Superyacht legislation working

SUPERYACHTS are queuing up to register in Spain thanks to the exemption from paying 12 per cent matriculation tax whilst in Spanish waters, and the Balearics are feeling the effects.

The superyacht charter market is booming, and a preliminary study by the Spanish Association of Superyachts (AEGY), shows that 21 yachts over 24 metres joined the Balearic charter market during 2014.

“Palma-based Network Marine Consultants believe that figure is much higher in reality, most likely 34 yachts, with many more set to join the fleet for 2015,” said Lorenzo Vila, director of Mallorca-based easyboats. “These are exciting times and not only will charter companies such as easyboats benefit from the relaxed legislation, but also the wider Spanish economy.”

The Balearics economy has benefited to the tune of around 4 million thanks to the additional 21 yachts, according to AEGY.

And with nearly 600 yachts over 24 metres available for charter in the western Mediterranean, it looks like it’s only a matter of time before owners and captains realise that Spain is open for business.

“The signs are good, legislation is becoming more favourable, and we applaud the progress that has been made so far,” said Mr Vila.

“But a certain degree of patience will be required before we see a Spanish superyacht charter fleet that runs into the hundreds.