Chris Cardona¸ Minister for the Economy¸ Investment and Small Businesses¸ said that Malta should strive to become the ‘obvious choice’ in the superyacht industry.
Speaking at a second annual conference between stakeholders¸ entitled ‘Opportunities for Superyachts’¸ held at the Westin Dragonara¸ Cardona said that Malta must continue to evolve in the sector and not risk becoming complacent.
“We must do all we can to create the right framework and environment to attract more business operators¸” he said. “However¸ this environment must be conducive to sustainable growth and competitiveness¸” Cardona said¸ adding that this should not be done at the expense of the local environment.
Cardona said that in the last year¸ government had increased its input and effort so as to implement industry-friendly measures such as the new VAT regulations¸ which will charge charter clients based on the amount of time they spend in EU territorial waters.
“The superyachting sector allows for a great potential in growth¸ both in terms of making Malta more competitive and in terms of job creation¸” he said.
Citing sustainable development¸ competitiveness¸ scientific research and education or training in the form of internships as key areas¸ the minister said that Malta had already achieved a lot but must not reinforce itself as a leader in the industry.
Malta being an island in the central part of the Mediterranean has always been a centre of trade with a maritime tradition. Both in times of war and in times of peace¸ the island has featured prominently and geographically as a crucial link amongst all the key posts of the region¸ and as a focal point for international trade. All these factors have served to consolidate the maritime vocation and tradition in Malta. The comprehensive range of maritime service facilities¸ which Malta provides¸ has significantly enhanced the island’s reputation as an important maritime service centre.
The following advantages are offered to ship owners who decide to register yachts and superyachts under the Malta flag:
- Yach might be registered on behlaf of legally consituted corporate bodies or entities irrespective of nationality¸
- Tax incentives to yacht and superyacht owners encouraging commercial operation;
- Low company formation¸ ship registration and tonnage Costs;
- 24 hour¸ 7 days a week service in response to urgent matters;
- Largest flag registration within EU;
- On the white list of the Paris MOU;
- Yachts may be registered while under construction.