Over the last couple of years we have seen considerable numbers of clients wanting to own and operate their yachts as commercial vessels.
The benefits of this type of ownership can be considerable and extend well beyond simply counting net third party revenue and if operated correctly and in line with EU regulations can also extend to enjoying a non-VAT paid status for the hull,VAT free goods and services + other potentially considerable benefits such as duty-free fuel.
Gone are the days where clients simply register their yachts as a commercial vessel and sign up with a charter broker. This sector of the market has become increasingly regulated:
Some of the factors to consider include the following :
- Classification Status
- Flag Choice and Type of Registration
- Crew Qualifications
- VAT and Chartering Rules within the EU
- Maritime Labour Convention
Over the last 10 years SYM have carried out countless "change of use" projects for vessels of all shapes and sizes for multiple flag states such as UK, IOM, CISR and increasingly Malta.
We are very familiar with the process with RINA, ABS, Lloyds and Bureau Veritas Classification societies and we are your first point of contact to make this happen.
If you require any information or guidance please don’t hesitate to contact Linda Kallas from our Compliance team at the following email address: