Malta: A Maritime Hub in the Med

As a maritime hub, Malta’s success can be traced far back into its history.

Its location in the centre of the Mediterranean has given it strategic importance over the years, with it now being recognised as an entry port to the EU. Together with its natural harbours and an extensive range of maritime services, including shipbuilding and repair, Freeport, bunkering, ship supplies and towage services; it is to no surprise that it has gained its reputation today as one of the world’s leading maritime jurisdictions.

Advantages of Registration Under the Maltese Flag

Reliability – Malta has a very good reputation. It is the largest flag in Europe and the sixth largest in the world with over 46 million
registered tonnes.

Efficiency – The processes to register a company and/or a vessel in Malta are both quick and straightforward.

Security – Maltese law offers security to financiers/mortgagees of Maltese registered vessels.

Cost-effective – With low company formation and yacht registration costs, Malta is a cost effective option.

Flexibility – There are no restrictions on the nationality of the shareholders and directors of Maltese companies, nor on the nationality of the Master, officers and crew carried on board Maltese yachts. Malta also has no restrictions on the sale or transfer of shares of a Company owning a Maltese yacht.

Service – The Maltese Shipping Registry offers a 24-hour service, seven days a week in respect of urgent matters.

Eligibility – Non-Maltese Companies can still own Malta flagged yachts.

Importation of Commercial Yachts in Malta

We are able to assist owners with the importation of their yacht into Malta for VAT purposes, subsequently bringing the yacht into free circulation within the European Union. In these instances it would be necessary for the yacht to physically call into Malta in order to undergo the VAT and customs procedures and to subsequently be imported into the European Union with the release of the import documentation.

Temporary Importation of Commercial Yachts Intended for Private Use

It is possible for vessels with a non-EU flag and a non-EU resident owner looking to use their private yacht temporarily in EU waters, to place their yacht under Temporary Importation via Malta.

This procedure requires the yacht to call into Malta and be subjected to Temporary Importation procedures with the Maltese customs authorities. The owner would subsequently be able to use the yacht in EU waters for a permitted period of 18 months, sailing freely from one Member State to another with no further customs formalities required.

Structuring Yacht Ownership

Owning and operating a yacht can be complex, with a number of important considerations requiring attention.

With a comprehensive understanding of the yachting industry, we assist owners and their representatives in understanding the diverse requirements associated with the ownership, registration and management of a range of vessels including, motor yachts and sailing yachts, whether being used on a commercial or private basis.

With the legislative and regulatory requirements of the yachting industry continually changing, we understand that staying abreast of new developments is of utmost importance, in order to ensure that all of the vessels under our management remain compliant. We give significant consideration to how and where an owner plans to use his vessel, in order to ascertain any tax or VAT exposure, whether the asset is intended to generate income and subsequently whether tailored tax planning could offer any fiscal benefits and/or minimise any liabilities.

Our professional team has the necessary knowledge and expertise to handle all of your yachting requirements in Malta. We offer an integrated service, drawing on our vast network of maritime contacts in order to offer complete global support.

For more information on our yacht services, click here.