Works have officially begun this January on Porto Montenegro's highly anticipated marina extension, which will take berth capacity from the current mix of 250, to 400 by october 2014.
Contracted to complete this 25 million euro extension is Montenegrin Company Yu Briv, who are following the designs of Marina Projects from the UK, leading experts in the field of superyacht marina design.
To satisfy increasing demand an additional 170 berths will be built, ranging from 12-75m. The works will include the expansion of current jetties 2 and 3 plus a new jetty parallel to Jetty 4. Meanwhile, the current fuel pump will be replaced by a new cutting-edge fuel station, located at the northern part of the new Jetty 5 which offers tax and duty free fuel at up to 45% cheaper than retail prices elsewhere in Europe.
After the success of the summer season where the marina operated at an average capacity of 102%, the marina expansion comes at no better time for the port.
'The summer season was our busiest yet, with a wait list of yachts to get into the marina. The new berth mix will appeal to all ends of the market, but especially for super and mega-yachts which will soon be supported by a state-of-the-art maintenance & refit facility', explains Tony Browne, Marina Director of Adriatic Marinas.
The completion of these works will be another significant step for Porto Montenegro, firmly placing it as the leading marina for mega yachts in the Mediterranean. In turn, expansion of the marina will induce growth across the whole site, attracting further businesses to and generating more employment in the area, adds Tony Scholes, Construction Director of Adriatic Marinas.
Modern Montenegro is a stable democracy with an investor-friendly economy, Euro currency and maximum of 9% income, company and capital gains tax. Porto Montenegro offers surprising value for money both in terms of pricing and tax benefits.
The Montenegrin tax strategy is geared towards a national, uniform system that treats everyone equally. Yacht-friendly laws have been implemented, illustrative of the government’s desire to promote the growth of nautical tourism in the country. With the rate of tax applied to basic goods and marina services already capped at just 7%, the plan for the future is to create an incentivised flat tax regime across all taxable areas.
Key tax rates:
Tax applied to basic goods and marina and tourist services capped at 7%
VAT currently stands at 17%
Legal and Administration Fees are between 500-1000 €
Income Tax is 9%
Corporate Income Tax is 9%
Rental Income Tax is 9%, subject to automatic deduction of 30% based on costs
Property transfer tax is 3%
No capital gains tax on resale or transfer of property
Competitive customs duty
About Porto Montenegro and the Boka Bay
Porto Montenegro is the premier marina village and yacht homeport in the Mediterranean. This state-of-the- art facility has been designed to cater to the advanced needs of all yachts, their owners, guests and crew with specific infrastructure for the largest yachts afloat.
The marina offers over 250 berths (with an additional 180 under construction for 2014), and an on-land development which encompasses 130 luxury residences, an Olympic size pool, restaurants, bars, cafes, shops, boutiques and other amenities. The Boka Bay, also known as the Bay of Kotor, is one of the Mediterranean's most distinctive and striking landscapes.
Located on the south side of the Adriatic Sea, it consists of four small bays surrounded by mountains of 1000 to 1700 meters rising directly from the water and joined by narrow channels to form one of the deepest natural harbours in Europe. According to the World Travel & Tourism Council and Oxford Economics report (2011), Montenegro is likely to be the fastest-growing travel and tourism economy in the world over the next decade.
*Author and image credits: Porto Montenegro