Maltese flag administration
Malta is an internationally recognised and stable jurisdiction having EU compliant legislation, as well as having ratified most important international conventions including but not limited to, SOLAS, COLREG, MARPOL, STCW and ILO MLC. The new revised Commercial Yacht Code 2020 is intended for yachts of 15 metres in overall length that do not carry cargo and do not carry more than 12 passengers. Over the years the Code has been proving very successful with leading IACS recognised Classification Societies and major yacht builders.
registration
A well-organised and fast registration process that enables a provisional registration of any yacht within 48 hours, whilst the registration fees are very competitive. The technical department of the flag is approachable and will listen to service providers with the underlying condition that safety and security of the yacht, crew and passengers are always the foremost consideration. Guidance from the technical department of the Flag (on a case-by-case basis) may be requested even at the pre-registration stage.
shipping organisations
Maltese law allows the ownership or management structure of a yacht to take various forms, including, a limited liability company, partnership, trust or foundation. These may be licensed as shipping organisations. Maltese law and the Maltese jurisdiction, in general, have an excellent financial services regime allowing company registration and management to be efficient and cost-effective. Several fiscal advantages also apply, while the capital and administrative requirements are not burdensome.
fiscal incentives
In the event of registration of a yacht by a licensed shipping organisation, and the registration with a commercial status, Maltese legislation and the present Government’s policy confers some of fiscal advantages: - An exemption on duty payable connected with the purchase, transfer or assignment of any interest or security in a licensed shipping organisation. Maltese authorities also acknowledge the exemption from the payment of VAT in the event of yachts undertaking a commercial activity involving the carriage of passengers over the high seas for a reward (charter).