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The Balearic Islands have long been synonymous with stunning beaches and vibrant nightlife, but beyond the sun-soaked shores, these islands are also home to a thriving maritime sector that has given rise to one of the most competitive yachting industries in the Mediterranean. The strategic geographical location of the Balearics has made them a gateway for mega-yachts transitioning from the Caribbean to the Mediterranean, fostering the growth of internationally acclaimed nautical maintenance and repair companies.

Aspects that made the Balearic Islands a Yachting Hub:

1. Top-notch Refit Services

The Balearic Islands boast an impressive array of top-tier refit services, making them a go-to destination for yacht owners seeking excellence in maintenance and repair. From naval mechanics and painting to carpentry, electronics, refrigeration, and air conditioning systems, the islands offer a comprehensive suite of services that cater to every aspect of yacht refit. Whether it’s rigging, hydraulics, metalwork, upholstery, sailmaking, or nautical interior design, the Balearics have established themselves as a hub for high-quality craftsmanship across the maritime spectrum.

2. Premium facilities

With a sprawling 250,000 square meters dedicated to refit activities, the Balearic Islands provide ample space for yacht maintenance and repair. Boasting ten shipyards capable of hauling out yachts exceeding 24 meters, the islands offer state-of-the-art facilities to ensure a seamless and efficient refit process.

3. TPA: VAT Exemption in REFIT Operations

The Temporary Admission (TPA) system, also known as Inward Processing, is a customs arrangement that facilitates the temporary entry of non-European vessels for repairs, maintenance, and refit, all while enjoying VAT exemption.

This unique system allows for potential savings of the 21% VAT on invoices from both Spanish entities and suppliers based in other countries. The incorporation of spare parts associated with TPA eliminates the obligation to pay customs import taxes and VAT, providing a significant cost advantage.

It’s important to note that qualifying for VAT exemption under TPA requires adherence to specific criteria, such as a non-European flag, non-European ownership, and other stipulations.

4. Best Marina Facilities

The Balearic Islands offer unparalleled marina facilities, with more than 6,000 berths specifically designed for yachts over 24 meters in length. The total of 24,000 berths ensures that yacht owners have access to premier docking and maintenance facilities throughout their stay.

5. High-level Companies

To streamline the refit process, the Balearic Islands are home to a cluster of high-level companies specializing in various aspects of yacht maintenance and repair. Discover these top-service providers here!