In recent weeks, the Yachting team and I have been working on the importation of an 80m+ superyacht on behalf of an EU resident client. Valued in excess of €60 million, the superyacht had been previously operating on a non-EU flag and was owned by a non-EU special purpose vehicle.
The objective
The client required the yacht to be operated commercially within the EU and worldwide. In that regard, correct importation, setting up a suitable ownership structure, coordinating flag registration and providing operational support to the captain, yacht manager and family office were critical goals.
Our role
Working closely with the client’s professional advisers, we established a holding structure for the yacht in an EU member state, which was then registered for Value Added Tax (“VAT”) purposes in the EU. We then made arrangements for the direct importation of the yacht and coordinated all of the permanent EU importation documentation, acceptable across all EU member states. Additionally, we worked closely with the vessel’s appointed yacht manager to secure all necessary paperwork to successfully re-flag the yacht in the same EU member state, with full commercial coding in place.
Our team continue to provide comprehensive management and administration services to the yacht holding structure, as well as full support to the client’s family office and the appointed yacht manager. This includes all required accounting and VAT reporting for the holding structure.
Additional services
As part of the EU importation process, we were also asked to assist with the importation into the EU of certain artwork on-board the yacht and all associated documentation. This was successfully completed in coordination with the client’s advisers.
Nick Walker is a senior manager for First Names Group in Jersey, specialising in private client yachting and aviation services. As part of our multi-jurisdictional Yachting and Aviation team, Nick works closely with ultra-high-net-worth families and individuals to deliver bespoke ownership and administration solutions.
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