Channel Island Issues Incentive to Ensure Superyachts Stay Longer
Jersey one of the Channel Islands is about to change its local taxes to make them more attractive to keeping superyachts in the island and the inhabitants are not happy with the idea
Currently yachts owned by non-residents are allowed to stay in the island for one year before they incur a three per cent GSD tax.
Now the plan is to extend that period by six months.
The new rules also allow the 18-month time period to restart if the yacht leaves Jersey waters for a period of longer than 14 days before returning.
A quick trip to St Malo for 14 days and the tax free period starts all over again.
Locally it was estimated that about ten per cent of the value of a yacht was spent each year in keeping it in a port, so a £10 million yacht would attract spending of about £1 million in the island annually.
Many locals are of the opinion that giving the non resident wealthy superyacht owners tax breaks they are promoting the idea that the island is a tax haven for the wealthy at a time when residents are facing the prospect of higher taxes themselves
