Professionals decry “shipwreck” of yachting industry

Photo: Facebook ECPY
Photo: Facebook ECPY

The Committee of European Yachting Professionals (ECPY) and the organisation that manages the ports of Nice, Cannes, Villefranche and Golfe-Juan – CCI Nice Côte d’Azur – have joined in raising the alarm over a crisis in the yachting sector. Of most concern is the raising of taxes and fees and the reintroduction of rules and regulations that had fallen into disuse.

The economic and regulatory burden is now so heavy that yacht owners are considering moving their vessels to other Mediterranean jurisdictions, they say. The yachting sector has doubled in size over the last ten years and the prospects for further growth are excellent, but France risks losing a large part of the industry that helps support local economies.

French taxation as applied to the yachting sector is also very complex, the CCI says. The organisation is resorting to social media to get its message across and has launched a Linkedin group on “taxation for yachting” as well as producing a short explanatory film on the subject.