In December 2015 OneOcean Port Vell announced that it had been granted a permit to offer a Temporary Importation (TPA) tax free benefit scheme to vessels within its marina. While the TPA scheme is not a rare one, with it being used commonly in refit yards, what makes OneOcean’s position somewhat unique is that it is seldom granted to a marina. SuperyachtNews.com speaks with Paul Cook, OneOcean Port Vell’s general manager, about the TPA scheme and its benefits.
“It is a fairly well known system, especially within shipyards,” starts Cook. “The TPA allows non-EU flagged, non-EU owned vessels to benefit from VAT exemption on refit works they carry out within an agreed window.”
Liaising with Lantimar Yachting, the Palma-based yachting agency with a wealth of experience in tax compliance, OneOcean approached the local customs authorities with a TPA proposal, a proposal which they accepted.
In order to use the TPA owners must propose a non-polluting project and complete the works within an agreed time. That being said, the TPA guidelines are not draconian and changes to the agreed time window are available with the provision of solid reasoning. Additionally, it is possible to transfer a TPA permission to a different location, allowing a vessel to undergo major works at a specialised shipyard, in addition to the routine maintenance work such as interiors, mechanical and electronic tasks that OneOcean offers.
“One of the great benefits of our marina is that we do not charge any commission for subcontractors who come into the marina,” continues Cook. “We are not a refit yard, we are a marina; my belief is that we shouldn’t charge commissions like large yards traditionally do. We do charge a small admin fee which gives each worker access to the marina for a year and ensures the legality of the work.”
Cook explains that the VAT exemption has not been made available to try and enter the refit market, especially with MB92 on the doorstep, but rather it is another way of improving the customer experience. Small VAT-free, works can be conducted on site and then major works can be carried out at a refit yard. Nor does OneOcean wish to be the conduit through which a TPA is granted, preferring to leave this task to a superyacht agency. The TPA represents a value-added proposition for OneOcean.
“We are not trying to squeeze owners for every penny, we are showing them the benefit of coming back. We are trying to support them and build on our growing reputation as a homeport,” explains Cook. “We have really tried to build this homeport ethos, and supporting owners with the TPA and not charging commissions are just two of the methods we are using to do this. We are not the cheapest on berth rates, but you get to be located in a very clean environment in one of the liveliest, up and coming superyacht cities in the world.”
On 26 April 2016 Superyacht Fiscal returns with a new venue. Join us at the H10 Marina Barcelona hotel for a day of instruction and education entitled ‘Operating in Spain’, a think tank outlining the current state of the Spanish superyacht market, from a fiscal, legal and operational standpoint. Spaces are limited so, click here to register for the event.
OneOcean Port Vell will be hosting a special drinks reception at the end of the day's discussions.
If you've found this story to be 'a report worth reading' and you would like to enjoy access to even more articles, insight and information from The Superyacht Group, then you may well be interested in our print subscription packages, which include the most comprehensive and up-to-date information on the state of the superyacht market. Subscribe here, to these 'Reports Worth Paying For'