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Old 20-10-2009, 01:19   #1
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VAT Info - Buy a Yacht and Save Taxes...

Hello,
i am italian citizen, i am looking for info's to find how to knock down the VAT in my nation by opening a siple, easy and small company abroad. Do you know where and how?...
If sombody have info please replay.
Ciao
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Old 20-10-2009, 03:07   #2
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What on earth are you on about? Where do you want this company to be? Is this for a boat purchase? You're just not being coherent..
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Old 20-10-2009, 03:23   #3
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It is very easy to start a company in UK . There are mechanisms for those companies to be owned by people resident in other EA countries.

However, the boat would then be required to provide income, and your use would be considered to be a form of income substitute so you would be taxed on that. You would also need to have the boat "Coded" - which entails a degree of work and expense.


I seem to recall that there is a system in France that may be easier, but dont know the details.
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Old 20-10-2009, 04:25   #4
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A lot of the italian boats I looked at while I was in the market for a new boat were financed in complex leaseback schemes all geared towards avoiding VAT, I would think that is the simplest method. A corporation created in the BVI (called "IBC"s for International Business Companies) which then buys and registers the boat in the BVI (which is a red ensign country, so you have the advantage of a British registry) is a simple way of avoiding paying VAT and will be less than $1000 per year; but your boat will have to leave the Schengen zone annually so that VAT does not get charged inside the EU. I think a day trip to Malta from Italy once a year would suffice. Actually, a Malta registry and company might be easier, since it is next door. I would go down to your local marina, locate a boat with a non-EU registry and ask the owner how they did it.
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Old 20-10-2009, 04:43   #5
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Very good if some more skipper or expert will give more info i will be very happy.
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Old 20-10-2009, 04:54   #6
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EU countries are not applying the rules for Boat VAT and other taxes in the same way .

IIRC you only get 6 months in Greece, and I think that there is also a much shorter allowance for Spain as well.

You have to investigate the rules for each country seperately.

Some countries have seperate rules for companies operating charters, and for that to avoid VAT you need to start the charter outside the EU.
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Old 20-10-2009, 12:23   #7
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Firtly a private owner who is a EU tax resident cannot own a VAT free boat, unless that boat is legitmately run as a commercial vessel , ie wrapped up in a company, even then you will run into trouble if it looks like you are simply using the boat as a private vessel, if you are supposed to be chartering it ,then customs will seek proof of this, etc. Its an old VAT dodge and most EU customss are aware of it. I wouldnt bother with it.

Quote:
EU countries are not applying the rules for Boat VAT and other taxes in the same way .

No so VAT laws are harmonised across the EU, The basics cant be changed by any one country, Customs however have considerable leeway in how they implement the rules ( ie burden of proof, application and documentation procedures etc).

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IIRC you only get 6 months in Greece, and I think that there is also a much shorter allowance for Spain as well.
The standarised alloweance for TI ( ie temporary Importation) is 18 months. ( it used to be 6 months), However as the OP is an EU tax resident , he doesnt get any allowance at all.

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Some countries have seperate rules for companies operating charters, and for that to avoid VAT you need to start the charter outside the EU.
Thats not the case, In most cases the boat ( if legimately chartered) will be wrapped up in a VAT registered company, hence VAT will be accounted for in the normal business rules of VAT accounting ( ie it will not be paid or it will be reclaimed).

However, A lot of countries regard you beginning the charter in their country, means that the boat must comply with the commercial boat rules of that country, which has nothing to do with VAT per say. This is a complex area

Lastly the OP is basically asking for tax evasion advice, I for one wouldnt give it to him.
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Old 20-10-2009, 12:42   #8
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Originally Posted by Zanshin View Post
your boat will have to leave the Schengen zone annually so that VAT does not get charged inside the EU. I think a day trip to Malta from Italy once a year would suffice.
Malta in EU (since 2004) and also the Schengen zone..........



Errrr.......map a bit misleading, Norway & Iceland not EU members.
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Old 22-10-2009, 08:35   #9
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Very good tank you all.
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