Significant increase in number of commercial yachts registered in Malta
On the 27th of September, Minister for Transport, Infrastructure and Capital Projects Hon Dr Ian Borg announced that over 800 yachts of over 24 meters have been registered under the Maltese Flag. The Maltese shipping registry has been experiencing unprecedented success these past couple of years, where it has been officially recognised as the largest shipping register in the EU and sixth largest globally.
Dr Silvana Zammit, our maritime partner has upheld that “The success of Malta in the maritime industry, and specifically in relation to superyachts, is mainly attributable to two factors: the reputability of its flag and its register, and also the possibility of fiscal planning”.
The Tonnage Tax scheme has been recently fully endorsed by the European Commission. As of the 1st May 2018, it was relaunched by the Maltese government as part of various incentives to further attract commercial yachts, allowing ships carrying specific shipping activities to be exempt from Maltese income tax in relation to income derived from the yacht, its working capital and dividend distributions.
Through this popular scheme as well as other guidelines issued by Transport Malta, the Malta shipping registry continues to grow. Hon Dr Ian Borg further upheld that the register has grown more than 10% from the previous year, proving that the steps taken towards Malta establishing itself as a leader within the maritime industry have proven effective.
