In Spain the 12% matriculation tax imposed on yachts whilst chartering in Spanish waters was the kiss of death on what could have been a booming industry.
With the abolition of Matriculation Tax, or IEDMT Superyachts are queuing to register to charter in Spain again. The country’s most popular cruising ground – the Balearics – is feeling the good effects.
A preliminary study by AEGY, the Spanish Association of Superyachts, shows that 21 yachts over 24 metres joined the Balearic charter market for the 2014 season. 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. These are exciting times and not only will charter companies benefit from the relaxed legislation, but also the wider Spanish economy.”
The same AEGY study highlights the considerable wealth that these 21 additional yachts (ranging between 25 and 52 metres) have already brought to the Balearics, almost four million euros, broken down in terms of charter fees, fuel, food and beverage, and mooring costs. With around 600 yachts over 24 metres available for charter in the western Mediterranean, it’s only a matter of time before owners and captains realise that Spain is now open for business and it gathers a far larger market share and economic gain.
Lorenzo Vila, Director of Mallorca-based easyboats, this year celebrating 25 years in business, comments, “The signs are good, legislation is becoming more favourable, and we applaud the progress that has been made so far. But a certain degree of patience will be required before we see a Spanish superyacht charter fleet that runs into the hundreds. The good news is that, charter aside, many more superyachts visited Mallorca in the summer, at least double those we spotted in 2013, as they build the Balearics into their Mediterranean itineraries.”
With each Island in the Balearics offering a different personality they can now both complement and compete with the South of France and Italy for an all embracing charter.
- Menorca offers tranquillity and unspoiled landscapes
- Ibiza packs in the glamour, beach clubs and night life.
- Formentera has an unbeatable coastline and seafood restaurants.
- Mallorca famous for its dramatic landscapes, seafront dining also offers high-end marinas such as Port Adriano, Port Andratx and Puerto Portals, at which to start and end the charter