Getting a yacht is generally a costly endeavour. When you buy a yacht you will not only spend a lot of money on the actual vessel, but also on taxes and registration fees. At this point there are a few steps that you can do to minimise your costs, and it is important that you decide on where to register your yacht before you buy it.
The island nation of Malta is a good choice because when you register the vessel you will be able to save a lot of money. Citizens from the EU are able to hold it in their own name, and non-EU citizens will have to utilise services from a Maltese or foreign company to hold the yacht. Owning a yacht in Malta also does not mean that it is necessary to live on the island.
The taxes are by far the biggest incentive that a yacht registration in Malta has to offer. Taxation is not based on the purchase value of the vessel but on the size of the boat and its intended use. The effective tax rate can vary between 4.3 – 18%. Considering that the VAT is often higher, it will likely be possible to achieve a significant lower tax rate. Also the yacht registration and annual costs for the renewal are considerably low.
Another point I would like to make is that Malta is an incredible country. Even though you do not need to live in the country, or have the yacht moored in Malta, you can enjoy the summer sun for a little while, and take the yacht out for a trip in the clear waters of the Mediterranean. You will not regret it!
To get the most benefits out of your registration it is important to consider all available options, and to have a partner to assist you with the necessary paperwork. The registration of a pleasure yacht in Malta can be handled through the office of Dr Werner & Partner. We are able to submit the paperwork directly to the authorities ensuring that the process is handled as quickly as possible without any further delays.
