Earlier this year Projects Malta Limited was founded as a partnership between the Royal Malta Yacht Club, Yachting Malta Limited and the government. The aim of this partnership is to enhance the yachting industry of Malta. The RMYC and Yachting Malta have a 49% stake of the company and the government has 51%. According to Prime Minister Joseph Muscat, the project will be beneficial to the tourism and yachting industries and it will try to attract high-profile yachting events, such as boat shows, conferences and regattas. The goal is to generate revenue for the economy by making Malta more popular as a yachting location and to enhance its reputation.
Malta has been promoting their ship register for a while now, and due to attractive structures for commercial fleet operators and private boat owners, it has become the sixth largest ship register in the world and the largest in Europe. Some of the benefits are low registration and administration costs, as well as an attractive VAT rate for individuals who decide to buy a yacht or flag out to Malta.
The islands are quickly growing into a popular spot, not only for yacht owners, but also for sailing enthusiasts taking part in regattas and people enjoying the beautiful Mediterranean waters around the islands. Malta generally has a lot to offer regarding sightseeing, beautiful waters, culture and history, and it is definitely worth a visit.
If you would like more information about the registration or purchase of a yacht in Malta you are welcome to contact us at the office of Dr. Werner & Partner. We are specialised in the necessary steps that need to be carried out when a vessel is purchased and registered. Keep in mind that it is not necessary to have the vessel moored in Malta if it is registered to you, instead, you can take it anywhere you wish.