With increasing pressure on governments to raise revenue, ever-changing rules, and differences in tax regulations for (especially) alcohol in relation to other products, Riviera Yacht Support clarifies some fundamental rules regarding the delivery of tax free goods to yachts in the EU. To purchase goods, including alcohol and provisions, tax free, the local Customs Office needs to be satisfied that the goods are to be exported, and consumed outside the EU. Read More
The Cyprus VAT Service has launched new guidelines on VAT payments applicable under the Yacht Leasing Scheme. As a result, effective VAT rates can be reduced to as little as 3.4% of the initial value of a yacht - less than the equivalent in other favoured jurisdictions, including Malta. Under the Scheme, a Cypriot company can purchase a pleasure yacht and enter into a lease-sale agreement for the yacht with a third-party lessee. Read More
The team at Dominion Marine Technical Services (DMTS) has recently grown in accordance with demand. Chris Allix, director and founder of Dominion Marine Corporate Services told us why: “As it is a requirement in the UK MCA Large Commercial Yacht Code (LY2) that all commercial yachts, over 24m and under 500GT have an effective Mini-ISM system on board...Read More
Sardinia Yacht Services (SYS), part of the Luise Group and Associate Partner of BWA Yachting, has announced that after arduous and challenging negotiations carried out on behalf of their clients, that they have been successful in obtaining reimbursements to the Sardinia “luxury tax” as it was more informally known (regional law N. 4/2006) which were charged to superyachts in 2006, 2007 and 2008. Read More
During the recent MYBA yacht show in Genova, Italy, a non EU yacht was boarded by Italian Customs, suspecting it to be there under temporary admission. After three days of scrutinising documents and asking questions, the customs authorities were happy that it had been formally imported and was free to circulate in EU waters. Read More
Groundbreaking recognition from Lloyds Register for Ocean Management’s Green Passport initiative, implemented on the new Amels 212. She will become the first superyacht in the world to be awarded a Green Passport by Lloyds Register. The initiative for putting the yacht forward for the Green Passport came from Ocean Management. Read More
Affinity Management Services Limited has announced the appointment in March this year of Andrew Morgan to the Board of Directors. Andrew has been with the company since 2008 and previously held the position of Yacht & Aircraft Manager. Read More
After the approval of the Senato della Repubblica, the House of Representatives voted the "Decreto Liberalizzazioni" which includes the Grillo and Cutrufo amendment for yachting. This amendment stipulates that the berthing tax will only be applied to Italian citizens who possess a vessel, regardless of whether it is kept in Italy, or overseas, even if it has a foreign flag. Read More
Ciro Petrucci of Fraser Yachts, and Parisi Broker have been appointed as the co-central agents for the sale of the 28.8 metre converted tugboat D.P. Monitor, built by Benetti in the fifties. D.P. Monitor is listed at € 1,900,000. We spoke with the yacht's owner, who explains the history of the vessel, and his reasons to offer her for sale. Read More
Fulvio Luise, President of Federagenti Yacht (Italian Ship Agents) Division, expressed satisfaction today at the passing of the Grillo and Cutrufo amendment to the Italian berth tax legislation passed in late December 2011 which was to go into effect May 1st 2012. The amendment stipulates that the berthing tax will only be applied to Italian citizens who possess a vessel even if it has a foreign flag. Read More
BWA Yachting informs us they have learned that in Italy today, an amendment was passed that modifies the recent “Berthing Tax” law that have had many in our industry worried. It is understood that only Italian flagged vessels will be required to pay this tax and therefore all non-Italian flagged vessels will be exempt. Read More
At the end of last year I was invited by The Superyacht Group to attend the Global Superyacht Forum in Amsterdam, The Netherlands. One of the most interesting sessions was the Armchair Interview, where Martin Redmayne, Chairman of The Superyacht Group, spoke with Bart Bouwhuis of Vripack and superyacht owner Sietse Koopmans. Read More
Only recently Dutch yacht industry veterans Duncan Schaaf and Arne Feenstra launched a new management and consultancy company in Amsterdam, The Netherlands, Dutch Maritime Partners (DMP). They now proudly announce that they have been awarded the contract to manage the 62-metre superyacht Icon, launched by the Icon shipyard in Holland. Read More
A new Italian yacht tax was signed into law on December 22, 2011 and will go into effect on May 1, 2012. Federagenti, the Italian organization which represents over 50 companies involved in the mega yacht industry, as yacht agents and service providers, is aggressively advocating for an immediate review of the law along with various prominent yachting associations who together represent all aspects of the yachting industry in Italy. Read More
The Research Vessel (RV) Pegaso just made her debut in Monaco and gave the world a glimpse into her Global Mission for Marine Conservation. Her oceanographic capabilities are impressive: 5-person Diver Lockout submarine, Ice Class notation, 10,000 nautical miles at 12 knots, wet/dry laboratory, and separate scientist quarters. Read More
