Italy opens the door: A new season for chartering private use yachts in Italy

For more than fifteen years, the industry has discussed a possible Yachts Engaged in Trade (YET) regime applicable in Italy, without ever seeing a truly workable solution emerge. Since May 2026, following action by the Italian Customs Authority, non‑EU‑flagged superyachts – in particular those flying the flags of the Marshall Islands, Cayman Islands and the Isle of Man – finally have a formal path to combine private use and carefully controlled charter activity in Italian waters. This is a development that opens up attractive opportunities but also introduces complex challenges, still not widely understood, for owners, family offices and advisers.

To understand what has really changed and how to move in practice, I interviewed Ezio Dal Maso, partner at Stephenson Harwood and head of the superyacht team, a firm that closely follows the evolution of YET regimes in the main Mediterranean hubs.

PM: Ezio, let’s start with the big picture. For years the industry has been talking about an “Italian‑style” YET, but only now do we seem to have a concrete answer from the authorities. What has happened, and why is this step so important for the market?

Ezio Dal Maso: For more than fifteen years, the sector has debated a Yachts Engaged in Trade regime that could be applied in Italy, but without a clear and genuinely workable framework. With the measures introduced in May 2026, the Italian Customs Authority has finally outlined a path that allows non‑EU‑flagged superyachts – typically under flags such as the Marshall Islands, Cayman Islands or the Isle of Man, where YET structures are already well‑established – to carry out Italy‑based charters while retaining their nature as private‑use yachts, provided that the commercial activity is carefully regulated. For an owner, this means adding an important piece to the way the yacht is used in one of the world’s most strategic markets, without having to overhaul the flag or existing ownership structures.

Q1 – Why is this Italian YET different from the past?

PM: In practical terms, how does this new Italian YET regime differ from the “patchwork” or partial solutions we’ve seen over the years?

Ezio Dal Maso: The real difference is that we now have a formal route, recognised by the Italian Customs Authority, that allows non‑EU‑flagged yachts to combine private use and charter activity in Italy within clearly defined parameters. In the past, people tried to “adapt” tools designed for other jurisdictions or for other purposes, with a great deal of uncertainty both for owners and for commercial operators.

Today, the Italian YET regime sits explicitly at the crossroads of EU customs rules, Italian VAT, flag‑state regulatory requirements and the day‑to‑day realities of charter operations, providing a more structured and defensible framework. This does not eliminate complexity, but it enables integrated planning instead of relying on fragmented interpretations or uncodified practices.

Q2 – What are the main opportunities for owners and family offices?

PM: From the perspective of an owner or a family office, what are the most immediate opportunities you see in this new scenario?

Ezio Dal Maso: The first is the ability to retain the advantages of a non‑EU flag – for many today, the Marshall Islands, Cayman Islands or Isle of Man – and the existing ownership structures, while at the same time opening the door to Italy‑based charters that were previously very difficult to arrange in full compliance. This allows owners to better monetise peak seasons and highly sought‑after cruising grounds, from the Tyrrhenian Sea to the islands, without sacrificing flexibility or the private‑yacht profile.

The second opportunity is strategic: the new regime becomes an additional tool in the overall planning of yacht use, which can be adjusted according to family needs, revenue objectives, tax exposure and presence in different Mediterranean markets. For many family offices, it is a way to align life on board, asset positioning and taxation more precisely, within a legal framework that, although new, has been clearly set out by the competent authorities.

Q3 – Where are the main operational pitfalls?

PM: Every new opportunity comes with some risk. Where do you see today the main critical issues or potential pitfalls for those who want to enter the Italian YET regime?

Ezio Dal Maso: The first point to stress is that the regime is new and, in practice, still untested in day‑to‑day operations. This means that, beyond the headline, great care must be taken in assessing how the Italian YET interacts with existing holding structures, past tax assumptions, financing arrangements and the intended cruising pattern of each yacht.

The second issue is the intersection of different sets of rules: we are talking about EU customs law, Italian VAT, insurance obligations, regulatory requirements of non‑EU flag registries and the operational dynamics of day‑to‑day chartering, all of which have to coexist coherently. If this is not managed carefully, misalignment between these layers – for example between VAT assumptions and the yacht’s actual use – can lead to challenges from the authorities or to tax inefficiencies.

Q4 – How does the Italian YET fit into a wider Mediterranean fleet strategy?

PM: Many owners look beyond Italy to a fully integrated Mediterranean. How does this new Italian framework interact with what already exists in France, Greece and in the flag jurisdictions you mentioned?

Ezio Dal Maso: One of our firm’s strengths is our physical presence in the three main global yachting hotbeds: France, Italy and Greece. This allows us to interpret the new Italian YET regime not as a stand‑alone rule set, but as one piece in a broader mosaic that includes already‑operational schemes in other Mediterranean jurisdictions and the specific rules of flag registries such as the Marshall Islands, Cayman Islands and the Isle of Man.

The goal, in practice, is to build a yacht‑deployment strategy that is consistent both across the Mediterranean and with the ownership structure. For some owners this may mean focusing more charter activity in Italy; for others, leveraging the Italian YET in combination with existing regimes in France or Greece, always with an approach that is both commercially sensible and defensible under regulatory or tax scrutiny.

Q5 – What is the “YET Italy Charter Pack” and how does it help with the next steps?

PM: For our readers who are considering whether and how to enter this regime, the next question is what to do in practice. You have developed a dedicated tool: can you explain what your “YET Italy Charter Pack” is and who it is designed for?

Ezio Dal Maso: We have created a dedicated package, the “YET Italy Charter Pack”, specifically tailored for yacht owners, family offices and their trusted advisers, including those already operating under Marshall Islands, Cayman Islands or Isle of Man YET regimes or considering switching to those flags. It is not a simple summary of the circular, but an operational toolkit that sets out what the new regime can mean in practice for a single yacht or for an entire fleet, and how it can be made compatible with the owner’s broader objectives and constraints.

The idea is to guide clients through a tailored analysis: from the current ownership structure, to customs and VAT implications, through to charter‑management arrangements and consistency with the rules of the chosen flag. For anyone considering Italy‑based charters, or simply wanting to check whether this long‑awaited regime aligns with their tax planning, the logical next step is a direct discussion with our team, starting from the contents of the Charter Pack.

Q6 – How to get started: the first operational steps

PM: Let’s close with a very practical question: if today an owner decides to seriously explore the Italian YET route, which three steps should they put on the agenda first?

Ezio Dal Maso: The first step is an internal due diligence on existing structures: ownership vehicle, any financing, the tax assumptions on which planning has been based so far, and the expected cruising pattern for the coming seasons. This helps to determine whether the current framework is already compatible with the regime or whether adjustments are needed.

The second step is a comparative assessment between the new Italian regime and the other options available, both in terms of flag and of Mediterranean countries where the yacht currently operates or may operate in the future, so as to define a strategy that is coherent rather than fragmented. Third, it is essential to involve from the outset a multidisciplinary team – legal, tax and operational – capable of translating the legal framework into concrete procedures on board, in charter contracts and in documentation for the authorities.

Anyone wishing to access the “YET Italy Charter Pack” and discuss what the new regime really means in practice for their yacht can contact directly Ezio Dal Maso, partner and head of the superyacht team at Stephenson Harwood.

Filippo Ceragioli

 

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