Why should you register your yacht in Malta?
When most of us think of yacht ownership, we think about drifting through turquoise waters, stopping at secluded bays for a swim, or dropping in at a picturesque little fishing village for a candlelit dinner. Whilst, of course, all of these things are possible, there are some serious matters to consider as well.
Owning a yacht bears a lot of responsibilities and requires careful management and intelligent decision making. From insurance to berthing, crew to chartering- all require careful consideration. But it is where to register your yacht that requires the most careful consideration. As the owner of a yacht, choosing the most accessible and beneficial, yet reputable jurisdiction is the most important decision you will have to make.
Here are reasons why you should choose Malta.
- Malta is now the largest EU ship registry and it abides by all of the relevant and required EU directives. It has also ratified International Conventions issued by the International Maritime Organisation, the International Labour Organisation, and the United Nations.
- Flying the Maltese flag on your vessel means that you will be welcomed at any port in the world. Malta is listed on the While List of the Paris MoU and the Tokyo MoU meaning it is of utmost reputational standard internationally.
- Malta has a long history in the maritime sector and the island is equipped with extensive facilities, as well as skilled and hardworking maritime labour force. It is also strategically located for a range of activities and its short, mild winters make it a great place to keep a vessel out of season.
- Malta offers attractive incentives to yacht owners and operators which include a range of fiscal and VAT benefits, whilst being completely in line with EU regulations.
- Malta also offers low costs for company formation, vessel registration, and tonnage.
- There is absolutely no restriction on the sale or mortgaging of a Maltese registered yacht or superyacht.
- There are also no restrictions on the nationality of the vessels owner, or the ownership of the company that owns the vessel. They can be EU nationals or not- it doesn’t matter. There are also no restrictions to the nationalities of those that man the vessels such as the Captain, or any of the crew.
- When it comes to pleasure yachts, Malta offers a competitive leasing scheme including, in some cases, total tax exemptions and significantly reduced rates of VAT even if the yacht is used for commercial practices.