Under the new rules, charter work must make up less than 65 per cent of the superyacht’s time within New Zealand waters and NZ Customs requires a declaration from the vessel's owner to satisfy them the yacht will not stay in New Zealand for longer than 24 months.
New Zealand’s TIE means yachts can stay in the country for up to 24 consecutive months offering significant earning potential to its service, supply and associate sectors.
Superyachts in New Zealand waters holding the TIE will enjoy a zero per cent Goods and Services Tax (GST) rate for goods and services for the yacht, except while during the charter itself, and crews’ qualifications can be cross credited to New Zealand qualifications by Maritime NZ.
SuperyachtNews.com met with Tourism NZ at the recent Monaco Yacht Show, where reform of the TIE to favour commercial yacht operation was listed high on the organisation's agenda.
The realisation of this lobbying drive will be most welcome news to an industry that is working to pull itself out of a difficult period, and is also eagerly anticipating an influx of vessels for January's Millennium Cup.
Speaking of New Zealand's potential, in an article published by Qantas Way magazine, Asia Pacific Superyachts New Zealand's Jeanette Tobin said, “The superyacht can arrive in October, do a works period, cruise with the owners or charter guests from January to April, and then continue on their Pacific voyage. We’ve spent five years ‘selling’ the region to owners, captains, charter managers and brokers, and last year we had more superyacht cruising than ever before.”
The move also comes at the end of a year which has seen New Zealand make considerable moves to promote New Zealand’s charter prospects to superyachts seeking an edge in the charter market.