What happens to the multitude of yachts and their crew registered under the British flag (UK, Bermuda, Virgin Islands, Cayman Islands, Gibraltar, Guernsey, Isle of Man, Jersey and Turks and Caicos)? How will future use in the Mediterranean look like and which additional costs arise?

EU opens infringement proceedings against Cyprus, Greece and Malta!

The Maltese and Cypriot leasing schemes can no longer be offered in the known form and Greece has to change its interpretation of the “use and enjoyment” rule under the VAT Directive. These lease structures and “use and enjoyment” rules violate EU law.