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Saturday, August 22, 2009

Madoff's $7M yacht for sale

Click to enlarge

MY "Bull", the famous Leopard 27m of Mr Madoff (who is dying of cancer in prison), has been put up for sale by Auctioneer Wyles Hardy & Co on behalf of liquidators.

The yacht was lying in Port Gallice, near Antibes, south of France.
On their website, Auctioneer Wyles Hardy & Co explained that a local sales tax would become applicable after March 2010 (15% VAT rate) : guess where the yacht is currently lying ?
UK or Chyprus both have a 15% VAT rate...Nop, she is still lying in Port Gallice!

VAT status information provided by Auctioneer Wyles Hardy & Co: "All Lots or items are sold exclusive of V.A.T. which will be added to the Buyer's sale accounts at the rate of 15% except those lots which are zero rated for VAT purposes as indicated.

We are informed that when originally purchased the vessel was registered in George Town, Barbados in order to maximise the tax advantage of such a status. We believe that the vessel is therefore held on a temporary importation basis within the European Union.

We understand that this is allowed for a period of 18 months before local sales tax would become applicable. We are informed that the vessel left EU waters on the 28th September 2008 not returning until 6th October that year.

As a consequence we understand that local sales tax or a further visit outside EU waters will not be necessary until March 2010. Prospective purchasers are strongly advised to obtain such information as necessary to satisfy themselves as to the tax basis of this vessel."

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