Malta experiencing Superyacht registration all-time high

Number of commercial yachts registered in Malta increases once again

On the 27^th of September, it was announced by the Minister for Transport, Infrastructure and Capital Projects, Hon Dr Ian Borg, that over 800 yachts are bearing the Malta Flag. Although the Malta maritime industry has always been a well-established industry in Malta due to its ideal location in the Mediterranean, this industry has been experiencing unprecedented success throughout this past decade.

Dr Silvana Zammit, partner at Malta-based law firm Chetcuti Cauchi Advocates, has upheld that “The success of Malta in the maritime industry […] is mainly attributable to two factors: the reputability of its flag and its register, and also the possibility of fiscal planning”

The relaunch of the Malta Tonnage Tax scheme has also attracted various individuals, where the EU-approved system allows ships carrying out certain shipping activities to be exempt from Maltese income tax. Through such incentives, Malta is able to present itself as a leader within the Maritime industry, where this year alone it has grown by over 10%. As a result, it has been recognised as the largest shipping register in the EU and the sixth largest globally.