Anglo Irish Trust Company Ltd, a wholly-owned subsidiary of Anglo Irish Bank this week announced the launch of two new services designed to take advantage of the Isle of Man's recently introduced 'super yacht' register.
In January, the Isle of Man government announced that it was creating a new registry which would substantially simplify the registration of so-called 'super yachts' which measure 24 metres or more. As a result of this, vessels measuring in excess of 24 metres can now more easily enjoy favourable income tax and VAT treatment, the absence of tonnage tax, and the support of an efficient and well regulated jurisdiction.
In order to take advantage of this new registry, Anglo Irish Trust has developed two services targeted at the yachting market, one for commercial yacht owners, and the other for yachtsmen planning the acquisition of a pleasure vessel.
The former service, YachtsMann, offers owners and operators of commercial super yachts: incorporation of a new company to own the vessel, directors to act on behalf of the Manx company, administration services for the company, and yacht registration, in addition to liaising with the maritime authorities, arranging insurance, paying invoices and crew salaries, and offering tax planning and legal advice.
The second service, the Anglo Irish Yacht-Haven leasing scheme is open to individuals planning to acquire a pleasure vessel in the £200,000-£2,000,000 price range. Yacht Haven offers: substantial VAT savings, the purchase of the yacht by Anglo Irish Yacht Leasing, the reclamation of VAT on the vessel, a lease term of 25 years with early termination provisions, and the insurance of the vessel by Anglo Irish Yacht Leasing at private/personal rates.
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