The EU Commission has issued a press release warning that it would take further steps to end illegal tax breaks in the yacht industries of Italy and Cyprus, first brought to light in the Paradise Papers leaks.
The EU Commission refers Italy to the European Court of Justice due to their refusal to reform tax legislation on fuel duty exemptions for charter yachts operating in EU waters.
Furthermore, the Commission decided to send reasoned opinions to Italy and Cyprus for not levying the correct amount of Value Added Tax (VAT) on the leasing of yachts.
According to the European Commission, as of today, the Italian tax law is formulated in a way that every pleasure craft receives commercial status, even if they are intended for personal use.
Although exceptions are applicable on vessels outside the EU waters, fixed rates should not be reduced unless the evidence that the services are actually provided outside the EU is presented.
The statement concludes:
If Cyprus and Italy do not act within the next two months on these reasoned opinions, the Commission may decide to bring the cases before the Court of Justice of the EU.
The press release makes references to the Commission’s attempts to tackle ‘tax avoidance and tax evasion’ and ‘VAT fraud’. It also states that all EU Member States would benefit from uniformity of VAT legislation and application.
According to SuperuyachtNews interview with Ezio Vannucci, of Viareggio-based law firm, ‘if a Member State fails to ensure compliance with EU law, the Commission may then decide to refer the Member State to the Court of Justice. If the Court rules against a Member State, the Member State must then take the necessary measures to comply with the judgment.
Meanwhile, ‘Italian VAT law will remain fully in place until the final step of a decision of the infringement’s. It’s also important to point out that the formal Notice of last November and the new ‘reasoned opinion’ of the Commission, of July 2019, is not referring to the Italian leasing scheme.’
In March 2019, Cyprus has already received a warning to review VAT legislation on superyachts acquisitions, along with Greece and Malta.
Vitters Shipyard has announced the launch of its latest creation, the 44-meter sailing yacht Magic. A collaborative effort between the Dutch shipyard and a team of renowned designers and engineers, Magic represents a significant milestone in modern yacht building. Naval architecture was handled by Reichel/Pugh, with interior design by Design Unlimited and styling by Pieter Laureys.The yacht first emerged from the construction shed in Zwartsluis, Netherlands, on January 3, after 30 months of meticulous construction. Her sleek, modern design stood in stark contrast to the tranquil green fields and the charming village setting. On January 7, Magic was launched into the cold waters of Amsterdam, marking a pivotal moment in her journey. Her 62-meter Southern Spars rig was stepped on January 8, completing the yacht’s striking silhouette. Commissioning and sea trials are scheduled to take place in Amsterdam ahead of her February 2025 delivery.Magic is a contemporary cruising sloop designed with dynamic lines and an emphasis on both performance and comfort. Measuring 44 meters in length and with a beam of 9.66 meters, she accommodates 10 guests in luxury, supported by a crew of seven. Her fixed keel allows for a draft of 4.8 meters, while her innovative design incorporates features such as a covered cockpit for all-weather protection and a spacious aft deck for relaxation. The transom hatch opens to reveal a convertible beach club, offering seamless access to the water.Powered by a conventional drivetrain with a controllable-pitch propeller, Magic also includes a battery bank capable of providing silent operation for up to eight hours. All winches, furlers, tensioners, and other sail-handling equipment are hydraulically powered by systems engineered and built in-house by Vitters. To maintain a clean bow and foredeck, Magic employs two submarine anchors, further enhancing her streamlined aesthetic.The yacht’s interior is a showcase of craftsmanship by List, featuring a modern design that flows harmoniously from the full-beam master cabin aft to the forward crew quarters. High-quality materials and thoughtful detailing ensure a seamless blend of elegance and practicality throughout.After delivery, Magic is set to head to the Mediterranean for her maiden voyages. Notably, her current owner has listed her for sale, with Burgess acting as the Central Agent, represented by Eleonora Pitasso. Vitters Shipyard is a Dutch high-end performance yacht builder. The shipyard was founded in 1990 by Jan Vitters. The company delivered the first luxury sailing boat, the 28m Aphrodite, in 1993. Vitters Shipyard has a crew of dedicated engineers and craftspeople who have a strong eye for detail and the passion to exceed the expectations of its yacht owners. Credits: Vitters
