In the realm of maritime luxury, the quest to offer yacht charter guests the perfect night's sleep has become an art form, one which luxury bed and linen supplier, CC Design, has fully committed to.
The changing situation of VAT in Europe and adjacent countries has made it difficult for yacht owners to make decisions about where to keep their yachts and how to use them as prudently as possible - particularly if that yacht is a sizable investment.
The combination of two names in the tax-free haven world - Isle of Man and Monaco - have come together with a solution. This is the offer, in the words of Isle of Man based Dominion Marine.
Dominion Marine closely monitors changes to VAT and marine legislation to make sure they are providing the best and most cost-effective ownership structures for yacht owners.
Due to new VAT legislation, the ratification of the Maritime Labour Convention (MLC) and stricter requirements for commercial registration, Dominion Marine have developed a new and unique VAT deferment structure. This is delivered by Dominion Marine SARL, incorporated and VAT registered in the Principality of Monaco.
How does this new solution work?
Under this new rental structure, owners defer the payment of VAT on the acquisition of the yacht, and only pay VAT on its depreciation (in accordance with European Court judgements).
The structure is ideal for pleasure yacht ownership and is based on a 5 year bare boat rental contract. The client can choose to pay VAT either:
1. at the applicable rate on the hire fee (currently 9.8%), or
2. on the hire fee at the full rate of 19.6% and zero rate the VAT for periods outside EU waters.
At the end of the 5 year contract the client has the option to enter into a new rental period, based on the residual value of the yacht at that time. Should the client decide to sell the yacht, there are no penalties and all options relating to the tax on the yacht remain open.
As a bare boat rental, all expenses relating to the running of the yacht are the responsibility of the renter, along with crew recruitment and interior decoration.
Dominion Marine will be exhibiting at the Monaco Yacht Show from 25-28 September 2013. Chris Allix will be joined by Catherine Connolly of Dominion Marine, Jackie Baker of Dominion Consultants and Simon Roberts of Dominion Crew Solutions.
In the realm of maritime luxury, the quest to offer yacht charter guests the perfect night's sleep has become an art form, one which luxury bed and linen supplier, CC Design, has fully committed to.
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