Confusion remains over how Greece will implement the system and whether it will be operational by summer 2020…

SuperyachtNews

Greece’s new VAT rules are in accordance with the European Union’s directive and are the same rules that have been applied in both France and Italy. The new rule is based on the principle that VAT is charged at the full rate (24 per cent) for the time that the yacht is in EU waters, and no VAT is applicable while in international waters or non-EU waters. VAT will be applicable in the country where the charter begins.

However, there are subtle differences in how Greece has chosen to implement the changes which has raised questions over whether or not the new system will be actionable in time for the summer charter season. Furthermore, unlike France, there will be no stay of execution for charter contracts that have already been signed, meaning that a number of guests will be required to pay a higher rate of tax in the event that they continue with their charter plans.

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