The purchase of a yacht is for passion and fuelled by excitement
Andrew Wilson, associate director of Marine and Aviation, Zedra in Guernsey also says that new VAT laws on chartering are causing concern.
What’s the hottest topic at the Monaco Yacht show?
The introduction of VAT on yacht chartering is at the top of the agenda. The values advertised for chartering a superyacht mean that VAT now needs to be collected and paid over to the government. Also, customs authorities throughout the EU can interpret and apply the EU Customs Code as they see fit, to the detriment of everyone but themselves.
What are the best investment tips you have?
For EU transactions ensure the VAT history of the yacht is clear and can be tracked back to the build. Take nothing for granted and get original documentation.
What trends are there?
In Europe commercial yachts have been slowly switching to a private registration following the introduction of VAT being charged on charters.
Why do UHNWs buy superyachts?
The purchase of a yacht is for passion and fuelled by excitement. A superyacht provides the opportunity to take in some of the best places in the world whilst enjoying a luxury lifestyle. Helicopters, jet skis, tenders, diving equipment, on-board cinemas, a gym, salon, pool and steam rooms are just a few examples of the options available to make life fun.