The Superyacht industry in Malta has experienced steady growth in past years and registered a record 97 percent increase in the number of new registrations, as highlighted by Transport Minister Ian Borg at a conference marking World Maritime Day. Malta continues to experience overall success as a Maritime jurisdiction, as its shipping register remains the EU’s largest and the 6th largest in the world.
The Malta Maritime Industry Thrives
Since 2012, Malta’s shipping register recorded a 63 percent increase in the number of new entries, and a record 97 percent increase in the number of new registrations for superyachts. By end of August 2017, more than 8,000 ships with a combined gross tonnage of 74 million were flying the Maltese flag.
Indeed, the Maltese Flag is the most popular EU flag among superyachts. Dr Silvana Zammit, the maritime law partner at Chetcuti Cauchi Advocates, comments that: “The success of Malta’s yacht registry can be attributed to the reputability of its flag and the possibility of fiscal planning especially in the context of VAT for the use of pleasure Yachts in European Waters.”
“As a law firm specialising in Maritime law, we can attest to Malta’s success as a maritime hub, specifically in the field of superyachts. The firm registers an average of 34 new vessels a month under the Maltese flag (including ships and yachts, with an average of 2 yachts/super yachts registrations a month,” she continued.
What Makes Malta an ideal jurisdiction to register your vessel?
For a full overview of all the benefits, we have compiled a publication on the top 3 reasons to register your yacht in Malta. The main benefits are:
- Reputability of its flag: Malta’s flag is on the Whitelist of the Paris MOU as well as the Tokyo MOU, and it has also entered into various bilateral agreements with foreign governments where Maltese ships receive preferential treatment in respect of port charges and taxes;
- Malta allows yacht buyers to reduce their fiscal liability down to 5.4% for superyachts over 24 metres;
- its competitive registration and renewal fees;
- no restrictions on the nationality of the master, officers and crew serving on Maltese vessels;
- minimum technical requirements in relation to pleasure yachts allowing owners to freely design their own yachts;
- a 24-hour service to deal with urgent matters.
