Nautical industry showing signs of recovery

Palma.—With the 12 percent matriculation currently applicable to non-Spanish registered charter yachts over 15 metres in length visiting Spanish waters due to be finally lifted next year, central government sources said yesterday that a major shake up of the nautical industry is being planned to help give the charter industry a much needed boost after years of stagnation and billions of euros lost because of the controversial matriculation tax.

The government accepted a bill to lift the tax earlier this year and over the next few months, crew and skipper license procedures and requisites will be reformed.