The App works as a comparison tool to calculate the VAT payable on a superyacht by using either a Maltese Leasing Structure or the new Monaco VAT Solution from Dominion Marine, unique to the superyacht industry.
Dominion Marine claims it is the only company that can offer both options and it invites clients, future clients and industry professionals to try the App themselves when looking at the VAT costs that might apply to a superyacht purchase.
Based on the Isle of Man, with associated offices in the UK, Jersey, Malta, Cyprus, Antibes and Monaco, Dominion Marine has been providing yacht and superyacht corporate ownership solutions to the yachting industry since 1984. Chris Allix, founder and director of Dominion Marine, launched the Monaco VAT solution for pleasure yacht owners at the 2013 Monaco Yacht Show. Since then it has been extended to yachts that charter on an occasional basis.
"I am very excited about this year’s Monaco Yacht Show as our Monaco based VAT solution for superyachts has generated a lot of interest and I know we will be busy," said Allix. "My colleague Simon Roberts of Dominion Crew Solutions suggested that we put together an app for people to find out the VAT savings for themselves for both the Maltese and Monaco solutions. There has been a lot of work behind the scenes to launch this app in time for this year’s show and we hope people will find it useful. It is a quick and easy way to find out what the VAT savings will be."
Chris is joined by other colleagues from Dominion Marine at stand QP2 in the Parvis Piscine tent and will be available throughout the show from 24-27 September. He is also joined by Simon Roberts and Darla Fraser of Dominion Crew Solutions and Adrian Jones of Dominion Tax Consultants.