Yacht Registration Malta
Welcome to our website dedicated to everything related to yacht registration Malta! Malta has a well-structured yacht registration procedure which is rather fast for most people. As long as you bring the right documentation with you when you come to register, it should only take up to two (2) business days.
To allow for the completion of the full documentation, you receive a 6-month provisional registration. One example of the documentation would be a deletion certificate that was issued by the former register. Once the 6 months has expired, the Maltese Registrar of Ships can issue a permanent registration as long as you have all the documentation required. If you don’t, you are entitled to applying for one additional 6-month extension.
Below are the documents which are required with your provisional application:
- A Malta yacht registration application
- A Declaration of Ownership
- If your yacht is longer than 24 meters, then you will need to provide an international tonnage certificate (a copy of it will be fine).
- Any requested or required technical information must be provided.
- If your yacht is properly equipped, you will need a radio license application.
After you have successfully gone through this process, you will be given a Certificate of Malta Registry. This will be proof that your yacht is registered.
The Financial Advantages of Yacht Registration Malta
If you own a business which uses yachts for commercial purposes and generates income from these yachts, then you are entitled to an income tax exemption on it. This exemption will be based on the annual tonnage tax, which is calculated using the yearly registration fee of the yacht and its gross tonnage.
If a commercial yacht is transporting paying passengers on the sea, then the company will have a VAT exemption on all the maintenance costs and supplies for the yacht. Also, if you earn revenue from a chartering business, then you will not be charged a VAT.
If your commercial yacht is not eligible for an income tax exemption, you must still be able to claim an income tax rate as low as less than 5%. If the commercial operations of the yacht resulted in a foreign income tax that had to be paid, then you can use it as a credit to lower your Maltese income tax rate. It could even get lowered to 0%.