The UK’s Superyacht Surge: Unveiling the Trend
Over the past 12 months, the United Kingdom has witnessed a sharp and sustained increase in the number of superyachts visiting its shores. This trend has been welcomed by British marine businesses and has intrigued yachting professionals worldwide.
On the surface, the UK might not seem like a traditional yachting destination. Its typically cooler and wetter climate contrasts sharply with the warm, sunny weather that yacht owners and charter guests usually seek. Exclusive beaches are limited, and only the hardiest would consider a scuba diving excursion in the chilly English Channel. However, there are different attractions luring the world’s superyacht set to the UK, with London’s magnetic appeal being an obvious draw. But what other factors contribute to the country’s growing popularity among superyacht owners?
The Abiding Attraction of London
Despite the UK’s climatic drawbacks, it has one clear, selling point: the bright lights of London. England’s metropolis is the home of big business and hosts an array of top-level sporting, fashion, and celebrity events throughout the year. These occasions attract the world’s wealthiest and most influential people, including superyacht owners and charter guests.
Prominent events and marketing opportunities along the Thames are key reasons for the influx of superyachts. Owners often have affiliations to large-scale events hosted in London. Whether it be sporting or fashion, having the boat moored in an iconic location on the Thames gives the event a point of difference. It’s the perfect excuse to mix business and pleasure.
Beyond Events: Underlying Factors
While London’s events and iconic photo opportunities, such as a Tower Bridge lift, are enticing, they don’t fully explain the significant and prolonged upturn in superyachts visiting the UK. The pandemic has reduced the number of events, yet the superyacht visits have increased.
Many superyacht owners have business interests in the UK, and the shift towards remote working means these visits aren’t merely business-related. The same applies to owners with property in the UK; their short visits don’t account for the dramatic increase in superyacht traffic.
Brexit’s Positive Impact on Yachting
The answer to the superyacht surge lies in the changes brought about by Brexit. Updated regulations since the UK left the EU on December 31, 2020, coupled with the extensive maritime law expertise of British firms, have made the UK a prime destination for many owners.
Several luxury superyachts, including Royal Huisman’s 58.5-meter PHI, Amels’ 83-meter Here Comes The Sun, and Oceanco’s 109-meter Bravo Eugenia, have opted to spend the European winter seasons in London.
Britain leaving the EU created changes in the fiscal and flag landscape for superyacht owners. Before this, the UK was an EU member; on 1st January as a non-EU country both UK resident [including those using the non-domicile regime] and other non-EU resident owners could register the yacht under UK flag and then enter the EU under the Temporary Admission rules.
Tax and Refit Advantages
There are also particular benefits of Brexit for UK yacht owners, particularly regarding taxes and refits. UK boat owners can claim Temporary Importation Relief (TIR) in the EU for 18 months, allowing them to sail into the EU Customs area without paying import VAT. This exemption can be renewed indefinitely, making the UK an attractive base. As of the UK’s exit from the EU, these yachts will now be able to enter the UK. They can also buy fuel much cheaper, stock up on supplies and also take part in a guest trip in London at the same time.
Additionally, English law and contracts remain a significant draw. Many yacht-related agreements, whether for building, chartering, buying, or selling, are made according to English law, providing a sense of reliability and predictability.
Superyacht Facilities and Destinations in the UK
The UK boasts several marinas and mooring locations that meet superyachts’ high-quality requirements, particularly across the south of England. Many vessels moor in the Thames and coastal locations in Dorset, Devon, and Cornwall. Ports like Poole Harbour and Gunwharf Quays in Portsmouth are popular choices due to their strategic locations and high-end facilities.
Scotland and Ireland offer a more rugged beauty, with dramatic cliffs, hidden coves, and enchanting islands, offering an idyllic setting for explorationg. The Hebrides, Orkney, and Shetland islands are particularly popular among travellers. These areas not only provide breathtaking scenery but also a deep dive into the region’s history and culture. Visitors can explore ancient castles, distilleries producing world-famous Scotch whisky, and remote villages where Gaelic traditions are still alive.
The UK’s Enduring Appeal
The growing number of superyachts visiting the UK reflects a significant development within the industry. Financial advantages, refit opportunities, and the allure of London are compelling reasons for superyachts to visit or stay in the UK. The presence of A-list celebrities enjoying the UK’s offerings further enhances its appeal as a destination for discerning charter guests.
The trend suggests that the UK’s newfound popularity isn’t a passing fad but a lasting shift. The combination of Brexit’s financial incentives, superior refit opportunities, and the enduring appeal of English law makes the UK an attractive destination for superyachts, ensuring the trend will likely accelerate in the years ahead.
The UK has firmly established itself on the global superyacht map, bringing business, money, influence, and empowerment to the country. The evolution remains in its infancy but shows no signs of slowing down. The UK is the new place to be for the superyacht elite.
If your interested in visiting the UK or looking for an agency to welcome you to the British Isles, contact us at operations@priavoyachting.com.