OJEN, SPAIN, May 15, 2010
/24-7PressRelease/ -- Whilst Gibraltar's marinas are constantly busy, turning away upwards of 100 boats a day in peak season, large boat-sized gaps are appearing in marinas up and down the Spanish Costas. The reason is purely financial. From berthing costs to marine fuel to taxation - Gibraltar has the edge.
"For the high level of service we offer, Gibraltar's marinas are extremely competitively priced," says Brian Stevendale, Sales & Marketing Director for Ocean Village marina, "what's more, thanks to our unique tax position, you can reequip your yacht buying goods VAT-free and have them shipped to Gibraltar where there's no import duty if destined for a yacht in transit. Our marine fuel is tax free and the cheapest in Europe slicing around 40% off refuelling costs in neighbouring Spain. Additionally, British crews or owners particularly enjoy stocking up on provisions in Gibraltar's Morrison's superstore - the busiest in the entire chain."
With affordable berths available up to 90m LOA in Ocean Village marina, many yachts are eyeing Gibraltar for more than just an 'in transit' visit. As a Port of Registry, Gibraltar is efficient, friendly, has no restrictions on size or tonnage and offers Cat 1 Red Ensign Group status. It also throws up some advantageous opportunities relating to tax.
Niamh Whelan, Director of Gibraltar-based BoatBiz, who has been registering yachts for 28 years, explains, "There is no VAT in Gibraltar so this would not be applicable upon registering your yacht here. However, we can't wave a magic wand to stop VAT being payable elsewhere if you're using EU waters and the beneficial user is an EU resident. As long as VAT is paid in one of the EU member countries then you're entitled to free movement throughout them all. The most diligent yachtsmen weigh up the lowest rate of VAT - for example it's 15% in Cyprus v 25% in Sweden - and the member states who tend to underestimate current boat values."
Of course non-EU registered boats are entitled to temporary importation of up to 18 months (perhaps extended to 24 months if the boat is inactive / laid-up) and associated VAT relief. However, a stay beyond 18 months within the combined EU member countries will result in compulsory importation of that yacht and VAT charged on its estimated value. EU legislation is currently unclear on how long a vessel must be outside of the EU in order to reset the 'VAT clock' and commence another 18 month period of VAT relief.
"In Spain," Niamh continues, "the rate of VAT (IVA) is 16% rising to 18% on 1 July 2010. A matriculation tax of 12% of the boat's value is also due if the private individual owner spends more than 183 days per year in Spain making them an automatic tax resident. Significantly this applies to the owner and not the amount of time the boat spends in Spain. In this case the boat must also be re-registered as a Spanish-flagged vessel as Spanish residents are not allowed to keep foreign-flagged boats. The Spanish authorities are really clamping down and making it very difficult not to pay these taxes - even going as far as impounding boats."
Niamh concludes, "The most interesting option for registering boats under 24m in Gibraltar is as a Small Vessel in Commercial Use (SVC). Applicable to new registrations or changing the status of already registered yachts, this exempts the boat from VAT providing it doesn't generate any income. The downside is that the yacht must be coded and have its SVC certificate renewed every year. However, the cost of coding modifications such as installing safety equipment and undergoing stability tests at full capacity, are considerably lower than any VAT that would be payable. It's well worth the effort."
Whatever options you consider and however you want to register your boat, in the name of a company or an individual, Gibraltar has plenty to offer and Ocean Village marina remains the epicentre for luxury berthing, shopping, dining and living. Daily rates for Ocean Village's new berths with secure, gated and coded entry, start from as little as GBP15.50 for a 15 metre berth rising to GBP450 per day for vessels above 75 metres (low season). A 20% discount is available for annual bookings when paid in advance in full. Demand is high and waiting lists exist for certain LOA. Marina layout viewable here: http://www.oceanvillage.gi/marina/berths.html
For further information on berths at Ocean Village contact Ocean Village's Sales & Marketing Director Brian Stevendale on brian.stevendale@oceanvillage.gi, telephone 00 350 200 40048 or visit http://www.oceanvillage.gi.
For further information on yacht registration contact Niamh Whelan at BoatBiz on telephone 00 350 200 77296 or email boatbiz@gmail.com.
for further press information or photography please contact Sarah Drane
on sarah@purplecakefactory.com or telephone 00 34 607 564 726
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