Additional Reasons to Consider Malta for Yachting Solutions
Malta: Recent History – the Marine Sector
Over the past decade, Malta has consolidated its status as an international Mediterranean centre of maritime excellence. Currently Malta has the largest shipping register in Europe and the sixth largest in the world. In addition, Malta has become a world leader for commercial yacht registration.
As well as its strategic position, in the centre of the Mediterranean, one of the main contributors to Malta’s success is the business-friendly environment adopted by the Maltese authorities. The authorities are approachable and flexible in their practices, while at the same time meticulously follow a rigid framework of guidelines and regulations, and this has created a cutting edge for Malta within this sector.
Additional Benefits in Terms of VAT – Maltese Registered Yachts
The Malta Authorities recently announced further attractive measures, which have already been put in place, regarding the importation of yachts to Malta.
Yachts, intended for commercial use, can be imported into the EU via Malta, for relevant VAT and customs procedures to be undertaken. Subsequently, the yacht can then be chartered, and can sail freely within EU waters.
Apart from the already inherent attraction for yachts to be imported into Malta, due to the low VAT rate of 18%, yachts used for commercial chartering can benefit from VAT deferral.
The deferral mechanism has now been made more attractive as follows:
- Deferment of VAT on the importation of commercial yachts, by Maltese owning entities having a Maltese VAT registration, without the requirement for the importing entity to set up a bank guarantee;
- Deferment of VAT on importation of commercial yachts, by EU owning entities having a Maltese VAT registration, provided that the company appoints a VAT agent in Malta, without the requirement for the importing entity to set up a bank guarantee;
- Deferment of VAT on importation of commercial yachts by non–EU owning entities, as long as the importing entity sets up a bank guarantee for VAT, equivalent to 0.75% of the value of the yacht, capped at €1 million.
Dixcart: Yacht Registration Experience
Our office in Malta has extensive experience and can assist clients with all of the commercial aspects in relation to yacht ownership:
- Yacht ownership structures
- Importation of yachts
- Flag registrations
- Deferment applications
- Crew payrolls
- Day-to-day administration
- VAT registration in multiple jurisdictions
- Resident agent services
- Tax and VAT advice
- Accounting and secretarial services
The Dixcart office in Malta has professionals who can assist your business with all aspects of yacht registration in Malta and can help ensure that you take advantage of the specific VAT deferment, applicable to your circumstances. Please speak to your usual Dixcart contact, or alternatively, please email: email@example.com.