Local superyacht companies in the Balearics are reporting a 15% increase in charter bookings during the islands’ most successful summer charter season yet, in the wake of new tax legislation.
It is nearly two years since new legislation permitted charter yachts of all sizes to claim exemption from matriculation tax on visits to Spain. As we previously reported, the change had a significant impact on the number of acquiring superyachts acquiring charter licences allowing them to visit the island – with zero yachts in 2013 rising to 33 in 2014, with more expected for this year.
The Balearics have been the most popular destination for registrations for the licences. Comprising of Menorca, Palma de Mallorca, Ibiza and Formentara, they are favoured for their combination of a bustling nightlife and rustic, white-sand shores.
Since the change to tax laws, Spain’s yachting industry has been in its healthiest state yet following 6 year of decline.
Reflecting on the current buoyancy of the Balearic luxury yachting market, Marta Iglesias, charter broker at Camper and Nicholsons International in Palma believes 2015 has been one of the islands’ best charter seasons for many years, commenting “Since the relaxation of the charter taxation laws, there have been more boats coming to the island than ever,” she says. “But the best thing is that it can get much better – it is still an emerging market compared to the more established European destinations.”
Ibiza – with its mecca of famed nightclubs and luxurious lifestyle – has been particularly popular out of the four islands of the Balearics, with Daniel Mari, Manager at Marina Ibiza, reporting that the season has been “definitely getting longer” due to the number of vessels visiting its shores. Speaking on the increase, he said “This year the season started earlier, was much busier than previous years and we have had solid bookings for September and October. In total we have seen an increase of around 15 per cent due to the growing bookings in June and September.”
A larger scale of luxury yacht has additionally been spotted in Balearic’s water this summer, including the 138m/454ft Lürssen superyacht ‘Rising Sun’ in Palma, and the environmentally-friendly 83.5m/274ft Feadship charter yacht SAVANNAH in Ibiza.
The increase in traffic naturally has a significant impact on the local industry, with shipyards on hand to provide maintenance and refit services. Speaking on a current refit market in Palma, Andy Williams (of Yachting Finishing Support) has said, “The winter refit period in Palma has already reached its maximum capacity. It happened particularly early this year, before the summer season had even finished. Palma is already too small for demand.”
Since the change to tax laws, Spain’s yachting industry has been in its healthiest state yet – with reports of an overall increase of 10% from 2013 to 2014 - following 6 year of decline.
For more information about planning a vacation in the Balearics, please get in touch with your preferred charter broker. Alternatively, take the time to compare all luxury yachts for charter in Ibiza and the Balearics to find the ideal vessel for your requirements.