Temporary Importation for non-EU Yacht Owners
The temporary importation procedure enables a yacht to stay within the EU for 18 months and can move freely within its territorial waters with no further customs formalities during this period. If the boat is laid up for any period of time it is also possible to disregard such laid up period for the purpose of reckoning the 18-month period.
Non-EU Yacht Owners
Any yacht spending more than 6 months cruising in EU VAT zone waters may be liable to EU VAT in the place of effective importation, irrespective of its ownership.
Where, however, a yacht is imported into EU waters with the intention of re-exporting it may be temporarily brought into the EU and used for private purposes without customs duties or VAT being paid on the value of that yacht.
The temporary Importation Procedure
Where the temporary importation is effected in Malta, the customs authorities will require the provision of a security or guarantee, which may be capped by agreement with the customs authorities, to cover the payment of the customs duties and VAT that become due if the yacht does not leave the EU customs territory after the operative period.
This procedure cannot be availed of by persons or companies residing in the EU.
The Alliance Yachting Company team offers yacht owners guidance on any of the above procedures