Essential tips for having a TPA in Spain

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TIPS  –  How to do your refit / works onboard VAT exempt?

If you are planning to undertake refit works, we can provide you, as authorized Customs Agents, an importation procedure for exemption that is called Inward Processing, in Spain “ TPA ”.

We can give you assistance in all the Ports no matter where you are berthed in Spain. Provide of all the assistance needed in order to proceed with  VAT exemption  and also all taxes affected to the repairs or to an improvement of the vessel, according to the law 2913/92 (CEE) inside EU, and in particular in Spain art. 24.1 of the VAT law.   

While you are  under TPA, the boat is not using the temporary time frame allowed to non-EU vessels , so your 18 months period would be suspended as well.  We will be notifying your position to customs and you need to have in mind that you will need to notify customs if you want to change berth, do sea trials and as well declare the parts you want to move/dispose or sell.

Main and mandatory condition  to close this TPA is that you must exit EU directly from your berth position after finalizing to a non-EU port  for exportation of all the goods/repairs.

tpa yacht meaning

We know that the TPA procedure might be overwhelming and we understand the importance of having a reliable advisor who is able to guide you from the opening to the closure of the TPA for your vessel. On this basis we are able to give you the answer to all the frequent concerns such as …

tpa yacht meaning

  • How much is this going to cost me?
  • How long does it take to open a TPA?
  • What kind of goods, works and services can be included in my vessel exemption?
  • What are the advantages for the owner?
  • What about if my plans change?

If you are interested or have any further questions, please do not hesitate to contact us to the following address:  [email protected]

EVOLUTION Yacht Agents

TPA – INWARD PROCESSING

About tpa – inward processing, inward processing.

INWARD PROCESSING (TPA) is an EU fiscal regime which permits vessels under temporary admission with non-EU owner, non-EU flag to do repairs and maintenance without PAYING 21% VAT.

Works carried out must comply with customs and fiscal regulations, with detailed reports and inventories to be submitted to relevant authorities and this regime can only be processed by a registered as a Customs Agent.

Lantimar Yachting and Lantimar Customs & Logistics, officially Authorized Economic Operators (AEO), are allowed to perform and manage refits in TPA regime in Spain. The two companies, working side by side and sharing know-how and experience at an international level, guarantee an efficient and smooth Inward Processing management.

With 10 years’ experience, we have developed a dedicated team to manage the whole process and guide captains, contractors and management through the whole process guaranteeing Customs requirements are met.

This regime can be applied in any marina or shipyard with a recognized Customs location in Spain. So get in touch to make sure you are in the right place.

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SuperyachtNews

By SuperyachtNews 21 Sep 2022

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Tax relief for non-EU yachts

Evolution yacht agents explains how non-eu yachts can gain 21% tax relief under tpa while moored in spain….

Image for article Tax relief for non-EU yachts

The lure of the Mediterranean and beauty of the Spanish marinas has long attracted voyagers from far and wide situating itself as a popular yachting destination. A mild climate offering year-round sun-drenched days makes Spain a strategic location for visiting superyachts. However, even after savouring the richness of a Gran Reserva Rioja or trying a bite of the typical Valencian paella, Spanish taxes on VAT can leave behind a sour taste. 

TPAs (aka Inward Processing) is a fiscal processing that allows non-EU yachts (and others) to undergo refits and repairs when moored in Spanish shipyards. Yachts under TPA’s enjoy a 21% tax relief on VAT charges on all repairs and maintenance works, including spares and berth occupancy, which extends to invoices from countries registered outside of Spain. Evolution Yacht Agents act as Customs Agent to ensure compliance with Spanish fiscal and Customs requirements. Drawing on their extensive experience of successfully managing over 400 TPA’s, Evolution ensures all legal customs and port authority requirements are met. Additionally, an in-house registered Customs Broker is on hand as part of Evolution’s commitment to assist with no intermediaries.

tpa yacht meaning

During a yacht’s refit Evolution’s dedicated team will assist in the entire clearance and Customs procedure with reference to management and accountability. The Temporary Importation for non-EU registered yachts opens when the vessel is in port. Evolution ensures that the deposits required for the refit will be exempt from VAT (21%) by preparing the refit in advance. Spare parts related to the TPA can also become exempt to Custom import tax and VAT by bonding them to the regime. Moreover, Evolution boasts of having the first bonded warehouse (2500m²) in the Balearics as well as a 1500m² warehouse in Palma De Mallorca. The warehouses are tax free zones and therefore may store merchandise from outside the EU without paying import taxes. Customs must be notified should the owner wish to change berths, carry out sea trials or declare parts destined to be moved, disposed of or sold.

tpa yacht meaning

TPA’s allow non-EU yachts a Temporary Import period of 18 months before they must be closed. Thankfully, yachts under TPA’s no longer have to leave the EU in order to close a TPA. A year has passed since a change to the EU’s ‘Union Customs Code’ (UCC) allowed non-EU vessels to close the TPA restarting the 18 months applied without the hassle (or expenses) of having to leave and re-enter the EU. Today, yachts under TPA’s may simply visit any other transit port or sail off-shore exceeding the distance of 12 nautical miles to renew their TPA. In the case of opening and closing a TPA within a transit port, this must be inside the Customs area. Evolution Yacht Agents can open and manage Inward Processing in any of the qualified Spanish ports, which include those in Palma, Barcelona, Tarragona, Valencia, Vilanova, to name just a few.

Evolution Yacht Agents have created an informative video that explains how to access the benefits the TPA provides and the services they offer to ensure it adheres to Spanish Custom's regulations. 

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The evolution of tpa regulations for yachts moored in spain’s shipyards.

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Looks like my first post got clipped, maybe user error, but looks like you got the jist. To clarify, I could either visit a spanish marina with TPA paperwork, and they would complete the work tax free, or I would import goods from UK, which would then be tax exempt as being exported. Is this correct? What is a DUA ?

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Temporary Admission: What is it and how does it work?

tpa yacht meaning

Owning a private yacht can be a luxurious and exciting way to explore the world and its many wonders. But for yacht owners, it can also be a complicated process when it comes to navigating international waters and the laws that govern them.

Fortunately, the Temporary Admission regime can provide private yacht owners with an easier and more efficient way to navigate these waters.

In her latest article, Head of Marketing and New Business, Lesley Walker explores the regime, also known as TA, how it works and how it can help make the experience of owning a private yacht more enjoyable.

Yachts and VAT

VAT is chargeable on yachts imported into the EU and on yachts purchased and owned by residents of the EU who are using their yachts within the EU. VAT is also chargeable on yachts, irrespective of ownership, which spend more than 6 months in any calendar year cruising in the EU, although there is scope to enable an owner to use a yacht in the EU without being liable for VAT.

In general terms, any EU resident who buys a new build or second-hand yacht, which is not VAT paid, will be required to pay VAT on the hull at the VAT rate applicable at the place of delivery unless the yacht is acquired for commercial purposes or through a leasing scheme.

What is the TA Regime?

Temporary Admission is a Customs tax relief regime that enables non-EU resident owners of private yachts the ability to bring their yachts into Europe for a limited time without having to pay VAT on the value of the yacht.

It is undeniably an important mechanism, without which many non-EU resident yacht owners would likely avoid visiting European waters due to the prohibitive cost of paying VAT on arrival that would ordinarily be applicable.

