Porto Montenegro: Berth Expansion and Tax Benefits

As part of the 2-year marina expansion plan due for completion by the Summer of 2014, Porto Montenegro will double its marina’s capacity from the existing 245 berths to 490 berths.

This second phase of the development which is already underway, will see approximately 100 more berths for yachts up to 20 meters and 145 berths for yachts over 25 meters. In addition to the berth expansion, a new jetty will be constructed as well as the extension of jetties 1, 2 and 3. Once completed, Porto Montenegro will not only be one of the largest marina’s in the Mediterranean, it will also have one of the biggest superyacht capacities in the world.

Montenegrin company Yu Briv has won the tender for the construction of Porto Montenegro marina’s second phase, including both the expansion of existing jetties and the construction of additional jetties. “We are very pleased to award our marina expansion contract to one of the leading Montenegrin construction companies. We have had excellent cooperation with one of the leading Montenegrin construction company Yu Briv in the past and know they will deliver a world class quality marina reinforcing Porto Montenegro as one the leading marinas on the Mediterranean“, said Porto Montenegro’s Managing Director Oliver Corlette.

Tony Browne, Marina Director adds, “the expansion of the marina is not only a testament of success of Porto Montenegro, it’s also confirms the Adriatic has cemented itself as an exciting destination for yachts of all size and class. The new berths mix will appeal to all ends markets especially for super and mega-yachts soon supported from a state-of-the-art maintenance & refitting new facility“. Porto Montenegro offers value for money both in terms of pricing and tax benefits especially in the wake of the recent Italian tax rises; by way of illustration, a low season berth rental at Porto Montenegro for a 12m berth for one month is approximately the same price as the Italian taxes on the same 12 metre boat for the whole year. For a superyacht of 65 metres, the Italian charges would cover two months in a high season berth for the same boat.

The current Montenegrin tax strategy treats everyone equally. Basic goods and marina services are already capped at just 7% verses Italy’s 35% with a future plan to create an incentivised flat tax regime across all taxable areas.

The marina also gives owners a stable alternative with even lower mooring rates and duty free fuel thanks to its location outside the European union, and benefits from first class facilities and services in a prime setting.

Source: Super Yacht Times