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Spanish Canary Islands Registry Tax and fiscal Exemption
Freetaxes
Posted: Friday, March 4, 2011 7:03 AM
Joined: 28/02/2011
Posts: 2


Charter Superyachts Receive new Spanish Canary Islands Registry Tax Exemption

March 02, 2011

A tax exemption for superyachts listed with the Canary Islands Special Registry and  has recently been agreed by the Spanish government.

The official announcement on Spain yacht charter tax follows a series of meetings with the yachting industry and Canaries Registry officials. It was made in response to a binding legal consultation with the Spanish maritime authorities.

Many are calling the tax change an important step forward which will inevitably further help open up Spanish waters to the international superyacht charter industry.

The Special Registry rules and regulations are interpreted so that the Spanish matriculation tax would not be applicable to yachts listed over 100t and used for charter.


http://www.charterworld.com/news/charter-superyachts-receive-spanish-canary-islands-registry-tax-exemption
Anonymous
Posted: Friday, March 4, 2011 9:28 PM
This is great. Good for the Spanish government. Let them get a piece of the pie too. BUT, have you tried to contact the Special Registry of the Canary Islands? Don't call the DGMM in Madrid. That's just a black hole of bureaucracy. Maybe the harbour master in Santa Cruz? They just upgraded to computers from typewriters. Registering a yacht is not their expertise. This change may be a plus for chartering in Spain, but they better get their act in gear to make it happen. Who do you contact? Anyone? Anyone? Bueller?
JPDP
Posted: Monday, March 7, 2011 8:55 AM
Joined: 07/03/2011
Posts: 6


For register in Canary Island I know a company in Spain which has yet registered 3 Megayachts with this register. The 3 Yachts are based In Palma de Mallorca , and do commercial charter. (One Ferretti, one ISA) Send a mail at aitamar@aitamar.com to ask for details.
JPDP
Posted: Tuesday, March 8, 2011 8:17 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.
Alex Chumillas
Posted: Friday, March 11, 2011 4:50 PM
Joined: 11/03/2011
Posts: 1


Certainly this is a great opportunity for the development of the super yacht charter industry. However as somebody mentioned in this forum, this possibility existed since the Secondary Spanish was created, although it was not clear the possibility of applying the Matriculation tax exemption and this is why it was applied a clarification to the Tax Authorities which was definitely clarified this March. In any case this is not the last problems the super yacht will face. The administrative licenses to develop the charter activities in some areas of Spain, let's consider the most important (Balearics) are not adapted to authorize the charter activity for boats registered in this Register, as the current legislation only contemplates authorization for Lista 6 yacht or EU flagged yachts (always condireing in these cases the payment of the 12% tax for yahcts over 15m). In any case from my point of view this oppens a possibility to challenge at ECJ level the application of this tax to the mentioned yachts of lista 6ª an EU flag. Because, how is it possible that a Spanish flag yacht registered in the REBECA (that's the name of the register) is tax exempt and the exactly yacht in the ordinany register not?? If you have any questions, don't hesitate to contact me at: alex@barcelonataxlaw.es
 
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