Eligibility

The TA conditions are fundamentally concerned with accommodating non-EU residents, flag states and owning entities. The main eligibility requirements are:

  • The yacht is registered outside of the Customs Union – the flag state of the Yacht is non-EU, for example, the Isle of Man, United Kingdom, Cayman Islands, or Marshall Islands.
  • The yacht is used by an individual established outside of the Customs Union – the owning entity is established outside the EU, for example, in the Isle of Man.
  • The yacht must be operated by an individual established outside of the Customs Union – the Ultimate Beneficial Owner must be resident outside the EU.
  • The yacht must be operated for pleasure/private use only.

Other conditions to note:

  • The goods must be imported with the intention of re-exporting at a later date, maximum 18 months.
  • No alteration of the goods is intended (allowing for maintenance/upkeep), i.e. no value is to be added.
  • The yacht can be clearly identified, e.g. hull identification number etc.
  • The overall Customs requirements are met.
  • A guarantee is provided if required (specific to the Member State).  

Subject to the above and meeting the broader TA conditions, an owner would subsequently be entitled to use the yacht in the EU under TA.

Under TA, a yacht can operate in the EU for a period of up to 18 months, for a maximum total period of 10 years. TA begins when the yacht enters the EU and ends when the yacht exits the EU.

Before the 18-month period is completed, the yacht must either pay EU import VAT or leave EU waters, calling at a third country port and obtaining appropriate evidence of the same.

Restrictions

A yacht will not be eligible for Temporary Admission if the importation is for the purpose of:

  • Refit and repair – Inward Processing Relief is applicable.
  • Boat shows – Temporary Admission for Exhibition is applicable.
  • The sale of the yacht (under TA, this would breach the conditions of the relief).

Be Prepared

When entering the EU under TA, it is important to be prepared should the yacht be required to complete/provide documentation to local authorities that evidences/supports the yacht’s temporary admission status.

Such documentation might include an oral or written declaration to the competent authorities, particularly to the Customs office of the first port of entry within the EU; an official temporary admission document completed when the yacht first enters the EU at the start of the 18-month period; a Costituto D’Arrivo, if entering Italian waters, which is issued by the maritime authority; or evidence to show that the principal user of the yacht is genuinely not established in, or a resident in the EU.

From simplified border crossings, reduced paperwork, and streamlined customs procedures, TA is a great way for private yacht owners to operate their yacht without the need for it to be formally imported, thus avoiding the Customs formalities, inevitable import VAT costs and structuring costs associated with EU importations.

However, it should be highlighted that there is far more to TA than that above, particularly in respect of EU crews, guests travelling on board, time limits and EU works undertaken etc., so the above only provides an overview of TA for the purpose of this article.

For this reason, I would always recommend that an owner seek appropriate professional advice from a qualified tax/VAT advisor, both in the form of written advice and practical safeguarding recommendations, before entering into any transactions of this kind.

Sentient International Head of Marketing and New Business, Lesley-Anne Walker

About the Author

Lesley-Anne Walker , Head of Marketing & New Business , has over 15 years of marketing experience within the financial services sector, more recently with a heavy focus on the luxury asset markets, including yachting, aviation and real estate.

Lesley has a comprehensive understanding of a range of marketing principles and practices, including brand development, digital and social media marketing, public relations, advertising and event management.

In addition to her full-time role, she is currently a Director of Isle of Man Maritime, Chairman of the Isle of Man SuperYacht Forum and a volunteer in the Isle of Man for Breast Cancer Now.

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Officially registered as a Customs Agent, Evolution can open and manage TPAs (Inward processing), which is a fiscal regime that allows eligible yachts to benefit from a tax exemption, avoiding VAT charges on repairs and maintenance works carried on board.

With many years of experience in the industry and having successfully managed over 350 TPA’s, we have acquired the knowledge to guide crew, management and contractors through the whole process making sure that all TPA invoices and services fully comply with the current Spanish fiscal and Customs requirements.

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TPA - VAT EXEMPTION

With many years of experience in the industry and having successfully managed over 450 TPA’s, we have acquired the knowledge to guide crew, management and contractors through the whole process making sure that all TPA invoices and services fully comply with the current Spanish fiscal and Customs requirements.

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TPA SHORE MARINE SERVICE

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Shore Marine has been delivering comprehensive superyacht services for over 30 years, we pride ourselves on being professional, efficient and innovative. Our specialised team has over 15 years of experience and knowledge to manage the TPA process during your stay, which allows refit and repair work, yard fees and moorings to be carried out IVA-VAT free (21%) whilst in Spain. With our supply team standing by to assist the deck & engineering departments, we source and stock parts and products globally and locally to ensure our exceptional services elevate your efficiency.

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Contact us at [email protected] , call us +34 635 160 386 , chat or fill this form. One of our project managers will contact you quickly to evaluate your needs.

Some yachts under TPA with us

  • SY Elettra , Perini Navi 24m 1987
  • SY Blues , Southern Wind 30m 2010
  • MY Explora , Feadship 47m 1985
  • MY Nati Tre , Custom Line 34m 2008
  • MY Lady K , Heesen 44m 2005
  • MY Tilac , PR Marine 38m 1998
  • MY Tasman , Outer Reef 20m
  • SY Momo , Persico Marine Mini Maxi 72’ 2014
  • SY Kokomo , Alloy Yachts 58m 2010
  • SY Mondango , Alloy Yachts 52m 2008
  • SY Arcadia , Claasen Yachts 28m 2016
  • SY Proteus , Maxi 72
  • SY Hush , Palmer Johnson 37.5m 2005
  • SY Varsovie , Swan 30m 2008
  • MY Twisted , Sunseeker 35m 2012

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CPA and TCPA Alarms Explained

AIS CPA Alarm Indicators

One of the best features of the Automatic Identification System (AIS) is the ability on some chart plotters or navigation software to set alarms. These are able to warn you if and when you will get too close to another vessel. These collision avoidance alarms are a godsend. They can save you so much time and stress when navigating across a shipping lane or in bad weather.

There are basically two alarms; Closest Point of Approach (CPA) and Time to Closest Point of Approach (TCPA). Most systems will allow you to enter your own CPA and TCPA values for when the alarm will be triggered. As a result you need to decide how close you want to let other vessels get to you (CPA) before an alarm sounds. Also how much time you need to take avoiding action (TCPA). For instance, you might decide that 0.25NM is plenty close enough for large vessels to pass by you and you want to have 15 minutes notice so that you have time to take avoiding action and/or call them on the radio.

The image below shows the “imaginary” guard zone around the yacht that is set by the CPA alarm value (in this case 1NM). It also shows the distance the fast moving powerboat will be when the TCPA alarm goes off 5 minutes before the CPA situation occurs.

Prudent use of the CPA and TCPA alarms will definitely make your voyages safer, but do familiarise yourself with how your particular system works and know how to turn off the alarms when you are approaching busy harbour entrances and rivers, otherwise they will keep going off and drive you crazy !

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What is APA in relation to yacht charter? We’ve got the answers

Everything you need to know about Advanced Provisioning Allowance (APA)

The world of yachting can be full of strange words and abbreviations, and here at 212 Yachts we know it can be a little confusing.. So here is a little guide to one of the main ones when it comes to chartering a yacht – About APA yacht charter (Advanced Provisioning Allowance).

What is APA in yacht charter?

APA stands for Advanced Provisioning Allowance. How exactly it works and why it exists may seem confusing. With this in mind, the 212 Yachts team thought it would be a good idea to break things down and start from the beginning, so here it goes!

