The 63.30m (207′ 8″) mega yacht Force Blue is being held in Italy over a reported a tax issue.
According to articles written in Italian and UK newspapers, motor yacht Force Blue was stopped on Thursday the 20th of May near La Spezia, Italy. The seizure order was issued by the Guardia di Finanza of Genova.
The issue that is being investigated is whether the megayacht Force Blue being used for private use more than she is being used for charter. The yacht is currently listed for charter for EUR 245,000 – 255,000 + plus all expenses per week. Explorer motor yacht FORCE BLUE can accommodate 12 guests and registered in the Cayman Islands.
Genoa prosecutor Walter Cotugno is investigating how many charters have taken place and whether Force Blue is mostly a home for the owners. Despite the superyacht clearly being an active charter yacht Agence France Press quotes a police officer as saying, “It is certain that the only user of this yacht is Flavio Briatore.”
According to a report by the Italian newspaper Il Sole 24 Ore, if it is found that motor yacht FORCE BLUE is used for private use more than she is chartered, then the estimated VAT that will be owed to the Italian Government is €4 million based on the yacht’s approximate value of €20 million. Beacuse the owner is a citizen of the European Union, he is not able to take his yacht into EU territories without paying the VAT. Reortedly, also at issue is whether Force Blue evaded €800,000 ($1 million) in taxes on fuel over a two-year period.
Since the reports in the Italian newspapers, Fraser yachts have issued the press release below.
“Fraser Yachts, the world’s leading luxury yacht services provider, based in Monaco, was appointed in 2005 to provide specialist management services to M/Y FORCE BLUE by the beneficial owner and oversees matters relating to the yacht’s management, charter management and charter marketing. Our immediate priority is to address this problem with the Italian authorities and to offer our client full support in order to secure the release of the yacht as quickly as possible. We are naturally providing our client with our full back up, resources and expertise to try and bring about a swift resolution to the matter.
Fraser Yachts’ team of yacht management and charter experts is in direct contact with the yacht’s Captain on a regular basis and is not aware of any contravention of the legal or financial requirements, as set out by the Italian authorities, by either the owning company, Captain or beneficial owner. The vessel is a renowned charter yacht, it is actively marketed and has been extremely popular among charter clients over the past few years with a minimum of 14 weeks of charter per year. The vessel is chartered by the beneficial owner for his own use for approximately four to six weeks per year.
As far as we are able to ascertain, this issue appears to have arisen as a result of regulations which can appear confusing and inconsistent rather than through any wrong-doing on the part of Autumn Sailing Ltd. Fraser Yachts keeps detailed records and will naturally assist the authorities with whatever documentation they require in order to bring about the release of the M/Y FORCE BLUE at the earliest possible opportunity. We will also be seeking further clarification with regard to the regulations so we can also advise our many other important clients on this matter.”
