Malta is not only a prime destination for tourists and a hub for international business and finance, but now it can add the accolade of being named the Superyacht Capital of Europe to its list of accomplishments.
Fenech Farrugia Fiott were in attendance at the Opportunities in Superyachts conference held at the Excelsior Hotel in Floriana yesterday where it was announced that over 600 luxury, multi million pound vessels are now registered under the Maltese Flag, making it the most popular registry for this type of vessel in the whole of Europe.
The Transport Minister of Malta, Mr Joe Mizzi spoke at yesterday’s conference and noted that “during the last year the Malta Flag registered a record increase of over 15% in the registration of superyachts over 24 metres, making the Malta Flag the jurisdiction of choice and one of the leaders in this sector.”
We are all used to seeing the incredible, floating, behemoths moored up in Ta’ Xbiex and The Grand Harbour Marina and visiting vessels include The Maltese Falcon, The Indian Empress, and The Eclipse. So, what is it about Malta that makes it so popular with superyacht owners?
- The Weather
Malta has one of the best climates in the world with long, hot, summers and short, mild, winters it offers owners and sailors peace of mind when it comes to avoiding extreme weather.
- The Location
Malta is located in the Southern Mediterranean between Italy, Sicily and Tunisia. Throughout history it has been a strategic outpost and it is also home to one of the largest and busiest freeports in Europe. When it comes to suitable mooring locations, most of its marinas are situated within the magnificent Grand Harbour which is one of the biggest and most sheltered natural harbours in the world.
- The Facilities
Not only does the island benefit from a large selection of marinas which are fully equipped to handle even the largest superyachts, but it also offers impressive ship yards, repair facilities, and cargo ports which all add to its reputation as an ideal yachting infrastructure and environment.
- The Registration Process
The procedure to register under the Maltese Flag is simple, straightforward, and efficient. The conditions of registration impose no restrictions on nationality of owner, shareholders, directors, captain, officers, or crew of any vessel, and the vessel can be registered under the name of any EU company, trust, foundation, or individual person. Furthermore, the cost of such registration is low and should a ship be registered under a company, incorporation costs are also low.
- Fiscal and Financial Incentives
There are a range of incentives available under the Maltese Flag such as exemptions, refunds, and the yacht leasing scheme. For further information on these, please contact us on [email protected]
- The Reputation of the Maltese Flag
The Malta Flag is on the Paris PoU White List and has no restrictions on entering any port in the world. Secondly the Maltese Flag is well respected and its high ranking on the white list means a vessel is less likely to be detained in a port for inspections. Furthermore, the reputation of the Maltese Flag means that financial institutions are more likely to have confidence when it comes to granting credit facilities to vessels registered in Malta due, in part, to its efficient legal framework. Lastly, when it comes to insuring a vessel, you are more likely to get a good and fair deal on your insurance if you are registered on a White List Flag, as opposed to a less reputable jurisdiction.
These are just some of the reasons why Malta has become one of the top destinations for the registering of superyachts and it is not expected that the industry will slow down any time soon. For more information about registering your vessel, boat, or yacht in Malta. Please contact us on [email protected]