The Maltese shipping register is the third largest world-wide register, which has seen such an exponential growth in the number of sea vessels registered. Maltese maritime law has been, over the years, bolstered to cater for different domestic and commercial ship registers including the small ships registry, and has also kept abreast with international developments and adheres with international maritime conventions.
Our firm can assist in the providing the necessary services in connection with all the formalities in registering a vessel with Transport Malta and acquiring a Valletta flag for such vessel.
EU VAT law requires pleasure yachts travelling within EU territorial waters to be VAT paid. Malta, over the years, has provided a legislative medium in terms of VAT leasing structures which facilitate the possibility to put in place a low VAT paid status for a pleasure yacht within a legislative framework that is accepted throughout EU member states.
We have various years of expertise in this field, having successfully put in place the necessary solutions to enable a VAT-paid status to be acquired for pleasure yachts of all sizes.
Annual tonnage tax compliance
Maltese law requires the payment of an annual tonnage tax by all Malta-registered vessels. Upon payment of such tonnage tax, the annual certificate of registration is issued for the vessel in question and valid for a full year therefrom. Our firm can assist in dealing with Transport Malta and handling the calculation and payment of any such tonnage tax, together with filing the necessary documents to keep any Malta-registered vessel in good standing, including commercially registered vessels.
EU VAT legislation allows for the temporary importation of pleasure yachts that are owned by non-EU persons and that are flying non-EU flags, to be able to travel freely within EU territorial waters for a period of eighteen months from the date of first entry within such territory.
Provided that Malta is the first country of entry of such a vessel, a temporary importation procedure would be possible. Our firm has various years of experience in handling the relative formalities which require the temporary importation of such non-EU registered vessels within the EU territorial waters, as well as the eventual export of such vessel within the terms of law.