Whether starting a new build project or buying an existing yacht, Fiduchi has a wealth of experience supporting clients dealing with VAT and other tax-related matters. We work with individuals and tax advisors to achieve the best solution.
If a yacht is going to be sailed in EU waters fiscal advice and/or representation should be obtained prior to the commencement of a new build project or the purchase of an existing yacht. This is particularly relevant if using the yacht commercially (charter), to ensure that the owner complies with the relevant VAT regulations. The EU VAT directive permits each member state to apply its own rates for VAT and local interpretation has resulted in inconsistent application of the rules therefore expert advice is essential.
Yachts owned by EU resident individuals or corporate entities have the right to free movement throughout the EU provided VAT has been paid. Leasing arrangements to mitigate VAT on the acquisition of a yacht for which the principal use will be pleasure are available in Malta, Cyprus, Monaco, France and Italy. Each structure is bespoke and a member of our team will be happy to assist with any queries.
Offshore privately registered yachts (for pleasure use) legally owned by a non EU company and ultimately owned by a non EU resident beneficial owner can benefit from the Temporary Importation regime. Under the regime a yacht can remain in EU waters for a maximum of 18 months on any one visit before being liable to pay VAT on the hull. In Greece the maximum is 6 months. The time limit may be extended to 24 months if the yacht is laid up and bonded with the prior agreement of the authorities.
The customs rules do not provide for a minimum period during which the yacht must remain outside the EU and when you sail back in a new period of temporary admission starts. Pleasure use means the yacht cannot be used for charter activities and the non EU resident owner must always be on board. Should the yacht be found only with EU residents on board the tax authorities might claim a breach of the temporary admission rules.
Chartering your yacht can offset some of the running costs but care must be taken to ensure that the commercial yacht code according to the yacht’s flag state is complied with. The yacht will need to be registered as a commercial yacht and the yacht owning company will also need to determine whether a classification society such as Lloyds Register, RINA, ABS or Bureau Veritas should be appointed to manage the yacht’s surveys and certification.
Commercial yachts can charter in most locations worldwide but national restrictions may prohibit yachts from carrying out charters in their waters if the yacht does not fly the national flag.To charter in the EU, especially Croatia, France, Italy and/or Spain, there are several issues that must be considered which depend on whether or not the yacht is VAT paid.
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"Fiduchi's Online Share Plan Administration portal, has saved time, money and paper, and [it] allows us to become more efficient in the managing of our employees share awards. It's really fantastic what an impact this platform has made."
Micheal S
Head of People - Tech startup company.
Onboarding of your data to our online platform is easy regardless if you choose a fully-managed or self-service in-house solution. By making the switch to our platform, you can upgrade from having to manage your share plan data on complicated spreadsheets. Plus, to make the process as simple as possible, our experts will assist you every step of the way and we also provide helpful guides.
For businesses who opt for our fully managed solution, our platform is able to deal with each business’s unique requirements. When it comes to dealing with exact legal and regulatory issues, our platform will be able to automatically determine the actions required for each award or vesting, specific to the country in which the company operates. Therefore minimising the risks and allowing full compliance from a legal and regulatory position.
Our platform uses the highest standards to protect the valuable data and assets we hold on behalf of our clients. Our platform provider has a team of in-house cyber security and IT professionals to protect our system and carry out security audits, due diligence, penetration testing and to oversee potential threats. They are fully regulated, accredited and certified by a range of statutory and non-statutory bodies including the US Department of Commerce’s Privacy Shield.
Our platform can be branded to match your company’s own brand, therefore becoming a professional extension of your employee benefits. You can set role-based access and let your employees and shareholders log into their own online branded share platform anytime, anywhere and see exactly what shares they have and how much they are worth. They can also easily accept grants, exercise options, calculate potential pay-outs and more.
Our experienced Private Client and Family Office teams are here to answer any questions you may have. With a wealth of knowledge and expertise, they will be able to advise you on right solutions to meet your needs. You can rest assured that core to the Fiduchi principles are how your interests should best be met.
Our experienced Corporate team are here to answer any questions you may have. With a wealth of knowledge and expertise, they will be able to advise you on right solutions to meet your needs. You can rest assured that core to the Fiduchi principles are how your interests should best be met.
Our experienced Funds team are here to answer any questions you may have. With a wealth of knowledge and expertise, they will be able to advise you on right solutions to meet your needs. You can rest assured that core to the Fiduchi principles are how your interests should best be met.
Our experienced team are here to answer any questions you may have. With a wealth of knowledge and expertise, they will be able to advise you on right solutions to meet your needs. You can rest assured that core to the Fiduchi principles are how your interests should best be met.
Our experienced employee services team are here to answer any questions you may have regarding all types of employee incentive requirements. With a wealth of knowledge and expertise, they will be able to assist in finding the best solution to achieve your business needs.
