Preparing Your Yacht For Brexit

Brexit has placed a lot of uncertainty both on Europe and those within the UK. One of the most major industries that has been impacted is the marine industry. Yacht owners are still unsure of what Brexit means for them therefore a vast amount of yacht owners have been exploring the option of reflagging their yachts. Any careful yacht owner has to review which jurisdiction is best suited to satisfy their relevant needs on to how and where the vessel will be used.

Malta as an Ideal Jurisdiction for Yacht Registration

Located in the heart of the Mediterranean, The Maltese flag is vastly recognised around the world for being the largest merchant flag in Europe and the seventh in the world. Malta has also internationally distinguished itself as a white flag state and has become a convenient port for all yachts and superyachts that cross the Mediterranean. 

Registration of a ship under the Maltese flag is an effortless procedure and is regulated by Transport Malta and is available to vessels owned by Maltese and non-Maltese owners as well as any kind of vessel.

What are the Benefits of Yachts Registered in Malta?

The benefits for vessels registered in Malta under the Maltese flag include:

• Malta is on the White List of the Paris MoU and Tokyo MoU;
• Low-cost registration fees;
• No restrictions on the nationality of the master, officers and crew;
• There are no trading restrictions for the vessels;
• Vessels can be registered in the name of legally constituted corporate bodies or entities irrespective of nationality, or by European Union citizens;
• Exceptional administrative services that offer around the clock service in respect of urgent matters;
• A number of double taxation and mutual maritime agreements with other maritime nations.

Registration of a Vessel in Malta

The initial stage in order to register a vessel under the Maltese flag is the provisional registration, documentation will be passed on to the authority, this being Transport Malta. Once Transport Malta is satisfied that the vessel meets the standard requirements a vessel will be given a provisional registration under the Malta flag for six months. A provisional registration can be extended by another six months, during this time all of the documentation must have been completed for the permanent registration.

How Zeta Can Assist

Zeta can assist in all matters relating to registration of yachts both private and commercial under the Maltese flag. Zeta Our services include:

• Registration of yachts under the Maltese flag;
• Formation of a company to own or lease yachts;
• Accounting and bookkeeping services for yacht owners and yacht leasing companies;
• Payroll Services for the crew;
• “International Owners” may also register vessels under the Malta Flag provided that they appoint a “Resident Agent” in Malta. Zeta is authorised to act as a resident agent on your behalf.

For more information on how Zeta can assist you please contact our Business Development team on bd@zeta-financial.com.