From luxury yacht charter costs to crew tipping etiquette, ensuring you're well-versed in the intricacies of yacht charters will make your experience all the more enjoyable. Before you set sail on this exclusive adventure, let's dive into the details of yacht charter costs so you know what to expect.
Table of contents
- What influences the cost of chartering a yacht?
- Types of yacht charters: Understanding your options
- Seasonality and its impact on rental rates
- Charter fees explained: What's included and what's not
- Size matters: How yacht size influences charter costs
- FAQ
What influences the cost of chartering a yacht?
Setting sail on a yacht isn't just about the base charter fee. Lo and behold, there's a whole treasure trove of additional expenses to consider, and understanding what influences the cost of chartering a yacht for a week is like navigating the high seas – it’s essential.
First off, there’s the base charter fee – that’s the hire cost of the yacht itself, complete with crew, equipment, and insurance. You also need to factor in additional expenses, like the Advance Provisioning Allowance (APA), Value Added Tax (VAT), and tips for the crew.
The overall price tag can vary wildly based on factors like yacht size, luxury level, travel season, and destination. As prices vary even among seemingly similar yachts, it is important to understand the factors that affect the weekly charter price. First and foremost, the size of the yacht and whether you are chartering in high or low season. After that, several factors are taken into consideration: the builder and the build year, the number of cabins and layout, the number of crew, the yacht’s reputation, water toys, amenities and equipment.
All of this can seem overwhelming if you are new to the world of luxury yacht charters, but don’t worry — that’s where our expert charter brokers come in! They’ll handpick a selection of yachts tailor-made for your ideal getaway. Each option includes detailed specs, lists of water toys for fun in the sun, and highlights of all the amenities onboard. Plus, we’ll even introduce you to the crew and give you a taste of the culinary delights that await with a sample menu.
Types of yacht charters: Understanding your options
Bareboat - If the boat is listed as a bareboat, that means you are only paying for boat rental. You are in charge of hiring the crew, or you take on the role of the captain, with a proper license. None of the expenses are included in the price so you’re obliged to cover the service fee (transit log), fuel, dockage, food and drinks for your charter party, etc. Furthermore, the security deposit is a standard for bareboat charters and usually payable in cash or credit card.
Skippered - Skippered boats or yachts come with a captain/skipper, a licensed professional who is responsible for navigating the vessel. The captain can provide you with useful insights, suggest what to do and where to go, he/she has extensive knowledge of the cruising area and knows the ins and outs of the vessel. Their rate is included in the charter price, but all other expenses are covered by you.
Crewed - Crewed yacht is an umbrella term that includes a wide range of yachts, varying in crew size and yacht size. If you take a look at our crewed yacht charter fleet, you can choose from 21.46m M/Y BAZINGA with captain and stewardess on board, all the way to 55M superyacht TALEYA with the crew of 12, both of these yachts are crewed, but the difference is obvious. Having a crew on board guarantees all your needs are met and your safety is ensured.
Seasonality and its impact on rental rates
When it comes to the cost of renting a yacht for a week, the season can make all the difference. From the vibrant culture of Croatia to the irresistible charm of the French Riviera and the scenic beauty of Italy, the Mediterranean offers delights for every type of traveler. The charter season typically runs from April to October, with each month offering its unique charm. April to June and September to October are considered the low season, marked by reduced charter rates. Plus, the weather in those months is still pleasant, making it the perfect time for exploring the destination without the crowd.
On the flip side, July and August are the high season, with demand – and rates – reaching their peak. Most yacht owners set sail during these months, so if you're planning to cruise in high season months, be sure to book early. Our charter brokers recommend setting your dates at least 6-9 months in advance to secure your vessel. Remember, the best yachts always get booked first.
Charter fees explained: What's included and what's not
Charter fees can seem like a maze of expenses, but fear not – we're here to guide you. The main idea behind luxury yacht charters is customization, tailoring a vacation to fit your needs specifically. This is not a one-size-fits-all business and it is not easy to have a single price.
