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After nearly two years of working alongside the Republic of the Marshall Islands (RMI) Registry, WES, the French Customs and the Port State Control Authorities, Rosemont Yacht Services has announced a new dual use solution, which will permit owners to use their yacht on a private basis, whilst offering the possibility to charter the yacht out to third parties a few days per year to minimise their annual running costs.
Designated as a Yacht Engaged in Trade (YET), this initiative combines private and commercial use without falling foul of existing flag, customs and port state regulations.
Rosemont Yacht Services obtained the official authorisation from the French Customs on 13th November 2014, and the new programme was officially launched by the RMI Registry during the Monaco Yacht Show this year.
Below, Rosemont International explained more about how the new solution works, including the eligibility of yachts and advantages to owners.
Currently, owners no longer willing to operate their yacht on a fully commercial basis are seeking a solution which will permit them to use the yacht on a private basis, whilst offering the possibility to charter the yacht out to third parties a few days per year to minimise their annual running costs.
As the rules are currently set, owners can either use their yacht on a purely private basis, without the possibility to charter; or they can charter their yacht to third parties without being able to use their yacht extensively themselves, and with the obligation to pay VAT even on their own charters.
The solution is to develop a dual-use operation programme approved by PSC for yachts commercially compliant on voluntary basis to avoid any detention that shall also take into account EU VAT regulations.
A YET is a private yacht permitted to engage in charter activities for up to 84 days per year; it’s an initiative based on EU customs regulations, approved by PSC authorities and so far by Monaco and French customs, but is reportedly going to be extended to the rest of Europe.
The yacht should be placed under Temporary Admission (TA) for 18 months, immediately upon its arrival in EU waters.
When the owner wants to charter his yacht out to third parties, the following must be undertaken:
For any further information on YET, contact Rosemont Yacht Services.
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