TAKING OWNERSHIP
Buying a yacht in the EU is more complicated than it once was, following Brexit, but there’s now a growing bank of knowledge on how to smooth the process. We get expert advice on some of the key questions.
Double VAT, the Schengen zone, the 180-day rule; the list of considerations when considering buying a yacht in the EU is long and, in some cases, very complex. Crucial to understanding is having a grasp of some of the legal and tax principles that govern making a purchase. The following is not intended to be comprehensive and we advise getting specialist guidance from a tax adviser or similar.
Linda Jacques, partner at LA Law, a firm specialising in marine law and yacht transactions, says the first thing you should consider is where you are going to use the yacht you’re thinking of buying. “Since leaving the EU, it is true that things have got more complicated, but the principal legal questions surrounding ownership and tax haven’t changed that much.
