The Malta Ship and Yacht Registry is the largest in the European Union and seventh largest in the world.
In 2013 it grew by 13.6% in terms of tonnage, equivalent to over 6 million gross tonnes. By the end of 2013, the registered tonnage of ships and yachts registered under the Merchant Shipping Act exceeded 50 million gross tonnes for the first time, totalling 51.8 million gross tonnes.
There was also a significant increase in superyacht registrations in 2013 which saw the number of registrations rise by 18%.
As at the end of 2013, the number of superyachts flying the Malta flag worldwide was 398.
So what makes the Malta Ship and Yacht Registry so attractive?
There are of course a number of factors including:
• The Maltese flag is internationally well respected and backed by a strong legal, financial and corporate sector
• Malta is in an excellent geographic location with dedicated maritime infrastructure and access to the EU as a member state
• Maltese flagged vessels may be registered in the name of legally constituted corporate bodies or entities irrespective of domicile and / or residence
• There are low formation, ship registration and tonnage costs
• There is a progressive reduction in registration and tonnage costs for younger ships (these incentives may also be extended to smaller ships)
• No restrictions on the nationality of the master, officers and crew
• No restrictions on the sale or transfer of shares in a company owning Maltese ships
• No restrictions on the sale and mortgaging of Maltese Ships
• No trading or sailing restrictions and preferential treatment to Maltese ships in certain ports
• 24 hour, 7 days a week service
• Tax and VAT efficient structuring (for both commercial and private operations)
• Registration services
• Comprehensive administration services
• Accounting services