There’s a boat in the morning is well-used refrain in the Isle of Man but for Katherine Ellis, there is much more likely to be a yacht – and a superyacht at that.
With her long and in-depth experience in wealth and asset management, Katherine has been supporting yacht and superyacht owners for nearly two decades, advising on registration, ownership structures and management. She was instrumental in the launch of the Isle of Man Commercial Yacht Register and a key player in helping the Island become a world-leading centre of excellence for the registration and administration of high-value luxury assets.
While Katherine’s job may seem very glamourous – she regularly attends the Monaco Yacht Show and other high profile events – there is a tremendous amount of work required to keep yacht owners up to speed with the latest regulatory and fiscal developments, ensuring their assets are properly protected and their best interests are represented at all times.
“There has been a huge amount of change over the past 10 years which has created a challenging environment for yacht owners, managers and professional advisors,” says Katherine. “It is our job at Boston to help clients navigate a smooth passage ahead and our status as an independent business allows us to take an objective view of the best options available for each individual.”
In practical terms, this has led to an increasing collaborative approach with other service providers. “The problem we see time and time again from an owner/family office perspective is the sheer number of professional parties that are required to operate a superyacht,” says Katherine. “It needs to be clear who is responsible for each element of the operation, so we can see whether there are any overlaps or, worse, any gaps.”
It’s this spirit of co-operation that has served the Isle of Man well in building its reputation in the maritime industry, adds Katherine. “The way the Shipping Association and Yacht Forum operate, with competitor firms working alongside each other to benefit the Island, has been something that has always set the Isle of Man apart from our competitor jurisdictions,” she says.
Katherine believes the Isle of Man will continue to be a safe and respected port for yacht owners, and will continue to adapt to the times.
“Owning and administering a yacht effectively is a complicated business and there are many factors we need to consider in finding the most appropriate home for a client. Sometimes this requires a multi-jurisdictional approach, and with offices in Malta and Dubai, as well as our headquarters in the Isle of Man, Boston is well placed to deliver the complex arrangements modern yacht owners need.”