a few more moments. How about now? Okay.
Let’s go.
The choice of flag state should be considered one of the most important decisions in yacht ownership . . . The benefits of registering a vessel under a recognised offshore flag state are clear and considerable.
There is a good story to be told, but it is not being repeated often enough. It is a story of high standards, increased safety and crew welfare. It is also a story of wealth generation across Europe and beyond, and the enhancement of our own security.
Now, the pressure is on for publicly searchable beneficial ownership registers. No longer will the wealthy enjoy any meaningful financial privacy, their security will be compromised and the aims of General Data Protection Regulation (GDPR) will be entirely lost. How ridiculous!
Quentin Bargate--who for some reason is wearing stripes and plaid together--titled his article “Separating Morality from Legality—and Why Yachting Has the Moral High Ground.”
I’ll give you a minute to re-read those dozen words a few times and absorb them before I send this entire column to the burn unit sentence for sentence. Ready? Not yet? I’ll give you a few more moments. How about now? Okay.
Let’s go.
I don’t believe lawyers should write too much about morality.
CAN CONFIRM. I'm a lawyer myself, so I should know. If you have a law degree, refraining from moralizing is def best practices. Just ask Michael Cohen.
But following the disclosure of the ‘Paradise Papers’ in 2017, an onslaught of misguided moral righteousness resulted, villainising the wealthy for using perfectly legal means of investing their wealth in offshore corporations in order to achieve tax efficiency.
Wow wow wow. So true. We are all so misguided in our moral righteousness and resistance to disgusting, unfettered capitalism run amok. It's a veritable tragedy how the "ultra high net worth community" felt villainized for using "perfectly legal means" of sheltering their money overseas to dodge the fuck out of their debt to society. For as we all know, if it's legal, it must be right! (See, e.g., slavery, segregation, and prohibition).
In the process, many August journals blurred the lines between entirely legal tax avoidance and illegal tax evasion.
Dude. Your clients are billionaires--not just yacht investors, but SUPERYACHT investors (side note: what's the dif between a regular yacht and a superyacht? Kryptonite?). So you should be able to distinguish between "august" with a lower-case "a," which means reputable, and August, with a capital "A," which is the eighth month of the year. Unless your'e referring to the slew of journals which just two months ago villainized your clients for being the greedy bastards that they are? Avoidance, evasion. It's all semantics. See, EVASION is bad. AVOIDANCE is good. TAXES SCHMAXES!
It was regrettable that we saw yacht owners who choose to flag their vessel with an offshore flag state being pulled into the debate in the ever popular pantomime of the evil Superyacht owner who hides his wealth and avoids paying tax.
It was regrettable that we saw yacht owners who choose to flag their vessel with an offshore flag state being pulled into the debate in the ever popular pantomime of the evil Superyacht owner who hides his wealth and avoids paying tax.
SO REGRETTABLE! It's a regrettable stereotype held by the unwashed masses that people who own superyachts are probably YOOGE DICKS. It's certainly more regrettable than, say, the "ever popular pantomime" of "Black boy holding Skittles as armed assassin," or "Gay man as pedophile" or "brown toddler in cage for no reason and signing their rights away in Crayolas on an immigration form" or "woman in politics with opinions as screaming, actively-menstruating bog witch?"
Many of the these flag states are BOTs, such as the British Virgin Islands and the Cayman Islands. They support seafarers and do vital work alongside other “Red Ensign” (i.e British) flags, but you hear little about that.
Many of the these flag states are BOTs, such as the British Virgin Islands and the Cayman Islands. They support seafarers and do vital work alongside other “Red Ensign” (i.e British) flags, but you hear little about that.
Ah, that's right. We don't hear enough about the "vital work" that a small cabal of James Bond wannabes are doing in the Bahamas. This is totally under-reported. To just assume they are rich and idle assholes drowning in inherited wealth stolen through British colonialism is FAKE NEWS.
The choice of flag state should be considered one of the most important decisions in yacht ownership . . . The benefits of registering a vessel under a recognised offshore flag state are clear and considerable.
