Great news has come out of Spain which will surely bolster the superyacht industry in Spanish waters and ports.
According to Nautica Legal, a specialist in legal advice for boating and yachting in Spain on October 31th there was a change in the Law 38/ 92, on Special Tax. This change allowed Spanish flagged and foreign charter yachts of any length in Spanish waters and ports without paying the Special Tax also known as the registration or matriculation tax.
The matriculation tax, which is a pretty substantial 12% of the yacht's value, applies to those yachts of more than 8 metres in length which are registered in Spain or yachts with a foreign flag performing charter or commercial activities in Spanish waters or ports.
Until October 30th, the law allowed a tax exemption for charter yachts of less than 15 metres in length as long as the exemption was applied for from the Spanish Tax Agency before starting charter activities in Spain. With the reform of the Law, it is possible to apply and receive the exemption on yachts of any length which complies with other requirements established in the Law.
This news will surely create a boost for the yachting industry in Spain, particularly for commercial super yachts because now they can operate from Spanish ports or allow clients to board in Spain without the risk of having to pay the Matriculation Tax, provided that they have applied for and obtained prior exemption.
However there are some strict requirements to qualify for this exemption and Yachting Pages Media Group recommends seeking specific advice.
Please visit Nautica Legal For further information