What’s included in the charter fee?
Charter yachts above 20m in the Mediterranean usually operate under MYBA terms, which is the case with the Yacht IN charter fleet. MYBA charter terms can be described as a “plus all expenses” charter. The base charter rate refers to the cost of the yacht itself, inclusive of all equipment in working order, tenders, water toys, basic consumables for the galley and cabins, yacht laundry, crew wages and food, and yacht insurance. All other operational costs incurred during the charter are charged to the charterer separately and in addition to the yacht’s charter rate.
Other expenses that will be charged to the charterer in addition to the yacht’s charter rate under MYBA terms:
VAT - short for “Value Added Tax '' is applied on top of the yacht’s charter rate and the amount is determined by the VAT rate of the EU country in which the charter begins. Current (May 2024) VAT rates across Mediterranean countries are:
- Croatia: VAT 13 %
- Montenegro: NO VAT on charters
- Italy: VAT 22 %
- France: VAT 20 %
- Spain: VAT 21%
- Greece: VAT is 13% (as off Dec 11th 2023). Depending on the time spent in international waters, it can be reduced to 5.2% or 9.6%.
For charters commencing in a non-EU country, but passing-by or ending in an EU country, VAT will be applicable for the number of days spent in the EU country’s territorial waters. For example, If you start your charter in Montenegro (Non-EU country) and stay there for 1 or more nights before entering Croatian waters where you'll disembark, you will pay less VAT, i.e. 13% of VAT will apply only on days spent in Croatia.
APA - short for Advance Provisioning Allowance, is an amount usually ranging between 25% - 40% of the yacht’s charter rate, which you’ll pay in advance to cover all operational expenses during your charter period, referring to: food and all beverages for you and your charter guests; berthing dues and other harbor charges, local taxes, divers’ fees, customs formalities and any charges for waste disposal, charges for water and electricity taken from shore; personal laundry; Charter Party communications and internet use (if not included already in the yacht’s rate); and hire or purchase costs of any special equipment placed on board at your request.
The captain is in charge of handling the APA budget on your behalf and will keep a record of all expenses during your charter. The balance will be returned to you at the end of the charter. If more funds are needed during the charter period, the captain will alert you in time.
Delivery/redelivery fee - Delivery fees may apply if you require your charter to start/end in a port other than the homeport of the chosen yacht. You will be charged for the fuel used to relocate the yacht to the port of your choice. In some cases, the owner may charge you “empty run” days for the distance and time required to deliver the yacht to compensate for revenue lost due to delivery.
Size matters: How yacht size influences charter costs
When chartering a yacht, size does matter. The size of your vessel should be determined by a few key factors: the number of guests you'll be cruising with and the level of comfort you desire. Most luxury charter yachts can accommodate anywhere from 6 to 12 guests, though there are exceptions to every rule. Whether you're planning an intimate gathering or a lively party at sea, there's a yacht size to suit your needs.
But it's not just about headcount – you'll also want to consider the type of yacht that best fits your style. Are you drawn to the sleek lines of a motor yacht, the spacious layout of a catamaran, or the timeless elegance of a sailing vessel? And let's not forget about the grandeur of a superyacht for those seeking the ultimate luxury experience. When thinking about the average price to rent a yacht, keep in mind that superyachts will traditionally be the most expensive when calculating yacht charter costs, while smaller vessels may be more affordable.
The following explanation applies to motor yachts exclusively as sailing yachts and catamarans fall under a different, usually less expensive category.
Motor yachts under 20m I price range €15,000 - €35,000
In this size range, you will usually find the most affordable options, with 2 to 3 cabin yachts that accommodate 4 to 6 people. These yachts are chartered bareboat or with 1 crew member, a skipper.
