Stuart joined the Safinah Group yacht team as consultant in March 2020, after 8 years at Lloyd’s Register as lead coating specialist, managing regulatory, Class compliance and product approvals for coatings used in the marine market. Prior to that, Stuart spent 16 years working for AkzoNobel, across various paint and coating markets, in different roles and departments, finishing in Yacht Global Technical Services as the company’s Application Specialist, solving problems in the fie... More
Ince Co has just received official confirmation from the Central Office of the French customs authority confirming that the reverse-charge mechanism on import is available to commercial yachts. What does this mean? Non-EU flagged commercial vessels must be imported in order to be able to operate commercially in the EU. Normally, VAT is charged on the importation at the full rate, except if the yacht can benefit from an exemption from VAT. One such exemption available is the now famous “... More
The Temporary Admission (TA) Customs regime (also known as temporary importation or TI) has long been taken advantage of by non-EU flagged yachts entering the Customs Territory of the Union (CTU). The TA regime allows yachts to enjoy total relief from import duties and be exempt from VAT on imports in Spain and other EU Member States. The entry of the new Union Customs Code in January 2016, however, threatened to alter the process under which yachts qualify for the regime. In the article publ... More
Since the story broke a couple of a weeks ago, much of the western world has been consumed by the Paradise Papers leak. Many have been quick to point the finger at the public figures whose names have turned up in the documents and attack them for alleged " tax avoidance ". Is that fair? Adam Ramlugon , Managing Partner at Luxury Asset Law Firm Bargate Murray, throws his hat into the ring below. Another day, another so called scandal for the wealthy elites caught up in the Paradise Papers frac... More
Recent reports from the south of France have highlighted an increase in the scrutiny to which superyachts operating in France are being subjected to. More specifically, this scrutiny takes the form of a closer examination of whether the yacht’s operations and crew are to be deemed subject to French jurisdiction. From a yacht owner’s perspective, this manifests in two principle ways: 1. Any disputes between the crew and the entity that employs them may be deemed to be subject to Fren... More
An Implementing Order of 28 March 2017 was published on 4 April 2017 in the Official Journal of the French Republic, setting out further details on the operation of the French Decree of 9 March 2017. The Implementing Order states that: • the amount of the deposit payable by non-French employers to ENIM will be calculated on the basis of a declaration made by the employer, which takes account of the employer’s predicted activity over the next 12 months. The amount can ... More
According to some estimates the superyacht industry contributes a staggering €24 billion per year to the global economy. To put that into perspective that's about €3 billion more than the total GDP of Iceland. For seasoned yacht investor readers this is perhaps unsurprising and is especially so when you consider that: the average price tag of a newly built ‘mid-sized’ superyacht is circa €50-80 million; and the industry has grown steadily at a rate of, on average, 7% p... More
Early next year, amendments to the Maritime Labour Convention will come into force that introduce a financial security “safety net” for crew. The vast majority of yachts that operate on a commercial basis will be affected by the changes, which, in practice, are likely to be dealt with by shipowners purchasing insurance that covers their crew for certain risks. In this article, Adam Ramlugon, Superyacht lawyer at the luxury asset law firm Bargate Murray, discusses what these ch... More
Van Steenderen Mainport Lawyers officially signed a sponsorship agreement with HISWA Holland Yachting Group on 24 February 2016. Van Steenderen Mainport Lawyers is a leading full-service law firm that provides transactional, litigation and mediation services in shipping, transport and insurance. The firm is based in Rotterdam and has clients within the Netherlands as well as in international markets. Van Steenderen Mainport Lawyers has been involved in advising yards, subcontractors and owne... More
http://incelaw.com/en/knowledge-bank/publications/brokers-beware-protect-your-commission Speed read Yacht brokers who invest time and money working towards a potential yacht sale expect to be rewarded for their efforts by receiving a commission when the deal completes. If the sale is not concluded, the brokers will earn no commission and their (often considerable) efforts will have been in vain. On the other hand, brokers can sometimes earn a substantial commission on sales that may... More
http://incelaw.com/en/knowledge-bank/publications/what-as-is-where-is-really-means-in-yacht-sale-contracts Speed read The commercial understanding of the phrases “as is” or “as is where is” has always been that a buyer must take a yacht in the condition in which she is found at the time defined in the contract, all faults included, without any warranties by the seller as to quality or condition. This understanding has previously been questioned but has now been endorsed again in ... More
http://incelaw.com/en/knowledge-bank/publications/a-good-claim-can-be-invalidated-by-passing-false-information-to-the-insurer Speed read In a 2014 judgment of considerable significance ( Versloot Dredging BV v. HDI Gerling and others (DC Merwestone), the English Court of Appeal has for the first time authoritatively established a “bright line rule” that an assured who tells a lie or uses false evidence to support his otherwise valid claim will forfeit the claim. The decision ... More
http://incelaw.com/en/knowledge-bank/publications/building-a-yacht-in-germany-your-choice-of-law-may-not-be-as-simple-as-you-think Speed read Newbuild contracts for yachts are often subject to English law, which is commonly chosen to govern cross-border commercial contracts. While English law provides considerable certainty of outcome for the parties, a potential buyer from a German yard may find that certain elements of his English law contract will nonetheless be subject to Germ... More
International law firm Hill Dickinson LLP has announced its London yacht team has returned to the heart of London’s superyachting hub in the West End of London. The team of 20 will be operating out of 105 Jermyn Street in St James’s, commencing Monday 26 January. More
