Peace of mind for TPA
A complex process facing many vessels this season, Evolution Yacht Agents demonstrates its expertise in navigating this procedure in Spanish waters…
For yachts taking advantage of the refit and repair facilities in Spain after a busy summer season, Evolution Yacht Agents can act as customs agents and liaise with authorities where yachts are carrying refit and maintenance works. TPA (also known as Inward Processing) is a fiscal regime that allows eligible yachts to benefit from a 21% tax exemption, avoiding VAT charges on repairs and maintenance works carried out on board.
There are several benefits offered to yachts carrying out refit work in Spain, and these significant savings attract a notable number of non-EU yachts to the region for work. For captains, chief officers, and management companies, Evolution Yacht Agents offers complete peace of mind when navigating this complex process, and have successfully worked with over 350 TPAs. “We have acquired the knowledge to guide crew, management, and contractors through the whole process making sure that all TPA invoices and services fully comply with the current Spanish fiscal and Customs requirements,” says Bea Alonso, CEO at Evolution and a customs licensed agent.
Bea explains that one of the most common mistakes relates to the complexities of spares from the vessel. “For new clients, it is difficult to follow the number of requirements we have from customs when it comes to spares leaving the vessel or spares that need to be disposed of,” she remarks.
Since the company’s inception, it has worked with over 350 yachts through the TPA process and anticipates helping over 30 this season. “I have used Beatriz and her team at Evolution for the last 12 years for M/Y Integrity’s TPA. They run a highly professional outfit, and I would have no hesitation in recommending them to any yacht,” remarks Captain Brendan Furey. “They are also the only agent I am aware of in Palma that has a bonded warehouse, which is a huge bonus to any yacht doing a large refit.” The warehouse is a 2.500 m2 space and is the first of its kind on the Balearics. It is the perfect storage solution to avoid paying import taxes for goods such as materials or spares that are coming from outside of Europe. Furthermore, the team provides assistance in all of Spain’s ports, no matter where the yacht is berthed.
“Evolution has a lot of dedication and passion for this process. We love the exemption procedure,” says Bea. “What sets us apart from our competitors is our continuous improvements to show to customs the transparency of the process and also ensure our clients feel safe.” While yachts are under TPA, the boat is not technically using the temporary time frame of 18-months that is given to non-EU vessels, which allows greater opportunity to explore Europe when the works are completed and the owner (or charter client) is on board.
TPA assistance is just one of the many services that the Evolution team offer for yachts in Spanish waters. Its full range of superyacht specialised assistance includes charter license and legal advice, customs and logistics operations, provisions and interior supplies, deck and engineering supplies, and crew and VIP services.
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