Due to the rapid growth of Cyprus and Maltese Yachting, the countries’ provides respective favourable tax regimes. In fact only recently, renewed procedures for yacht leasing taxation have emerged. These procedures are compatible with both EU and respective local laws and regulations. According to the new procedures, the use and enjoyment of the yacht will be determined based on the distances travelled and not by reference to the type and size of the yacht, which was the method followed initially.
At Michael Kyprianou & Co. LLC, we provide comprehensive advice on all Tax and VAT matters to all clients interested in joining the Cyprus or Maltese Yachting Scheme.