Thanks very much for your clear and precise clarification yachtbrokerguy
But most yachts falling in the "superyacht" category are hardly ever "VAT-paid" (ie. the yacht-owner having paid Value Added Taxes of anywhere between 15 and 23% or thereabouts in any EU country)...
I'm just beginning to understand how Uncle Sam's been "kickin' all the asses of you US yachtbroker dumbasses
" (Red Forman - "That '70s Show) all this time. US nationals are probably the single largest group of superyacht owners (at least beneficially) than any other nationality. Yet, Uncle Sam insists on imposing this 1.5% import duty (or equivalent bond) on foreign-flagged superyachts attending US boatshows and intended for US buyers...?! Talk about biting the hand that feeds you...?!
The Monaco Yacht Show 2010 commences tomorrow. There will be a fair number of "superyachts for sale" also anchored out off Monaco. Where their managers and brokers will avoid paying the sometimes exorbitant sums involved in actually berthing the yacht inside the port for the show. Their wares being available for immediate inspection after a 5 minute tender ride. But imagine if they'd all had to fork up 1.5% of say €50m (€750,000) upfront, even if 90% of that can eventually be reclaimed, that's still an additional €75,000...
No wonder that you hardly ever see any regular press releases from US yacht brokers announcing "their latest sale of some 65m superyacht" (to an American client). Will US yacht brokers always suffer, "one arm tied behind their backs" from the US government's insistent inabilities to understand that their citizens are (beneficially at least), the number #1 owners of superyachts in the world? Or has the IRS been instructed not to investigate "beneficial ownerships", in case such investigations might completely disrupt the financing of electoral campaigns state-side...?!
****! I promised myself not to be contraversial anymore. "Red, put your foot in my ass toute de suite