Our breakfast seminars raised some interesting discussions. On Day One, we covered crucial information for the upcoming Med season, such as stamping protocols, chartering and VAT, and rules & regulation changes across various jurisdictions. Many thanks to our panellists: John Wyborn, Director at Bluewater and President of MYBA; Alex Chumillas, Managing Director at Tax Marine; and Andrea Farinaceo, Director of Operations at Argentario Yacht Services. Day Two’s topics were more contentious, looking at the possible repercussions of the current Russia-related Ultimate Beneficial Owner (UBO) sanctions on yacht ownership structures; Know-Your-Customer Regulations, Flag States, Crew Contracts, etc. Our expert panel consisted of: Anthony Galea, Director at Vistra, Sebastián Díaz, Partner at maritime law specialists, Bufete Díaz & Associates; and Ian Petts, Director at Equiom Group. Due to a technical hitch, we have no recording of Day One, but the Day Two panel session is here, in full: https://www.youtube.com/watch?v=_R0LTMOrm9o Many thanks too to our seminar sponsors: Termopetroli, Gym Marine, Coral Marine, Vistra, Bufete Diaz & Associates, Charter Itinerary, The Crew Network, Swisspath Yachting, Agencia Melia Vives, Bluewater, TaxMarine, Calero Marinas, Kingsber Crew Support
The below is a summary of the most relevant fiscal amendments with effect on the superyacht chartering activity in the Mediterranean in 2021: 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 from 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 waters, which will be exempt from 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 from 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 […]