What is APA for?

When chartering a yacht, the charter fee generally only covers the rental cost of the yacht , and any crew that come with it. So how do you pay for fuel or provisions for your trip? This is where APA comes in. It is an additional fee which will cover all these extras, such as food, drink, fuel, berthing costs, customs, communications… APA (Advance Provisioning Allowance) is the standard system to pay your expenses on a luxury yacht charter . The APA essentially creates a bank account for the Captain (and chef) on the yacht to provision on your behalf.

How does APA work?

APA is generally calculated as a percentage of the charter fee, which you then pay in addition, before the charter commences. The broker or the captain will use this allowance to stock the boat, and fuel up. Any left over money will be returned to the client, at the end of the charter. Whilst on board, the captain will be in charge of the APA and has to keep any receipts necessary, as record for you, the client. He/she should also keep you updated as the charter progresses, of how much is being spent, and anything else you need to be aware of.

APA will apply, as standard on pretty much most professional yacht charters, and is close to obligatory for all luxury yacht charters.

When does APA apply?

APA will apply, as standard on pretty much most professional yacht charters, and is close to obligatory for all luxury yacht charters. There are a few sailing yachts and motor yachts, more commonly in regions such as South East Asia which offer all inclusive packages. The difference with a luxury yacht charter and an all inclusive trip, is that on a luxury yacht charter you personally choose, in advance, whatever you would like to have on the yacht. Therefore if you want the best Champagne and the rarest selection of cigars, wine and the finest of meats, caviar etc.. you must pay for it, from the APA. The broker and the yacht crew will happily source and select all provisions on your behalf, they need the funds in order to do so, hence the APA.

How much is APA?

The amount varies from yacht to yacht, but is generally between 30% and 40% of the yacht charter fee. For example, it will be higher if the yacht has a higher fuel consumption,  if you plan on doing lots of travelling, if you order the finest and most expensive brands of champagne, wines etc…

How do I pay the APA?

APA is payable in advance of your yacht charter, and normally at the same time as paying your initial charter fee. This is usually by bank transfer.

What happens if my APA does not cover the expenses on the yacht charter?

In the event that you ‘overspend’ your APA, you will need to pay up, before disembarking. You may be obliged to top up the APA during the yacht charter.

What if the APA yacht charter is more than I would like to spend?

If for example, you have budgeted €xxxxx to spend on expenses, but the APA is double that figure, you will still need to pay the APA in advance. However, you should communicate carefully your expenses budget with the broker and the Captain. If you put realistic constraints on the budget for food and drinks, then the Captain will do his/her best to stay within this budget. If the Captain and yacht broker know the figure you want to work with, then they will be able to assess how feasible it is in advance, and for example; adapt the planned itinerary to meet your budget, in terms of fuel spend. With clear communication, realistic budgets, and advanced provisioning, it may indeed (depending on your requests and the yacht) be possible to spend a lot less than the APA and have the difference  returned to you at the end of the yacht charter.

Any other questions? Please don’t hesitate to get in touch with 212 Yachts, and one of our friendly and knowledgeable staff will be waiting to help!

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Temporary Admission & Temporary Importation Overview

Temporary admission & importation overview, 30 august 2021.

Brexit has now opened up Temporary Admission opportunities for UK residents.

Even though the current regulations surrounding Temporary Admission (often referred to as Temporary Importation or ‘TI’) have been in place since 2001, we still receive calls on a regular basis asking how long a yacht can remain in the European Union while operating under Temporary Admission along with the specific requirements to comply. Brexit has now opened up Temporary Admission opportunities for UK residents.

Any non-EU privately registered/owned yacht (now including UK from 1 January 2021) can operate in the EU for a period not exceeding 18 months at which point the yacht reaches the period of discharge and must be removed from the EU. Any user of the yacht must be a non-EU resident although EU resident guests can accompany the non-EU user who must also be on board. We often come across clients who believe that a non-EU owning company solves the problem and enables EU residents to use the yacht, but this is not the case.

The previous title Temporary Importation was a bit misleading as the yacht is never actually imported into the EU but is simply given a rite of passage throughout the EU whilst complying to the relatively simple rules. The title Admission has now been adopted which gives a clearer indication of how the yacht is really operating and differentiates it from yachts that have been imported under an EU importation declaration.

There is an official Temporary Admission inventory/document to be completed when the yacht first enters the EU at the start of the 18-month period although we do not see many cases where customs have asked for the form to actually be completed. If the yacht is laid up, it is possible to extend this for a further period of six months up to a total period of 24 months although we do recommend that acceptance is sought from local customs authorities before going over the 18-month period.

We have seen instances where local customs have challenged yachts being marketed for sale whilst in the EU under Temporary Admission and note that the legislation does enable customs to apply a security deposit or guarantee to cover the customs duties and VAT that would become due if the yacht was sold or not removed within the required time frame.

Boat shows are a prime situation when a different regime titled ‘Temporary Admission for exhibition’ is required to be filed before the show commences. A guarantee is sometimes required although in our experience the level of guarantee is a token amount rather than the full amount that would fall due for duties and VAT.

Temporary Admission should not be confused with Inwards Processing Relief (often referred to as TPA) for yachts wishing to enter the EU to undertake VAT free yard works. There are different requirements for TPA and prior advice should be sought before engagement with yards for works to be undertaken on this basis.

Please note that this content is intended to provide a general overview of the matters to which it relates. © Praxis Group 2023

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Home > Finance > Third-Party Administrator (TPA): Definition And Types

Third-Party Administrator (TPA): Definition And Types

Third-Party Administrator (TPA): Definition And Types

Published: February 8, 2024

Discover the role and types of Third-Party Administrators (TPAs) in the world of finance, providing expert insights and guidance on managing financial processes with efficiency and precision.

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Third-Party Administrator (TPA): Definition and Types

When it comes to managing complex financial processes, companies often seek the assistance of third-party administrators (TPA). These organizations play a vital role in providing expert guidance and support in various financial activities. In this blog post, we’ll delve into the world of TPAs, exploring their definition, types, and how they can benefit businesses.

Key Takeaways:

  • TPAs are external organizations that provide financial services and support to businesses.
  • They help streamline processes, reduce costs, and ensure regulatory compliance.

What is a Third-Party Administrator?

A Third-Party Administrator, or TPA, is an external entity that specializes in providing a wide range of financial services and support to businesses. TPAs act as intermediaries between organizations and various stakeholders, including insurance providers, employees, and regulatory agencies. They bring expertise and efficiency to complex financial processes, allowing businesses to focus on their core competencies.

In simpler terms, TPAs are like financial superheroes, stepping in to save the day when companies need assistance in managing their financial affairs. They handle tasks such as employee benefits administration, claims processing, compliance monitoring, and recordkeeping.

Types of Third-Party Administrators

TPAs can specialize in different areas of financial management, catering to diverse business needs. Here are some common types of TPAs:

  • Employee Benefits TPAs: These TPAs assist businesses in managing employee benefits programs, such as health insurance, retirement plans, and flexible spending accounts. They ensure that employees receive the benefits they’re entitled to while adhering to relevant regulations.
  • Healthcare TPAs: Healthcare TPAs focus specifically on managing medical claims and billing services. They work closely with insurance providers and medical facilities to ensure accurate and timely processing of claims, optimizing cost-efficiency for organizations.
  • Pension TPAs: Pension TPAs specialize in managing pension plans for companies. They handle activities such as plan administration, compliance monitoring, and investment management, ensuring that retirees receive the benefits they deserve.
  • Risk Management TPAs: These TPAs assist businesses in identifying, evaluating, and minimizing risks associated with insurance claims and legal liabilities. They provide guidance on risk mitigation strategies, helping companies protect their assets and reputation.

