"2021 in the Med" | Quaynote Round table
Latest fiscal amendments with impact in the superyacht chartering season 2021 in the Mediterranean:The below is a summary of the most relevant fiscal amendments…
Latest fiscal amendments with impact in the superyacht chartering season 2021 in the Mediterranean:
The below is a summary of the most relevant fiscal amendments with effect on the superyacht chartering activity in the Mediterranean which were discussed by representatives of different jurisdictions in the roundtable organized by Quaynote Thursday 18th in the course of “The future of Superyachts, Business Jets and Luxury Property Online Conference”
- France: The new situation for summer season 2021 is that full VAT rate - 20% - will be charged for time spent in EU waters. Only the part of the journey taking place in international waters will be exempt of VAT.
- Italy: As in France, the new law will be applicable to all charters starting in Italy and/or outside EU territory and entering into Italy will be subject to ordinary VAT rate of 22%, except on the part of the journey taking place in international which will be exempt of VAT.
- Spain: Charters starting in Spain are subject to 21% without any reductions. On the other hand charters starting outside the EU VAT area are subject to Spanish VAT for the part of the journey taking place in Spain VAT territory, however since January 1st 2021, they will be exempt of VAT if starting in any of the following Spanish special territories: Melilla, Ceuta and the Canary Islands.
- Greece: Greek standard VAT rate is 24%, with a potential reduction on the part of the journey taking place in international waters. Yachts without a Greek charter license are obliged to start and end the charter outside Greece. There are still practical problems in order to enforce collection of VAT. At the moment there are some issues with UK-VAT paid yachts, as it is not clear if they will continue to hold free circulation status.
- Croatia: The situation in Croatia remains quite steady without relevant changes and a standard VAT rate of 13%. It is remarkable the fact that British flagged yachts
- Turkey: Foreign flagged yachts can cruise between Turkish ports provided guests do not embark in Turkey. Turkey authorities apply a stamp duty of 30€ x LOA in order to allow chartering operations.
- Malta: After closing of the EU Commission infringement procedure against Malta, the jurisdiction continues to be the leading Superyacht registry in the Mediterranean.
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