“The tax on yachts was a much-debated subject prior to being sent to parliament for approval,” explains Mike Brewer, agency manager at A1 Yachting in Greece. “The Ministry of Economy, ignoring all speculation, decided to go ahead as it was deemed a necessary source of income. They were warned of the possible illegality of the law and Italy and Sardinia were mentioned. The law was passed and printed in the Government Gazette but until now has not been implemented.”
Sotiris Konstantakis, yacht manager at Cape 4 Yachting, also believes that this new development is nothing that the superyacht industry should be concerned about. “The costs are minimal relating to a yachts' annual expenses,” he says. “Add discounts for permanently moored yachts in a Greek marina and they are even lower. In the western Med using a buoy in a bay is about the monthly cost, whereas in Greece anchoring and stern mooring is free of charge on all the islands. Furthermore, there are practically no light and harbor master dues as there are in all other countries. The amount of money you are called to pay at the end of the day for berthing and maintenance year round are substantially higher in most countries compared to Greece. In practice, the final guidance to port authorities for the tax collection is still under review thus no one has paid it yet.”
While it is evident that tax and fees for yachts in Greece will be increasing in the near future, the notions that it will effect superyacht activity in the area appear to be unfounded as Greek waters still remain substantially cheaper to cruise in than some of its European neighbours.
Thee Superyacht Management Meeting: Fiscal will be taking place in Monaco; 15th April. For more information or to register to attend please click here or contact Suzie Hine by emailing email@example.com or calling +44 (0)207 801 1014.