Example I Skippered yacht Azimut S6 LEDA
Motor yachts between 20m - 24m I Price range €18,000 - €45,000
Yachts in this range usually have 3 luxury cabins for 6 people, but some yachts have 4 cabins for 8 people. As the size grows, so does the number of crew and these yachts usually have 2 to 3 crew members (a captain, a chef, and/or a hostess). You can read here about the benefits of chartering a yacht up to 24 metres.
Example I Princess Y72 ELIZABETH
Motor yachts between 24m - 30m I Price range €35,000 - €100,000
This size range offers a variety of choices, from fast open yachts to more comfortable and stable displacement, two-deck yachts. These are usually 4 cabin yachts that accommodate 8 guests, but some exceptions have a fifth cabin. A crew from 2 to 4 members is on board. Prices vary significantly as these yachts differ in age, size, amenities, selection of water toys, etc.
Example I Ferreti Custom Line Navetta 26 FRIEND'S BOAT
Superyachts between 30m - 40m I Price range €50,000 - €160,000
There is a big gap between 30 and 40 meters, which is reflected in the price range. More luxurious yachts are common in this category as features are more exclusive: jacuzzis, spacious social areas, comfortable staterooms, a bigger selection of water toys, and more equipment in general. A bigger size means more space, which means more comfort and stability. Yachts with 5 stateroom cabins for 10 people are prevalent in this size range. In some cases, the master suite is located on the main deck which is an attractive feature. These yachts run with 4 to 7 crew members, meaning the service provided is more tailored and the stay is more luxurious than on smaller yachts, as expected.
Example I Sanlorenzo SD118 ANDIAMO
Superyachts between 40m - 50m I Price range €80,000 - €330,000
Full beam master suites, upper deck VIP stateroom, offices, huge bathrooms, three decks with dining and social areas, sundeck Jacuzzis, and the list goes on. All of this becomes a standard on yachts in this size range. These yachts have up to 6 staterooms that accommodate up to 12 guests. The crew size grows to up to 12 people and the provided service is second to none.
Example I Benetti HAPPY ME
Superyachts +50m I Price range + €250,000 - Million
The prices skyrocket within this category and whatever you imagine as the pinnacle of exclusivity is found on these superyachts and megayachts. The possibilities here are endless; gyms, beach clubs, private owners' decks, spas, helipads, cinemas, pools, and high-performance tenders are just some of the features in this size range.
Example I TALEYA (ex Rarity)
FAQ
What is the average cost of chartering a yacht in Croatia?
Chartering a yacht in Croatia offers a range of options to fit various budgets and preferences. The cost of renting a yacht for a week can vary depending on factors like the size and luxury level of the yacht, the duration of the charter, and the time of year. On average, chartering a yacht in Croatia can range from around 15.000 EUR per week for smaller vessels, while larger luxury yachts or superyachts can cost upwards of 100-300.000 EUR per week plus expenses.
Are taxes and VAT included in the charter rate?
No, they are not. Value Added Tax, commonly known as VAT, isn't factored into the entire charter fee; rather, it's determined by the VAT rate applicable in the country where the charter commences. VAT rates across the Mediterranean range from 5.2% in Greece to 22% in Italy.
How much should I tip the crew?
How much should you tip the hardworking crew who have made your maritime dreams come true? The average tip typically ranges from 5-15% of the base charter fee, but ultimately, the choice is yours. Whether you opt for a modest gratuity or a more generous gesture, remember to show appreciation for the crew's hard work and dedication throughout your charter. We’ve explained the details in our previous blog, check it out!
Find out more about the yacht chartering process by downloading our free guide 'Welcome to Your Yacht Charter: A Step-by-Step Guide for First-Time Charterers'.
Yacht IN’s extensive experience and knowledge in luxury yachting in the Med is a guarantee of the best possible service. Dedicated professionals, driven to go beyond expectations, will attune to your personal needs. Luxury yacht charter is called that for a reason. It is not the term we throw around easily. The service should feel exclusive from start to finish. Contact our yacht charter specialist and let them take care of every detail while you sit back and relax.
