Cayman registered super-yachts warned to avoid Italy

| 25/05/2010

(FT.Com): Rome’s crackdown on suspected tax dodgers has unsettled owners of super-yachts considering Italy as a summer destination, after the tax police seized the 63-metre Force Blue owned by Flavio Briatore. Some legal advisers are telling their worldwide clients, 90 percent of whom have their yachts under a Cayman Islands flag, to take care before venturing into Italian waters. A spokesman for the Guardia di Finanza tax police said three similar cases of super-yacht tax evasion were under investigation. “The seizure is sending shock waves through the super-yacht community,” Quentin Bargate, senior partner with the London-based law firm Bargate Murray, said.

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  1. peter milburn says:

    Half of you out there dont understand what WILL happen if and when they cut a channel(and one will NOT be enough for them)from the reef to the west side of the north sound.Movement of sand from either side of the channel will fill it back in and where does all that sand etc come from?The Sand bar and surrounding shallows.which will in turn destroy our big money maker for cruise ship arrivals.Sometimes one has to weigh the short term gain against the long term damage and believe me it will happen.Are the West Bayers who are so much involved in north sound trips willing to lose all this?I somehow dont think so,so when the time comes to speak up against this crazy idea make our Premier and his other officials know that they just cant do what they please when it comes to our childrens future.

  2. Anonymous says:

    Hmmmmm……..McRianne I guess we don’t need that 300′ wide channel through Stingray City again !

    There’s always a silver lining 🙂

  3. Anonymous says:

    Flavio Briatore, 61, was not on the £15million vessel when they boarded but his stunning wife, Elisabetta Gregoraci, 28, and two-month-old son Falcon Nathan were. The seizure in Genoa on the Italian Riviera marked the end of a year-long investigation. ‘In total we suspect around 4million Euro was evaded and 800,000 Euro in VAT and other taxes was evaded on around 700,000 litres of fuel. ‘Foreign registered boats are exempt from fuel taxes but only if they leave EU waters within eight hours of filling up.’

    Isolated and highly targeted event, ie. impact on Cayman Yacht Registry and their summer yachting plans = zero

  4. Anonymous says:

    If and I say if super-yachts are reistered in cayman to evade tax then good on Italy to do what is right. I have always felt that there should be no tax havens in this global village. 

  5. Voice of Reason says:

      This is a blatent attempt to discredit the Cayman Islands as a jurisdiction of choice for superyacht registration – a lucrative business which the Cayman Islands’ economy benefits from.

     
    This guy, and the yacht concerned, fragrently used his "quote" charter yacht to live on for months and months without any chartering. He used the charter loop hole to avoid tax and it’s caught up with him.
     
    It could happen to any offshore registered yacht
     
    The guy (and his yacht) are going to get what they deserve………………
     
    Hes been taking the michael and he’s now been caught out. The flag of the vessel has only been seized upon by the author as a further effort to discredit the Cayman Islands as a haven for criminals.
     
    Although I bow to the wisdom of some of the previous posters with their flowing eloquence.

     

  6. Pipple Pottle says:

    The facetious comments already made show how ignorant these posters are.  This is a threat to a business which brings in revenues and jobs in Cayman simply because the Cayman registration is tainted with the bad PR of the Cayman Islands in Europe today.  Yachts today, funds tomorrow.

  7. anonymous says:

    OMG "the super yacht community" they are in trouble…to the rescue with more bail out funds…hurry up na…call Berlisconi and tell him he cya cramp down on de Mafia like dat!…una hurry…call MACI…geezum una hurry fore ma grey poupon spoil…

  8. Jingo Jango says:

    Snap! Should have paid his taxes… no doh, no boat

  9. Opportunity says:

    Now its high time to open the Nth Sounds locks for them SY!

  10. $crooge McDuck says:

    NOW where the he– am I going to park my $uper Yacht!!!! Quack!!!!  I will have to $witch to my $tealth $uper $ubmarine.