Frequently Asked Questions
Do you need any special qualifications to be a share owner?
A named shareholder must be present and hold a valid licence every time the boat goes on the water.
If you are not a Cypriot resident, you will need to take a RYA Powerboat I & II course. We can arrange training for you locally. Additional courses for Co-Shareholders, family members or friends are available at an additional cost.
When do you need to pay Management Fees?
These are due in advance and yearly on the date of the contract signing. Fees can be paid monthly by standing order. Fees must be kept up to date. Management fees are subject to increases, however, MBS will endeavour to keep this no higher than cost of living and will provide plenty of notice should an increase be necessary.
How many days can I use the boat for per year?
The annual 28 days allowance commences on the date stated on the contract and are renewed on the same date annually, dates may not be carried forward.
Launches are bookable in advance or at short notice, we try to accommodate everyone on special occasions if we have prior warning. It may be possible to ‘borrow’ extra days from a fellow shareholder should they not use their allowance, no fees will be charged. Each launch is classed as a day regardless of how much time you are on the water.
Is there a limit on the number of people who can own the share?
Shares can be owned by more than one person (Co-Shareholder), however each Co-Shareholder named on the share contract will be equally responsible for the management fees and the rectifying of any damage.
The 28 days usage also has to be split between all share owners.
How do you pay for Fuel?
The boat is launched with a full tank of fuel, on recovery of the boat, the tank is then filled.
Does MBS Offer Equipment Hire?
Towable inflatables, skis, wakeboards and kneeboards can be hired at the cost of €20.00 per day, this covers single item hire. Attractive discounts are available for multiple item hire.
Can you cancel a Share?
Should anyone decide that they no longer want their share they may:
Sell the share privately
We may be in a position to buy the share back but cannot guarantee this
We can market the share on behalf of the Shareholder who is looking to sell
Once agreed the share will then be transferred after the contract has been signed. It will not be treated as a ‘new’ share in that the contract will remain rolling and the fees and the number of days available in the contract year are carried over.
Please note all management fees and fuel accounts must be settled in full before a Share can change hands.
An administration fee is applicable to all contractual changes.