Dominion Marine SARL, a Monaco-based company that provides a unique VAT deferment solution for superyachts, has recently appointed a new director, Ken Griggs.
Ken, who has a background in superyacht finance, mostly with Ansbacher London during the boom years of 2000 to 2007, in which his team wrote over a billion euros worth of marine loans to superyacht owners, is excited about his new appointment.
He commented, “I live in Monaco and have been in the yachting industry for 14 years. Dominion Marine is a company that has been around a lot longer than that and I have known its founder, Chris Allix, since my time with Ansbacher. Chris and his team are extremely knowledgeable, particularly with regards to VAT and the ownership structures that superyacht owners need in place for such high value assets.
“It is a complex business that crosses borders and oceans, so you really need the people looking after you to know their stuff.”
Chris Allix founded Dominion Marine SARL to provide a rental solution for owners, looking to restore the fun in superyacht ownership. Ken believes this VAT product is of financial benefit to the Principality of Monaco itself, as well as to those superyacht owners who use their vessels for private use, or for the occasional charter.
Ken explained, “I am really excited about this new solution, which is unique to the market. Just as the Maltese leasing solution works for some superyacht owners, I believe this solution does too. It is a fully approved product with the potential to benefit Monaco in a big way. The VAT on the rental payments is collected here, which means half of it stays here.
“Superyacht owners have been hit hard over the last few years due to changes in VAT regulations, the MLC, abolition of duty free fuel and other such legislation. These changes have not been popular. Using this product alleviates some of that and puts the pleasure back into owning a yacht.
“I believe this is a good product and I hope to increase the number of yachts using it tenfold by the end of the year.”
Ken explained that all of the paperwork is done in Monaco, which means work for professional services, surveyors and other suppliers based in the Principality.