Temporary Admission Overview
Posted: Wed Feb 19, 2025 7:48 am
Superyachts originating from outside the EU must be imported into the Customs Union, which can subject them to VAT at the local standard rate. This would result in a VAT liability based on the vessel’s value at the time of importation at the prevailing rate within the country of importation. Therefore, this represents a significant cost for owners of boats in excess of 24m+ in length. However, Temporary Admission (TA) can help mitigate this for private yachts.
The Istanbul Convention on TA is a Customs procedure and allows defined goods, such as means honduras mobile database of transportation like Superyachts, to be brought into the Customs Territory with total or partial relief from import duties and taxes, subject to meeting certain conditions. For example, the goods must be imported for ‘Specific Purpose’ and are intended for re-exportation within a specified period (Article CUSTMS.16(1)).
Where TA is applicable, owners established outside of the EU who are operating private Superyachts are exempt from VAT on import, albeit Customs Duty relief varies, dependent on the jurisdiction’s classification of the vessel and its Specific Purpose for being imported.
The Istanbul Convention on TA is a Customs procedure and allows defined goods, such as means honduras mobile database of transportation like Superyachts, to be brought into the Customs Territory with total or partial relief from import duties and taxes, subject to meeting certain conditions. For example, the goods must be imported for ‘Specific Purpose’ and are intended for re-exportation within a specified period (Article CUSTMS.16(1)).
Where TA is applicable, owners established outside of the EU who are operating private Superyachts are exempt from VAT on import, albeit Customs Duty relief varies, dependent on the jurisdiction’s classification of the vessel and its Specific Purpose for being imported.