The past years have witnessed significant legal developments with regard to yachting in Malta. Efforts have and are continually being made by all players in the industry, with the backing of the Government, to ensure that the success experienced in the merchant fleet registration is emulated in the yachting sphere. Malta offers quick and efficient importation procedures to owners and operators of commercial yachts together with solid guidelines and regulations that are regularly revised and updated in line with developments in EU legislation and industry practice. A case in point are the previous Guidelines on VAT Payments applicable to yacht leasing of 2005 which proved to be a reliable, tried and tested option for the payment of VAT on yachts for over 15 years. These have been replaced and updated in early 2020 with revised Guidelines regarding the application of the principle of effective use and enjoyment to enable the payment of VAT by lessees of yachts according to the time a particular yacht is used within EU waters. Furthermore both commercial and private yacht owners are offered a number of benefits including low registration costs and straight forward registration procedures.
With its vast overall maritime experience the team of professionals at Fenech and Fenech Advocates are able to advise yachting clients on their immediate yacht requirements by looking at the larger picture for the benefit of the client. We do not only provide the owners with what they think is good for them, we advise on what is truly the best solution in their particular circumstances, both long term and short term.
Our services include:
- Advice on the best solution for the owner, charterer and financier and builder
- Incorporation of shipping organisations
- Private yacht registration
- Commercial yacht registration and assistance with the tonnage tax regime
- Registration of mortgages and ship finance services
- Tax advice
- Assistance with yacht sale and purchase
- Advice on and handling of operating leases
- Yacht Importation
- Crew and employment law advice
- Advice on social security issues
- Payroll services
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