At the Monaco Yacht Show 2022, the Government announced the commencement of work of a steering committee for the draft of the Malta Superyacht Policy 2022 to be launched in the coming months.
Strategy for the Superyacht Industry
The working group will first identify its parameters and aims to gather knowledge about the current challenges and opportunities faced by the industry. The committee’s work will include consultation and involvement of various stakeholders and key players in the superyacht industry.
Building on Malta’s successful Superyacht Ecosystem
The Malta Superyacht Policy 2022 will encompass a number of incentives aimed at supporting the Malta superyacht industry. Indeed, Malta is the natural choice for the superyacht community due to a number of benefits, including:
- Attractive tax and VAT framework.
- Strategic maritime location in the Mediterranean.
- Efficient superyacht registration process.
- Signatory to international maritime conventions.
- Concentration of specialised superyacht service providers.
The Malta Superyacht Policy will continue to strengthen the Maltese superyacht offering.
Malta’s Performance as a Global Superyacht Registry
The superyacht industry in Malta is currently flourishing as more yachts over 24 meters are choosing the prestigious Valletta flag. Over the past five years, the number of superyachts over 24 meters registered with the Merchant Shipping Directorate has doubled, with an increase of 6% being registered during the last nine months. With over 1,000 superyachts currently navigating under to the Valletta flag, the Malta Superyacht Policy will continue to reinstate Malta’s attractiveness to the superyacht industry.
This effort further reinforces Malta’s ever-increasing presence in the worldwide superyacht industry and the island’s respect as the largest ship register in Europe and a popular yachting destination in the heart of the Mediterranean.
Chetcuti Cauchi’s Superyacht Practice
Experienced in all facets of the shipping and Yachting industry, Chetcuti Cauchi assists and represents individual or corporate clients throughout different stages of vessel ownership. This includes vessel sale and purchase, chartering and leasing agreements, setting up of VAT Yacht Leasing Structures, marine mortgages, or other forms of securities, discharge of mortgages, ship owning and ship management companies, registration of commercial yachts and pleasure yachts, bareboat charter registrations and tax advice.
Chetcuti Cauchi holds strong links with all sectors of shipping and maritime law and the firm has specialised lawyers, accountants and tax consultants in all maritime-related fields of law including ship finance, litigation and admiralty, and is the preferred maritime law firm for banks, other financial institutions and ship-owners seeking the most effective and advantageous financing.
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