ITALIAN YACHT TAX
On 5th December 2011 the Italian Government announced, as part of a wide ranging set of measures aimed at strengthening Italian public finances, a consultation period concerning the implementation of a yacht tax that would affect all yachts over 10m in length in Italian waters regardless of place of registration. The tax would be levied on a daily basis.
The current proposed tax, increases from 5 Euros per day for a 10m – 12m yacht up to 703 Euros per day for yachts over 64m in length.
Yachts that are 5 years, 10 years or 15 years old qualify for discounts and sailing yachts are taxed at 50% compared to motor yachts.
The new yacht tax, if passed by the Government will be implemented from the 1st May 2012.
As this new tax is under consultation, a number of scenarios can be envisaged which include:
1) The yacht tax is not implemented because of its negative effect on the industry in Italy
2) The yacht tax is watered down but implemented from 1st May 2012
3) The yacht tax and the current prices are implemented but delayed until later in 2012 or postponed to later years
4) The proposal is fully implemented from 1st May 2012
5) The yacht tax is only levied on Italian nationals and foreign yachts are exempt
6) The yacht tax is implemented but commercial vessels are exempt
Already this consultation has led to uncertainty in the market and this is of particular concern for the yachts over 24m in length because there is a lack of superyacht berths throughout the Mediterranean and at its most acute in the Western Mediterranean.
Yacht Owners, Captains, Brokers and Managing Agents may wish to plan ahead as a precaution and evaluate other berthing locations . Especially as there are approximately 1,800 superyacht berths in Italy even a small migration will affect the capacity and therefore the prices of superyacht berths in other countries – both for rent and purchase.
There are a small number of South of France and Balearic Islands berths available and other options in the Western Med include Mainland Spain, Corsica and Malta.
If you would like a specific proposal on the different berthing options for your yacht, we maintain the most comprehensive register of available berths from which to select, and we would be very happy to help identify the pros and cons of the different locations on offer. We can also keep you advised, if you wish, on the consultancy process in Italy and also other opportunities that arise.
