Yacht Owners Feeling the Tax Pinch in French Riviera
Yacht Owners Feeling the Tax Pinch in French Riviera
The French Riviera is one of the most popular waterways in the world for high net worth individuals. Luxurious yachts dot the docks up and down these waterways, as some of the world’ wealthiest enjoy spending time basking in the sun. However, all is not perfect in this exotic location.
It appears the French government is putting the tax clamp down on yacht owners, and the wealthy are looking for other places to dock. According to reports, many yacht owners are fleeing the Riviera and heading for more tax-friendly docks in Spain and Italy.
According to several government officials in the region, the port of Saint-Tropez has already lost nearly a third of its business since the year began. Elsewhere, Toulon is hurting even worse, having lost 40 percent of its business in 2017.
So why are so many wealthy yacht owners fleeing the Riviera? It comes down to taxes, namely diesel taxes and the national insurance tax on any crew that lives in France. In fact, the insurance tax has jumped from 15 percent to 55 percent, meaning an owner’s insurance taxes for a crew of seven living in France could be as much as €300,000.
So if you’re looking for a good place to dock your luxurious yacht on the Riviera, you might want to check in with Italy or Spain, instead.
We hope you found this article about “Yacht Owners Feeling the Tax Pinch in French Riviera” helpful. If you have questions or need expert tax or family office advice that’s refreshingly objective (we never sell investments), please contact us or visit our Family office page or our website at www.GROCO.com. Unfortunately, we no longer give advice to other tax professionals gratis.
To receive our free newsletter, contact us here.
Subscribe to our YouTube Channel for more updates.
Alan Olsen, is the Host of the American Dreams Show and the Managing Partner of GROCO.com. GROCO is a premier family office and tax advisory firm located in the San Francisco Bay area serving clients all over the world.
Alan L. Olsen, CPA, Wikipedia Bio
GROCO.com is a proud sponsor of The American Dreams Show.
The American Dreams show was the brainchild of Alan Olsen, CPA, MBA. It was originally created to fill a specific need; often inexperienced entrepreneurs lacked basic information about raising capital and how to successfully start a business.
Alan sincerely wanted to respond to the many requests from aspiring entrepreneurs asking for the information and introductions they needed. But he had to find a way to help in which his venture capital clients and friends would not mind.
The American Dreams show became the solution, first as a radio show and now with YouTube videos as well. Always respectful of interview guest’s time, he’s able to give access to individuals information and inspiration previously inaccessible to the first-time entrepreneurs who need it most.
They can listen to venture capitalists and successful business people explain first-hand, how they got to where they are, how to start a company, how to overcome challenges, how they see the future evolving, opportunities, work-life balance and so much more..
American Dreams discusses many topics from some of the world’s most successful individuals about their secrets to life’s success. Topics from guest have included:
Creating purpose in life / Building a foundation for their life / Solving problems / Finding fulfillment through philanthropy and service / Becoming self-reliant / Enhancing effective leadership / Balancing family and work…
MyPaths.com (Also sponsored by GROCO) provides free access to content and world-class entrepreneurs, influencers and thought leaders’ personal success stories. To help you find your path in life to true, sustainable success & happiness. It’s mission statement:
In an increasingly complex and difficult world, we hope to help you find your personal path in life and build a strong foundation by learning how others found success and happiness. True and sustainable success and happiness are different for each one of us but possible, often despite significant challenges.
Our mission at MyPaths.com is to provide resources and firsthand accounts of how others found their paths in life, so you can do the same.
Use These Helpful Tips Now to Make Next Year’s Taxes Easier
Use These Helpful Tips Now to Make Next Year’s Taxes Easier The 2018 Tax season has come and gone. By now you’ve probably already forgotten about them. However, if you want to get ahead on next year’s taxes, now is the perfect time to start. The more prepared you are, the easier tax filing will…
What Sets Confident People Apart?
What Sets Confident People Apart? What makes someone successful? Successful people have many positive attributes, but what really sets them apart from others is confidence. Those who have confidence are more likely to succeed than those with self-doubt. That’s really a no-brainer, right? But what makes confident people different? Well, you can start with some…
The Best Way to Deliver Criticism
The Best Way to Deliver Criticism If done in the wrong way, criticism can break a relationship or leave someone feeling bad or upset. When critiquing, you want to avoid these negative emotions at all cost, after all criticizing is meant to help someone improve, not bring them down. Is there a way to criticize…
Social Media Platforms Trying to Shut Down Crypto Scams
Social Media Platforms Trying to Shut Down Crypto Scams The world of cryptocurrency is ripe with excitement. However, it’s just as ripe with scams. In fact, a growing number of entities are doing their part to try to curb some of these scams and protect those interested in investing in cryptocurrency. Recently, Twitter announced that…