The Benefits of Using a TPA

Now that we understand what a TPA is and the different types available, let’s explore the advantages of utilizing their services:

  • Expertise: TPAs are specialists in their respective fields, equipped with extensive knowledge and experience. They stay updated with the latest industry regulations, ensuring compliance and mitigating risk.
  • Efficiency: By outsourcing financial tasks to TPAs, businesses can save valuable time and resources. TPAs have streamlined processes and advanced software systems that enable them to handle complex tasks effectively and efficiently.
  • Cost Savings: TPAs can help businesses save money by identifying cost-saving opportunities, negotiating better contracts with insurance providers, and reducing administrative expenses.
  • Focus on Core Competencies: By entrusting financial processes to TPAs, businesses can concentrate on their core competencies and strategic initiatives, promoting growth and innovation.

In conclusion, third-party administrators (TPAs) play a crucial role in managing complex financial processes for businesses. Whether it’s employee benefits administration, claims processing, or risk management, TPAs provide expertise, efficiency, and cost savings. By outsourcing financial tasks to TPAs, companies can focus on their core competencies, allowing them to thrive in today’s competitive landscape. So, if your organization is looking for financial superpowers, it’s time to consider partnering with a TPA!

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Third-Party Administrator (TPA)

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Written by True Tamplin, BSc, CEPF®

Reviewed by subject matter experts.

Updated on July 11, 2023

Get Any Financial Question Answered

Table of contents, what is a third-party administrator (tpa).

A Third-Party Administrator is an organization that provides administrative services, such as recordkeeping, compliance testing, and participant communication, to retirement plans.

TPAs serve as intermediaries between plan sponsors and other service providers, helping to streamline plan administration and ensure regulatory compliance.

TPAs play a crucial role in the efficient management of retirement plans by providing specialized expertise and handling various administrative tasks on behalf of plan sponsors.

This allows plan sponsors to focus on their core business activities while ensuring the effective operation of their retirement plans.

Services Provided by TPAs

Plan administration, recordkeeping.

TPAs maintain accurate records of plan assets, participant accounts, contributions, and investment transactions.

Contribution Processing

TPAs facilitate the processing of employee and employer contributions to retirement plans, ensuring timely and accurate allocation of funds to participant accounts.

Compliance Testing

TPAs perform various compliance tests, such as nondiscrimination testing and top-heavy testing, to ensure that retirement plans meet regulatory requirements.

Participant Communication

Enrollment materials.

TPAs create and distribute enrollment materials, such as plan descriptions, enrollment forms, and beneficiary designation forms, to help educate participants about their retirement plan options and guide them through the enrollment process.

Benefit Statements

TPAs prepare and distribute periodic benefit statements to participants, providing an overview of account balances, investment performance, and other relevant plan information.

Summary Plan Descriptions (SPDs)

TPAs may assist in creating and distributing SPDs , which outline key plan features and benefits, to ensure that participants have access to comprehensive plan information.

Plan Design and Consulting

Plan document preparation.

TPAs prepare plan documents, such as adoption agreements, summary plan descriptions, and plan amendments, to ensure compliance with applicable laws and regulations.

Custom Plan Design

TPAs work with plan sponsors to design and implement custom retirement plans tailored to their specific needs and objectives.

Plan Amendments

TPAs can help plan sponsors navigate the process of amending their retirement plans, ensuring that any changes comply with regulatory requirements and are effectively communicated to participants.

Regulatory Compliance

Form 5500 preparation.

TPAs assist plan sponsors with the preparation and filing of Form 5500, an annual report required by the Department of Labor and the Internal Revenue Service .

Nondiscrimination Testing

TPAs perform nondiscrimination testing to ensure that retirement plans do not unfairly favor highly compensated employees or violate other regulatory requirements.

Plan Audits

TPAs may coordinate with plan auditors to facilitate plan audits and ensure that any issues identified are addressed in a timely and compliant manner.

Factors to Consider in Choosing a Third-Party Administrator

Reputation and experience, industry certifications.

Evaluate potential TPAs based on their industry certifications, such as the American Society of Pension Professionals & Actuaries (ASPPA) or the National Institute of Pension Administrators (NIPA), which indicate a commitment to professionalism and ongoing education.

Client Testimonials

Review client testimonials and case studies to gain insight into the experiences of other plan sponsors working with the TPA.

Years in Business

Consider the TPA's years in business as an indicator of their experience and stability within the retirement plan industry.

Range of Services Offered

Comprehensive service offerings.

Assess the range of services offered by the TPA to ensure they can meet your retirement plan's specific administrative needs.

Specialized Expertise

Determine whether the TPA has specialized expertise in areas relevant to your retirement plan, such as plan design, compliance testing, or participant communication.

Scalability

Ensure that the TPA can accommodate your retirement plan's growth and changing needs over time.

Fees and Pricing Structure

Transparent fee structure.

Evaluate the TPA's fee structure to ensure transparency and a clear understanding of the costs associated with their services.

Competitive Pricing

Compare the TPA's fees with those of other providers to ensure competitive pricing for the services provided.

Value for Services Provided

Consider the overall value provided by the TPA in terms of expertise, service quality, and support, in addition to pricing.

Customer Service and Support

Dedicated account managers.

Determine if the TPA assigns dedicated account managers to provide personalized support and guidance throughout the engagement.

Responsiveness

Assess the TPA's responsiveness to inquiries and requests for assistance, as this can impact the efficiency and effectiveness of your retirement plan administration.

Ongoing Support and Education

Ensure that the TPA provides ongoing support and education to help plan sponsors stay informed about regulatory changes, industry trends, and best practices.

Factors to Consider in Choosing a Third-Party Administrator

Benefits of Using a Third-Party Administrator

Expertise and knowledge.

TPAs offer specialized expertise and knowledge in retirement plan administration, helping plan sponsors navigate complex regulatory requirements and industry best practices.

Compliance and Risk Management

TPAs help manage compliance and mitigate risk by performing regular testing, preparing required filings, and monitoring plan operations for adherence to applicable laws and regulations.

Time and Resource Savings

By outsourcing administrative tasks to a TPA, plan sponsors can save time and resources that can be better allocated to their core business activities.

Enhanced Participant Experience

TPAs can improve the participant experience by providing clear communication, educational materials, and prompt responses to inquiries, helping participants make informed decisions about their retirement savings.

Potential Challenges and Drawbacks

Costs and fees.

The costs and fees associated with engaging a TPA can be a potential drawback for some plan sponsors, particularly if the TPA's pricing structure is not transparent or competitive.

May Need Coordination With Other Service Providers

Working with a TPA may require additional coordination between plan sponsors and other service providers, such as investment managers or custodians , which can create potential inefficiencies or communication challenges.

Potential for Service Gaps

Depending on the specific services offered by the TPA, there may be gaps in the administration of the retirement plan, which could require additional resources or support from the plan sponsor.

Benefits and Drawbacks of Using a Third-Party Administrator

Best Practices for Working With TPAs

Clear communication.

