Tag: Malta

Jonathan Vassallo has been co-opted to join the Yachting Services Executive Committee of the Yachting Services Business Section, within the Malta Chamber.

This section represents one of the biggest categories within the Chamber in terms of members.

During the past couple of years the Chamber has been dealing with the challenges faced by the industry. It has continued to work closely with the authorities to propose new, and re-visit existing practical applications and procedures, designed to have a positive impact on the yachting industry in Malta.

This is an ongoing exercise to ensure that this yachting sector remains dynamic and at the forefront of the industry internationally. A number of procedures and guidelines have been adopted and fine-tuned, and this has helped to ensure that Malta remains an attractive jurisdiction for yacht owners and operators.

Jonathan is keen to be part of this team and use his experience to contribute to the Yachting Services Executive Committee for the benefit of this sector within the Malta economy.

For the next two years, the key objective of the Committee is to continue to offer a robust platform for the yachting industry and to collaborate with the authorities and stakeholders to improve Malta’s already strong position within the yachting world.

You can contact Jonathan, in the Dixcart Malta office at: advice.malta@dixcart.com

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

Assistance 

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: advice.malta@dixcart.com.