In a bid to encourage more superyacht visits, the Channel Island of Jersey (located between France and the UK) has made a significant change to its existing Goods and Sales tax regulations.
It has now given approval for yachts owned by non-residents to be allowed to stay in the island for an extra six months without incurring the standard 3.5 per cent tax. The move means that non-residents’ yachts can now stay in the island for up to 18 months without incurring the tax, compared to 12 months previously.
Additionally, such yachts will also now only have to leave the island for a period of 14 days before the 18-month period can restart.
Together with its near neighbour Guernsey, Jersey is keen to become increasingly superyacht-friendly. While both islands are used by yacht owners for registration and financial expertise, facilities for berthing large yachts are still limited despite there being a good number of marina berths on both islands. Guernsey’s marine department is, however, currently considering a project that could see an existing dock area transformed into a facility offering berths for superyachts up to 80m (262ft).