Establish clear lines of communication with the TPA to ensure effective collaboration and prompt resolution of any issues or concerns.

Regular Reviews and Updates

Conduct regular reviews of the TPA's performance and services to ensure alignment with your retirement plan's objectives and evolving needs.

Monitoring Performance Metrics

Track key performance metrics, such as response times, accuracy of recordkeeping, and participant satisfaction, to evaluate the TPA's effectiveness and identify areas for improvement.

Collaborative Approach

Maintain a collaborative approach with the TPA, recognizing that both parties share responsibility for the successful administration of the retirement plan.

TPAs play a critical role in retirement plan administration by providing specialized expertise, managing complex administrative tasks, and ensuring regulatory compliance on behalf of plan sponsors.

When selecting a TPA, plan sponsors should consider factors such as reputation, experience, service offerings, fees, and customer support, to ensure the best fit for their retirement plan's needs and objectives.

While working with TPAs can offer numerous benefits, plan sponsors should also be aware of potential challenges and drawbacks, such as costs, coordination with other service providers, and potential service gaps.

By carefully selecting a TPA and implementing best practices for working with them, plan sponsors can effectively balance these benefits and challenges, ensuring a successful partnership and the efficient administration of their retirement plans.

Third-Party Administrator (TPA) FAQs

What is a third-party administrator (tpa) in the context of retirement plans.

A Third-Party Administrator is a company that provides administrative and record-keeping services for retirement plans, such as 401(k) plans, profit-sharing plans, and pension plans.

What services do Third-Party Administrators offer for retirement plans?

Third-Party Administrators (TPAs) offer a range of services for retirement plans, including plan design, compliance testing, record-keeping, investment management, and participant education.

How do companies benefit from using Third-Party Administrators for their retirement plans?

Companies benefit from using Third-Party Administrators (TPAs) for their retirement plans because TPAs are experts in retirement plan administration and can help ensure that the plan is compliant with IRS and Department of Labor regulations. TPAs also offer a range of services that can save companies time and money, such as record-keeping and compliance testing.

How are Third-Party Administrators compensated for their services?

Third-Party Administrators (TPAs) are typically compensated on a fee-for-service basis, meaning that they charge a fee for each service they provide. The fees may be charged to the plan sponsor, the plan participants, or both.

What should companies consider when choosing a Third-Party Administrator for their retirement plan?

Companies should consider several factors when choosing a Third-Party Administrator (TPA) for their retirement plan, including the TPA's experience, expertise, reputation, and fees. Companies should also consider the level of customer service the TPA provides, as well as the range of services offered.

About the Author

True Tamplin, BSc, CEPF®

True Tamplin is a published author, public speaker, CEO of UpDigital, and founder of Finance Strategists.

True is a Certified Educator in Personal Finance (CEPF®), author of The Handy Financial Ratios Guide , a member of the Society for Advancing Business Editing and Writing, contributes to his financial education site, Finance Strategists, and has spoken to various financial communities such as the CFA Institute, as well as university students like his Alma mater, Biola University , where he received a bachelor of science in business and data analytics.

To learn more about True, visit his personal website or view his author profiles on Amazon , Nasdaq and Forbes .

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Third-Party Administrator (TPA): Definition and Types

Julia Kagan is a financial/consumer journalist and former senior editor, personal finance, of Investopedia.

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What Is a Third-Party Administrator (TPA)?

A third-party administrator is a company that provides operational services such as claims processing and employee benefits management under contract to another company. Insurance companies and self-insured companies often outsource their claims processing to third parties. Such companies are often referred to as third-party claims administrators.

Key Takeaways

  • Health insurance companies often outsource their claims operations to third-party administrators.
  • Liability insurance claims are typically handled by third-party claims administrators.
  • The role of third-party administrators is growing to include many other day-to-day operational services.

Investopedia / Michela Buttignol

Understanding Third-Party Administrators (TPAs)

The use of third-party administrators is becoming common in many businesses, and the range of tasks they're undertaking is growing. They have distinct roles in the health insurance industry, commercial liability insurance, and in investment company operations. Some third-party firms are moving into areas such as forensic accounting services, workers' compensation audits, and emergency response planning.

Third-party claims administrators are commonly used by health insurance providers who outsource many of their administrative functions. Claims administration, premium billing, customer enrollment, and other day-to-day operations are often handled this way.

A hospital or a health provider organization that sets up its own health plan will often outsource the administrative responsibilities to a third party. A company that opts to self-fund its employee health insurance plan typically contracts with a third-party claims administrator to run the program.

The compound annual growth rate of third-party administrators in the U.S. insurance industry is projected to be 6.3% from 2021 through 2030. Market size was measured at $280.69 billion in 2020 and is anticipated to reach $514.98 billion by 2030. The key factor weighing down this industry is high competition. Low volatility in revenue is the key positive.

Some third-party claims administrators are multinational giants that handle claims for large corporations.

Types of Third-Party Administrators

The types of programs outsourced to third parties have expanded and may include the processing of employee retirement plans and flexible spending accounts.

Commercial Liability Insurance

Third-party claims administrators for commercial liability insurance providers act much like claims adjusters. They may work in conjunction with the insurance company's internal claims adjuster as well as outside claims investigators and defense counsel. The third-party claims administrator might even choose the defense counsel.

Some third-party claims administrators are large multinational non-insurance entities. These giants in the industry generally handle the claims of large corporations.

The largest third-party claims administrators by revenue in January 2022 were Sedgwick Claims Mgt., UMR Inc., and Crawford & Co.

Retirement Plan Administration

Third-party claims administrators may manage employee retirement programs such as 401(k) plans. The company is often owned or managed in part by an investment company in such cases. The investment company handles the money management and the third-party administrator handles the day-to-day account operations and customer care functions.

Some third-party administrators have grown into multinational corporations, but there are also individual administrators who have gained TPA certification and who work as independent contractors. TPAs must have a deep knowledge of the rules and regulations of the services they're responsible for administering.

How Many U.S. Workers Have Insurance Plans That Are Administered by Third Parties?

The Society of Professional Benefit Administrators indicates that about 60% of American workers are enrolled in plans that are managed and administered by TPAs. And this doesn't include federal employees.

Do TPAs Have to Be Licensed?

Each state has its own regulations regarding the certification and licensing of TPAs. Some states require that TPAs file copies of their agreements with insurance companies to the state insurance department.

What Are Some Common Complaints About Third-Party Administrators?

The Georgetown University Center on Health Insurance Reforms reports on three common problems with some TPAs. They're not always open with employers regarding the prices that their health plans pay for care. Congress attempted to address this problem in the Consolidated Appropriations Act of 2021, but there have still been some violations.

TPAs have also been charged with hiding administration fees and using questionable tactics to collect alleged overpayments. But these complaints largely center on insurance companies that act as TPAs.

Third-party administrators handle claims operations for health insurance companies who elect to use their services. Some insurance companies act as TPAs as well. The field is growing.

It can be a convenient solution for employers because many of them don't have the resources to handle the intricacies of a health plan themselves. You can ask your employer if it uses a TPA and request contact information if you have any questions or concerns about your plan.

Allied Market Research. " Insurance Third Party Administrator Market ."

Business Wire. " Insurance Third Party Administrators Market-Global Growth, Trends, and Forecast 2020-2025-ResearchAndMarkets.com ."

Business Insurance. " Largest Third-Party Administrators ."

