Yachting

The past years have witnessed significant legal developments as regards the yachting industry. Efforts are being made by all the 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. As regards commercial yachts, the advantages previously available to ships have now been extended to commercial yachts which can now benefit from a tax exemption, paying only an annual tonnage tax which is calculated on the basis of the net registered tonnage of the yacht. As regards yachts that are ultimately intended for private use, the Maltese authorities have launched Guidelines on VAT Payments applicable to yacht leasing. Furthermore private yacht owners are offered a number of benefits including low registration costs and straight forward registration procedures.