Superyacht owners flock to the Mediterranean to make the most of the many stretches of sandy beaches, hidden coves and charismatic islands. Barcelona and Marbella are two of the main yachting hotspots in the Med, as Spain offers many the chance to enjoy a world-class chartering experience with its modern marinas, 1,660km of vibrant coastline and the well-known Balearic Islands. Those who do charter in Spain must obtain a charter permit, which can be easily issued with the help of companies like Vistra, a unique service provider who have devised the Mallorca-Model solution to eliminate the administration that comes with yacht charter in Spain for US, Canadian, Russian, Chinese and other non-EU commercial yacht owners. Photo: Farid AskerovPrior to joining the charter market in Spain, superyacht owners need to ensure that their yacht is in free circulation within the European Union (EU), as VAT charges apply for each charter and if a double tax treaty with Spain is not in place, withholding tax may apply. Chartering in Spain is possible for EU and Non-EU (e.g. Cayman Island, BVI, Marshall Island) flagged yachts, only if the yacht is registered with a commercial status and a charter license has been applied for in the Spanish region where the charter will start, such as the Balearics or Barcelona. Photo: Andreas GücklhornThese requirements may appear daunting, but the rewards are worthwhile, especially with the region's spectacular scenery and fruitful business opportunities in the charter market. Vistra’s Mallorca-Model helps superyacht owners make the most of these rewards sooner by overseeing the applications for the yacht’s tax compliance and licensing, eliminating the complexities for yacht owners to set up an EU structure for their yacht and charter company. Once the process is completed, owners can also enjoy no withholding tax on their income. Photo: Luca FlorioBy taking on the responsibility to ensure that a yacht’s charter is undertaken in line with the rules, licenses and procedures, Vistra provides yacht owners with the assurance that they remain ahead of the game, with a team of unrivalled experts on-hand who are able to deliver solutions with speed and accuracy.
For more information on Vistra's products and Mallorca-Model, contact the company directly via the information found below.
Vistra Marine & Aviation Limited
Dr Anthony Galea
T: +356 2258 6400
E: [email protected]
SuperYacht Times - The State of Yachting 2020
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