Guys, in case you were in the market for a superyacht, please remember how critical it is to choose the right flag state. It's the most important decision you'll ever make in yacht ownership. Quentin Bargate stands ready to assist you when your'e ready to take the plunge.
This is legitimate tax avoidance. Who benefits? Not just the yacht owner but also the economies of the European countries, whether for ship repair, bunkering, victualling, restaurants, marinas and several support services.
This is legitimate tax avoidance. Who benefits? Not just the yacht owner but also the economies of the European countries, whether for ship repair, bunkering, victualling, restaurants, marinas and several support services.
Ohhhhh . . . I SEE. Good old trickle-down economics of late-stage capitalism. This is so 80s. Both 1980s AND 1880s. How Dickensian. I don't know what "victualling" is, but it sounds like "drinking Absinthe on the bow of a superyacht after a polo match?" This is NOBLESSE OBLIGE, you see. Yes, we Anglos stomped across the globe, colonized land that didn't belong to us, killed everyone with our filthy diseases, and made ourselves stinking rich in the process. So now everyone should be THANKING us for doling out a non-living wage to some 45 year-old with black lung and seven kids turning bolts under the hull of a dry-docked superyacht on 12 hour shifts at a shipyard near Plymouth. M'kay.
I cannot personally think of a film where a superyacht was not used as the lair or getaway vehicle for some disreputable character.
I cannot personally think of a film where a superyacht was not used as the lair or getaway vehicle for some disreputable character.
Yes. For good reason.
Granted, playing the villain is often the best acting role.
GRANTED. It's good to be bad! Even when we are portrayed as assholes, we rich people always get THE BEST ACTING ROLES. Just ask ya boy Trump!
The more we can dispel this misleading association between yacht ownership and dodgy behaviour, then the more new individuals we can encourage into this fantastic and unique world.
Yes, let's all work to dispel these unjust myths, because that is an excellent use of our time and energy in civic messaging. The misleading association between yacht ownership and dodgy behavior is totally unfounded. Take to the streets!
With increased security risk, it is beneficial that these superyachts are able to respond to aid the government in detection and prevention of threats.
With increased security risk, it is beneficial that these superyachts are able to respond to aid the government in detection and prevention of threats.
Wai wai wait . . . are you suggesting that there's a cozy (or as the Brits would spell it, cosy) relationship between extremely rich people and the military-industrial complex/police state? I don't believe you.
There is a good story to be told, but it is not being repeated often enough. It is a story of high standards, increased safety and crew welfare. It is also a story of wealth generation across Europe and beyond, and the enhancement of our own security.
Right on. This story is not being told enough. So let me give it a shot: Once upon a time, in a land far far away, there was a douchebag named Quentin Bargate who made his fame and fortune defending the good honor of European superyacht owners. And they all lived happily ever after, drowning in their swollen stock portfolios. The End! Now repeat that story in the bathroom mirror 13 times and Warren Buffet will appear and write you a big fat check.
Now, the pressure is on for publicly searchable beneficial ownership registers. No longer will the wealthy enjoy any meaningful financial privacy, their security will be compromised and the aims of General Data Protection Regulation (GDPR) will be entirely lost. How ridiculous!
Noooooooooo! How RIDICULOUS!!!!!!! We must ensure that the wealthy enjoy meaningful financial privacy. This is like, a basic human right. But first can we maybe make sure that children in the global south enjoy meaningful access to running water devoid of parasites as opposed to shitting themselves to death before the age of five? Let's enjoy making that happen first, maybes.
We should not let the tabloid press or leaks such as that of the Paradise Papers, obscure the bigger picture. It is the duty of all of us that know of these many benefits to get out there and tell that story.
We should not let the tabloid press or leaks such as that of the Paradise Papers, obscure the bigger picture. It is the duty of all of us that know of these many benefits to get out there and tell that story.
PREACH, KWEEN! We must NOT let the tabloids take control here. We must wrest this narrative back from the plebes. Quentin Bargate, you are doing' God's Work. GOD'S WORK, I TELL YOU!
Thus Article Superyacht Investing: The Struggle is Real
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