France to tax yachts, supercars and precious metals

The number of superyachts visiting the Riviera this summer has plunged due to a huge increase in costs. Now elected officials have written an open letter to President Macron asking for him to intervene. "The seriousness of the economic situation of the yachting industry in the Provence-Alpes-Côte d'Azur region means that we must appeal for your direct intervention in the light of the economic, social and strategic issues at stake,” wrote Renaud Muselier, president of the PACA region, Christian Estrosi, Mayor of Nice, and Hubert Falco, president of the agglomeration of Toulon. The economy of the Riviera benefits to the tune of €900 million a year, and local politicians fear that this lucrative income could flee to Italy and Spain. St Tropez has been hit hard, with a drop of 30 percent in revenue from yacht visits this summer. Antibes has also suffered. Much of the blame has been attributed to the former President, the socialist Francois Hollande, who announced in March that sailors who spend at least six months a year in France would have to pay tax there. The decision has increased the tax burden for a yacht with a crew of seven by €300,000 a year, according to Laurent Falaize, chairman of the Riviera Yachting Network. A rise in diesel fuel tax means that a 42-metre yacht would save €21,000 a week by refuelling in Italy, where taxes are lower. “As a result [of the taxes], charter yachts and everything that goes with them go elsewhere, affecting expenditure on lubricant, food, dry cleaning, the life of the crew in general and maintenance and repair work,” he added. Confirming an existing trend, hardly any French crew are being hired and France’s four biggest maritime diesel distributors have been hit by a 50 percent fall in income since last year. Taxes in Italy remain lower than in France, and Italy has said that France will have to lower taxes before it agrees to any harmonisation. The open letter also cited the example of the Monaco Maritime boatyard, which recently lost a lucrative contract for a 152-metre mega-yacht to a Spanish rival.

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[caption id="attachment_29864" align="alignnone" width="640"] Marie-Hélène Parisi, Head of Academy[/caption] Compagnie Monégasque de Banque (CMB) celebrated the second graduation ceremony of the Academy Women and Finance on March 27, at which all twenty participants were awarded a diploma. Marie-Hélène Parisi founded the CMB Academy in 2016, based on the observation that a woman may need to take on the reins of family or entrepreneurial finance in the course of her life. The Academy Women and Finance is an educational programme aimed to empower female clients to assume responsibility for the management of family wealth. The training programme makes CMB a pioneer in the field. "It is the first Private Bank to offer such a structured academic programme to its clients," said Werner Peyer, CEO of the bank. [caption id="attachment_29865" align="alignnone" width="640"] Werner Peyer, CEO CMB[/caption] The nine modules completed by the participants over the course of one year enable them to take on a leading role in managing family wealth. Topics include financial markets, asset allocation, and behavioural finance covered in 27 hours of lessons. "Our students are highly motivated," said Ms Parisi. "Their desire to learn and their ability to understand complex mechanisms have made the session a real success." The Quatuor Jaëlle – a female string quartet supported by CMB and an official partner of the Philharmonic Orchestra of Monte-Carlo – provided the musical background for the occasion. [caption id="attachment_29863" align="alignnone" width="640"] Quatuor playing to audience[/caption]

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