Another benefit for non-EU national yacht owners is the exemption of customs duties or VAT on the value of the yacht when the yacht is imported into EU waters for private use with the intention of re-exporting.
The temporary importation procedure allows the yacht to stay within the EU territorial waters for 18 months and can move freely with no further customs duties or VAT during this period. There are cases where an extension is given when the yacht is not used at the maximum overall period of 24 months as per implementing provisions of the Customs Code. Further, the temporary importation is not limited to single period thus a yacht can sail out of the EU then come back. In this case, a new period of temporary importation will be issued.
However, if the boat does not leave before the end of the allowed/operative period then customs duty and VAT become due and collectible.