The Maltese shipping sector is a thriving part of the economy, which is made up of various support services to the shipping industry apart from the actual shipping movements passing via the ports of Malta.
The Maltese shipping register has proved to be one of the most reputable registers in the world, and the Valletta flag has garnered international recognition as reputable and stable.
The Maltese Register of Shipping registered an increase of registrations every year in the last ten years, and is currently the third largest ship registry in the world.
These figures include merchant and fishing vessels as well as yachts and superyachts. This success can be attributed to the solid regulatory regime in place in Malta, together with the very attractive fiscal incentives which are available in Malta tax legislation.
Griffiths + Associates understands the needs of maritime operators and clients interested in gaining a business advantage from Malta’s reputation as a prime shipping jurisdiction. The relative legal, regulatory and fiscal issues which invariably emerge from the shipping industry are factors which our firm considers and advises upon when any registration or structure is being set up.
We provide full array of maritime services:
- Advisory services to individuals and legal entities who wish to register vessels under the Malta Flag;
- Advisory services on the adoption of efficient tax structures at maximising the particular needs of the yacht owner;
- We may act as a resident agent – we may set up a Maltese company to act as owner of the yacht and liaise with certified surveyors as well as the shipping Directorate of Transport Malta in order to have the provisional / permanent registration.
Our legal team provides advisory services to legal persons and individuals wishing to register any type of vessels – pleasure and commercial yachts, oilrigs, platforms under the Maltese Flag.
Also, we 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.
Shipping operations for the corporate entities established in Malta are subject to the annual tax, which consists from registration fees and annual tonnage tax.
The rate of the tonnage tax depends on the age of the ship and is being reduced respectively.
A private yacht, within EU law, requires to be VAT-paid when upon travelling within EU territorial waters.
When a non-EU owned private yacht owned by non-EU resident persons, travels within EU territorial waters, in order to eliminate and simplify the need to pay import VAT the temporary importation procedure is possible.
The yacht would need to have Malta as its first port of call, by contacting us prior to its arrival.
We would be able to get in touch with Customs and open a file for the yacht, providing certain due diligence on it and acquiring a power of attorney to deal on its behalf.