Private use (self-use) of a professional leisure yacht by the UBO
– The professional leisure yacht needs to be registered with the Registry of yachts of L. 4256/2014.
– The professional leisure yacht is used for commercial charters and may also be used privately by the UBO for his private needs.
– This private use is allowed by the regulatory framework of L. 4256/2014 and does not change the character of the yacht as a professional leisure yacht.
– For the time that the yacht is used privately by the UBO, the VAT and any excise duties on the costs of the yacht are not deductible (e.g. on fuels, repairs, other provisioning etc.)
– The time (days) that the yacht is used privately by the UBO does not count for the calculation of the minimum days per 3 years that the yacht must be commercially chartered (according to the regulatory framework of L. 4256/2014)
– There is no requirement of the Greek VAT law to apply VAT on the private/self-use of the professional leisure yacht by the UBO (i.e. there is no provision that stipulates the need for a “deemed” type of charter fee due to the professional leisure yacht being (also) used by the UBO for his own and his family’s private use).
* The information is accurate to the best of our knowledge as at the time of writing. We have no obligation to update it. We accept no responsibility against any third party who is not a client of the firm and has not signed the terms of our engagement.