Our agents in Antibes report a brand new 50-foot crewed yacht has been delivered to the South of France, in time to participate in the summer charter season.Launched in 2012, motor yacht GREY GOOSE OF ANTIBES is a Fairline Targa 50, featuring accommodations for 2 to 6 guests.
SKIPPER ONLY
GREY GOOSE OF ANTIBES will operate as a “skipper-only” boat – there will be just one crew member aboard to drive the yacht.
WHAT IS A TYPICAL CHARTER?
Typically, drinks & canapés are served throughout the day, and guests can dine ashore in one of the Cote d’Azur’s many gastronomic restaurants.
IS SHE FAST?
Fairline Targa 50 yacht GREY GOOSE OF ANTIBES can zip along at 24 knots and can hit a top speed of 33 knots, while fuel consumption is quite economical at 8 liters per nautical mile (approximately 175 liters per hour).
WATERTOYS
The yacht features multiple onboard watertoys. For instance, a Williams 325 tender, snorkel gear, water skis, and a towable donut.
ABOUT THE YACHT
Built by Britain’s Fairline Yachts, this spacious Targa 50 has the feel of a luxury apartment, with sliding roof and sweeping, panoramic windows.
DAILY AND WEEKLY RATE
Both daily rentals ( € 3,000 per day plus expenses) and term charters (€ 18,000 per week plus expenses) are available. Prices include the rental of the boat and the captain.
One of the largest and fastest, all-carbon cats in the world
Eco-friendly
Accommodates 8 guests in 4 cabins
Available for South of France or Monaco yacht charter
€50,000/wk (June/Sept) and €60,000/wk (July/Aug)
THE STORY
We secure a private luxury yacht charter reservation on the 37m motor yacht ELENA NUEVE this week. We receive the charter contract, and management sends us an email touting a big, beautiful new catamaran in his fleet . She is sailing yacht ALLURES.
ALLURES is getting ready for a successful charter season in the West Med. Based in the South of France, she is still available in April, May, June and September 2017.
Luxurious charter yacht with impressive deck space and comfort, ALLURES is one of the largest and fastest, all carbon-sail catamaran in the world. She provides a high level of comfort and safety with access to shallow waters.
Bookings 2017:
-24 June to 1 July, Naples/Catania,
-9 to 16 July, Naples/Palermo,
-20 July to 14 August, Bonifacio/Bonifacio,
-16 to 30 August, Bonifacio/Saint-Tropez.
I look forward to receiving your enquiries.
Nicolas”
WHAT WE LIKE
Nicolas knows many of our clients prefer motoryachts for the luxury yacht charter vacations. We are excited to promote high-quality sailing yachts whenever the chance arises. Sail yacht ALLURES is at the top end of sailing yachts in the charter market. Built by Composite Works in France, this is a performance yacht that really, “gets up and goes” when the wind is blowing. If you’re wondering if that means a bumpy ride – put your worries to bed. Catamarans have two hulls which gives them an enormous beam (width). The wider the yacht the more stable the vessel, especially when at anchor.
Of course, at 100 feet, she is a superyacht. Her overall design reflects this pedigree. Allures’ chic Italian interior is brimming with beautiful wood and leather furnishings. She accommodates eight guests in four impressive staterooms. Furthermore, every stateroom has a direct view to the sea.
ONBOARD FEATURES
Our favorite onboard features are the two convertible staterooms. These double cabins can easily become twins (each with single berths). In addition, this unique flexible layout comfortably accommodate charter parties of families, friends and/or couples.
KEY FEATURE SUMMARY
First, she is a performance sailing catamaran with an experienced and friendly crew. Second, Allures has sleek lines, the latest sailing equipment, and Italian interiors with wood and leather. Third, as a catamaran, she has access to very shallow anchorages. Fourth, she is the ultimate in safety and performance. In addition, she features 2 convertible staterooms. Lastly, multiple water toys keep it fun!
THE RATE
For the summer 2017 cruising season, the yacht is offered at different rates. For instance, €60,000 per week plus running expenses for high (July/August), and €50,000 per week for low (June/September) season
Spain wants more private luxury yacht charter business in the Balearic Islands. However, they have a funny way of showing it.
Regular readers of our blog might recall the controversy. Previously blogged, it surrounds Spain’s 13.7% yacht charter Matriculation Tax (blog September 14, 2013). Heavy lobbying by the Spanish yachting and marina industries saw that tax removed. Unfortunately, Spain is still imposing far greater taxes on charters. This is as compared to fellow European Union countries like France, Italy and Malta.
