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Tag Archives: Mykonos

Greece Increases VAT — Will Greek Yacht Charters Cost More?

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First the bad news – recent legislation in Greece has led to an increase in the country’s VAT rates.

Now for the good news – the increase is small, and depending upon the duration of your superyacht experience, the “effective rate” should have a minimal effect on most Greek yacht charters this summer.

A new VAT rate of 24% has been announced for Greece, and it will affect all yacht charters commencing on or after June 1st, 2016.  The old rate was 23% – making the maximum increase 1%.

Drawing of magnifying glass with Greek numerical characters and the word VAT underneath

 

While 24% VAT sounds sky-high, don’t fall out of your chair just yet:  there are significant built-in discounts that can reduce the effective VAT rate by up to 60% – depending upon the duration of your charter vacation.

 

 

 

Here’s the math:

 

I)  Charter duration of 3 days or more.

Luxury yacht charter vessels performing international cruises have a discount of 60%.  This makes the effective VAT rate 9.6% (up from 9.2%).

Charter vessels cruises within Greek waters will earn a discount of 50%, setting the effective VAT rate at 12% ( previously 11.5%).

 

II)  Charter duration up to 48 hours.

This is where you get hammered as a charterer for taking a day excursion or a trip shorter than 48 hours.  There is NO discount, regardless of where the vessel cruises.  A full VAT of 24% is due (instead of the previous 23%).

 

Picture of Rhodes Greece with a superyacht cruising by in front of the island

 

 

 

 

 

In summary – avoid short-term charters in Greece if you can.  As long as you can extend your charter beyond 48 hours, the impact of the effective change in VAT is less than 1%.  Mykonos and Santorini here we come – Opa!!!

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For information about renting a luxury charter yacht in Greece, or anywhere else in the Mediterranean this summer, contact 1-800 Yacht Charters at  +1.800.922.4824 (toll-free North America) or +1.305.253.7245 (international), use our online inquiry form here, or email info@1800yachtcharters.com

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Luxury Yacht Charter Greece Popularity Increase

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Close up view of blue and white Greek flag. It is a wavy design, as if the flag is waving.  The flag has royal blue and white horizontal stripes and a white cross in the top left corner,incorporated within the blue and white stripes.

Greek flag

GREECE – MORE POPULAR THAN EVER

Our summer charter season is over.  The result?  Greece is still a top 5 luxury yacht charter destination. In fact, visiting superyacht arrivals are up 10.75% compared to 2018!

There was worry a new Greek cruising tax would scare away business.  Nope!  Charter yachts poured into Corfu, Athens, and Mykonos in record numbers.

One issue does threaten hassle-free Greek yacht vacations.  It is Greek charter license regulations.

Let’s take a quick look at the regulations – and how we’ll help you enjoy a stress-free charter.

 

NO CHARTER LICENSE? – COULD BE A PROBLEM

Charter regulations introduced in 2018 are an inconvenience.  Both charter yachts and clients suffer.  Without a Greek charter license, commercial yachts must begin and end charters outside of the country.   Charter clients can’t board or disembark in any Greek port.  There are no exceptions other than safety or medical emergencies.   This makes it hard to enjoy a cruising itinerary in Greece.

Popular destinations like Santorini and Mykonos are far from ports outside of Greece.  For example, the distance between Bodrum, Turkey and Santorini is 189.45 kilometers. That’s about 102 nautical miles.  Yachts are not very fast.  It can take a day to get from Bodrum to Santorini.

If forced to begin and end outside of the country, you cannot enjoy the full beauty of Greece.  It’s simply too far to go in a 3-5 night short term charter.

One of our repeat clients asked to start his cruise in Montenegro and end in Mykonos.   His desired yacht has Turkish registration.  It did not have a separate Greek charter license.  The charter could not legally end in Mykonos.  It had to end in Turkey.  Instead of a 7 night charter, it would be a 9 night charter.  The client could not get away for 9 nights.

The inquiry was canceled.  Our client’s dream itinerary of cruising from Montenegro to Mykonos was put on hold.

 

THE SOLUTION

Now for the good news.  Most of the yachts we offer have a Greek charter license for the upcoming 2020 season.  With this license in place, clients can begin and end their vacations in Greek waters. Per Jana Sheeder, President of 1-800 Yacht Charters,

“We now maintain a database of 112 superyachts (40 meters and longer) that possess the desirable Greek charter license.”

 

Yes, we now maintain a database of 112 superyachts (40 meters and longer) with Greek charter licenses.  The largest Greek yacht rental in 2020 we offer is the Lurssen yacht FLYING FOX.   She was launched in 2019.  She stretches the tape at a whopping 136 meters (446 feet) in overall length!  Yacht Flying Fox can accommodate up to 25 guests.  Her price is €4,000,000 per week in high season (July/August).

There are more superyachts with Greek licenses. For example,

  • 99m yacht CHRISTINA O (from €560,000 per week)
  • 85m yacht SOLANDGE (from €910,000 per week)
  • 63m yacht 11.11 (from €650,000 per week)

 

In conclusion, charter a licensed yacht in Greece for a stress-free vacation.  We stand ready to plan your trip for you!  Contact 1-800 Yacht Charters at https://www.1800yachtcharters.com/book-now-contact-us/

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