Berth in Gibraltar – Literal Gold Dust.
As the Spanish tax authorities tighten the noose on UK and other foreign resident boat owners a berth in Gibraltar becomes an even more attractive option. The tax authorities define tax residency as spending more than 183 day in the country or owning a property in Spain. If you fall in this category then you face a 12% registration or matriculation tax and the insistence that you re-flag your vessel in Spain with all the attendant bureaucracy. The situation is even worse for boat owners who cannot furnish proof that VAT has been paid on their vessel. They face a further 16% VAT bill on the assessed value of the boat.
What does all this have to do with berths in Gibraltar? Gibraltar although an EU territory, is not a part of the EU Customs Union and has its own much more benign tax regime for foreigners. Firstly you only become tax resident in Gibraltar when you rent or buy ashore and secondly there is no VAT in Gibraltar. So for British and other EU citizen boat owners resident on the Costa de Sol it has always made sense to berth their boats in Gibraltar even though they live in Spain. But there has been a catch, berthing in Gibraltar is very limited and there have been long waiting lists with many boat owners frustrated that they never got into the British territory. All this is now changing with 80 new berths becoming available in Gibraltar.
Boatshed Gibraltar has been appointed to market these berths. These premium berths are within a secure area accessible only to berth holders. All the berths will have metered water, shore power points and broadband access. These berths represent a unique opportunity to base your vessel in a tax friendly territory. Boatshed Gibraltar has already sold three berths in the first two days since they were put on the market for occupation from the 1st May 2010. If you want a 12, 15, 18 or 25m berth don’t delay and get in touch with us. Priority will be given to berth holders prepared to pay the annual charge in advance. Doing this attracts a 20% discount on the published price list. Gibraltar has a very small and finite coastline and further berths are unlikely to be made available for many years to come.