High net worth individuals considering a move to Italy under a preferential tax regime who own a pleasure yacht abroad will often face a straightforward but consequential question: is VAT payable on bringing the vessel into Italy? The Italian Revenue Agency (Agenzia delle Entrate, hereinafter “AdE”) has addressed this question in Ruling No. 105/2026. The […]
With the recent publication of Circular No. 11/2026, the Italian Customs and Monopolies Agency (ADM) has issued important guidance on the application of the Temporary Admission (T.A.) customs procedure to pleasure craft, covering both private and commercial use. This administrative measure provides greater clarity on the stages of entry into the procedure, discharge of the […]
Business aviation is an international and highly flexible sector. Aircraft may be owned, managed, leased, chartered and operated by different entities, often across several jurisdictions. This flexibility is commercially valuable, but it also creates legal and insurance risks that must be carefully managed. The first question is usually: who is legally responsible for the flight? […]
In the field of contemporary design, and especially in yacht design, renderings play a key role in the representation and enhancement of projects. By “rendering” is meant that process which makes it possible to create a digital output, in the form of an image or animation, through the use of specialized software and on the basis […]
In Italy, 22 January 2026 marked a turning point for the public sector. With the entry into force of Law No. 1/2026, the framework governing loss of revenue has been radically reshaped. The long-standing “fear of signing” may now be a thing of the past, but the reform has also sparked intense debate over whether […]
IVASS has launched a public consultation on a draft amendment to ISVAP Regulation No. 7/2007, aimed at updating the financial statement templates for insurance and reinsurance undertakings reporting under IAS/IFRS. The proposal incorporates recent updates to IFRS 9 and IFRS 7, introduces the impact of the new IFRS 18, and mandates specific disclosures regarding crypto-assets […]
IVASS has released Consultation Document No. 04/2026, dated 10 April 2026, setting out a draft amendment to IVASS Regulation No. 55/2024 (the “RIGA Regulation”) regarding the digital transmission of corporate and master data for insurance undertakings and groups. The consultation, open until 10 May 2026, specifically targets Articles 9 and 16 of Regulation No. 55/2024, […]
In the world of high-value maritime assets, the death of a Beneficial Owner (UBO) often triggers a legal storm that many stakeholders—captains, yacht managers, and heirs—are unprepared to weather. While European law has moved toward “legal unity” in inheritance, a fundamental disconnect remains between the courtroom and the marina. The EU Succession Regulation: A False […]
In business aviation, tax and customs exposure does not usually begin with a major dispute or a high-profile transaction. More often, it starts much earlier, and much more quietly, in the ordinary decisions surrounding the life of an aircraft. A change in ownership, a different operating pattern, time spent in another jurisdiction, or a shift […]
Summary of the Decision (Italian Tax Court of Appeal – Liguria, Judgment No. 200/2026) The Italian Tax Court of Second Instance (Liguria) upheld the taxpayer’s appeal against a first-instance decision concerning import VAT (€583,000 plus interest) assessed by the Italian Customs Authority. Background The case involved the owner of a yacht accused of breaching the […]
