VAT Benefits
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VAT & Customs Import Planning for Yachts/Superyachts
Generally any yachts outside of the temporary importation regime are required to have EU VAT paid status.
Importation of Yachts into the EU
Under normal importation procedures there is a requirement to pay VAT at time of Yacht import or defer payment of VAT with the use of a bank guarantee/security for twice the value of the VAT for two VAT periods.
Alternative route for importing into the EU through Ernst & Young
Import into the EU:-
- Without a bank guarantee/security
- Without the physical payment of any VAT
- Advance customs clearance of the yacht in writing by the Customs Authorities prior to the yacht arriving in Port
- Obtain a VAT paid certificate for the vessel
VAT Planning for Yachts
Ernst & Young have offices all over the world within major yachting areas and are regarded as one of the leading specialists in VAT & Customs matters within the yachting industry. With the whole Ernst & Young Network at our disposal we are able to facilitate or advise on structures using:-
- VAT exemption within various Member States
- Commercial VAT exemption within various Member States
- Temporary Importation
- Passenger Transport
- Leasing
- Cross Border Leasing
- Chartering
- Maltese Leasing
- Dutch Leasing
- Italian Leasing
- French Leasing
- Fractional Ownership
- Sole Beneficial Owner Usage
- Yachts on private pleasure registers
In particular we specialise in the importation of yachts without physical payment of VAT or a bank guarantee, but obtaining a VAT paid certificate for the yacht. This can be done with or without using an Isle of Man VAT registration.
We can provide VAT advice on all schemes and recommend the most appropriate scheme for each client and our advice/structures have been put in place for yachts ranging in value from 60,000 euros to 130 million euros.
Our VAT planning does not always use the Isle of Man but where a VAT registration is used in the Isle of Man:-
- There is no requirement for the Yacht Management to be in the Isle of Man.
- There is no requirement for the Yacht to be flagged in the Isle of Man.
- There is no requirement for the owning structure to be an Isle of Man entity.
We can obtain competitive quotations for all structures where we are advisors for a number of Corporate Service Providers and Yacht Managers. Specialists can be recommended at competitive prices for other services such as ISM and ISPS, Valuations, Legal services and
Insurance.
Download our VAT Planning Questionaire (PDF) or the contents of this page in brochure (PDF) form.
Ship Management
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