BRIEF INTRODUCTION ON GREEK YACHT CHARTER LICENSE
FOR FOREIGN FLAG YACHTS
- A continuous increasing demand curve characterises the Greek Yacht Charter Market . With more than thousands of islands, and an endless of coastline and taking under consideration that just 62 yachts are above 35m who are currently home porting in Greece all this make it definitely a great opportunity for those who will choose Greek yacht charter license and why not homeporting in Greece .
- Greece is the strongest developing yacht charter market and the legislation which is due will be very supportive to ones who will be Licensed as there is new protective measures to be taken against black charters .
- There is no taxation related to the company’s charter income for the EU flagged yachts besides the VAT to be paid and the liability to pay a minimum annual tonnage tax .
- Some good news for the owner as there is no restriction for own use . However During such private use though, there is no exception on VAT and supply of tax free fuel;
- Embarkation and Disembarkation of Guests is permitted to all Greek Charter Licensed Yachts while cruising in Greece .
- When a Yacht is Licensed in Greece need to complete formalities just at the embarking (starting) and disembarking (ending ) ports , releasing the obligation of formalities at every port as for other yachts;
- Compliance with the requirements of the MCA coding , IACS Class or any other Classification or Coding Agency is not a compulsory procedure nor is prerequisite, for Foreign commercial yachts to receive the Relevant Certificate to Trade as it will be issued Locally . The FOREIGN COMMERCIAL YACHT INSPECTION CERTIFICATE will be issued by a local Classification Society and the yacht may be inspected Internationally as we have Accredited Inspectors who travel all around the world .
- Other benefits exist under circumstances e.g. transit fuel on charters, VAT free berthing contract, exceptions on VAT for yacht refit, supplies and major spare parts or machinery .
Question : How do I obtain the Greek Yacht Charter License without having to be involved in the bureaucratic procedures of establishing a branch office in Greece and what are my savings .
Answer : VERY EASY , by signing an Yacht Assignment Agreement with our company without any problem you may receive your charter license. With just an annual fee you will save the costs of Registered Office , Manager and Tax Representative , VAT / TAX Filling and Social Security fees every month .
Question : How long does it take to get the license
Answer : 20 to 30 days after filling the complete dossier . That means that we will need to have the ASSIGNMENT CONTRACT SIGNED and the Yacht to be issued the “FOREIGN COMMERCIAL YACHT INSPECTION CERTIFICATE”
Question : What is The VAT Rate on Charters ?
Answer : There are three tax brackets to be implemented and they will be calculated as below:
- VAT 24 per cent full Greek charter rate – Applies to charters that take place in Greek waters without exiting to non-EU or International waters (Staying within the six miles limit)
- VAT 24 per cent – With a deduction option for time spent outside of EU waters or in International waters. This will take in to consideration all chartered days in an accounting year.
- Discounted at 50 per cent (VAT 12 per cent) – This will be for yachts that spend a minimum of 60 per cent of charter time/days outside of territorial waters. (Territorial waters are considered: six nautical miles from the mainland and six nautical miles from the territorial waters of an Island). This also applies for yachts commencing charters outside EU territory and that remain outside for more than 60 per cent of chartered days and end their charter in Greece.
Usually No 3 applies to your case .
Question : Are Non-EU Flag Yachts Eligible for Greek Yacht Charter License ?
Answer : YES under the following restrictions
Yachts must be over 35 meters - Built of Steel or GRP (Wooden Yachts / Non-Solas are not eligible)
Question : Which EU Flag Yachts are eligible ?
Answer : ALL EU FLAG COMMERCIAL YACHTS* , of main registry , of all sizes and material of construction .
*Please note that yachts who shows that the Owner is a BANK INSTITUTE or are under LEASING are not Eligible for Greek Yacht Charter License (for now , we are expecting clarifications)
For more information please contact us at any time :
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