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BLÁNA IDManager
Isle of Man D / + 44 1624 630601 [email protected]
First Names Group does not provide legal, tax or investment advice and the information in this document should not be regarded as such. For information on the legal and regulatory status of our companies please visit www.firstnames.com/legal.
FM219_01052018_1_E/APO
T H E C L I E N T
The client, with whom we have a long-standing working relationship, had an Isle of Man structure holding a yacht that was being operated on a commercial charter basis. As the client entered retirement, he decided he no longer wanted to conduct commercial charters but rather use the asset to enjoy long vacations with family and friends. He wished to purchase the yacht from the Isle of Man company to be used for private purposes while located in Spain.
T H E O B J E C T I V E
The client wanted to be able to use the yacht privately in free circulation in Spanish waters, with importation status and with VAT liabilities paid. The overarching objective for the client was to have a smooth and easy transfer of ownership from the holding company to himself personally.
O U R R O L E
We arranged for the relevant documentation to be submitted to the VAT authorities in Spain to enable the owning entity to be VAT registered. Upon receiving a full valuation of the yacht, the VAT amount due (21% of the value) was paid to the Spanish authorities and the VAT-paid documentation was issued. We then successfully restructured the yacht ownership into the client’s personal name.
S PA N I S H I M P O R TAT I O N O F P R I VAT E YAC H T
K E Y FAC T S
/ Importation and VAT
payment in Spain
/ Use of yacht in free
circulation
/ Yacht ownership
restructure
