It’s Official! The Italian Superyacht Tax is Definitely Squashed

“It ain’t over until the fat lady sings,” is a common enough phrase when describing Italian operas but now it seems it can be applied to the debacle over the Italian Superyacht Tax.

The Senato della Repubblica, the House of Representatives yesterday has finally approved the amendment.

To confirm the details the Federagenti Yacht (Italian Ship Agents Division) issued the following statement in Italianglish

Yachting in Italy. Grillo and Cutrufo amendment officially approved, Rome, April 4th 2012

Rome, April 4th 2012- After the approval of the Senato della Repubblica, the House of Representatives voted the “Decreto Liberalizzazioni” which includes the Grillo and Cutrufo amendment for yachting. This amendment stipulates that the berthing tax will only be applied to Italian citizens who possess a vessel  (regardless of whether it is kept in Italy, or overseas) even if it has a foreign flag. Foreign citizens who own a vessel are exempt from this tax, regardless of their length of stay in Italian waters.

Fulvio Luise, President of Federagenti Yacht (Italian Ship Agents  Division, already expressed his satisfaction” “Legislative process is completed and the final passing of this amendment is an important recognition to the economic impact the yachting industry has in Italy”.

“We look forward to welcoming new and returning mega yacht clients to Italian waters this summer. Since first days of March, after Senate pronunciation, we noticed a trend inversion of Big International Charter Operators who were including again Italy among their destinations. Now, after this final approval, Italian Costs confirm themselves as one of the best destinations in the Mediterraneum”.

“Moreover, we as Federagenti obtained an important recognition for Maritime agents and will work in close collaboration with local Marine Authorities to ensure that regulations are applied and executed correctly.  Federagenti will also cooperate with the National Authorities (National Tax Office) in order to define “Law implementation rules” to be issued before May 1st”.