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How Much Does VAT Cost On A Yacht Charter in Greece?

How much percent is the VAT rate on Greece yacht rentals? 

VAT rates are quite differently regulated for Greece yacht rentals compared to the other Mediterranean counties (such as Croatia, Italy, France, and Turkey).

Greece has reduced its VAT during the pandemic to Subsidized so that they are less affected by the economic effects of the pandemic. 
This law is still in effect and has allowed the Greek yacht industry to gain a great advantage over its competitors. 
But even the reduced rate has tiered discounts when the yachts complied with certain regulations and passed surveys.

1. Standard rates after Subsidizing due to the pandemic:

The standard VAT rate for day cruises is %24 in Greece (within 6 nmiles). However, due to the Pandemic, the VAT rate was reduced to %13 for the Crewed yacht charter for 2 days or more. But still, there are more discount opportunities between 40-60%. Which depends on the cruising area and the Licence of the Yacht.

By C. Burak KOREL

New Bahama VAT regulation changes inforce

New Bahama VAT regulation changes inforce

The Government of The Bahamas seeks universal compliance with the payment of Value Added Tax (VAT) by all entities doing business in The Bahamas, and as a result, all yachts conducting charter trips in Bahamian waters will be required to pay a VAT of 10% beginning 1 July 2022. 

Read full article for more details.

By C. Burak KOREL

How Corona Virus Restrictions in Italy will effect yachting industry in 2022?

It has been 3 months since we have had any Covid updates, and it is with a heavy heart that we have to start sending out new updates once again.

Italy has announced that as from today and until the 31st January 2022 it will be compulsory for all travelers from countries on list C and D to ITALY provides:

1. A negative test result (including those who are vaccinated and who have recovered from Covid). The results must be no older than 48h for PCR tests and 24h for antigen tests. Note: children under the age of 6 are exempt.

2. Compulsory 5-day quarantine for all unvaccinated travelers or anyone unable to prove that they have recovered from Covid. 

3. A passenger locator form is still required.

By C. Burak KOREL