Spain’s matriculation tax, often simply referred to as the ‘mat tax’, holds major implications for yacht owners and entities holding related interests, particularly UBOs. This tax, pegged at a staggering rate of 12% of the vessel’s value, has been a source of intrigue and uncertainty since it was introduced.The Spanish Directorate General of Taxes (DGT) has made efforts to offer clearer guidance on who this tax affects and how. They’ve taken measures to clarify the confusing aspects surrounding yacht chartering by related persons, the tax implications for non-resident UBOs, and the potential exemption possibilities.