January 9, 2025
Tankoa Yachts has introduced its latest full-custom superyacht, Diamond Binta, at the 2024 Monaco Yacht Show. This 58-meter vessel, signed in 2021 and delivered in the summer of 2024, represents a significant evolution in the Italian shipyard’s boutique approach to yacht building. Designed for long-range cruising, Diamond Binta combines Tankoa’s technical expertise with the refined aesthetic vision of Francesco Paszkowski Design Studio.The owner of Diamond Binta, a returning client of Tankoa, sought to expand on their previous experience with the 50-meter S501 Binta d’Or. The goal was to create a larger yacht tailored to their lifestyle, offering a distinctive style, advanced functionality, and long-range capabilities. Guided by Tankoa’s commitment to customization, the shipyard collaborated closely with the owner and the design team, ensuring every detail reflected their vision.The yacht features modern amenities such as a spacious beach club with seating, a treatment room illuminated by glass walls and skylights, and a top-deck gym with panoramic views. A helipad on the upper deck, a nine-meter tender garage, and a main-deck master suite with a private drop-down terrace showcase the yacht’s luxurious functionality.Interior highlights include extensive use of oak in various finishes, a neutral color palette, and bespoke furniture. Materials such as leather, metal, and marble enrich the décor, with custom-designed pieces complementing high-end furnishings from Minotti and Poltrona Frau. Unique design elements include curved ceilings with integrated LED lighting, asymmetrical motifs in carpets and cabinetry, and rounded furniture forms that create a cohesive, modern aesthetic.The lower deck features an innovative corridor with panoramic windows into the engine room, demonstrating the owner’s passion for engineering. Five guest cabins, including two with Pullman beds, accommodate up to 12 guests, while the full-beam master suite includes a lounge, study, and spa-like ensuite bathroom.According to Tankoa CEO Vincenzo Poerio, Diamond Binta embodies the shipyard’s ability to “realize and enhance the dreams of an owner.” The yacht’s maiden voyage will take her to the United States, where she will debut at the 2025 Palm Beach International Boat Show, showcasing her blend of craftsmanship, innovation, and luxury.Tankoa was founded in 2007 and began production in 2008. A true “boutique shipyard”, focused on building semi-custom and custom constructions 45-meter and up.Credits: Tankoa
January 9, 2025
Lomac Milano has announced the launch of “Lomac Atelier powered by D-Factory,” a groundbreaking customization service aimed at offering an unparalleled level of personalization for rigid inflatable boats (RIBs). The service, unveiled at Boot Düsseldorf 2025, brings together Lomac’s expertise in high-performance boat manufacturing and D-Factory’s skills in bespoke design and surface finishing, opening a new chapter in tailored luxury for boating enthusiasts.Central to the announcement is the debut of the Odyssey, a show-RIB based on Lomac’s iconic Adrenalina 8.5 model. The Odyssey demonstrates the extent of Lomac Atelier’s customization potential. Its design, inspired by Penelope from Greek mythology, serves as a creative provocation, encouraging visitors to imagine how far their ideas can shape their own vessels.Lomac Atelier allows clients to personalize nearly every element of their RIBs, from tube colors to dashboard finishes and from upholstery textures to T-top designs. Each detail can be tailored to suit individual tastes and preferences. D-Factory, a recognized name in automotive design and an official partner of Audi and Porsche, contributes its advanced technology, offering premium wraps and regenerative Paint Protection Film (PPF). This film not only protects fiberglass surfaces from UV rays and wear but also enhances their appearance, ensuring long-term durability.Beyond exterior finishes, D-Factory brings customization to upholstery, incorporating unique designs, shapes, and stitching that add refinement to interiors. Clients can expect a seamless blend of cutting-edge technology and luxury craftsmanship, ensuring their vessels are as unique as they are functional.The partnership signals a shift in the boating sector, introducing a level of personalization traditionally