The Prime Minister of Malta, Joseph Muscat, has recently responded to a Parliamentary question, and confirmed that there are 7 applications relating to new yacht marinas in Malta and Gozo.
The proposals are a new yacht pontoon for Sliema, the redevelopment of the dock area at Cospicua, the redevelopment of an unused water polo pitch in Marsascala including mixed use facilities, such as residential and tourist accommodation, commercial spaces and an all-weather yacht marina, as well as boat mooring, yacht berths and a floating pontoon for Ghajnsielem, and the installation of a new marina with improvements to the landside at Sa Maison in Floriana.
Whether or not these applications will be approved and when is not clear. However, these proposals reflect the demand for mooring spaces in Malta, as many of the available marinas are filling up quickly. Malta is now the 6th largest ship register in the world, and the largest in Europe, and more yacht owners and commercial fleets are choosing Malta as a flag country.
Some of the reasons why Malta is such a popular flag country are the favourable taxation and low cost for registration or VAT when a yacht is purchased. The government is offering some attractive incentives for yacht owners to re-flag to Malta, and it is worth comparing the options you have. If you would like more information about the re-flagging process and the advantages you are welcome to contact the legal office of Dr. Werner & Partner in Malta. We are also specialised in the yacht registration and have assisted many clients to purchase their yacht and take advantage of the low costs and VAT.