Malta has for many years offered an efficient and attractive procedure for the importation of commercial yachts that are intended to be brought into free circulation within the European Union so as to enable them to carry out their chartering season in the Med. The introduction of the following measures in early 2020 is intended to further strengthen the procedure governing the importation of commercial yachts in Malta:

 

  1. Deferment of VAT on the importation of commercial yachts by Maltese owning entities having a Maltese VAT registration without the requirement of the importing entity setting up a bank guarantee as required in the past.
  2. Deferment of VAT on importation of commercial yachts by EU owning entities having a Maltese VAT registration provided that the company appoints a VAT representative in Malta in terms of Article 66(2)(b) of the VAT Act without the requirement of the importing entity setting up a bank guarantee as required in the past.
  3. Deferent of VAT on importation of commercial yachts by non –EU owning entities on provision by the importing entity of a bank guarantee in an amount equivalent to VAT on 0.75% of the value of the yacht which would in all cases be subject to a cap of one million Euro (€1,000,000).

 

We are able to assist owners to import their yacht for VAT purposes in Malta thereby bringing the yacht into free circulation within the European Union.  In these instances it would be necessary for the yacht to physically call at Malta in order to undergo the relative VAT and customs procedures and to subsequently be imported into the European Union with the release of the relative import documentation.