Russian owners of superyachts may soon be financially penalised for the privilege of buying and running yachts, aircraft and cars worth in excess of 2m Roubles (US$67,000)
Reports say that the country’s government aims to apply the luxury tax to both companies and individuals.
“It all depends on the structure of the tax and how it is applied,” one Russia-based broker explained to Superyacht Business Newsletter.
“But fortunately many Russian owners have their yachts outside the country and may not be affected by the tax when it is introduced.”
The tax proposal is considered to be a popular move amongst Russia’s influential political circles.
Russia has several superyacht builders including Hotchya Shipyard which is currently working on at least two 38m craft scheduled to launch in 2011 and Timmerman Yachts which is understood to have five current projects between 39m and 46m to be delivered before 2012.