Archive for the ‘Uncategorized’ Category

Malta Yacht Leasing Scheme

Tuesday, January 7th, 2014

The Malta Yacht Leasing Scheme remains the primary effective Yacht VAT mitigation/deferment scheme. The Croatian adventure has concluded. We have received unsubstantiated comment that some “professional” advisors have been advising potential clients that it is no longer/not necessary for yachts to return to Malta at the end of the Lease. Our lawyers in Malta, with whom we initially established this Scheme, have discussed this with the Malta VAT office.  Their response could not have been clearer. They confirm that yachts have to return under the Supply of Goods rules, Malta and EU law.  Anyone suggesting the opposite was considered to be “...deceiving their clients..”! Anyone considering the use of this Scheme should therefore take proper advice from those who have been involved with the development of the Scheme from the outset.

CROATIA 5% VAT -

Tuesday, March 5th, 2013

We have now moved forward from the theory to the practice! Yachts are actively being imported and VAT paid in Croatia. The process is relatively straightforward and, from the owner’s perspective, the service that we and our colleagues in Split, Srecko Favro – Adriatic Expert, provide simplifies matters considerably. We have revised our Guidelines to take into account a number of important issues that have been clarified, such as re-importation into the EU and Import Duty. Please contact us for more information.

Croatia 5% VAT

Friday, February 1st, 2013

Our Guidelines and Budget Costings have now been prepared and can be obtained from the office. The first yacht has been imported and VAT accounted for!

Croatia 5% VAT

Friday, January 18th, 2013

We are very close to publishing the rules and costings for taking advantage of this limited opportunity. An overview of the process is: Open to non Croatian individuals and companies; Boat must be registered elsewhere when she arrives for temporary importation; O% duty for EU built yachts; 5% VAT on Valuation provided by our Court Registered valuer in Split; importation and VAT entry dealt with by our customs agent; Croatian registration must be maintained until after 1 July 2013; yacht can leave as soon as formalities completed; yachts must be entered no later than 31 May 2013.  Croatian flagged yachts have significant advantages in certain state controlled marinas with much reduced berthing charges.

The Scheme is of benefit to those with ex VAT yachts in or close to Croatia, larger more valuable yachts located further afield and new builds being delivered within the next four months that might otherwise have gone to Gib, Malta or the Med. Italian built yachts can easily get across and leave the yard ex VAT. We have an ocean carrier lined up for sailings into Croatia to facilitate prompt delivery from further afield.

French Commercial Exemption – VAT

Friday, January 4th, 2013

The EU has formally written to France requesting removal of their VAT exemption for commercial yachts. France have two months to comply or face charges against them in the ECJ.

Croatia 5% VAT

Thursday, January 3rd, 2013

The Croatian Government have announced a 5% rate of VAT for the period 1/1/13 to 31/5/13. Similarly Import duties will be heavily discounted to 1.70% for yachts above 12%, and zero below that length. This will apply to Croatian flagged vessels. This scheme is very similar to that adopted by Malta prior to their accession. This is a great opportunity for non VAT paid yachts in Croatia or other non EU ports and capable of getting to Croatia within the time allocated to save up to 17% VAT. The authorities have yet to publish the “rules”. These are expected by 15th January. In the meantime we and are our colleagues in Split, who are Court accredited valuers, are preparing the ground for what we expect to be a busy few months!

MALTA YACHT LEASING SCHEME EXTENDS TO COMMERCIAL CHARTER YACHTS

Friday, September 7th, 2012

The Maltese VAT department has confirmed that the Malta Yacht Leasing Scheme, which provides a substantial mitigation of VAT payments, can now apply to Commercial Charter Yachts. This will provide owners of such yachts with additional and substantial benefits. Previously the scheme only applied to Pleasure Yachts.

SPANISH CHARTER LICENCE – NON EU FLAG. A FIRST!

Tuesday, July 31st, 2012

For many years the Spanish authorities have only allowed EU registered yachts to be granted Charter Licences enabling them to operate as commercial charter yachts in Spanish waters.  We are very pleased to report that we have, in conjunction with colleagues in Spain, recently obtained a Charter Licence for a Commercially registered St Vincent flagged motor yacht.

Cyprus Yacht Leasing Scheme

Thursday, May 10th, 2012

The Cyprus VAT department has now published the much anticipated guidelines for this scheme. It is very similar to the Malta Scheme but with a number of attractive enhancements. If optimised a VAT rate of 3.4% can be achieved. Contact Ian Collett for more information.

ECOSuperyacht Emissions Management

Thursday, June 16th, 2011

ECOSuperyacht Emissions Managment, a specialist in providing energy efficiency and emission management services throught it’s ECO Seas Programme, have appointed Ward & McKenzie to act as it’s exclusive surveyor to undertake all technical inspections on the yachts participating in this programme.