A floating apartment. A residential yacht. A holiday home that travels around the world.

There are many descriptions for the World, a luxury liner, but “cruise ship” is not one of them, says local resident Jim Minarik.

“The only thing the world has in common with a cruise ship is that they float on water,” he said. “If our ship were a cruise ship, we would probably have 1,500 passengers. When we’re really busy, it’s between 200 and 300.”

The World features 167 private apartments, ranging from a 26.5 m² studio to a 300 m² four-bedroom apartment.

Minarik and his wife bought their apartment in 2020 with the plan to spend one to two months a year on the ship, but now, he said, they spend up to half the year on board.

“We just found that we really liked the community and the way we travel – it’s very cozy and comfortable,” he said. “You’re constantly seeing something new.”

Minarik said the couple loved the onboard experience so much that they eventually purchased a second, larger apartment on The World and kept the first apartment for family and friends.

Like many cruises, The World has several restaurants and bars, yoga classes and a gym, two pools, a medical center and 24-hour room service.

But that’s essentially where the similarities end. First of all, the owners are in charge of this ship.

“It’s a democratic society on board,” said Residential Director Eddie Wong. “They vote on things like the itinerary, they vote on renovations on the ship,” as does the board.

The itineraries change every year, Wong said. The 2026 schedule is ready, he said, and includes stops in Antarctica, French Polynesia and Easter Island, which he called “one of the most coveted places in the world.”

The World calls at about 100 ports each year, stopping for two to five days rather than just a few hours, Wong said.

“We’ll dock in a port, for example on the Amalfi Coast,” Minarik said. “We’ll stay for three or four days, so we might not get out at all on the first day… maybe we’ll just go out for dinner.”

Several owners live on the ship permanently, but most come and go as they please, he said.

After the cruise from South America to South Africa, Minarik said, he and his wife disembarked in Cape Town and went on safari for two weeks before heading home to Orange County, Calif. The friends they were traveling with caught up with the ship, which had since sailed up the west coast of Africa, he said.

Many of the owners are North Americans, Wong said. “But we have residents from about 20 different nationalities … we also have a lot of Australians on board,” he said.

Minarik, a former CEO of a major consumer electronics company, said all owners have had some degree of financial success.

“That’s just a fact, but what’s really interesting is that everyone has a great story,” he said.

Purchase prices for residential properties range from $2.4 million to $15 million – this amount does not include quarterly maintenance fees, which can amount to about 10% of the purchase price annually.

Nevertheless, money is not a big issue on board the World, said Minarik.

“There’s definitely no competing with your neighbors, because whether you’re a multimillionaire or not, there are plenty of billionaires,” he said. “So you talk about your love of travel and the experiences.”

He said one of his friends from the ship is an 82-year-old man who “donates more money to charity than I could imagine.” What are they talking about? “Scuba diving,” Minarik said.

Potential buyers will be vetted, Wong said. In addition to a financial and police verification, he said, buyers will need two letters of recommendation from an existing resident.

Each year, about 10% of the residences are offered for sale, a company representative told CNBC Travel.

The average length of ownership is seven to eight years, Wong said. By that time, owners have traveled to most parts of the world several times, he said. Others move away to be closer to specialized medical care or to spend more time with family.

Minarik agreed that the biggest downside to ship life is the time spent away from his children and grandchildren. He said he and his wife plan their lives to balance their love of family and voyages of discovery.

Another disadvantage? Minarik said he couldn’t take his dogs on board.

But “if I could think of anything other than you not being able to have your pets and your family, that would be pure invention,” he said.

Wong said that while other companies have tried, The World is still the only ship of its kind.

The MV Narrative, a luxury residential vessel being built by a company called Storylines, has suffered several delayed departures. Originally scheduled to depart in 2024, it is now set to set sail in 2027. The vessel is larger than The World and will have 500 rooms to accommodate around 1,000 people.

Another liveaboard ship, Life at Sea, was canceled in November 2023, the same month it was scheduled to set sail for the first time. Some travelers had reportedly sold their businesses and homes before learning that the company behind the cruise, Miray Cruises, had canceled the three-year-old voyage after failing to find a ship.