Society of Professional Benefit Administrators. " Everything You Wanted to Know About TPAs but Were Afraid to Ask ."

 National Association of Insurance Commissioners. " Chapter 28 Third-Party Administrators ."

Georgetown University Center on Health Insurance Reforms. " Questionable Conduct: Allegations Against Insurers Acting as Third-Party Administrators ."

U.S. Congress. " H.R.133 - Consolidated Appropriations Act, 2021 ."

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What Does My TPA Do for Me? Top Questions to Ask Your TPA

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Have you ever wondered what the third-party administrator (TPA) of your retirement plan does for you? Are you at a loss for a way of figuring out whether or not they’re doing a good job? Do you know the name of your TPA or whether you even have one at all? Well, you’re not the first to ask!

While maintaining a 401(k) plan may not be that difficult, it turns out that proving to the IRS that you’ve been doing it right this whole time requires knowledge most business owners and HR specialists don’t have and, to be honest, don’t have the interest in developing. This is where your TPA comes in! We help you demonstrate proper plan administration in case the IRS ever opens the hood on your plan so you can focus on running your business. The bottom line is that you do not need a TPA, but you do need to prove your plan is in compliance at all levels of administration and you never know what might come to the attention of authorities (and those meetings are never fun no matter how many TPAs you might have). So how many “levels” of plan administration are there? Here are some:

  • Making correct salary deferral determinations each pay period and funding them on time
  • Ensuring plan distributions are in accordance with the document and made in the correct amount (not to mention to the right person…ask how I know)
  • Satisfying annual compliance testing such as the Average Deferral Percentage (ADP) test, coverage, and top-heavy testing
  • Properly classifying employees (these include, “key”, “highly compensated/HCE”, “non-highly compensated/NHCE”, and “former key”)
  • Correctly determining eligible compensation
  • File the appropriate Form 5500 each year
  • Identifying when the plan meets the definition of “large”, therefore requiring an independent annual audit
  • Ensuring all contributions stay within current plan limits

BRI TPA

  • Making other amendments to your plan correctly
  • Properly correcting mistakes made during plan administration (we all do it!)
  • Enrolling new participants at the right time and properly communicating the plan to them
  • Ensuring all required notices are provided on time to the right group of plan participants

Since TPAs are not usually involved in most of the day-to-day administration like funding the plan each pay period or offering the plan to new participants, yours isn’t likely to be actively assisting you in all of these items and that’s okay! Primarily, TPAs pick up the annual compliance testing, check plan limits, prepare your Form 5500, maintain your plan document for required or requested amendments, and assist with plan corrections.

If you have a TPA and are wondering how you might be able to tell if they’re doing a fantastic job, you might ask them how they help you to identify and correct common errors made by businesses over the course of the day-to-day administration. Here are a few of them:

  • Late deposit of deferral contributions made by employees
  • Failure to file Form 5500 on time
  • Improper classification of employees
  • Failure to identify affiliated service or controlled groups of companies
  • Deposits made to the wrong employee, in the wrong amount, and/or to the wrong contribution/money type
  • Failure to offer the plan on time to eligible employees or allowing employees to participate too early
  • Failure to fund company contributions properly or at all

Honestly, each of these problems is easy to make or overlook because not all of them are very obvious. It takes a seasoned TPA who is invested in the success of your plan to ask the right questions in the right way in order to get in front of some of these and Benefit Resources takes the time to do it! Despite everyone’s best efforts, though, mistakes are bound to happen so knowing how to properly correct these errors is also very important.

Finally, there are many plans that do not need a TPA, like SEP and SIMPLE IRA programs. All 401(k) plans, though, even “solo 401(k)” or “owner-only” plans, would be well served by a quick once over each year by a good TPA to ensure the definition of compensation is correct and to advise when a Form 5500 will be required for the first time.

Many plans, large ones in particular, receive document and compliance (i.e., TPA) services from their payroll provider or plan trust recordkeeper; these are called “bundled” providers. Bundled providers are convenient because you’ll have fewer providers to call if you have any questions and fewer bills to pay. The two most commonly reported inconveniences of bundled providers are either poor service or reporting errors that lead to expensive consequences. The latter is often attributable to the information the bundled provider receives from a plan sponsor who doesn’t understand the questions posed to them. For example, if you didn’t think that the kids of the owner should be classified as highly compensated/HCE because they only earn $20,000 a year, many bundled providers won’t follow up to confirm the potential relationship (despite having the same last name) and now your testing may be incorrectly performed.

In conclusion, I love my job! We get to help our clients focus on their businesses with the confidence that BRI is only a phone call, email, or text away from helping them with anything they need, will recognize when mistakes are made and jump in to fix them, and will do whatever it takes to ensure necessary actions are performed on time. We have made understanding the rules and adapting to the changing landscape of regulation our career and are eager to figure out which recommendations we should make to each client to ensure their administrative efforts either don’t become more complicated or, if they need to be, how to minimize the impact as much as possible. If you are unsure whether your provider team could be improved, give Benefit Resources a call and perhaps we can put your mind at ease.

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Matt Harrington

Matt Harrington is the President and CEO of Benefit Resources, Inc. and is a firm believer that service providers who bring the most value are those who are specialists in their particular role. His focus is on developing BRI’s digital brand through insightful resources on its website, staying on the vanguard of developing technologies and administrative techniques, and providing assistance to anyone interested in understanding the nuances of qualified plans whether it’s their client’s or their own. He is certified as a Qualified 401(k) Administrator, has a degree in engineering from U.C. Davis, and a passion for the success of private retirement in America.

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  • Sep 17, 2020

What Everyone Wants to Know About Third Party Administrators (TPAs)

Updated: Mar 11, 2022

When a business owner decides to start up a 401(k) or some other type of retirement plan, the inevitable question is "who will take care of the planning and administration?" That's a fair question, but Plan Sponsors will be glad to learn that there are firms dedicated to plan administration. Let's take a few moments to explore everything you ever needed to know about Third Party Administrators (TPA).

What is a TPA and what do they do?

A Third Party Administrator is a company that provides operational services such as employee benefits management for another company. Using Third Party Administrators is now common in many businesses with a growing range of tasks.

What does a TPA do? They work with the Plan Sponsor to ensure the ongoing accuracy of the plan, minimize the time the sponsor has to spend on plan oversight, meet service and compliance deadlines, and coordinate with all parties. TPAs assure the accuracy of the plan and participant data and they perform the required compliance testing and government reporting for the plan. For example, retirement plans are often partly managed by an investment company. Instead of handling all the plan contributions by employees, distributions to employees, and other aspects of plan processing, the investment company may contract a Third-Party Administrator to handle some of the administrative work and they may only handle the remaining investment work and recordkeeping and reporting for participants. The investment provider will typically have a website for the participants as well as the Plan Sponsor and the TPA

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The importance of a TPA

Why is having a TPA important? Well, if you've ever needed to change retirement plan providers, you will understand how arduous, disruptive, and time consuming this process can be for both employees and Plan Sponsors. The detailed analysis, plan design, and implementation can be a daunting and expensive process. After your company's 401(k) plan is set up, there's a lot that goes into maintaining it such as monitoring employee contributions, distributions, withdrawals to maintain compliance with plan rules and federal laws. If you hire a TPA to manage your retirement plan, you won’t have to start over just because you change retirement plan providers. Your TPA can assist you in the transition from one provider to the next without any disruption to your plan operations. Additionally, a TPA can handle any changes in employee status: so, if a person gains or loses eligibility to the plan, the TPA will ensure that those changes are reflected completely and accurately.