Case in point. Picture a specific yacht that is legal for charter in both Spain and France. It incurs TWICE as much VAT liability in Spain. This is even though the tax percentages are nearly identical!
VAT EXAMPLE
A yacht charter example.
Formula 1’s Eddie Jordan has a Sunseeker 155 motor yacht BLUSH for charter. He often keeps her in the Balearic Islands for the summer charter season. When there is demand, the yacht can easily reposition. She moves to the South of France for clients who prefer a French yacht charter vacation. Additionally, she can go to the coastal areas of Italy and nearby islands of Sardinia and Corsica. Her weekly charter rate remains the same between both destinations. The rate is €220,000 per week in high season. VAT rates are almost identical: 20% in France and 21% in Spain.
A client who charters Sunseeker 155 yacht BLUSH in Ibiza, however, will see a tax of €46,200 on his charter agreement, while a client chartering the yacht in Cannes, will incur a charge of just €22,000.
HOW DOES THIS AFFECT CLIENTS?
If you’re the client taking the yacht in Spain, one word comes to mind (well, maybe a few words…), most notably, “OUCH!”
So what is the explanation? Why the drastic difference if the tax rates are nearly identical? The answer can be found in Article 58 of European Union Council Directive 2006/112/EC.
“The European Union directive on VAT, as it relates to private yacht charter revenue, has a clause entitled, ‘criterion of effective use and enjoyment.’ This clause allows member states to implement a VAT reduction scheme. However, it is not compulsory. Popular cruising destinations like France, Italy, and Malta all take advantage of this opportunity to reduce VAT. Unfortunately, Spain does not.”
HOW IS VAT CALCULATED?
In our example above, the client who charters motor yacht BLUSH in France, ends up with an effective tax rate of 10%. The client who charters this yacht in Spain pays the full rate of 21%.
Note – the tax savings only kicks in when the chartered yacht cruises beyond 12 nautical miles – in essence, into international waters and out of the borders of the European Union. This is a simple task and almost all charter yacht captains will implement this strategy in order to save the charter customer 50% of the VAT rate. However, even if a yacht in Spain sails beyond the 12 nautical mile boundary, the Spanish government still insists on collecting the full VAT fee.
MEMBER STATES OF EUROPEAN UNION
The Member States of the European Union include:
Austria
Belgium
Bulgaria
Croatia
Cyprus
Czech Republic
Denmark
Estonia
Finland
France
Germany
Greece
Hungary
Ireland
Italy
Latvia
Lithuania
Luxembourg
Malta
Netherlands
Poland
Portugal
Romania
Slovakia
Slovenia
Spain
Sweden
United Kingdom
VERBIAGE OF THE DIRECTIVE
For those readers who enjoy the technical details, here is the verbiage of the directive:
In order to avoid double taxation, non-taxation or distortion of competition, Member States may, with regard to the supply of the services referred to in Article 56(1) and with regard to the hiring out of means of transport:
(a) consider the place of supply of any or all of those services, if situated within their territory, as being situated outside the Community, if the effective use and enjoyment of the services takes place outside the Community:
(b) consider the place of supply of any of all of those services, if situated outside the Community, as being situated within their territory, if the effective use and enjoyment of the services takes placing within their territory.
TAX MARINE COMMENTS
Alex Chumillas, the director of Tax Marine explains the directive and the result of Spain’s decision: “As is clearly defined in paragraph (a), the provision seeks to minimise VAT taxation applicable to certain services, among them the hiring out of means of transport (for instance charter),” “However, the provision has not been implemented in Spain. Therefore, chartering in Spain is subject to a flat VAT rate which does not benefit from any reduction, even when sailing beyond 12 nautical miles.”
Paragraph (b) allows Spain to levy VAT charges on certain services that have been provided outside of Spain – if the services are enjoyed inside of Spain. Let’s say a charter starts in Gibraltar. The yacht will need to register for VAT and pay VAT on the length of the charter in Spain (and of course, pass then expense on to the charter customer).
By choosing to implement paragraph (b) only, the Spanish government has chosen to only apply the more burdensome element of the directive. Is this the right thing to do to people wanting to experience travel in your country?
OUR HOPES
Like they did with the repeal of the oppressive matriculation tax in 2013, let’s hope the legislators in Spain come to realize a reduction in VAT will make the Ibiza yacht charter market competitive with neighboring France and the rest of the European Union states that derive strong financial benefits from the private luxury yacht charter industry.
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