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Charter is Now Easier in the Balearic Isles and French Polynesia

Lawmakers are adjusting rules and taxes that prevented the markets from welcoming yachts

Two of the world’s popular yachting regions, the Balearic Islands and French Polynesia, have made it easier for yachts to offer charters.

In Spain’s Balearic Isles, lawmakers have lifted the rule that previously banned charter yachts that were registered/flagged in non-European Union countries. The new structure means superyachts flagged in places like Malta and the Cayman Islands (there are many) will be legally allowed to offer charter services in the Balearics for summer 2015.

As a practical matter, the move in Spain is expected to affect only those yachts that base in the Balearics for the entire season, because rules still exist that require the yacht owners to be in fiscal compliance with Spanish laws, including some taxes that owners are not likely to pay to book a single Balearics charter. We’ll have to wait and see next summer for the shakeout, but in theory, owners who have wanted to keep their yachts in the Balearics for a full summer will now have the option of chartering them out, and the incentive could mean an increase in options for charter clients.

Anyone wanting to read more detailed discussion about what’s happening in the Balearics can head over to this report from BYM Product and Industry News.

The other recent good news for charter clients is out of Tahiti and the Society Islands, where the local division of Asia Pacific Superyachts says the local 12-percent tax that previously applied to charters has been dropped to 5 percent.

It’s a substantial savings, reducing the tax on an $80,000 charter from $9,600 to $4,000, which is more than enough money to throw a great lobster-and-cocktails barbecue like the one shown in the photo at right, in the Society Islands.

Any reputable charter broker can talk with you about yachts available in the Balearics or Tahiti, and can help you take advantage of these legal changes when booking your next yacht charter vacation.

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