Financing Leasing: A Jurisdictional Review

PART TWO

by Tim Budgett, Clifford Chance, Paris

Continuing our series on cross-border leasing, this article will look at the regime in Germany. The introduction to this subject was carried in Marine Money issues Vol. 11, Nos. 17 and 18; and Part One of this series, a review of the situation in the UK, appeared in the last issue, Vol. 12, No. 6.

Germany
Germany combines a long shipping tradition with economic stability, personal and corporate wealth and financial sophistication. Add to this a tax regime and a legislative framework which is modern and reliable, and one may imagine an environment in which tax-driven leasing products for the shipping industry could thrive. However, until recently, the use of tax-advantaged products by the German shipping industry had not been common. Indeed, such products are still regarded by some with a measure of suspicion.

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