A private yacht, within EU law, requires to be VAT-paid when upon travelling within EU territorial waters.
When a non-EU owned private yacht owned by non-EU resident persons, travels within EU territorial waters, in order to eliminate and simplify the need to pay import VAT the temporary importation procedure is possible.
The yacht would need to have Malta as its first port of call, by contacting us prior to its arrival.
We would be able to get in touch with Customs and open a file for the yacht, providing certain due diligence on it and acquiring a power of attorney to deal on its behalf.
Once certain formalities are satisfied, an importation exemption is procured and the yacht is to visit Malta immediately thereafter.
Once Customs inspect the yacht that is within Maltese territorial waters, the Temporary Importation Certificate has validity and would remain valid for 18 months thereafter. This would enable said yacht to travel in EU territorial waters unencumbered.
Once the 18 months are up, it is indicated that the yacht leaves Maltese territorial waters as the last departure point from EU waters. Here, an export document would need to be presented to Customs in Malta in order to close the file.
It is possible to restart the Temporary Importation period if the yacht were to return to Malta upon eventual departure, with the said procedure as aforesaid being restarted from scratch for a further 18 months.
To obtain the detailed information contact us: info@griffithsassoc.com
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