The Phi in London, the Amore Vero in Italy and the Dilbar in Germany. Several Russian oligarchs’ superyachts have been seized in recent weeks. From Today this also happens in the Netherlands. Minister Hoekstra of Foreign Affairs has announced that fourteen yachts of Russian owners are on the chain. But why are superyachts so popular among wealthy Russians? Is that just because of the luxury, or is there more to it?
Research by the SuperYacht Times shows that 9 percent of the superyachts worldwide are owned by Russians. Only the Americans have more: 23 percent of them. When purchasing new yachts, Russians and Americans almost go hand in hand.
A superyacht is a yacht longer than thirty meters. Superyacht expert Jim Boot: “Prices can vary between 15 million and 500 million euros, sometimes even more. The sky is the limit.”
Mobile capital
Reasons to buy a superyacht vary. According to Boot, a few are enthusiastic sailors, but in general they sail very little. “It’s a status symbol. People like to be on board and enjoy themselves. It’s common for them to sleep ashore, and spend the day on the yacht.”
According to Merijn de Waard of SuperYacht Times, it is a way to see more of the world. Privacy also plays an important role, something that the super rich are looking for. “A boat can take you anywhere, it’s a house on the water.”
And that flexibility can also be an important reason, according to Hans Vedder, professor of economic law at the University of Groningen. “Unlike a house or a bill, you can move a yacht. Suppose you buy one for 100 million euros, you can sail it to a port where you are welcome and maybe sell it there for 50 million euros. your loss, but some cash, if you’re short on cash. It’s mobile capital.”
Vedder doesn’t think it’s the primary consideration, but one that makes owning a superyacht even more appealing. “You can keep some money mobile, just in case.” Although you have to be quick with the move, because several superyachts have already been confiscated.
As has already happened in these countries in recent weeks:
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