TPAs are skilled at the following plan design and consultation services:

Determining the optimal plan type

Maximizing employer tax deductions

Maximizing desired participant outcomes

Minimizing costs for starting up and maintaining the plan

Minimizing costly mistakes of poor plan design

Minimizing costly operation errors

Developing a plan that encourages recruitment and retention of valuable employees

Day to day communication

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What is the role of a TPA?

Why use a TPA? Well, there could be a number of reasons. As the benefits business continues to become more complex and potential financial repercussions can prove to be expensive, TPAs help to minimize risk and financial exposure for companies. Retirement and benefit plans can be an exceptionally technical subject. Hiring the right TPA is vital for the success of the plan; plus, having a TPA on your side is often more cost-effective than doing all of the administration work in-house, in particular for small and medium-sized companies.

How do you know you have chosen a qualified TPA?

The seal of excellence for TPAs is that they are a CEFEX Certified TPA. The Centre for Fiduciary Excellence (CEFEX) is an independent certification organization that defines a set of best practices for retirement service providers. The best service providers in the country voluntarily undergo stringent, annual CEFEX assessments which verify that they adhere to the established practices and go the extra mile to establish themselves as a firm of credibility and integrity. A CEFEX-certified TPA must document their processes, provide fee transparency, and adhere to the highest industry standards, as measured by the rigorous annual assessments performed by CEFEX. Beyond that, certified TPAs provide support for DOL and IRS audits, protect your plan’s personal and identifiable information, and ensure accuracy and compliance for your plan. With these practices and more, in place, Plan Sponsors can rest assured that a partnership with a CEFEX-certified TPA will alleviate the fiduciary stresses, reduce liabilities, and assist the Plan Sponsor with fulfilling their due diligence obligations. In short, if you choose a CEFEX-certified TPA you can trust that you will be receiving industry-leading care.

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TecPOWER® TPA Power Management System

TecPOWER® TPA Power Management System

Description

Comparison charts.

Atlas offers high performance, technologically advanced AC and DC marine switchboard systems. TecPOWER ® TPA designs range from basic manual to fully automated operation, according to your specifications. Increasing degrees of automation and electrical power management are available as options. TPA switchboards are suitable for any size of yacht with small single phase boards to three phase high voltage 2000 amps systems.

Sophisticated Power Management The TPA system is available with various degrees of automation and power management. Motor operated circuit breakers enable push-button or touch screen selection of power sources.  Many other features can be integrated to create a total power management system such as automatic generator engine control and paralleling.

Easy To Use Designed with ergonomics and ease of operation in mind, the TPA switchboard system is very user-friendly and simple to operate, even for an inexperienced crew member.  All metering and controls are easy to view, and easy to understand.  Independent meter groups are provided allowing separate monitoring of each power source.

Custom Design Each AC and DC TPA switchboard is designed to your requirements by our highly experienced marine electrical system engineers. They will work with you to ensure the TPA switchboard will have the level automation that your yacht needs as well as being certified for the classification society of your choice. Any special requirements can be accommodated and the switchboards are available in a variety of cabinet sizes suitable for any yacht arrangement.

Classification TPA switchboards can be designed to meet all marine classification agency requirements including ABS, Lloyd’s, DNV, RINA and BV. The certification is taken care of by our engineers and the switchboard is supplied with a complete set of stamped drawings.

Marine Engineered Designed from the ground up, based on years of marine experience, the TPA switchboard enclosures are built of light-weight corrosion resistant material and are designed to minimize size and weight when compared to the typical switchboard design.

OPTIONS A comprehensive list of options and upgrades allows TPA to be the ultimate and innovative switchboard solution for your yacht. The options indicated below with a * are supplied as standard.

CUSTOM DESIGN

  • Single* or split bus from 100A to 2000A.
  • Any worldwide voltage available.
  • Molded case or din-rail* distribution breakers.
  • Custom enclosure sizes.
  • Hot swap breakers.

ADVANCED POWER MANAGEMENT

  • Load shedding of non-essential loads during peak loading periods.
  • Automatic start and parallel of standby generator during peak loading periods.
  • Automatic start and transfer when the marine shore power supply fails or is overloaded.
  • Automatically start and transfer if the generator online has an alarm.
  • Automatically start and connect of a generator if a dead bus is detected.
  • Seamless transfer between all power sources.
  • Automatic generator rotation based on service hours.

HIGH DEGREE OF PROTECTION

  • Electrical interlock of all source breakers*.
  • Multiple levels of control providing redundancy.
  • Reverse power protection.
  • Ground fault monitoring and alarm.
  • Generator pre-alarm and alarm interface.
  • Voltage and current out of range monitoring.
  • Built in diagnostic system.

EASY TO OPERATE

  • Large color touchscreen with intuitive screens and operation.
  • Intuitive multi-level push button control with power available lights*.
  • Analog* and digital metering.
  • Remote touchscreen and monitoring.
  • Interior lighting.
  • No control fuses*.
  • Keyed doors held open with stays*.
  • Handrails on front of switchboard*.

HIGH QUALITY

  • Long lasting powder coated aluminum cabinets*.
  • Plated copper bus throughout*.

OTHER SWITCHBOARDS AVAILABLE

  • Main DC Switchboard.
  • Motor Control Center.
  • Emergency Generator switchboard.
  • Night Generator switchboard.

Switchboard and Power Management TPA TPB Ratings 40kW - 1500kW 40kW - 500kW Voltage 208V - 480V 208V - 400V Phase 1 or 3 1 or 3 Marine Classifications All All Floor Mount Enclosure Bulkhead Mount Enclosure Parallelable Seamless Transfer Power Management Split Bus Plugin Source Breakers Emergency Switchboard Motor Controls Remote Touchscreen

Yacht Anchored in a Bay Area

DESIGN SERVICES

The safest, most reliable and cost-effective marine electrical power system starts with a quality design.

Select Atlas’ team of highly experience and degreed marine Electrical Engineers to provide the optimum electrical power system design for your vessel. Their many years of…

Detailed Documentation Package

The engineering design team at Atlas Marine Systems provides a detailed documentation package that assists the shipyard in identifying the electrical power system components and equipment…

Atlas — Your single-source electrical supplier for design and equipment

The Atlas design service is an enhancement to an electrical system using Atlas TecPOWER ™ AC and DC switchboards and ShorPOWER frequency, voltage and phase converters. Intimate…

IMAGES

  1. Superyacht Twisted

    tpa yacht meaning

  2. OneOcean Port Vell acquires TPA permit

    tpa yacht meaning

  3. 75 Sunseeker Luxury Yacht for Charter TPA Marina, 72 E Bay St, Nassau

    tpa yacht meaning

  4. 75 Sunseeker Luxury Yacht for Charter TPA Marina, 72 E Bay St, Nassau

    tpa yacht meaning

  5. 75 Sunseeker Luxury Yacht for Charter TPA Marina, 72 E Bay St, Nassau

    tpa yacht meaning

  6. TPA in Palma

    tpa yacht meaning

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COMMENTS

  1. What are the main procedures and advantages of doing a TPA in Spain

    WHAT ARE THE MAIN ADVANTAGES OF DOING A TPA WITH EVOLUTION. 1. The vessel will save the 21% VAT from all the suppliers' invoices, not only Spanish companies but Europeans too. 2. The shipment of any import spare as a result of the TPA might be linked to the TPA. 3.

