Spain repeals tax on charterboats - Trade Only Today

Spain repeals tax on charterboats

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A Spanish tax on charterboats will be repealed Jan. 1, a move supporters say will open up Spanish waters for international charter yachts.

“Given the trickle-down effect of yachting in every maritime region, this should have an immediate and very positive economic impact,” Salamanca Marine director Norma Trease told Trade Only Today in an email. “For us specifically, charter yachts will now be able to be home-based here, which opens up all types of opportunities for the entire region.”

The repeal means that all charter vessels, whatever their length, will be exempt from the 12 percent matriculation tax. The removal of the tax, which was applied only in Spain, creates a more equitable playing field for the country, compared with the tax rates of surrounding European nations, said ANEN, the Spanish marine trade association.

Speaking on behalf of Marina Port Vell, Trease said that in repealing the tax Spain had proved itself a leader in recognizing the “vital importance and beneficial financial impact” that yachting brings to the country.

“For us, in particular, as we are deep in the process of transforming this wonderfully located, historic facility in a state-of-the-art megayacht marina for yachts up to 140 meters, it opens us up to a whole new market — and will do the same for our many excellent neighbor yacht businesses, which include world-class shipyards, paint facilities, yacht agents” and others, Trease said. “For charter brokers and yacht brokers this is even more relevant, so I predict a great upsurge in these activities here.”

— Reagan Haynes

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