Legal structures for the purchase and running of yachts
Within the ambit of the IBC, yachts registered in MAR owned by an IBC company whose object is that of purchasing, running and/or chartering and selling yachts (YACHT CO), benefit from an exemption of the Register initial registration fee and of a 20% of the respective annual maintenance fee, in terms of the law and further regulations in force. The YACHT CO will benefit itself from the range of tax advantages granted by the IBC, of which we highlight the CIT 5% tax rate.
In turn, Madeira’s International Shipping Register – MAR, consents the registration of, besides the classic pleasure crafts of private use, those for commercial end use, under the category of commercial crafts.
Special Service Commercial Vessels
There is still the possibility of, through BV Portugal class (the Portuguese Classification Society),registering in MAR big yachts, over 24 meters long, as special services commercial vessels, thus being entitled with such status to benefit from the corresponding VAT treatment in terms of the respective code in force:
Identification of the yacht by the YACHT CO
Submission of the yacht’s characteristics and to apply for the BV Portugal class
Checking is made and the application is accepted or turned down
If granted, to receive from BV Portugal an agreement proposal and budget
To apply for registration in MAR as a Special Services Commercial Vessel