Porto Montenegro, a beautiful Mediterranean yacht charter destination, nestled in Montenegro, is expected to reinforce its position as the Adriatic’s leading luxury yacht homeport. The five-star marina is set to double its capacity to 460 berths by May 2015, with a further potential to build up to 850 berths, in order to meet the increased demand from visiting yachts.
As a growing super yacht destination, Porto Montenegro is also the first luxury yacht marina to offer tailor-made short and long-term berth leases of up to 30 years with 250 berths for 12 – 150m yachts LOA.
The marina is TYHA 5 Gold Anchor accredited with comprehensive onsite marina services including a chandlery, provisioning and bonded warehouse. Facilities and services available to owners and crew range from RYA boating classes and a crew training centre as well as the PMYC, marina village with international boutiques, restaurants, bars and cafes, new Lido complex launching this summer and Knightsbridge School International (KSI) Montenegro.
In light of the recent changes to Croatian tax and legislation affecting the country’s yachting industry, the marina continues to offer a competitive outside-EU solution for yacht owners with this season already witnessing a 10% increase in occupancy, as more vessels base themselves in this tax-efficient destination.
The tax-efficient status of Montenegro offers numerous benefits to private and commercial vessels including fuel costs, which are tax and duty free, reducing expenditure by up to 45% over other European countries. In addition to this, 7% VAT is charged on marine related services, company and capital appreciation tax is set at 9%, plus those with long term berths can benefit from 75% return on sub-lets.
Owners registered in Croatia have been forced to put vessels into free circulation and are now paying customs duties and VAT as defined by the EU Customs Union at a rate of 25%, as opposed to its previous tax-free status. Across the border in Montenegro, EU-flagged vessels do not require charter permits to cruise or embark but will incur 13% VAT for embarkation in Croatia. Non-EU flagged vessels of all sizes embarking from Montenegro are not charged a charter permit to cruise domestic or Croatian waters, and benefit from tax-free fuel and 0% VAT for all charters. Yachts under 40m are not permitted to embark from Croatia, while those over 40m incur 13% VAT on all luxury yacht charters and require a charter permit.
Montenegro boasts 250 days of sunshine a year with high season temperatures reaching the high 30’s during July and August while June to September averages 23-28˚. Perfect sailing conditions have enabled the marina to extend the May to September sailing season and introduce the international 300 mile off-shore Thousand Islands Race which takes place from 18 to 28 September. Porto Montenegro has also introduced a range of suggested luxury yacht charter itineraries for the surrounding region from one- to seven-day cruises taking in Croatia, the largely undiscovered Albanian coast, Italy and traditional South of France grounds.