What’s changing in yacht charters

New development opportunities are sought to be given to the yacht industry, through the passage of a relevant law that is in public consultation until Friday, January 21st. According to the Ministry of Shipping, the draft law seeks to end a multifaceted legal regime, which has been amended 67 times since 2014, while seeking further market liberalization, in order to put a brake on illegal “charters” and to reduce bureaucracy with port authorities.

The basic provisions

The basic provisions are the liberalization of the pleasure boat market, for boats over 35 meters long under a foreign flag, under certain terms and conditions. In particular, as stated in the bill (Article eight) for the acquisition of the right to operate a pleasure boat, regardless of flag, which has been classified as professional under the law of another country and is over 35 meters long, if it is built, for the most part, of steel or other equivalent material or plastic, it is proposed to introduce a “Charter of a certain validity of a professional pleasure craft recognized under the law of another country” to be granted for a specific duration per calendar year, which is set at twenty-one days, indicatively.

To determine the maximum period of validity of the license, the average duration of a total charter contract normally operated by ships of this category is taken into account, which consists of seven days, according to the ministry. The long-term goal of this arrangement is the registration of these ships in the e-Register of Ships and their registration in the Greek register, as, through the implementation of the short-term goal of attracting an increased number of ships of the above category, the benefits that reasonably arise will be realized. the permanent activity within the Greek territory, reports the Ministry of Shipping.

The bill also introduces a series of digital applications as well as provisions for the fight against undeclared work of support staff employed in non-maritime specialties and for the creation of conditions for increasing the employment of Greek and European seafarers.

Purchase worth one billion euros

The yacht industry and market, according to 2018 data, exceeds 1 billion euros, ie 1.4% of GDP, creating about 43,000 direct jobs. Fares are estimated at 433 million euros, government revenues at 150 million euros, while boats spend money throughout coastal and island Greece on maintenance, spare parts, mooring about 223 million euros.

But the most interesting fact is that the development of yachting causes multiplier benefits in the local-island and national economy, which no other type of tourism has to such an extent. The average tourist spending for those travelling by chartered boat is about 1,000 euros to 2,700 euros, when e.g. in the hotel industry the average tourist expenditure per visitor is about 535 euros.