Malta offers competitive and attractive incentives to yacht owners and charterers of pleasure yachts seeking to register their yacht under the Maltese flag. Besides being the eighth largest maritime flag in the world and the second largest in Europe, Malta offers a solid legal framework which provides yacht financers with the desired level of security.
Yacht-owners registering their vessels under the Malta flag may benefit from the following advantages:
- Low company formation and registration costs
- Complete tax exemptions, and benefits for owners, charters and financiers of Maltese yachts.
- No restrictions on the nationality of the master, officers and crew, serving on Maltese vessels.
- No restrictions on the nationality of shareholders and directors of Maltese shipping companies.
- No restrictions on the sale and mortgaging of Maltese yachts.
- No trading restrictions.
- Preferential treatment for Maltese yachts in certain ports.
- Serious and efficient maritime administration.
- Flag state inspectorate to ensure adherence to international standards
- Easy access to decision-makers within the competent authorities, backed by a qualified and efficient team of technical officers available for urgent matters on a 24- hour basis.
- Sound multilateral and bilateral relations
- Active participation in international shipping fora.
Furthermore with effect from January 2006 the Malta VAT Department has introduced reduced rates of VAT in relation to finance leasing transactions, which could effectively reduce the Malta VAT on such transactions to as little as 5.4%.
At Zammit & Associates - Advocates we are committed to providing quality legal solutions for yacht registration and finance transactions in a business and commercial context.
Zammit & Associates - Advocates offers the following services:
- Searches of Malta-registered yachts;
- Searches of yacht-owning companies;
- Assistance with the registration and deletion of yachts under the Malta flag;
- Assistance with all aspects of yacht financing transactions, including the registration of any statutory mortgage deed/s, preparation of collateral deeds of covenants, legal opinions, and amendments, transfers and discharges of registered mortgages;
- Handling yachts’ operational issues with the Malta Maritime Authority;
- Arrest or vessels.
For further information about how Zammit & Associates – Advocates can help you with your yacht registration requirements kindly contact us on shipping@zammit-law.com |
