Dominion Marine, a specialist in providing registration, legal and financial services to yachts, has recently announced the launch of a new VAT solution for pleasure yacht owners.
They have been working hard behind the scenes, meeting with the relevant authorities and seeking tax and legal opinions to make sure, they are fully compliant with VAT and marine legislation.
Due to the recent changes in EU VAT regulations and the imminent implementation of the MLC, with stricter requirements for commercial vessels, Dominion has developed a new and unique VAT deferment structure. This is delivered by their new company, Dominion Marine SARL, incorporated and VAT registered in the Principality of Monaco.
This solution is ideal for pleasure yacht ownership and is based on a 5 year bare boat rental contract. The owner defers the payment of VAT on the acquisition of the yacht and only pays VAT on its depreciation, in accordance with European Court judgements.
At the end of the 5 year period the client has the option to enter into a new rental period. Should the client decide to sell the yacht, there are no penalties and all options relating to the tax on the yacht remain open.
Vessels are already using this structure and Dominion Marine highly recommends yacht and superyacht owners who are no longer interested in running their vessel as a commercial enterprise and wish to benefit from this new solution, contact them for more information.
For more information, visit www.i.im.