associated with luxury cars. Lomac Atelier promises to create high-performance RIBs that meet the demands of avid boaters while offering an aesthetic appeal akin to customized vehicles. By combining Lomac’s technical expertise with D-Factory’s design innovations, the collaboration aims to set a new standard for bespoke boats.The Odyssey stands as a vivid example of this potential, presenting bold choices in design and functionality. Visitors at Boot Düsseldorf are encouraged to use this prototype as inspiration, imagining how they might craft their own vessels. With Lomac Atelier powered by D-Factory, the boundaries of creativity are virtually limitless, offering clients the chance to make a bold statement with a truly one-of-a-kind RIB.Lomac was founded in the early 1960s in Milan. Today it is led by Paolo and Fabrizio Lo Manto, the third generation of the family, and offers a production that includes seven different series for 58 models, the result of the union of the highest technologies with careful craftsmanship. Lomac also produces and markets a wide range of original accessories to better customize your boat, and maintenance products created specifically for its models.Credits: Lomac
January 9, 2025
Ocean Independence has unveiled the Mishi 102, the new flagship of Mishi Yachts' sailing range, designed to deliver exceptional experiences for families and friends. The 31-meter sailing superyacht, presented at the Monaco Yacht Show 2024, is available for sale at EUR10.7 million.The Mishi 102 builds on the success of its predecessor, the Mishi 88, offering expanded space and enhanced performance. Ocean Independence broker Lukas Stratmann emphasized the yacht's design as a "natural next step," blending reliability and sailing prowess with the luxury expected of a superyacht.In the competitive 30-33m sailing yacht market, the Mishi 102 distinguishes itself with advanced blue-water sailing capabilities, elegant design, and a competitive price point. “It’s a head-turner that combines comfort, elegance, and speed,” said Stratmann.The yacht offers a spacious deck house and thoughtful interiors designed by Taka Yacht Design and Atilla Eren. It features a large saloon, a versatile galley, and accommodations for up to eight guests, including a luxurious owner’s cabin.Built by the Istanbul-based family-run shipyard, Mishi Yachts, the Mishi 102 reflects decades of craftsmanship, advanced technology, and a commitment to client collaboration. It targets ocean enthusiasts seeking elegant and reliable vessels for exploration.Founded in 1986, Yonca Shipyard aimed to lead in fast boat design and advanced composites. Despite doubts, handcrafted boats reflected our vision. Now an industrial-scale enterprise, the shipyard produces cutting-edge pleasure, commercial, and naval craft. Yonca Shipyard delivered more than 180 ships and boats, specializing in fast interceptor craft and patrol boats for defense and law enforcement agencies.Credits: Mishi Yachts
January 8, 2025
Bluegame has confirmed its participation in Boot Düsseldorf 2025, Europe’s premier indoor boat show, running from January 18 to 26. The shipyard will exhibit two yachts, the BGX63 and BG74, representing its innovative approach to yacht design and functionality. BGX63Bluegame’s achievements in 2024 included the completion of the BGH-HSV (Hydrogen Support Vessel) used as a chase boat in the America’s Cup. The vessel supported the American Magic and Orient Express Racing Teams, meeting stringent standards and performing in challenging conditions. This project laid the groundwork for Bluegame’s upcoming BGF (Foil) range, with the BGF45 scheduled for a summer 2025 launch.BGX63Additionally, the September boat shows saw the debut of an updated BGM75, featuring synchronized gyroscopes developed with Smart Gyro. This innovation enhanced stability and comfort, marking a first for multihulls.BG74At Boot Düsseldorf, the BGX63 will showcase Bluegame’s crossover concept, blending innovative interior-exterior layouts. The BG74, part of the versatile BG range, combines elements of open and flybridge yachts, offering a multi-purpose design.BG74These models highlight Bluegame’s focus on functionality and design as it builds on a year of technological and commercial milestones.Bluegame is part of Sanlorenzo. The Sanlorenzo shipyard has been building high-quality motor yachts since 1958. It is a boutique firm in the yachting industry, building only a limited number of made-to-measure units per year. Each yacht is designed and produced according to the specific requests, style, and desires of the individual owner.Credits: Bluegame
January 8, 2025