Yacht Crews and Marinas Expected to Bear the Brunt of New Italian Tax Laws

Now that new tax laws have been passed in Italy affecting yachts moored, at anchor or cruising within 12 miles of the Italian coast from the 1st of May 2012 the full impact is beginning to be discussed.

Whilst there are still some uncertainties around how the new Italian tax will be applied, it does appear that the rates will vary according to the size, type and age of yacht.

These daily taxes will be applied to any craft moored inside or anchored outside an Italian harbour.

Owners may face yearly charges of €32,000 for a 24m motor yacht and €256,000 per annum for a super yacht of 64m if they spend the whole year in Italian waters.

Older boats, sailing boats and boats in dry dock receive discounts yet with a proposed start date of May 1st, 2012, many Italians are already seeking alternatives.

It is likely that this new tax may lead many yacht owners to move their yachts out of Italy. Yachts are likely to relocate to Croatia, Greece and Turkey.

Porto Montenegro has already set to the task of luring yachts to their facilities.

Shipyards in Italy the likes of Lusben are already making attractive offers to get yachts to refit and repair in Viareggio and Livorno.

It is not just marinas and shipyards that will take a hit. Crews who work on superyachts may also consider leaving Italy.

According to crew recruitment specialists The Crew Network the introduction of the new tax on yachts in Italian waters is becoming a concern for crew members based in this region.

Owners and captains are currently looking into alternatives to keeping their boat in Italy and not all crew members wish to be based away from home, which may result in an increase in turnover.