Olivia Palermo looked tanned & toned in "Grey Bikini" on Valentino Garavani's luxurious yacht in Formentera

The 26-year-old New York socialite showed off her slim figure in the tiny swimsuit while sunning herself with boyfriend Johannes Huebl on Valentino Garavani's luxurious yacht yesterday in Formentera.

'I’m enjoying a little vacation time!' she posted last week on her official website.

Olivia and the 30-something German model, also known as 'Joe Hotness,' have been together for four years and their relationship is clearly still going strong.

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Dimpled socialite: The former star of MTV’s The City looked tanned and toned in her grey two-piece with a bandeau top (Read more and See more Pictures)