What advantages come with registering a yacht under the Malta flag?
Registering a yacht under the Malta flag offers several benefits to yacht owners. Some of the advantages include:
1. Reputation and recognition: Malta has a good reputation in the yachting industry and is considered a respected and reputable flag state. This can enhance the resale value and charter opportunities for the yacht.
2. Tax incentives: Malta has adopted the tonnage tax regime. This means that commercial vessels registered in Malta pay a fixed amount of tax based on the tonnage of the boat rather than a tax on profits made. Furthermore, there are no capital gains taxes for the sale of the yacht.
3. Efficient registration process: The registration process for yachts under the Malta flag is efficient and straightforward, with a dedicated yachting unit within the Malta Transport Authority to handle yacht registration.
4. Maritime infrastructure: Malta has a well-established maritime infrastructure and a strong legal framework for yachting activities, including a robust regulatory and supervisory regime.
5. EU flag: Yachts registered under the Malta flag fly the EU flag and offer more security because Malta is a member of the EU.
6. Crew: Malta does not have any restrictions on the nationality of crew employed on board and flying the flag allows the crew to be enrolled in Malta’s social security system.
7. Flexibility: Malta offers flexibility in terms of ownership structures, allowing yacht owners to choose the most suitable ownership and operational structure for their needs.
8. Competitive fees: Malta offers low company formation costs and registration fees.
Overall, registering a yacht under the Malta flag can offer significant advantages to yacht owners in terms of costs, reputation, efficient registration process and flexibility.
