Fractional ownership of yachts is a continually evolving concept. With a traditional model, you purchase a percentage of a limited liability corporation whose sole asset is a yacht, and you receive a number of days onboard annually based on the percentage of the yacht that you own. At a specified date, typically several years after the agreement begins, the yacht is sold and you receive your share of the price.

A newer option is modeled after the private jet industry, where you purchase increments of usage time instead of a percentage of the asset. These options allow you to "buy in" for a single year or multiple years, with access to an individual yacht or to a fleet of yachts.

"The concept of a few people going in together on a yacht purchase to share expenses has been around for a lot of years, but for the most part, it becomes a great way to lose friends," explains Mike Costa, president of California-based SeaNet. "The professional way of doing it, with fractional ownership, has been around for less than 10 years in boating, at least on a successful level. Now, with the economy doing what it’s doing, a lot of people are looking to the jet card–style program. It allows more financial flexibility and a specific interval of time before your agreement runs out, so you don’t have to worry about an exit strategy within the ownership structure of a traditional fractional arrangement."

SeaNet’s fleet includes Sunseeker motoryachts from 50 to 82 feet long. Another company that works with specific motoryacht brands is American Yacht Share, offering fractional use of Luhrs, Mainship, and Silverton motoryachts from 32 to 48 feet long. London-based Curvelle recently announced that it is working with the Cheoy Lee shipyard to offer fractional ownership of 108-foot catamaran-style motoryachts. Other companies, such as Monocle Fractional Yachts, work with multiple builders. Through Monocle, you can buy a traditional fractional share of anything from a 68-foot Hargrave motoryacht to a 185-foot Feadship motoryacht.

There are opportunities for sailing yachts and smaller powercats, too. Beneteau, a builder known for monohull sailing yachts, has a traditional program called Beneteau Fractional Yachting. Annapolis, Md.–based SailTime offers sailboats and powerboats for jet card–style use from its bases in North America, Europe, and the Caribbean. Voyage Yachts, a builder known for sailing catamarans and charters, has a jet card–style program for powercats called Voyage Yacht Share.

"With Voyage Charters, we have about 40 boats in Tortola," says company president and CEO Bob Kyle. "Voyage Yacht Share is different because the boats rotate. They go to different ports of call throughout the year. We’re currently set up in Miami, the Bahamas, Annapolis, and Cape Cod. Ninety percent of our customers are from the United States, so these locations let them split up their time with long weekends instead of having to go on their boat for an entire week, as they would through our charter program."

Many fractional ownership programs can be a strong financial alternative to charter if you plan to cruise for multiple weeks each year. In the case of?Voyage, $64,400 gets you 28 days of annual use aboard a 54-foot powercat. The price includes a captain, a 24-hour concierge, and access to yacht clubs. The same amount of time chartering a similar-size catamaran would cost about $88,000 plus marina slip fees and other expenses.

SeaNet’s prices start at about $90,000 per year for 48 days aboard a Sunseeker 66 Manhattan. That same boat, depending on location, could cost about $140,000 to charter for the same number of days, or about $800,000 to purchase outright.

"Generally speaking, fractional usage provides you the difference between one or two trips a year and actually feeling like you have a boat to go to," Costa says. "It’s ideal for somebody who wants more than a one-time charter, and who doesn’t want to own a boat."