Amancio Ortega, founder and majority shareholder of Inditex, set up a corporate structure in Malta to flag his luxury boats that he acquired that year, saving millions of euros in taxes due to the tax advantages offered by the archipelago. as published by Infolibre. Malta has a particularly advantageous tax regime for pleasure boats over 24 meters in length.
The investment arm of Amancio Ortega earns 666 million in 2020, 62% less, due to the cut of the Inditex dividend
A spokesman for Amancio Ortega assured that the Maltese companies have always been declared to the Spanish Treasury, “without there being anything irregular in this operation”, and that the decision to flag the two ships in Malta is due to achieving “the greatest discretion and privacy possible ”.
Ortega created in 2018 the firm Crespusculum Holding Company Limited, from which two subsidiaries hang: Drizzle Yachts XXI and Claritas Company. As a shareholder of Crespusculum in the Mercantile Registry of Malta is the firm TCV Management Trust Services Limited, which belongs to the Mamo TCV Advocates group, one of the main Maltese companies dedicated to creating fiduciary structures, according to Infolibre.
With Drizzle Yachts XXI he registered the yacht in Malta Drizzle, a 55-meter-long boat that he had acquired for 50 million euros. This ship was sold in early 2012 to a Japanese businessman, who renamed it Issana. That same year, Ortega had commissioned a new vessel from the Dutch shipyard Feadship, which would also be called Drizzle and registered in Malta with another company, Claritas Company. This ship, valued at about 95 million, It has a larger size: 67.27 meters. three decks, with capacity to accommodate ten people in five double cabins and a crew of 18 people. Maintenance and operating expenses reached 9.34 million in 2020.
To benefit from Malta’s special tax regime for these vessels it is necessary that the purchase is made through a kind of leasing that meets certain requirements: it is necessary that the boat is acquired by a Maltese company, which leases the boat, that the lessee make a first payment of 50% of the value of the yacht and that the final purchase price in the event that the lessee ends up buying it is at least 1% of the value of the boat. Thus, they end up paying 5.52% VAT for the acquisition of the boat, when the normal VAT rate in Malta was at that time 18% and in Spain 21%.
According to Infolibre’s calculations, if the Drizzle se had registered in Spain as the Value B, another ship owned by the founder of Inditex, would have paid the Tax Agency some 28.5 million for Registration Tax and VAT, while in Malta it has paid 5.2 million. If to this are added the lowest business contributions during all these years, the tax savings achieved by Ortega is around 24 million.
Amancio Ortega does pay in Spain for his yacht registered in Malta through the Wealth Tax. A spokesman for the businessman pointed out that “every year he pays the Wealth Tax. And, logically, the foreign transactions that are carried out by sending the funds necessary to cover the maintenance costs of the boat are also declared ”.