Owning a yacht is a special privilege that very few people get to enjoy. A yacht provides a person with a sense of freedom and allows them to take part in all kinds of wonderful and even exotic adventures. For those in the market for a yacht, clearly there is a lot of attention paid to the yacht itself; what to get, what features, the size, etc., but did you know it’s also wise to think about what flag it will fly – meaning its registration.
When looking for the best country for registration, Malta is a country that pops up time and time again, and for good reason. Here we’ll take a look at the many advantages in flying the Maltese flag as your yacht’s registration.
How the Process Works
First off let’s take a look at the yacht registration process. The way it works is that you will need to submit all the necessary documents and then the yacht is granted provisional registration under the Malta flag. This provisional time period lasts for six months. Once the initial six months is up, you can then get an extension. Keep in mind that if your yacht is more than 15 metres in length it will need to be registered under the Commercial Yacht Code.
If you wish to receive permanent registration, then there will be additional documents that have to be filed. Once it has been granted it will need to be renewed on an annual basis. The entire registration process is described as straight-forward and simple, which can’t be said for all countries. There is the option between registering it commercially or privately.
A Reputable and Stable Financial Centre
One of the biggest draws for Malta as of late is the fact it has evolved into such a reputable and stable financial centre in the European Union. All of its regulations and laws are compliant with the EU so you know your yacht is well-positioned.
It is known to be quite cost-effective in terms of vessel registration and operator taxes, plus there are no trading restrictions or restrictions on the sale of Maltese registered yachts. It gives people a real sense of freedom and financial security to have their yacht registered in Malta.
A Central Location
Then there is the location of Malta, which many have dubbed as the heart of the Mediterranean. It is the most southern country in all of the EU yet is near enough to explore all kinds of intriguing and beautiful locales. Malta itself has a rich and vibrant maritime history, which means you’ll have no problem finding proper docking facilities, top-notch natural harbours, and a skilled maritime workforce.
Enjoy the Reputability of the Flag
Those with yachts and superyachts registered under the Maltese flag will also come to the quick realization that Maltese ships often receive preferential treatment when it comes to port taxes and charges. This is because the Maltese government has entered into a number of bilateral agreements in order to secure this preferential treatment. It is for this reason that the Maltese flag is the most popular registration flag in all of the EU.
No Restrictions of Nationality
Yet another benefit to the Malta flag registration is that Maltese government doesn’t impose any restrictions on the nationality of the officers, crew, or master of the yacht. No-one has to reside or hold a Maltese citizenship in order to operate the vessel and have it registered in Malta. Again, the emphasis is on freedom and flexibility, which attracts so many yacht owners.
Worth Further Inspection
At the very least, registering your yacht under the Maltese flag is something that warrants further inspection and research. For many people it ends up offering the proper amount of freedom, stability, and benefits to make it well worth it. A Maltese registration flag really is about peace of mind, which most people can appreciate.
Share
AFP