  2. You can close TPA without leaving Spanish waters

    1. The yacht may sail off-shore and once the distance of 12 nautical miles has been exceeded, the ship can return. 2.-. The yacht may visit any other customs port in Spain, in transit, to close the TPA. 3.-. The yacht to be exported to a non-EU country, as the usual procedure to close TPA's before. Officially registered as a customs agent ...

  3. Essential tips for having a TPA in Spain

    Provide of all the assistance needed in order to proceed with VAT exemption and also all taxes affected to the repairs or to an improvement of the vessel, according to the law 2913/92 (CEE) inside EU, and in particular in Spain art. 24.1 of the VAT law. While you are under TPA, the boat is not using the temporary time frame allowed to non-EU ...

  4. Temporary Customs Procedure (TPA) for Yacht Owners

    The yachting world is often associated with luxury, exclusivity, and high costs. For yacht owners, maintaining and upgrading their vessels can represent a significant financial burden, particularly when dealing with import duties and VAT in the European Union. However, the Temporary Customs Procedure (TPA) offers a valuable solution that can lead to substantial cost savings.

  5. SuperyachtNews.com

    TPA (also known as Inward Processing) is a fiscal regime that allows eligible yachts to benefit from a 21% tax exemption, avoiding VAT charges on repairs and maintenance works carried out on board. There are several benefits offered to yachts carrying out refit work in Spain, and these significant savings attract a notable number of non-EU ...

  6. Efficient Inward Processing Management by Lantimar

    Processing. INWARD PROCESSING (TPA) is an EU fiscal regime which permits vessels under temporary admission with non-EU owner, non-EU flag to do repairs and maintenance without PAYING 21% VAT. Works carried out must comply with customs and fiscal regulations, with detailed reports and inventories to be submitted to relevant authorities and this ...

  7. SuperyachtNews.com

    TPAs (aka Inward Processing) is a fiscal processing that allows non-EU yachts (and others) to undergo refits and repairs when moored in Spanish shipyards. Yachts under TPA's enjoy a 21% tax relief on VAT charges on all repairs and maintenance works, including spares and berth occupancy, which extends to invoices from countries registered ...

  8. Temporary Admission: What is it and how does it work?

    Temporary Admission is a Customs tax relief regime that enables non-EU resident owners of private yachts the ability to bring their yachts into Europe for a limited time without having to pay VAT on the value of the yacht. It is undeniably an important mechanism, without which many non-EU resident yacht owners would likely avoid visiting ...

  9. The secrets behind TPA or Inward Processing Relief

    Inward processing or TPA is a complex customs regime that allows the temporary importation of non-European vessels so they can make repairs, works and refit VAT exempt. The main advantage of this procedure is that the vessel will save the 21% VAT on supplier's invoices, which applies not only to the invoices from Spanish companies, but also ...

  10. TPA VAT exemption services

    TPA - VAT EXEMPTION. Officially registered as a Customs Agent, Evolution can open and manage TPAs (Inward processing), which is a fiscal regime that allows eligible yachts to benefit from a tax exemption, avoiding VAT charges on repairs and maintenance works carried on board. With many years of experience in the industry and having successfully ...

  11. Services

    ptw Shipyard is fully certified to facilitate Inward Processing. We act as intermediaries between yacht management teams and suppliers, ensuring seamless and accurate execution of TPA procedures. For comprehensive insights on TPA - Inward Processing, or to discuss your maintenance and repair needs, reach out to our team.

  12. TPA special tax exemption in Palma de Mallorca

    SY Hush , Palmer Johnson 37.5m 2005. SY Varsovie , Swan 30m 2008. MY Twisted , Sunseeker 35m 2012. TPA ( Tráfico de Perfeccionamiento Activo) is a special tax exemption for non EU flagged vessels undergoing repair, refit and maintenance in Palma.

  13. Third-party administrator

    hide. In the United States, a third-party administrator ( TPA) is an organization that processes insurance claims or certain aspects of employee benefit plans for a separate entity. [1] It is also a term used to define organizations within the insurance industry which administer other services such as underwriting and customer service.

  14. Shore Marine

    So what does having a TPA license mean? • Special VAT/IVA tax exemption for non EU flagged and non EU owned vessels undergoing refit, repair and maintenance in Spanish waters • Vessels are exempt...

  15. CPA and TCPA Alarms Explained

    There are basically two alarms; Closest Point of Approach (CPA) and Time to Closest Point of Approach (TCPA). Most systems will allow you to enter your own CPA and TCPA values for when the alarm will be triggered. As a result you need to decide how close you want to let other vessels get to you (CPA) before an alarm sounds.

  16. APA Yacht Charter: What you need to know

    APA is generally calculated as a percentage of the charter fee, which you then pay in addition, before the charter commences. The broker or the captain will use this allowance to stock the boat, and fuel up. Any left over money will be returned to the client, at the end of the charter. Whilst on board, the captain will be in charge of the APA ...

  17. Temporary Admission Regulations Overview

    There is an official Temporary Admission inventory/document to be completed when the yacht first enters the EU at the start of the 18-month period although we do not see many cases where customs have asked for the form to actually be completed. If the yacht is laid up, it is possible to extend this for a further period of six months up to a ...

  18. Third-Party Administrator

    A third-party administrator is an organization that conducts the administrative and operational work for an insurance plan. The administrative work often includes processing claims, enrolling customers, collecting premiums, and complying with federal regulations. Third-party administrators, also called TPAs, do not set the policies of health ...

  19. Third-Party Administrator (TPA): Definition And Types

    A Third-Party Administrator, or TPA, is an external entity that specializes in providing a wide range of financial services and support to businesses. TPAs act as intermediaries between organizations and various stakeholders, including insurance providers, employees, and regulatory agencies. They bring expertise and efficiency to complex ...

  20. Third-Party Administrator (TPA)

    A Third-Party Administrator is an organization that provides administrative services, such as recordkeeping, compliance testing, and participant communication, to retirement plans. TPAs serve as intermediaries between plan sponsors and other service providers, helping to streamline plan administration and ensure regulatory compliance.

  21. Third-Party Administrator (TPA): Definition and Types

    Third-Party Claims Administrator: This type of administrator processes claims for a third-party company. Insurance companies and employee benefit providers often employ third-party administrators ...

  22. What Does My TPA Do for Me? Top Questions to Ask Your TPA

    Finally, there are many plans that do not need a TPA, like SEP and SIMPLE IRA programs. All 401(k) plans, though, even "solo 401(k)" or "owner-only" plans, would be well served by a quick once over each year by a good TPA to ensure the definition of compensation is correct and to advise when a Form 5500 will be required for the first time.

  23. What Everyone Wants to Know About Third Party Administrators (TPAs)

    Using Third Party Administrators is now common in many businesses with a growing range of tasks. What does a TPA do? They work with the Plan Sponsor to ensure the ongoing accuracy of the plan, minimize the time the sponsor has to spend on plan oversight, meet service and compliance deadlines, and coordinate with all parties. TPAs assure the ...

  24. TecPOWER TPA

    TPA switchboards are suitable for any size of yacht with small single phase boards to three phase high voltage 2000 amps systems. Sophisticated Power Management. The TPA system is available with various degrees of automation and power management. Motor operated circuit breakers enable push-button or touch screen selection of power sources.