We study the phase diagram of the frustrated XY model on the honeycomb lattice by using accurate correlated wave functions and variational Monte Carlo simulations. Our results suggest that a spin-liquid state is energetically favorable in the region of intermediate frustration, intervening between two magnetically ordered phases. The latter ones are represented by classically ordered states supplemented with a long-range Jastrow factor, which includes relevant correlations and dramatically improves the description provided by the purely classical solution of the model. The construction of the spin-liquid state is based on a decomposition of the underlying bosonic particles in terms of spin-1/2 fermions (partons), with a Gutzwiller projection enforcing no single occupancy, as well as a long-range Jastrow factor.