Matric tax exemptions one year on: what has changed in Spain?
In March Marina Porto Vell hosted a round table with a number on industry professionals to discuss the current state of the yachting industry in Spain and how to move forward with the aim of fostering what is showing signs of becoming a bourgeoning market…
In March Marina Porto Vell hosted a round table with a number on industry professionals to discuss the current state of the yachting industry in Spain and how to move forward with the aim of fostering what is showing signs of becoming a bourgeoning market.
On the up side, it is beyond doubt that the Matric Tax exemptions have generated a positive impact.In less than one year the charter fleet has grown from 0 to over 30 yachts over 40m operating in the islands and the mainland. Over 60 yachts between 24 and 65m have applied for and been granted charter licenses.
It is possible to charter legally in Spain if the rules and the paperwork are followed to the letter. EU and non-EU yachts are allowed, and have applied successfully, to charter in Spain. A beneficial owner can charter its own yacht, albeit with restrictions. Charter enquiries have increased and Spain is starting to be seen as a viable charter destination.
Huge investment in the infrastructure on the islands and mainland has been made in the last few years and the number of jobs in the yachting sector has increased.The political situation seems to be improving slowly and regulators are starting to listen.
Admittedly challenges still remain. There is still legal uncertainty regarding the Spanish Matric tax, especially in relation to the terms “exclusivity” (use of the yachts exclusively for commercial purposes so as to be able to apply for the matriculation tax exemption for charter activities) and “establishment” (the use of the yachts by owners of a so-called “establishment” in Spain is relevant for the purpose of defining the taxable event for registration tax).This continues to cause confusion and scare off potential owners.
A lot has been achieved, more can be done.
The aim of the round table is assess the status quo and decide how best to address the remaining issues working with the authorities and providing them with data and information to expedite progress.
For more information about chartering in Spain contact SOS Yachting Spain at info.spain@sosyachting.com .
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