Yachting News

Balearics benefit from charter license boost

Written by JHS

In October of this year SuperyachtNews.com’s Mediterranean Editor, Bryony McCabe, reported on the positive effect that amendments made to the Balearic Islands charter license have had on the 2015 charter season in the area. Now, the Spanish Superyacht Association (AEGY) has released its own statement that lends credence to the claims of the former article.

Citing amendments made to the much maligned Spanish matriculation tax in 2013 for the upturn in Balearic fortune, the AEGY claims, using figures provided the leading brokerage houses, that there has been an increase in 20m-plus Balearic charter fees of over 500 per cent over the last two years.

“We are delighted to see such a significant increase in charter activity in the Balaerics and we are confident that this will continue to grow in 2016,” comments Diego Colon, President of the AEGY. “The Balearic Islands are enormously attractive to charter guests and it is significant that out of the eight major international brokerage companies six now have offices on Mallorca.

The AEGY report also claims that in 2013 there were 29 yachts over 20m with licenses to charter in the Balaerics, in 2015 this figure increased to 86 with 37 of the licensed vessels represented by these figures reported to be over 35m. Tellingly, the total revenue raised by charter activity, be it taxation or local spending, is estimated by the AEGY to be around the €12.5 million mark – a far cry from the negligible amounts raised by the matriculation tax on yachts over 24m in the area.

“We recognise that there is still work to do to ensure that the bureaucratic and fiscal procedures related to charter and operating superyachts in Spain are simplified and streamlined,” continues Colon. “However, we are confident that these statistics will strengthen and support our lobbying initiatives when dealing with local and national government.”

The report further states that the consequential economic impact of superyachts choosing to winter in the Balearics will have a positive effect in a country where the unemployment rate currently sits at 22 per cent. Presumably an increase in charter activity will have a similar, if less prevalent, effect on unemployment.

By Rory Jackson


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