Superyacht Charter Licenses – Caveat Emptor

‘Caveat emptor’ is Latin for ‘let the buyer be aware’, something that we’re keen to get across in relation to the world of superyacht charter licences.ibiza-balearics-spain

Network Marine Consultants processed the first ever charter licence in Spain some 30 or more years ago.  Since that day we’ve been processing them year in, year out.  You could say we’re rather experienced in this field, and it’s this experience that brings value, security and confidence to our clients.

Charter licences are a complex matter in Spain, changes to legislation and taxation happen frequently, but if you stay abreast of the situation there’s no reason why the process cannot be straightforward – in the right hands.  If you choose the ‘wrong’ hands, and find a way around the system, a ‘clever’ loophole, be warned that you are almost guaranteed to face problems in the future.

It’s also a good time to raise the point that although (subject to Ts and Cs) non-EU-flagged charter yachts over 14 metres are now allowed to operate in the Balearics, Spain still eyes no less than 33 ‘tax havens’ (Cayman Islands, Gibraltar, Macao, Turks and Caicos etc) with suspicion.

If your superyacht flies an EU flag and is registered to an EU company, it will not attract future inspections, withholding taxes or create personal (yes, personal) tax liabilities for local tax agents.  If your superyacht flies an offshore/‘tax haven’ flag and is registered to an offshore/‘tax haven’ company, it could become complicated to conduct commercial charter activity within the EU.  Something perhaps to consider.  There are solutions, but each case needs to be looked at very carefully.

Of course, Network Marine Consultants is here for advice and support – or telephone 00 34 971 403 903.

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