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End of tax rates for Mergayachts in Spain!!
Freetaxes
Posted: Monday, February 28, 2011 4:27 PM
Joined: 28/02/2011
Posts: 2


Canary island ship registry  has decided not to apply the tax rate for megayachts over 24 metres that are making charter in Spain. This new regulation promotes the activities of mega-yachts in Spanish waters, without having to pay high taxes that apply to yachts with EU or non EU flag. Under the pressure of the charter lobby , Spain becomes the registry in the most permissive of Europe.

http://www.masmar.net/esl/N%C3%A1utica/Industria-N%C3%A1utica/La-DGMM-avala-la-propuesta-de-Anen-para-la-exenci%C3%B3n-del-Impuesto-de-Matriculaci%C3%B3n-a-los-megayates-charter-inscritos-en-el-Registro-Especial-Canario

http://www.navegar.es/megayates-e-impuesto-de-matriculacion/

Anonymous
Posted: Tuesday, March 1, 2011 1:35 AM
They dropped the registration tax, but not the personal income tax, corporate tax, and mandatory contribution to national health service. Master and Chief Officer must be Spanish. 50% of the crew must be Spanish or EU nationals. You save the first tax, but get reamed on the other costs. Average choice for yachts in Spain full time, but not for the occasional visit.
Anonymous
Posted: Tuesday, March 1, 2011 8:50 AM
      1. Benefits in Fiscal and Social Taxations.

Conveyance Tax and Stamp Duty:

Exemption as to the acts and contracts entered into on ships registered on the Special Register of the Canaries

(Act 19/1994, of 6th July, amending the Economic and Fiscal Regime of the Canaries).

            Personal Income Tax:

Crews navigating on ships registered on the Special Register, Whose salaries are  subject to Spanish Income Tax (IRPF): 50% of the salary obtained sailing on ships registered on this Register will be considered exempt income.

             Company Tax:

  Tax allowance of 90% of the base tax corresponding to the benefits obtained from operations performed by shipping companies, regarding only their ships registered on the Special Register of Ships and Shipping Companies. Prior to this, the appropriate double taxation deductions will be performed, when applicable.

             Tonnage Tax.

This system allows shipping companies to choose between paying Company Tax   on a fixed sum per registered tonnage and paying a quantity that depends on profit obtained (Chapter XVII, Regime of Shipping Companies according to tonnage, Act

        24/2001, of December 27th, on Tax, Administrative and Corporate Measures

        (Official State Gazette number 313, December 31st, 2001).

             Contributions to the National Health Service:

    Tax allowance of 90% of the base tax corresponding to the contributions made to the National Health Service for the crews of ships registered on the Special Register.

             Special Taxes:

 First registration on the Canary Islands Special Shipping Register is not subject to the “Special Tax on Transport Means”.


Anonymous
Posted: Tuesday, March 1, 2011 10:26 AM

I only see benefits, benefits and more benefits:

- I´m fully compliant with the EU's taxation, and I´m paying only the fee for only 10% of the profits of my business.

 -10% of the National health services of my crew with the same benefits of a private health insurance.

-The crew only pay taxes on half salary.

-Spanish government help me financially to repatriate my workers and train them, and have other benefits .

-Customs can´t prosecute me in Spain or Europe as it sailed with European flag.

- I can have a foreign crew.

It ´s certainly the best choice for yachts chartering in Spain and Europe,but also for yacht management companies who are offering charter in Spain.

Remember that based yachts or transiting Spain managed by companies based in Spain (or someone who has a bank account , house, residence or whatever in Spain!)must pay the taxes that may become 30% of the value of the ship in some cases. The customs agency seized more than 100 yachts in 2010 for illegal charter . This year due to changes in the law of taxation ,registration of ships,and of course the crisis, it will be impossible to escape customs.

Finally, Spain has taken an important decision that will have a major impact on the yacht industry.


JPDP
Posted: Monday, March 7, 2011 10:21 AM
Joined: 07/03/2011
Posts: 6


It is not the end of taxes for Megayachts, because since 2003 tjhis possibility exists. I know a reg ister company in spain which has 3 megayacths in Palma (Ferretti and ISA) who use this Canary register to do charter without paying 12% taxes. Send a mail at aitamar@aitamar.com for details.
JPDP
Posted: Tuesday, March 8, 2011 8:16 AM
Joined: 07/03/2011
Posts: 6


It is not the end of taxes for Megayachts, because since 2003 this possibility exists. I know a reg ister company in spain which has 3 megayacths in Palma (Ferretti and ISA) who use this Canary register to do charter without paying 12% taxes. Send a mail at aitamar@aitamar.com for details.
 
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