Malta: Yachting and Shipping
02 March 2020
Malta’s invaluable geographical location together with its expertise and efficiency in the maritime industry, has rendered it a highly reputable maritime jurisdiction.
Malta prides itself on its natural harbours and various modern super-yacht marinas, exalting its leading position in the maritime field. Political and economic stability, the use of English as an official language, coupled with a strong comprehensive legal framework, provide ease of mind to financiers, yacht and ship owners as well as operators. Its proximity to one of the major international shipping routes and immediate accessibility has contributed to make Malta a leading shipping hub with over 89 million tons being registered under the Maltese flag. In fact, as of 2015, Malta is the largest maritime flag in Europe and the sixth largest in the world.
Malta is a flag of choice, confidence and quality, with no restrictions with respect to nationality of corporate owners and neither in regard to the nationality of shareholders and directors of Maltese shipping companies. Malta also offers:
- low costs vis-à-vis company formation and ship registration costs
- attractive fiscal incentives
- no restriction on the nationality of the master, officers and crew
- no restrictions on the sale or transfer of shares of a company owning Maltese ships
- no restrictions on the sale and mortgaging of Maltese ships
- no trading restrictions and preferential treatment to Maltese ships in certain ports
The Republic of Malta has been a member of the International Maritime Organisation since 1966 and a member of the International Labour Organization since 196 and has ratified the major IMO and ILO conventions to which vessels registered under its flag must adhere to. Malta is also on the White List of the Paris Memorandum of Understanding and the Tokyo Memorandum of Understanding on the Low Risk Ship List of the Paris MoU.
All classes of sea-vessels may be registered under the Maltese flag ranging from large cruie lines and tankers to private yachts. The competitive financial conditions being offered make Malta an even more attractive platform to conduct international trade and commerce with proven quality mortgage registers protecting financiers, various tax exemptions, swift registration and VAT benefits vis-à-vis yachts.
Together with our associates and business partners, ZEDRA holds strong links with the yachting and shipping industry. At ZEDRA, we provide a comprehensive and confidential range of specialist services to our corporate and individual clients and assist them with a range of services.
- Registration of vessels and mortgages under the Malta flag
- Chartering and lease agreements
- Setting up of VAT Yacht leasing structures
- Tax structuring
- Accountancy and secretarial support services
- Dealing with the Malta Maritime Authority and other local authorities
- Setting up of companies and subsequent management and administration
- Insurance coverage
- Assisting with maintaining the yacht and dockage services
Contact Rudolph Psaila to find out more.