SISTE: an important achievement
The Central Telematic System for pleasure yachting has been approved. Here’s how it is structured and how it will work. by Federico Santini* On 28th November 2018, the Italian Government approved the draft regulation providing rules for the implementation of the Central Telematic System for Yachting (“SISTE”). The regulation follows... Read more
Italian Leasing, EU starts infraction procedure against Italy
The European Commission announced it has sent Italy a letter of formal notice for not levying the correct amount of VAT on yacht leasing. by Federico Santini* The European Commission announced it has sent Italy a letter of formal notice for not levying the correct amount of VAT on... Read more
P&I Insurance in the yacht sector
Let’s examine some of the most relevant clauses of P&I insurance coverage in the yacht sector by Federico Santini* All yacht club P&I policies include a “pay to be paid” clause, meaning that you yourself have to have been found liable and required to pay third party damages before... Read more
Yacht Engaged in Trade, a third form of registration for yachts
Thanks to the Yet, Yacht Engaged in Trade programme, all the boats with a length exceeding 24 meters can be enrolled as pleasure yachts in the Cayman Islands Shipping Registry by Federico Santini* On 19 December 2017, the Maritime Authority of the Cayman Islands issued Shipping Notice no. 03/2017 allowing... Read more
VAT exemption, what are the rules?
Commercial yachts: the difficult issue of VAT exemption. Those who sail “on the high seas” can enjoy it if they provide suitable “official documentation”. But what is meant by these definitions? by Federico Santini* In 2017 the Italian Revenue Office issued resolution no. 2/E dated 12 January 2017 providing new... Read more
How to raise complaints during a superyacht charter?
We are analyzing what the methods of reporting complaints raised by a charterer during his rental are by Federico Santini* Clause 21 of the Myba Charter Agreement regulates the terms for reporting and solving any problems reported by the charterer during the charter period. The clause requires any complaints... Read more
Legal issues related to yacht design
Let’s take a look at the legal issues, when a ship owner asks a designer to design their yacht. How to defend against delays or construction defects? Here is what the legislation says. by Federico Santini*  More and more often in the superyacht sector, owners want to choose the person to... Read more
Charterer’s complaints
Suggestions and rules on how to deal with problems that may occur during yacht chartering, such as malfunctions and faults by Federico Santini Anybody chartering a luxury yacht for a relaxing holiday with family or friends normally has very high expectations about how wonderful the cruise will be, the... Read more
Investing in the south, that’s why it is convenient to use the tax credit
Tax credit is an interesting tool for promoting investment in the South of Italy by Federico Santini* Article 1, paragraphs 98 to 108, of Law 208 dated 28 December 2015 (2016 Budget Law) introduced a tax credit for companies purchasing new instrumental assets in the period between 1 January... Read more
Vat and excise duty, here is what the legislation says
Exemption from VAT and excise duty on fuelling for pleasure yachts leaving to extra-EU ports. The analysis of the legislation in force. by Federico Santini* EU and extra-EU flagged pleasure yachts with setting a direct course to any extra-EU port may benefit from VAT and excise duty exemption on fuelling... Read more