OneOcean Port Vell obtains TPA permit

OneOcean Port Vell in Barcelona has announced it has been granted a permit to extend the TPA tax free benefit scheme to yachts while berthed in the marina, making it one of the only European marinas where VAT exemption can be granted. The scheme has traditionally only been applicable to yachts in shipyards.

The works and materials, as well as dockage and power consumption, will be exempt of VAT when completed within the approved TPA window. This will allow large savings for yachts undergoing repairs, maintenance and improvement works at OneOcean Port Vell.

The TPA permits a tax free bubble working in tandem with the fiscal authority for non-EU flagged yachts that are completing repairs and improvements whilst in the EU, without causing pollution. As a marina, OneOcean Port Vell does not offer full shipyard services and there are restrictions on what works can be carried out, however normal maintenance work, interior, mechanical or electronic/electrical works are among those possible.

The yacht will work with an approved administrator who will oversee all yacht servicing and invoicing, and provide the fiscal authority with reports before, during and after the project is finalised.

By Gemma Fottles

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