Industry experts meeting at Harrods in London in March this year have identified Malta, currently the largest ship registry in the EU and the seventh largest in the world, as a superyacht destination. Commenting on the various advantages that the Malta Flag presents to yacht owners, industry experts have commented that an increasing number of superyacht owners are enticed by Malta’s favourable VAT rates that gives owners the possibility of paying as little as 5.4% VAT.
Compared to the Isle of Man that for years was the jurisdiction of choice for many vessel owners, the Malta flag was deemed to have become the new destination of choice due to its favourable fiscal advantages, including its competitive fees and low taxation rates.
Highly praised during the meeting in London was Malta dual regime offering owners the possibility of registering yachts as both private and commercial yachts through a straightforward registration process.
Noting a 19% increase in 2011 when compared to 2010, representatives of the Malta Shipping Directorate present at the event commented that complementing the reputation of the flag is the high quality marinas, experienced professionals and a transport authority that is open twenty-four hours a day, seven days a week thus accessible for flagged vessels at any time and at any location.
