Amendments to regulations sees New Zealand open up as a great charter destination
New Zealand is hoping to welcome a lot more superyachts to its shores in the near future, with a new clear entry procedure for foreign-flagged yachts who wish to charter in New Zealand waters.
The amendments to the Temporary Import Entry (TIE) allows visiting yachts to spend up to 24 months in New Zealand; of that time 65% can be spent in charter activities, with the remainder allowed as private cruising and shipyard time. Apart from when on charter, yachts will also enjoy an exemption from the Goods and Services Tax (GST).
These changes are part of a concerted effort by New Zealand and neighbouring Australia to attract more of the yachting dollar, a sector both countries have identified as one of potential serious growth. The Superyacht Attraction Initiative Group works to promote the elements that make NZ a desirable superyacht destination, including world class refit and marina facilities, cosmopolitan bases for crew and more than 15,000km of coastline.
This drive to lure the superyacht market appears to be succeeding. The summer season of 2013/14 saw a record superyacht season for New Zealand, with 37 foreign-flagged superyachts visiting- each contributing over one million NZ dollars to the economy, generating a combined total of $39.5 million. Interestingly, crew spent more than guests as they spent the majority of time in the country, with the leisure and marine sectors benefitting most.
With yachts now encouraged to stay up to 24 months, it is easy to see why the superyacht and tourism sectors in New Zealand are feeling hopeful about this vibrant young part of their economy.
For more information on chartering a yacht in New Zealand, please contact the charter team at Camper & Nicholsons.