Welcome to European Tribune. It's gone a bit quiet around here these days, but it's still going.
ABC News: Sardinia Yacht Tax Takes Aim at Rich and Famous

As yachting season kicks off across the Mediterranean, there are a few yachts that will probably not moor on the famous Costa Smeralda, also known as the Emerald Coast, of Sardinia, Italy.

They include yachts belonging to such American billionaires as Paul Allen, co-founder of Microsoft, and Larry Ellison, the CEO of Oracle Corporation.

Last summer, both Ellison and Allen refused to berth their megayachts, Rising Son and Tatoosh, in Sardinia's Cala di Volpe bay. (Although some Russian billionaires, including oil magnate Roman Abramovich, had no such reservations.)

Neither man commented on their reasons for doing so, but it's widely believed that their decision may have something to do with the introduction of a new "luxury tax" by the regional government of Sardinia.

The Sardinian government last year slapped a tax on all yachts longer than 46 feet. This means an annual fee of $1,377 for yachts up to 52.5 feet to a hefty $20,656 for those measuring over 197 feet. And the tax is non-negotiable, with the government insisting that even yachts mooring for less than 24 hours must pay the full amount.

by Fran on Sat Jul 14th, 2007 at 03:25:12 AM EST
[ Parent ]

Others have rated this comment as follows:


Occasional Series