Yacht VAT & Tax

Yacht VAT & Tax

Whether starting a new build project or buying an existing yacht, Fiduchi has a wealth of experience supporting clients dealing with VAT and other tax-related matters. We work with individuals and tax advisors to achieve the best solution.

Yacht & Superyacht VAT and Tax services.

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Fiduchi 's yacht team can liaise with the owner’s existing tax adviser if required, but we can also work with our own trusted partners to enable us to provide specialist advice in developing tax-efficient yacht ownership structures to mitigate not only VAT but also capital gains tax and inheritance tax.

What you should consider

If a yacht is going to be sailed in EU waters fiscal advice and/or representation should be obtained prior to the commencement of a new build project or the purchase of an existing yacht. This is particularly relevant if using the yacht commercially (charter), to ensure that the owner complies with the relevant VAT regulations. The EU VAT directive permits each member state to apply its own rates for VAT and local interpretation has resulted in inconsistent application of the rules therefore expert advice is essential.

Leasing Options

Yachts owned by EU resident individuals or corporate entities have the right to free movement throughout the EU provided VAT has been paid. Leasing arrangements to mitigate VAT on the acquisition of a yacht for which the principal use will be pleasure are available in Malta, Cyprus, Monaco, France and Italy. Each structure is bespoke and a member of our team will be happy to assist with any queries.

Temporary Admission

Offshore privately registered yachts (for pleasure use) legally owned by a non EU company and  ultimately owned by a non EU resident beneficial owner can benefit from the TI regime. Under the regime a yacht can remain in EU waters for a maximum of 18 months on any one visit before being liable to pay VAT on the hull.  In Greece the maximum is 6 months. The time limit may be extended to 24 months if the yacht is laid up and bonded with the prior agreement of the authorities.

The customs rules do not provide for a minimum period during which the yacht must remain outside the EU and when you sail back in a new period of temporary admission starts. Pleasure use means the yacht cannot be used for charter activities and the non EU resident owner must always be on board. Should the yacht be found only with EU residents on board the tax authorities might claim a breach of the temporary admission rules.

Commercial yacht charter

Chartering your yacht can offset some of the running costs but care must be taken to ensure that the commercial yacht code according to the yacht’s flag state is complied with. The yacht will need to be registered as a commercial yacht and the yacht owning company will also need to determine whether a classification society such as Lloyds Register, RINA, ABS or Bureau Veritas should be appointed to manage the yacht’s surveys and certification.

Commercial yachts can charter in most locations worldwide but national restrictions may prohibit yachts from carrying out charters in their waters if the yacht does not fly the national flag.To charter in the EU, especially Croatia, France, Italy and/or Spain, there are several issues that must be considered which depend on whether or not the yacht is VAT paid.

Testimonials

"THANK YOU TO OUR GUARDIANS!

I would like to extend a BIG thank you to the Fiduchi team for taking such good care of me and my business. It's reassuring to know that there are some guardian angels out there to look after us."

Founder & CEO - SUPERLUXE Events

"Thank you very much for your professional assistance (and patience) in helping us transfer our shares and assets into the new Trust. I know that it has taken longer than expected. Still, your professionalism and continued support have helped us achieve the desired outcome."

Chairman and CEO

"My sincere thanks for the assistance you have provided the advisory committee by coordinating directly with the charity to formalise an agreed donation plan."

Private Client (Charity)

"Many, many thanks for your hard work and speed at setting up our client's Private Investment Company in just 24hrs! Your flexibility and communication throughout the whole process have been appreciated, and the feedback has been tremendous......

Thank you."

Major UK Law Firm

"Thank you, everyone, for delivering this significant re-structure to our family assets and within a very tight timeframe.

Great to get this finalised!"

Mr. C - Private Client

"THANK YOU TO OUR GUARDIANS!

I would like to extend a BIG thank you to the Fiduchi team for taking such good care of me and my business. It's reassuring to know that there are some guardian angels out there to look after us."

Founder & CEO - SUPERLUXE Events

"Thank you Fiduchi for the design and implementation of our corporate pension scheme. Your expertise combined with technological platforms, have allowed us to create a bespoke retirement savings product which allows our employees. Throughout the whole process you have proven to be professional, skilful and enjoyable partner to work with."

Mr. R E - Managing Partner - H Ltd.

"We consider Fiduchi an important strategic partner of ours. Over the years they have proven themselves to be professional and extremely thorough. Combined with this professionalism, they are always a pleasure to deal with and we are pleased with their service levels."

Mr. P.E, Managing Director, W Ltd.

“I am very impressed with the professionalism and efficiency Fiduchi Limited demonstrated during the establishment of our employee benefit trust. They coordinated the process seamlessly and provided us with valuable advice and guidance to ensure compliance with our regulatory and legal responsibilities. Throughout my engagement with the team, I have found them to be approachable and easy to work with.”

Mr. P.B. FE Ltd.

"Thank you for helping us with the establishment of our real estate fund."

Startup Fund Manager

"Thank you so much for helping my client register their vessel with the Red Ensign Group and all the other advice and support you provided!"

Trusted advisor to Yacht Owner.

"Fiduchi's yacht team provides a first-class service! In particular with assisting us with our crew banking requirements and payroll services. Whenever we need assistance, they are just a phone call away!"

Superyacht Captain

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