Pleasure and Commercial Super Yacht Registration

 

COMMERCIAL YACHTS

 

Transport Malta introduced the Commercial Yacht Code (“CYC”) in 2006 which regulates, following the implementation of technical and manning standards, the registration of Yachts as “commercial”. The latest edition of the CYC was introduced in 2015.

MAIN BENEFITS

The CYC includes specific provisions catering, within International Convention parameters, for this particular category of vessels based on their design, operational and safety requirements by making clear distinctions between yachts and super-yachts above 24 meters and 300GT.

  • Assistance by the Malta Flag is given from the very early stages of the yacht building.

  • Possibility to avail from IACS Class Surveyors and a wide network of independent surveyors authorised by the Malta Flag to assess and certify compliance with the CYC.
  • Variety of VAT structuring possibilities.
  • Compliance to the CYC enables a Maltese commercial yacht to be fit for commercial chartering and to enrol with major chartering companies.
  • It is possible for certain pleasure yachts to convert to commercial yacht status through appropriate modifications and upon compliance with the CYC.
  • Statutory safety certificates are to be submitted to the Merchant Shipping Directorate of Transport Malta prior to the issuance of an operational certificate of registry.
  • Possibility for a Maltese Yacht to be registered in the name of a Maltese shipping company or a foreign company appointing a resident agent in Malta. Dingli & Dingli offers the service of Resident Agent in Malta.

 

VAT LEASING ARRANGEMENT

 

  • Tax authorities in Malta have introduced guidelines on the basis of which an attractive leasing structure may be availed of by owners of Pleasure Yachts.

  • Such structure requires the entering into a leasing arrangement including a purchase option for the yacht at the end of the lease period. Duration of the lease period can vary from a minimum of one year to a maximum of three years.

  • VAT in Malta would be due in relation to a portion of the lease payment made to a Maltese leasing yacht owning company.  The portion of VAT due varies in accordance with the size of the yacht. The longer the yacht is, the smaller the deemed percentage of use within EU waters, and therefore within VAT scope. A certification stating that VAT is being accounted for is issued by Maltese Tax Authorities upon payment of the first portion of VAT.

  • Upon the exercise of the purchase option, the yacht is transferred to the Lessee and a final VAT payment under the guidelines is made allowing the Lessee to obtain a VAT paid Certificate.

  • Such structure is regulated by the yacht leasing guidelines which take in consideration rules listed in the European Union’s Directive and recent EU judgments on VAT treatment for the determination of the place of supply of goods and services together with the place of use and enjoyment of goods and service.In case of first time importation within the EU borders, appropriate certification will be issued by the Customs authorities in Malta.

Feel free to contact us for more information.

Send an email to info@dingli.com.mt and one of our Specialists will contact you back.

  

INTERNATIONAL MERCHANT MARINE REGISTRY OF BELIZE

 

Dingli and Dingli Lawfirm acts as the Designated Office in Malta of the International Merchant Marine Registry of Belize through Dr. Kevin F. Dingli as the duly appointed Deputy Registrar.

The Firm is duly authorised to assist ship-owners and financiers with the registration of vessels and yachts under the Belize Flag and registration of mortgages in accordance with the laws of Belize.

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JAMAICA SHIP REGISTRY

 

Dingli and Dingli Lawfirm acts as the Designated Office in Malta of the Jamaican Ship Registry through Dr. Kevin F. Dingli as the duly appointed Deputy Registrar.

The Firm is duly authorised to assist ship-owners and financiers with the registration of vessels and yachts under the Jamaican Flag and registration of mortgages in accordance with the laws of Jamaica.


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Feel free to contact us for more information.

Send an email to info@dingli.com.mt and one of our Specialists will contact you back.

 

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