GANADO has a team of professional advisors with a range of expertise and experience to advice and assist yacht owners and their financiers with all transactions involving yachts and superyachts including registration and leasing.
As an international centre of excellence in the maritime industry, the Malta Islands offer, inter alia, a range of international maritime services and facilities as part of a comprehensive package for the yachting industry. Building on its long and varied maritime tradition, Malta established itself as one of the leading maritime hubs and service centres in the Mediterranean. Enjoying deep natural harbours, Malta has a number of modern, state-of-the-art superyacht marinas, set up around the backdrop of formidable bastions, many of them dating to the 16th century. Considerable investment has been directed towards yacht repair and re-fit yards together with a multitude of support shore services and infrastructure including bunkering operations and supplies, thus continuing to fulfil the ‘one-stop shop’ concept that Malta is striving to build. It is with this backdrop that Malta developed its legislation on the registration of yachts: taking into account the distinctive requirements of the yacht industry, the registration of private and commercial yachts in Malta is today an attractive proposition.
Since 2006, Maltese law permits yachts that are in commercial use to be registered as “commercial” yachts. Aware of the particular need for updated technical and manning standards for the yacht industry, backed up by an experienced administration, the Flag Administration launched the Malta Commercial Yacht Code (CYC). The concept behind the Malta CYC is to offer owners and operators of yachts sector-specific regulation that caters for this category of vessels, considering design, operational and safety requirements, within the framework of international regulation. The CYC was developed in line with industry standards and caters for both small yachts and superyachts above 24 metres and up to 3000 GT. The Code has already been proving to be successful with leading IACS Class Societies and major yacht builders alike, with the number of commercial yachts certified in compliance with the CYC increasing considerably during the past years. The Malta Flag Administration offers yacht owners and builders comprehensive support during the build process to ensure compliance from the very early design stages through to completion.
The growth in yacht registration and related corporate services are partly driven by the availability of tax planning structures including in particular VAT benefits in finance lease structures.