The European winter is nearly over, and the yachting industry is continues to be steady. The Mediterranean is one of the favourite places for yacht lovers. According to Luxury Lifestyle Magazine, Eat Love Savor, as far as the top ten Luxury Mediterranean yacht charter destinations are concerned Costa Smeralda in Sardinia, is in the fifth position.
Costa Smeralda is one of the most beautiful travel destinations in Italy with 20 kilometers of uniquely rugged coastline. Sardinia is also very popular with the yachting community and is the second largest island in the Mediterranean. An attractive advantage is that the range of charming harbours and medieval villages, reflecting the architectural influences through the centuries, provide plenty of natural havens to drop anchor in, especially in the high season when marina berthing is hard to come by. Also, the adjacent islands of Maddalena are well worth visiting, they offer spectacular beaches and clear clean waters.
Italy’s super yacht fleet has expanded considerably and in 2017 it stood at 5,186 an increase of 135 on the previous year. There is a construction programme to service this sector with at least 365 sizeable projects planned. In addition there are a number of shipyards in Italy, some of which are amongst the largest in the world.
There are a number of considerations for anyone thinking of buying a yacht, not least is which flag to sail under; this decision will have an impact on taxes, privacy, exposure to responsibility and freedom to travel. Choose wisely after taking expert an opinion.
If a yacht is to be used for commercial purposes the question of VAT comes into the equation. In October 2017 the VAT rate, applicable to charter fees only, rose to 22% when cruising in Italian and EU waters. Should a vessel cruise in both EU and international waters the VAT is apportioned to reflect the period of time spent in EU waters during the entire cruise. Ideally, a yacht owner, especially if he or she is an absentee owner, should appoint a lawyer based in Sardinia who holds Power of Attorney thereby enabling any tax matters including disputes to be handled with alacrity to prevent any situations arising with the Italian tax authorities. Yacht owners should be aware that there a variations in interpretation of the VAT tax which can hinge on time spent in a particular country’s waters, in some countries if you spend more than six months you may be subject to that countries regulations.
The purchase of a yacht is a life aspiration for many people and as such should not become a worry and or a burden; Giambrone’s capable experts can assist clients with sale, purchase, ownership regulations, finance, dispute resolution, insurance, immigration and management of yachts and super-yachts. A knowledgeable lawyer with know-how in International and local law can make all the difference to your experience of yacht purchase.
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