Less than three weeks remain until 29th March 2019 as the world carefully anticipates the impact of Brexit:
Will it happen?
Will a no deal/hard Brexit ensue?
Only two short years ago, Article 50 of the Lisbon Treaty was invoked, and the full effects of the withdrawal agreement are yet to be felt by all trades and sectors, including the shipping industry.
The uncertainty surrounding Brexit has already served as a catalyst for a considerable number of vessels and yachts to be reflagged to Malta, which is perceived as an attractive, experienced and secure alternative jurisdiction, which has long been at the forefront of the maritime service industry.
The below are just a few of the benefits offered by the Malta flag jurisdiction:
-Member of the European Union (“EU”) which is currently the largest EU maritime flag with an EU approved tonnage tax system for eligible vessels;
-Offers an up to date, sound legal infrastructure affording high priority ranking to financiers;
-An efficient shipping registry that is available on a 24/7 basis for urgent matters;
-The English language is one of Malta’s official languages and is also the working language of the Malta Ship Registry;
-Malta is a party to most IMO international conventions;
-A foreign legal entity or corporation can own a vessel under the Malta flag provided that a resident agent is appointed on its behalf; and
-Strategically located equidistant between the Straits of Gibraltar and the Suez Canal with bunkering and shipyard services available.
For further information on ship registration under the Malta flag please contact Rowena Grima on firstname.lastname@example.org or Lara Saguna Axiaq on email@example.com or Charlotte Spiteri on firstname.lastname@example.org. This article is not intended to offer professional advice and you should not act upon the matters referred to in it without seeking specific advice.