ADVANTAGES OF REGISTRATION – SIGNIFICANT REASONS WHY TO USE THE MALTESE FLAG
Malta’s Ship Register is currently 6th largest in the world and the largest in Europe with over 50 million tonnes and 1150 vessels registered. Malta is part of the European Union Register, thus Vessels flying the Malta flag have access to cabotage within the European Union.
It is a safe, credible, quality Register, listed on the White List of Paris MoU on Port State Control Applicability of all IMO conventions and EU Directives. Malta is also signatory to most international conventions and vessels may be registered in the name of legally constituted corporate bodies or entities irrespective of nationality, or by European Union citizens. There are also no restriction as to nationality of captain, officers and crew members, while ship owners, operators and creditors benefit from attractive tax incentives
Various types of vessels can be registered from super yachts to vessels still under construction and registration is carried on a 24/7 basis by the Malta Maritime Authority (MMA). Additional services offered in Malta include: bunkering, ship supplies, towage services, ship building, repair yards, modern facilities for transshipment, cruise liner hub, international yacht marinas.
Malta offers a tax regime which is more advantageous to the owner of the yacht, low company formation and registration costs. The identity of Beneficial Owners is kept confidential. There are no restrictions or taxation on the sale or transfer of shares of a company owning a Maltese Ship, sale or mortgaging of a Maltese registered vessel and no trading restrictions. Preferential treatment to Maltese ships is given in certain ports
As of 2006, the Maltese Commercial Yacht Code extends to commercial yachts the same benefits which are applicable to trading ships in Malta and a very attractive leasing scheme has been introduced for acquiring yachts with a maximum financial period of 3 years (36 months) and a minimum residual value of 1% of the base price.